Oil

Drilling of three exploratory wells has revealed six independent oil deposits, with total geological reserves estimated at more than 40 million tonnes, subsequently confirmed by the State Commission on Mineral Reserves.

[

A decision on the timing of a global sulphur content cap of 0.5pc for marine fuels could arrive as soon as tomorrow, although the International Maritime Organisation (IMO) has been hearing conflicting views on how much low-sulphur fuel will be available by the expected implementation date of 2020.