The oil reserves in the United States fell by 5.96 million barrels last week, totaling 439.662 million barrels, as reported by the Department of Energy (DoE). However, this figure is well above the 1.7 million barrel decrease The US oil reserves decreased by 5.96 million barrels last week, totaling 439.662 million barrels, as reported by the Department of Energy (DoE) Gasoline reserves dropped by 262 thousand barrels to 216.158 million barrels, compared to an expected
The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported. Central bank governor John Mangudya also told the Harare-based newspaper that gold reserves stood at around 350 kilograms, or around $20 million in US dollars. The value of the diamond stockpile is hard to quantify, he added. Zimbabwe introduced regulations last year that require miners to pay
The Egyptian firm, TWMA, has secured a $15 million contract to provide support for BP’s offshore project. The project involves the deployment of TWMA’s RotoMill drill cuttings processing technology for BP’s WND & END exploration and development initiative in the Mediterranean Sea. This five-year project is set to begin in October of this year. The RotoMill technology was chosen for its positive environmental impact. Through thermal desorption, it separates drill cuttings and associated materials into
India and the UAE have started settling bilateral trade in their local currencies, with India’s top refiner making a payment in rupees for the purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday. Indian Oil Corp made the payment to ADNOC for the purchase, according to a statement issued by the Indian embassy in the UAE. The transaction follows another involving the sale of 25 kg
With the award of several large projects and a busy bidding pipeline, the EPC giant Petrofac is on a concerted recruitment drive. Oil & Gas Middle East spoke to Des Thurlby, Petrofac’s Group Director of Human Resources, about the type of roles involved, the qualities Petrofac is looking for in candidates, and the reasons why people should consider applying. Oil & Gas Middle East: Can you tell us about the current recruitment drive at Petrofac
The crude exports by South Sudan have climbed to their highest level in almost two years despite an ongoing war between Sudan’s government forces and a paramilitary group that erupted in April. Crude shipments now average 154,839 barrels per day, about double March’s figure of 77,419 barrels per day. Experts have grown increasingly worried that East Africa’s oil hub will be plunged further into chaos and left without its main source of livelihood ever since
Gold’s status as a safe-haven asset wanes due to rising interest rates and an increased appetite for riskier investments. Despite holding above the $1,900 mark since March, continued healthy employment and declining inflation in the US have shifted market perspectives. Analysts highlight challenges for gold, including the continuous selling of exchange-traded funds, with net outflows marking their lowest level since April 2020. Gold Prices The price of gold has weakened in the face of a
Algeria’s is a major Liquefied Natural Gas (LNG) exporter and the lessons that gas-rich countries can learn from Algeria’s approach using the five key lessons are: In summary, Algeria’s success in the gas sector is attributed to a combination of factors including infrastructure development, long-term planning, strategic decision-making, focus on domestic value addition, and investment in local capacity. These lessons can be valuable for other gas-rich countries, particularly in Africa, looking to leverage their resources
Azule Energy has partnered with the software company Palantir Technologies to optimize and modernize its upstream production operations. Through this collaboration, Azule Energy will implement Palantir’s solution, Palantir Foundry, across its operations to provide valuable support to various engineering roles, including petroleum engineers, process engineers, and flow assurance engineers, thereby enhancing efficiency and effectiveness. A key aspect of the partnership involves the integration of data across Azule Energy’s upstream infrastructure. By connecting data from sources
Italian multinational oilfield services company Saipem has been selected by Mellitah Oil & Gas to provide services for the development of the Borui Gas Utilization Project in Libya. Saipem will provide engineering, procurement, construction, installation and commissioning services for an approximately 5,000-ton gas recovery module which will replace an existing platform, as part of the contract. The contract is worth approximately $1 billion and will also include Saipem installing 28km of pipelines to connect the
