Iran's participation is not essential for the oil market to move closer to balance if a global agreement on freezing production is signed in Doha next month, Leonid Fedun, one of Russia's most prominent oil bosses, said.
Iran is planning several projects to expand its oil production and export capabilities, reports said, highlighting a new oil terminal to export one million barrels per day (bpd), and a $1.7 billion development of South Pars Gas Field.
Eriell, a leading Russian oilfield services group, has signed a contract with Lukoil Middle East to drill 25 production wells at the West Qurna-2 oilfield, a report said.
The contract provides for the project implementation within
Saudi state oil company Saudi Aramco wants to raise its share in Luksar, a joint venture with Russia's Lukoil, to 50 per cent, the chief executive of the Russian company said on Wednesday.
"They are interested in taking t
Lukoil will likely pull out from Saudi Arabia where the economics of its search for gas have been crushed by the collapse of the oil price, three industry sources said.
Lukoil is Russia's largest private oil company. The Russi
Russia's number two oil company Lukoil yesterday (August 29) said its net profit rose by 13 per cent in the second quarter to reach $2.4 billion as production increased.
"The company continued to introduce and test new te
Russia's No.2 oil producer Lukoil has started commercial production at the West Qurna-2 oil field, one of the largest in the world located 65 km from the Iraqi town of Basra.
As per the contract, Lukoil must maintain that leve
Russia's Lukoil is negotiating a deal with the world's top oil exporter Saudi Arabia to tap unconventional gas deposits in the kingdom's "Empty Quarter" desert region, the company's overseas unit said.
Sheikh Mansour Hamid Al-Imara clutches his prayer beads and watches a huge new oil facility nearing completion across the road from his village, hoping that Russian operator Lukoil will offer his poor tri