Syria-focused oil firm Gulfsands Petroleum said it would try to build a business outside of the troubled Middle Eastern country as it decided to stop exploring for oil in Syria, six weeks after ceasing production there.
Royal Dutch Shell (RDSa.L) said it was targeting aggressive growth in the coming years, with the startup of big new projects and higher investments in exploration set to drive a 50 percent rise in cashflow and a 25 percent rise in oil and gas production.
Oil firm Gulfsands Petroleum said it had found more oil at a well it is drilling in Syria, as its exploration activities in the country continue .
India has joined China in saying it will not cut back on oil imports from Iran, despite stiff new US and European sanctions designed to pressure Tehran over its nuclear programme.
Oil prices could rise as high as $150 a barrel because of the European Union ban on imports of Iranian crude, the country’s deputy oil minister was quoted as saying by the official IRNA news agency on Sunday.
A terrorist group targeted an oil pipeline south of al-Quriye in Deir Ezzor with an explosive device at 3 AM on Saturday, causing a fire at the area of explosion.
Libyan oil production has climbed to 1.3 million barrels per day, the National Oil Corporation (NOC) said in a statement, as companies resume production following the eight-month war.
The International Monetary Fund says the nations that would set sanctions against Iran’s oil exports will pay for their convictions with crude prices that could rise as much as 30%. Brent crude would be pushed to more than $140 a barrel. The shock of the increase could knock the global economic recovery, such as it is, off of its axis.
Ministry of Economy and Trade under resolution No. / 2 / approved of the Statute of the company / Treasures Oil / limited liability Treasures petroleum L. LC and owned by Syrians, and purpose of the exploration and extraction, refining, trading and marketing and distribution of oil and natural gas.
Pakistan has signed an agreement for purchase of gas from Tehran under the proposed Iran-Pakistan-India pipeline, its Oil Minister Asim Hussain said on Wednesday.
