Business | Oil & Gas
DNO says drilling success in northern Iraq will lure firms
Norwegian DNO expects its drilling success in Iraq's Kurdish north to stoke wider interest by foreign oil producers in the country's most secure region.
- Agencies
- Published: 00:00 September 21, 2006
Oslo: Norwegian DNO expects its drilling success in Iraq's Kurdish north to stoke wider interest by foreign oil producers in the country's most secure region.
The first foreign firm to drill in Iraq after the US-led invasion in 2003, DNO aims to start producing oil from the first quarter of next year, President and Managing Director Helge Eide said. Initial test wells at its Tawke field achieved 5,000 barrels of oil per day and more wells are plan-ned to boost output.
Gazprom to start drilling in November
Noscow: Gazprom, the world's biggest natural-gas producer, will start drilling for oil and gas at block 112 in the Tonkin Gulf of Vietnam in Nov-ember, as the Russian state-run company seeks to expand abroad.
Gazprom and Vietnam Oil & Gas, also known as PetroVietnam, discussed the project yesterday in Mos-cow, Gazprom said last night in an e-mailed statement.
Gazprom Deputy Chief Executive Officer Alexander Medvedev met PetroVietnam CEO Tran Ngoc Canh, Gazprom said.
Russia-Ukraine row may hit gas supply
Moscow: Western Europe may again face a gas shortages this winter if a dispute between Russia and Ukraine isn't resolved, Barton Marcois, the former principal deputy assistant US secretary of energy for policy and international affairs, wrote in Wednesday's Wall Street Journal. Marcois, now senior vice-president of RJI Capital Corp, wrote a joint article with M. Ron Wahid, the Chief Executive Officer of Washington-based RJI, which said a dispute might mean the end of an agreement which secured the resumption of gas supplies to the Ukraine.
Country to remove product subsidies
Colombo: Sri Lanka's government will eliminate subsidies on oil products because of a stress on the country's finances, the Lanka Business Online reported, citing Public Administration Minister Sarath Amunugama.
Sri Lanka has asked international lenders to assist the nation to cope with a sharp rise in oil prices, the journal said. The island nation consumes 30 million barrels of oil a year, the report said.
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