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News

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Kazakh Ups Oil Output Forecast for 2017

Feb 23, 2017 at 15:13 | Zainab Calcuttawala

Kazakhstan’s oil output forecast for 2017 jumped up to 81 million tons on Thursday after the Economy Ministry revised its yearly forecast based on 2016 outcomes. The ministry’s earlier…

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Giant Leviathan Gas Field Gets $3.75B Development Investment

Feb 23, 2017 at 13:54 | Tsvetana Paraskova

The partners in the giant Leviathan natural gas field offshore Israel ratified on Thursday the final investment decision for the first phase of development which entails gross capital investment of…

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Kurdistan Stops Shaikan Crude Exports Via Ceyhan Pipeline

Feb 23, 2017 at 11:30 | Tsvetana Paraskova

The Kurdistan Regional Government (KRG) is temporarily halting exports of heavy crude from the Shaikan field via the Kirkuk-Ceyhan export pipeline, the operator of the Shaikan field, Gulf Keystone Petroleum,…

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India’s ONGC Plans $1.1B Investment To Ramp Up Oil, Gas Output

Feb 23, 2017 at 10:36 | Tsvetana Paraskova

India’s top oil and gas explorer, state-run Oil and Natural Gas Corporation (ONGC), approved on Thursday investments of US$1.1 billion (73.27 billion rupees) to develop five oil and gas…

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Exxon Slashes Proved Oil Reserves By 3.3 Billion Barrels

Feb 23, 2017 at 09:05 | Irina Slav

The world’s largest public oil company, ExxonMobil, has slashed its proved reserves of crude oil by 3.3 billion barrels. The figure represents 19 percent of the total reserves, which…

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API Reports Draw In U.S. Crude Inventories After 6-Week Build Streak

Feb 22, 2017 at 16:35 | Zainab Calcuttawala

This week, the American Petroleum Institute (API) reported a surprise draw of 884,000 in United States crude inventories against expert predictions that domestic supplies would see a 3.3 million-barrel…

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Zhenhua Oil In Early Accord To Buy Chevron’s $2B Gas Assets In Bangladesh

Feb 22, 2017 at 15:52 | Tsvetana Paraskova

Chinese state-held company Zhenhua Oil has signed a preliminary agreement to buy Chevron’s natural gas fields in Bangladesh estimated to be worth around US$2 billion, Reuters reported on Wednesday,…

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Rosneft’s Profit Drops 49%, Gazprom Neft Boosts Income 82.5%

Feb 22, 2017 at 15:15 | Tsvetana Paraskova

Two of Russia’s major oil producers - Rosneft and Gazprom Neft - reported Wednesday their respective 2016 financials which showed that the oil giant’s full-year profit tumbled 49 percent, while…

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OPEC To Seek “Energy Dialogue” With U.S. As Shale Output Rises

Feb 22, 2017 at 14:04 | Zainab Calcuttawala

OPEC Secretary-General Mohammad Barkindo dismissed speculation that the United States’ increase in shale oil production was counteracting the effects of the bloc’s less-than-two-month-old output reduction strategy, according to comments made…

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Chevron’s Future Investment In Angola Depends On Revised Tax Terms

Feb 22, 2017 at 13:28 | Tsvetana Paraskova

Chevron is discussing revised and more attractive tax rules for investment in Angola with the local government and state-run oil company Sonangol—talks that will determine Chevron’s future investment in the…

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