Energy giant BP has been fined £50,000 by the Oil and Gas Authority (OGA) over a North Sea licence breach.
Alfa Laval has settled a complaint from the US about exporting storage tank cleaning units to Iran.
A United Nations (UN) human rights investigator has urged countries to impose economic sanctions on Myanmar’s oil and gas sector to cripple the military junta that seized power in a coup five months ago, reported Reuters.
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Fitch Solutions believes that the Myanmar military government’s solar project push, the first attempt at stimulating foreign investment since the coup, will not succeed and will do little to turn the gloomy economic situation around.
The Oil and Gas Authority (OGA) has opened an investigation and is threatening sanctions over a commercial dispute which saw North Sea firms failing to collaborate.
Indonesia released on Friday an Iranian-flagged ship it had seized four months ago over suspected illegal transfer of crude oil, an Indonesian official and Iranian state media said on Saturday.
Total and Chevron will suspend cash distribution by a joint venture that counts a Myanmar state-owned company as a shareholder.
There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
Chinese oil majors may be next in line for delisting in the US after the New York Stock Exchange said last week it would remove the Asian nation’s three biggest telecom companies.
President Recep Tayyip Erdogan has called for negotiations over gas exploration rights for Turkey in the eastern Mediterranean as EU leaders consider sanctions.
The Pentagon added CNOOC among four more Chinese companies to a list of firms it says are owned or controlled by China’s military, exposing them to increased scrutiny and potential sanctions by the US.
The next U.S. president will have to come to terms with “the will of the Iranian people” and end the economic war against the Islamic Republic, Iranian President Hassan Rouhani said in a speech Thursday. Bluster aside, there is a kernel of truth to his prediction — and President Donald Trump’s Iran policy may make negotiations easier for President-elect Joe Biden.
Egypt and Greece have signed an agreement on how to divide territorial waters, a move swiftly condemned by Turkey.
The US has charged five of its citizens with conspiring to sell sanctioned Iranian oil to China.
Congo Kinshasa is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.
Chief executive Andy Samuel has confirmed the Oil and Gas Authority has not yet needed to exercise its sanctioning powers despite ‘internal debates” on whether the regulator is being stringent enough.
Exxon Mobil Corp. won a lawsuit challenging a $2 million fine levied against it by U.S. Treasury Secretary Steven Mnuchin after the company allegedly violated Ukraine-related sanctions with a series oil and gas deals in Russia.
Pressure is mounting on the US to reconsider sanctions on Sudan, where the former president was driven from office in April.
Trafigura’s work in South Sudan involved connections with an Israeli middleman who went on to be sanctioned by the US for aiding the conflict, a Swiss NGO has claimed in a new report.
A Teekay and COSCO joint venture operating LNG tankers serving Yamal LNG has been cleared to resume operations.
Tanker prices have rocketed over the last week, driven by US sanctions on various Chinese shippers, principally COSCO Dalian.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
The Gas Exporting Countries Forum (GECF) has expressed “deep concern” about sanctions in the gas sector, the group has said after a meeting in Moscow.