Business

OPEC: Venezuelan, Iranian monthly oil production down in September

Oct. 11 (UPI) — Oil production in Venezuela, a country with the world’s biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September from August. Production has now reached its lowest point since the 2002-2003 PDVSA oil strike — in addition to Iranian output also falling. According to monthly ...

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Bullish on natural gas, Shell announces new North Sea investment

Oct. 10 (UPI) — Shell United Kingdom Ltd. announced on Wednesday an investment decision in the North Sea to develop a gas field, just a day after Royal Dutch Shell CEO said the group was bullish regarding expectations of natural gas demand growth. The company announced a “final investment decision for the Arran gas and condensate field” and said that ...

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Total, Saudi Aramco sign accord to build petrochemical complex

Amin Asser, president and chief executive of Aramco, during the inking ceremony in Dhahran, Saudi Arabia, on October 8, 2018, for the development of a petrochemical plant in partnership with France-based Total. Photo courtesy of Saudi Aramco Oct. 9 (UPI) — France’s Total and Saudi Aramco inked an accord for the front-end engineering and design of a new petrochemical plant ...

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Raytheon, Saab announce new Carl-Gustaf munition for U.S. Army

Oct. 5 (UPI) — Raytheon announced it will demonstrate a new guided munition for the U.S. Army’s shoulder-launched Carl-Gustaf system, a man-portable weapon system built by Saab. The two companies have been working together since 2017 to develop a guided munition for the weapon, with plans for test firing of the new product set for sometime in 2020 in Sweden. ...

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