Nicolescu: The oil industry could be helped by giving up bioethanol imports for a while
The state could help the refineries by temporarily giving up bioethanol imports, said former Energy Minister Răzvan Nicolescu. “It is…
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Exploration & production
The price of US oil stays in negative territory at least for one more day
The price of oil has entered the negative territory on the US market, in the context of the wide reduction…
US WTI downs to the lowest prices in 21 years
The US oil price reached its lowest level since 1999, amid lower demand and record stocks. The US benchmark West…
Saudi Arabia buys stakes worth $1 billion in European oil companies
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major…
The FPPG has 7 proposals for the recovery of the O&G sector
Economic recovery can be achieved through large-scale projects, writes the Federation of Petroleum and Gas Employers (FPPG), in a press…
OMV does not exclude the possibility of resorting to lay-offs due to the coronavirus crisis
Austrian OMV Group plans to expand its current four billion euro cost reduction program, said CEO Rainer Seele, who added…
MOL Group ensures continuous supply security with optimized operational and financial measures
MOL Group implements measures not only to mitigate the impact of the current situation on the Group, but also to…
Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
Hopes are building for a truce in the brutal oil price war between Saudi Arabia and Russia, setting off a…
Virgil Popescu: Low oil prices could endanger the functioning of the oil and gas industry
The oil and gas industry is also hit by the current crisis, and very low oil prices may jeopardize the…
Global investments in E&P are expected to fall in 2020 by $100 bln, or 17%
The use of gasoline and other fuels is dropping as Saudi Arabia and Russia increase production, sending oil prices to…
Two new projects approved by the Kazakh-Romanian Energy Investment Fund
The Kazakh-Romanian Energy Investment Fund (FIEKR) has recently approved two new investment projects in total amount of USD 43 million…
Romgaz: Prices on the gas market will decline, we prepare for investments
“It is clear that prices on the gas market will continue to decline – we have had a warm winter,…
Romgaz donates 800,000 euros to equip the ATI sections of the emergency hospital in Sibiu
Romgaz announced today in an online press conference that it offered 3.98 million lei in financial support to the Sibiu…
Petrom estimates a net profit decline by 21% in 2020
OMV Petrom estimates for this year a profit of 2.81 billion lei, down 21% on the previous year. The budget…
Oil prices rebound after ‘Black Monday’ shocks, but outlook volatile
Stocks and oil prices have steadied and even bounced back after a “Black Monday” that saw them fall dramatically. Coronavirus…
Exxon plans for new offshore gas in Australia at the beginning of 2021
Exxon looks to push forward with production of offshore gas in Australia, in 2021. The West Barracouta project, located in…
Oil plummets over 20% as OPEC deal failure sparks price war
Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts…
Popescu: OMV will not withdraw from the Black Sea project
Designated Minister of Economy, Virgil Popescu, claims that the issue of withdrawal from the Black Sea was not even approached,…
ANRE draft Order: New obligations for gas supply on centralized markets
ANRE has launched in public debate a draft Order [HERE in Romanian] on the obligation to supply natural gas on…
ANRM is considering splitting Round XI: 22 onshore oil fields could be auctioned before offshore
The National Agency for Mineral Resources (ANRM) is considering the division of the XI round of tenders, so that the…
Project: Gas producers must sell on the stock exchange 30% of annual output
The National Energy Regulatory Authority (ANRE) has launched in public debate a project that provides that gas producers must sell…
OPEC hasn’t run out of ideas – Saudi energy minister
OPEC and its allied oil-producing nations are still working well together and still have options to try to rebalance global…
Nicolescu (Deloitte): Romania could earn USD 20 bln. from Black Sea gas
The state could earn more than USD 20 billion from the Black Sea gas extraction in the next 10-12 years,…