Fairway Energy Partners is drilling to a cavern 2,000 feet underground and plans to pump it full of 11 million barrels of oil. The project is one of many in Texas and around the globe that has sprung up to house the overwhelming supply of oil. Source Houston Chronicle
German company ADL and Iran’s Sepahan Oil Company (SOC) have signed an agreement to cooperate in technology transfer in oil and gas industry lubricants. Source: Oil Price
Russia has moved one step closer to seeing its controversial Nord Stream 2 natural gas pipeline become a reality. On Wednesday, the consortium managing the pipeline said that it has all of the Russian permits needed for installation. Source: Oil Price
Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor which has sparked a diplomatic standoff and battered the Turkish currency. Source: Agence France Presse
