From BUSINESS INSIDER Mexico's senate began discussions Tuesday on enabling legislation to implement historic constitutional reform opening the country's oil industry to foreign investment for the first time since 1938. President Enrique Pena Nieto had already signed the controversial measure after it was approved by Congress and ratified by a majority of states, but lawmakers must now pass "secondary" laws ...

From Bangkok Post China late Sunday issued a lengthy defence of its use of an oil rig in contested waters that is at the centre of a bitter dispute with Vietnam. A statement on the foreign ministry website, relayed in full by the official news agency Xinhua, said the drilling operations near the Paracel Islands fell within China's "sovereignty and jurisdiction". It also accused Vietnam of acting aggressivel ...

From World bulletin World Bulletin/News Desk Libya's crude exports could fall to zero in days as the state oil company could be forced to divert the only remaining exports to the Zawiya refinery, which provides crucial gasoline to the country's capital. Crude from two offshore fields may be used to supply the 120,000 barrel per day refinery unless oil production from Brega in the east improves within two da ...

From Investing.com By Masterforex-V The Government of Saudi Arabia stands ready to increase the supply of oil significantly due to the political crisis on the territory of the Ukrainian state. Information about such a decision of the Government of Saudi Arabia has appeared on the pages of the business periodical International Business Times, which indicates the head of the Ministry of Petroleum Industry of ...

From INTERNATIONAL BUSINESS TIMES By Marcy Kreiter Russia is threatening to cut off natural gas to Ukraine this week as newly elected Ukrainian President Petro Poroshenko is pushing to up the pressure on pro-Russian separatists. Ukraine said Friday it would pay $786 million of the estimated $5.2 billion it owed Russia through the end of May but it was unclear whether that would be enough to forestall a cuto ...

From THIS DAY LIVE OPEC Headoffice Obinna Chima with agency report The Organisation of Petroleum Exporting Countries (OPEC) crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed. Output from the 12-member OPEC countries rose by 75,000 barrels a day to an average 29.988 million, according to the survey of oil companies, producer ...

From BUSNESSDAY Independent oil and gas companies in Nigeria are increasingly raising their game, as international oil companies (IOCs) operating in the country continues the trend of asset divestment amid onshore risks. The Nigerian oil industry, which has long been dominated by the IOCs, has seen more asset acquisitions by independent and indigenous players resulting in increased production levels from th ...

From Bloomberg By Grant Smith and Nayla Razzouk The revival in Iraqi oil output has stalled. Again. Production forecasts for 2014 are getting less optimistic. The Oil Ministry’s official target is 4 million barrels a day by the end of the year. More likely it will be 3.75 million, Thamir Ghadhban, an adviser to the prime minister, said in an interview May 14. Or perhaps 3.4 million, about the same as last m ...

From BusinessDay Santos' head of liquefied natural gas markets, Peter Cleary, has pointed to Canada and Mozambique as Australia's biggest competitors for new LNG investment, despite last week's $US400 billion deal for China to import vast quantities of gas by pipeline from Russia. Mr Cleary said the deal between Russia and China left plenty of scope for Australian LNG to compete in Asia, and in China, where ...

From NDTV Nicosia, Cyprus: U.S. Vice President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation. "Cyprus is poised to become a key player ... transforming the eastern Mediterranean into a new global hub for natural gas," Biden sa ...