No Picture

The $10 Trillion Resource North Korea Can’t Tap

September 12, 2017 Tsvetana Paraskova 0

North Korea may not have proved petroleum reserves, but it’s estimated that the secluded belligerent nation sits on reserves of more than 200 minerals—including rare earth minerals—worth an estimated up to US$10 trillion. Of course, there are no official reports on how much North Korea’s mineral wealth really is, but according to rough estimates from earlier this decade, Pyongyang’s deposits of coal, iron ore, zinc, copper, graphite, gold, silver, magnesite, molybdenite, and many others, are worth between US$6 trillion…

The post The $10 Trillion Resource North Korea Can’t Tap appeared first on aroundworld24.com.

No Picture

New Gas Discovery Offshore Cyprus Not Commercially Viable

September 12, 2017 Tsvetana Paraskova 0

Eni and Total have discovered gas while drilling in Cyprus waters close to the giant Zohr gas field discovery offshore Egypt, but the estimated quantity of the newly discovered field is too small to develop on its own, Cypriot Energy Minister Yiorgos Lakkotrypis said on Tuesday. The field contains less than 0.5 trillion cubic feet of gas, but the drilling proved that the Zohr-type geological model works, Lakkotrypis told reporters, as carried by Associated Press. “We’re not disappointed with this drilling,” the minister said,…

The post New Gas Discovery Offshore Cyprus Not Commercially Viable appeared first on aroundworld24.com.

No Picture

Nigeria Defies Calls To Curb Crude Oil Output

September 12, 2017 Tsvetana Paraskova 0

Although it faces mounting pressure to join OPEC’s production cuts, exempt producer Nigeria will resist any attempt to cut its oil output because it needs time at least until March next year to make sure its production gains are sustainable, Oil Minister Emmanuel Kachikwu told the Financial Times in an interview published on Tuesday. “We have a nine-month exemption period within which to come back to the table,” Kachikwu told FT. “You need that timeframe to see if any recovery is sustainable,” the minister added, putting…

The post Nigeria Defies Calls To Curb Crude Oil Output appeared first on aroundworld24.com.

No Picture

Shell Targets Alternative Fuel Stations

September 12, 2017 Tsvetana Paraskova 0

Shell—one of the oil majors that is increasingly betting on natural gas and low-carbon fuels—is targeting 20 percent of its global fuel station sales to come from electric vehicles recharging and low-carbon fuels by 2025, John Abbott, Downstream Director at Shell, told Reuters in an interview published on Tuesday. While Shell plans to expand fuel stations in China, India, and Mexico—where it sees growth in this market over the next decade—it would continue to focus on meeting demand for cars running on fuels alternative…

The post Shell Targets Alternative Fuel Stations appeared first on aroundworld24.com.

No Picture

Shell, Petrobras To Cooperate In Developing Brazil’s Pre-Salt Fields

September 12, 2017 Tsvetana Paraskova 0

Shell and Petrobras have signed an agreement to set up a long-term cooperation initiative to develop pre-salt fields in Brazil, the Anglo-Dutch oil major said on Monday. Under the memorandum of understanding (MoU), Shell and Petrobras will share expertise and experience in technical and operational solutions, contract management, cost efficiency initiatives, and deepwater experience. The cooperation deal is for five years and can be additionally extended. “Competitive growth of deep-water resources remains key to our company’s strategy…

The post Shell, Petrobras To Cooperate In Developing Brazil’s Pre-Salt Fields appeared first on aroundworld24.com.

No Picture

North Korean Sanctions May Hurt China’s Oil Giants

September 6, 2017 Tsvetana Paraskova 0

Tensions over North Korea’s flexing of its nuclear capabilities over the past few months reached a new peak last weekend when Pyongyang conducted its sixth and most powerful nuclear test so far. South Korea, Japan, and the United States are on high alert, and U.S. President Donald Trump is stepping up his rhetoric aimed at the countries who continue to do business with North Korea. “The United States is considering, in addition to other options, stopping all trade with any country doing business with North Korea,” President Trump…

The post North Korean Sanctions May Hurt China’s Oil Giants appeared first on aroundworld24.com.

No Picture

Azerbaijan, BP Extend Deal For Caspian Oil Field Until 2050

September 6, 2017 Tsvetana Paraskova 0

Azerbaijan will sign in the coming days a new deal with BP to continue the development of the Azeri-Chirag-Gunashli (ACG) oil field in the Caspian Sea until 2050, extending the existing contract that is set to expire in 2024, Azeri media quoted President Ilham Aliyev as saying on Wednesday. ACG was Azerbaijan’s first offshore oil Production Sharing Agreement (PSA) contract with Western majors. The country and a consortium of foreign oil companies signed back in 1994 a 30-year deal to develop the field. Foreign partners in the venture—alongside…

The post Azerbaijan, BP Extend Deal For Caspian Oil Field Until 2050 appeared first on aroundworld24.com.

No Picture

Norway’s Mature Offshore Oilfield Attracts Record Number Of Bidders

September 6, 2017 Tsvetana Paraskova 0

A total of 39 companies have applied for new acreage in Norway’s 2017 licensing round in the mature and best explored areas on the Norwegian Continental Shelf—a record high since the awards in predefined areas (APA) scheme was launch in 2003, Norway’s Petroleum and Energy Ministry said on Wednesday. The number of applications is nearly twice as many as in last year’s licensing round for the mature areas, and some 20 percent higher than the previous record-high of applications in 2014, the ministry said, in what could be…

The post Norway’s Mature Offshore Oilfield Attracts Record Number Of Bidders appeared first on aroundworld24.com.

No Picture

Putin Reluctant To Cut Off North Korean Oil Supplies

September 6, 2017 Tsvetana Paraskova 0

Amid rising tension over North Korea’s nuclear tests, South Korea’s president has pleaded with Russia to help it with its push to cut off oil supplies to Pyongyang’s regime, but Russian President Vladimir Putin is urging for diplomacy, saying that sanctions and pressure won’t work, while stopping oil supply would have a worrying impact on regular North Koreans. “We too, are against North Korea developing its nuclear capabilities and condemn it, but it is worrying cutting the oil pipeline will harm the regular people,…

The post Putin Reluctant To Cut Off North Korean Oil Supplies appeared first on aroundworld24.com.

No Picture

Aramco Looks To China Ahead Of IPO

September 5, 2017 Tsvetana Paraskova 0

Saudi Arabia is getting ready to list 5 percent of its crown jewel—state oil firm Aramco—in what could be the biggest IPO ever. The Saudis claim that the whole company is worth US$2 trillion, while most external analysts think the fair valuation is at least US$500 billion lower than that estimate. If the Saudis continue to pursue their target valuation, they may have to turn to major Chinese investors such as sovereign wealth funds and major state companies, who have deeper pockets than major institutional investors in the West. This…

The post Aramco Looks To China Ahead Of IPO appeared first on aroundworld24.com.