Russia’s oil production reached a post-Soviet high last year even as it coordinated supply with the Organization of Petroleum Exporting Countries. Output averaged 11.16 million barrels a day, up 1.6% from 2017, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That compares with an all-time high of 11.416…

Malaysia’s state-owned energy group is doubling down on Canada in an attempt to build up gas resources that will help meet a growing wave of Asian demand as the region moves away from coal and into alternative sources of energy. Wan Zulkiflee, chief executive of Petronas, told the Financial Times…

Total has begun drilling the Brulpadda-1AX re-entry well offshore South Africa, partner Africa Energy Corp. announced Dec. 27. The well is located on Block 11B/12B offshore South Africa, for which Africa Energy holds a 4.9% interest. Block 11B/12B is located in the Outeniqua Basin about 175 kilometers (109 miles) off…

Spain’s Repsol has agreed to expand work in Russia under a joint venture with Russia’s Gazprom Neft to explore the geological potential of a West Siberian block adjacent to the areas where the energy companies already co-operate. The tie up expands a 2017 joint venture to explore and develop five…

Russian officials and executives from its biggest oil companies put on a brave face Wednesday, even as Brent trades near 16-month lows. “The drop in oil prices hardly bother us because our budget is based on $42/bbl,” First Deputy Prime Minister Anton Siluanov told reporters ahead of a meeting between…

When an activist shareholder group last year launched a campaign to force Royal Dutch Shell to set hard targets for cutting carbon emissions, just 6% of those eligible to vote backed the plan. Yet within months Shell had announced an “ambition” to halve its carbon footprint by 2050, with the…

The world’s leading independent commodity traders have increased their presence in the liquefied natural gas market, raising their delivery volumes by almost 40% in 2018 from a year before. The top three commodity traders — Gunvor, Vitol and Trafigura — delivered more than 31m tonnes of the super-cooled fuel, up…

Mexico’s new leftist president has pledged to revive the fortunes of state oil company Pemex with a bigger budget next year — while proposing the oil giant pay even more in taxes. The former monopoly oil producer, officially known as Petroleos Mexicanos, is due to contribute more revenue to the…

Uncontracted demand by the world’s seven largest liquefied natural gas (LNG) buyers could increase four-fold to 80 million tonnes per annum (mtpa) by 2030, according to Wood Mackenzie. “As China pushes on towards a lower-emission economy, its demand for gas and LNG has grown significantly and we expect the trend…