Tag: oil

BP in Talks with Iran to Develop 4 Oilfields

Director of National Iranian South Oil Company Bijan Alipour said negotiations are underway with the British Petroleum (BP) on development of four oilfields in south of Iran.

The National Iranian South Oil Company has held talks with 22 domestic and foreign companies for contracts to develop Karanj, Parsi, Rag Sefid and Shadegan Oilfields, Alipour said Monday, speaking on the sidelines of an exhibition of oil industry equipment in Ahvaz, capital of southwestern province of Khuzestan.

Among them are Russian and Chinese firms as well as BP, he said, predicting that the negotiations will lead to signing of memorandums of understanding in a few months.

ExxonMobil’s Significant Oil Find Off Guyana Leads to Questions About the Country’s Future

U.S. oil giant ExxonMobil made waves in Guyana on Thursday June 30, 2016 by announcing it had confirmed a “world-class discovery” of oil offshore. The company said results from its exploration well in the Stabroek block, about 120 miles (193 kilometres) offshore Guyana, found between 800 million and 1.4 billion oil-equivalent barrels.

Guyana’s natural resources minister, Raphael Trotman, called the discovery fantastic news, telling News Source Guyana that “the future of Guyana has now been written and I think that this is going to send ripples throughout the world.” Minister Trotman added that the country was receiving support and guidance from the international community, including the Canadian, U.S. and Mexican governments, the European Union and the Commonwealth Secretariat.

Cuba Struggles as Venezuela Oil Subsidies Dwindle

Blackouts on the Island Have Lasted Between Four and Eight Hours

Raúl Castro has decided to implement austerity measures in Cuba as the oil the Venezuelan government has been sending over the past years has decreased and is no longer sufficient to cover for public sector expenses.

According to news outlet Cubanet, island officials are trying to fight the fuel deficit by reducing consumption of oil and electricity by 20 percent, which means a partial paralyzing of production.