The Competent Authority for Regulation of Offshore Oil Operations in the Black Sea (ACROPO) has sent Lukoil Overseas its greenlight so the latter may start oil drilling operations in the Trident perimeter of the Romanian Black Sea territorial waters, according to a Facebook post of the institution. "In accordance with the provisions of Law no.
Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black gold prices, US President Donald Trump has allowed the release of oil from the United States Strategic Oil Reserve.
In Asian e-commerce, US light crude oil for delivery in October rose by nearly ten percent to $ 60.23 a barrel.
Israel-focused gas driller Energean said on Thursday it will buy Italian energy group Edison's oil and natural gas unit for an initial consideration of $750 million.
The acquisition would significantly expand Energean's operations in the growing eastern Mediterranean gas hub, with a significant presence in Egypt's offshore basin.
Russian Energy Minister Alexander Novak said on June 10 he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.
Royal Dutch Shell told reporters in Sofia on Tuesday that it will launch an exploratory drilling operation next month in the Han Kubrat oil and gas field off the coast of Burgas in the Black Sea.
The 90-day exploration will commence off the Noble Globetrotter II ship on 1 April 1, about 80 kilometres from Burgas in south-east Bulgaria.
As expected, ExxonMobil's first exploratory drilling in block 10 has been completed.
According to an official announcement from the Ministry of Energy, exploratory drilling on target Delphyne-1 by ExxonMobil Exploration and Production Cyprus (Offshore) Limited and Qatar Petroleum International Upstream OPC has been completed.