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Oil & Gas

Iran reports considerable new oil, gas reserves

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Iran's oil minister Rostam Qasemi has announced that huge oil and gas reserves have been discovered on the country's northeastern and western borders with Turkmenistan and Iraq.
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North Sea oil platforms closed after leak detected

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The Brent pipeline network in the North Sea, which services up to 27 oil fields, has been temporarily closed following the detection of a leak in one on the platforms off Shetland, Cormorant Alpha.
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Peru to hold third national petrochemical conference in January

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Peru's Ministry of Energy and Mines (MEM) will hold the Third Peru Petrochemical Conference on Jan. 24-25, in Lima.
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Saudi Arabia considers natural gas price hike

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Next year the country may hike the price of its natural gas, which is currently the lowest in the world, in a bid to tackle energy waste and cut high-cost subsidies.
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UK to introduce new offshore oil and gas production rules

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The British government is introducing new rules that aim to increase safety standards and environmental care in the UK's offshore oil and gas industry.
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Pipeline project delays harm Canada’s crude oil sector

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Delays in the construction of new pipelines are detrimental to Canada's energy sector, as transportation of crude oil is prevented by lack of infrastructure.
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Gazprom presses ahead with South Stream, asks EU for special status

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The South Stream pipeline project that will see Russian natural gas flow to Eastern and Central Europe carried by pipes laid under the Black Sea and across the Balkans is moving ahead.
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US plastics industry export grows in 2012

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According to new data from the Society of the Plastics Industry (SPI), the end of 2011 marked a growth for the U.S. plastics industry, with the first recorded job increase since 1999.
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Indonesia to invest heavily in petrochemical industry

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Indonesia is planning to boost its petrochemical industry and start exporting by 2016 thanks to two upstream petrochemical centers that will be constructed over the next couple of years.
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UK government lifts ban on fracking but tightens controls

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The British government has decided to lift the restrictions on extracting gas from shale rocks using the method of hydraulic fracturing, known as fracking, the Department for Energy and Climate Change (DECC) has announced.
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