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Saudi Arabia’s oil minister Ali al-Naimi discussed cooperation between OPEC members and other oil producers to stabilize the global oil market with his Venezuelan counterpart on Sunday, state news agency SPA reported. Venezuela’s Oil Minister Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said […]
At its basic level the price of oil is a product of supply and demand. Other factors such as political turmoil can influence it but the main factor is supply and demand. At times and especially now oil is viewed as a proxy for the global economy, which has a ripple effect on the stock […]
Drivers are rejoicing over historically low prices at the pump.Yet while cheap gas prices are great for household budgets, they could indicate big trouble for the global economy, some economists say. Markets around the world rely heavily on emerging economies—which, with the exception of China and India, are rich in oil and commodities, Bloomberg explained. These […]
OPEC has not yet scheduled any talks with Russia and other non-OPEC countries aimed at supporting oil prices, two OPEC delegates said on Tuesday after Russian officials talked up potential cooperation with the exporter group. Russian Foreign Minister Sergei Lavrov said Moscow was open to further cooperation in the oil market with OPEC and non-OPEC […]
Oil prices will only stay at current levels for the next few months, according to Stuart Amor, the ex-head of oil and gas research at financial advisory firm RFC Ambrian. Amor, who made the statement in a presentation at the Finding African Oil event in London Monday, which was attended by Rigzone, said that around […]
UNEMPLOYMENT in Britain is just 5.1%, the lowest since 2006. Economists expect that when joblessness falls, wages will rise, because employers have to compete more fiercely for staff. After a long slump brought on by the recession, by mid-2015 wages were growing nicely. But as unemployment continued to decline, the economists have been left scratching […]
Mexican state-owned energy company Petroleos Mexicanos signed two memorandums of understanding Tuesday with oil companies from the United Arab Emirates.The two MOUs, signed within the context of Mexican President Enrique Peña Nieto’s visit to several Persian Gulf nations, are in addition to a separate agreement inked in Saudi Arabia, Pemex said in a statement. Under […]
The new technical provisions emitted by CNH (National Hydrocarbons Commission) came into effect January 8th, which include the use and maximization of the economic value of associated natural gas in the exploration and extraction of hydrocarbons. The main objective of these provisions is the structuring of programs based on procedures, requirements and criteria to define […]
We are pleased to report that today Deceber 17th of 2015, The Energy Ministry (SENER) published the bidding guidelines and model contract for the 4th phase of Round 1, which provides the awarding for the exploration and extraction of hydrocarbons in Deep Waters, which will be held in the 3rd quarter of 2016. In this […]
We are pleased to inform the results of the proposals opening of the third phase of Round One Tender, which bid a total of 25 onshore fields and was attended by 40 national and international companies. It should be noted that the judgment will take place on December 17th.
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