Latest in Energy Highlight
Latest in Energy
Egypt plans to spend $16bn importing petroleum products in FY 2015/2016
EGAS issues second international bid for foreign companies in July
Shell resumes offshore drilling in Arctic
Royal Dutch Shell PLC announced on Friday that drilling operations had resumed in the Chukchi Sea off the northwest coast of Alaska on Thursday afternoon. The resumption marks the first time Shell has conducted exploratory drilling in the Arctic since 2012, due to inclement weather and issues with equipment. “In the days to come, the …
OPEC, Russia: ‘Oil market to stabilize’
The Organization of Petroleum Exporting Countries and Russia have said sharp drops in oil prices are unlikely to continue. At a meeting in Moscow, the two sides noted they expected the market to stabilize in 2016. OPEC and Russia expressed confidence the global oil market would become more balanced and stable in 2016 after recent …
‘People will not accept crappy terms’ for Iranian oil
Amid sliding oil prices, OPEC’s secretary-general is in Moscow to discuss the Iran nuclear deal. DW talked to US energy expert Richard Nephew about Iran’s chances of finding success on the international oil market. DW: What are Iran’s short-to-medium oil export prospects? Richard Nephew: We have to make the clear statement that the sanctions are …
Oil spill payments sink BP into the red
British energy giant BP recorded multi-billion dollar losses in the second quarter due to payments linked to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Low oil prices also weighed on results. The loss was "mainly relating to the recently announced agreements in principle to settle claims arising from the 2010 Deepwater Horizon accident," said Bob Dudley,…
Explosion shuts down Turkey-Iran natural gas pipeline amid increasing violence
The gas flow between Iran and Turkey has been shut down after an explosion on a natural gas pipeline in the Turkish province of Agri. The country's energy minister has suggested that Kurdish rebels were to blame. The fire, which began Monday in Turkey's eastern Agri province was quickly brought under control, Turkey's energy minister Taner Yildiz said on Tuesday….
Bolivia to explore for oil in protected areas
Bolivia has given the green light to oil exploration in seven of 22 protected natural reserves. President Evo Morales said this will not harm the natural world, and challenged environmental opposition. Bolivia's President Evo Morales recently announced that seven of 22 protected national parks will be opened for oil exploration in 2016, as current reserves of the country are expected…
Low oil price weighs on BASF earnings
The world's largest chemical company, BASF, has said continuously low oil prices have taken their toll on its second-quarter performance. But executives insisted the firm was holding up well despite volatile markets. A strong rise in demand for synthetic materials helped BASF boost its operating profit in the second quarter, the German chemicals giant reported Friday. Operating earnings before special…
Diminishing conventional energy sources versus economy growth
By the rate of consumption of crude oil which is around 4.5bn tons per year from 2010, and which is growing every year, oil is expected to be depleted by the year 2050.
Brent oil prices reach highest level for 2015
JPMorgan Chase raised its expectations for oil for the years 2015 and 2016 in light of the improvement in demand, which will result in a lower number of crude oil barrels in the global markets.
Committee to determine ministries’ coal monitoring responsibilities
Egyptian ministers seeking to maximise the reliance on RDF and agriculture waste, along with coal, in energy mixture
Energy subsidies reform to take effect in July: PM
Mehleb says interim government has yet to decide whether it will increase fuel and diesel prices
Turkey, Russia agree on boosting Blue Stream gas pipeline: Minister
To 19 billion cubic metres (bcm) annually from 16 bcm
IMF, World Bank push for price on carbon
Warning that time was running out for the planet to avoid worst-case climate change
Kuwait signs oil and diesel supply deals with Egypt
Reuters – Kuwait’s national oil group will provide Egypt with 85,000 barrels of crude oil per day under a new contract which boosts supply from the Gulf Arab state by 31%, state news agency KUNA reported on Tuesday. Kuwait Petroleum Corporation (KPC) will also increase its supply of diesel and jet fuel to 1.5m tonnes …
Time running out to meet global warming target: UN report
Temperature rises would sharply raise risks to food and water supplies and could trigger irreversible damage
Egypt to seek gas deep offshore, shale in the western desert
State-owned Egyptian Natural Gas Holding Company (EGAS) plans to launch an international tender for deep water gas exploration next year
Realising Egypt’s gas potential
By Oxford Business Group The start of production at a concession in Egypt’s Nile Delta basin by a German firm has come as welcome news, an indication of the sizable potential offered by the country’s offshore blocks. With local consumption growing, the North African state is looking to balance the need to expand output to …
Egypt to seek bids for first nuclear plant
Russian ministers’ visit expected to touch on atomic power
China oil giant buys into strife-hit Egypt for $3.1 bln
Chinese state-owned Sinopec will buy a one-third share in the Egyptian oil and natural gas business of US firm Apache Corp.
Conflicting reports on Qatar natural gas supply deal
“Qatar is pressuring Egypt” for Morsi supporter crackdowns, says Chamber of Commerce chairman for petroleum products
Water ministry mulls use of solar power
Ministry of Water and Irrigation reviews possibility of using solar energy to improve water pumps.
Middle East oil will remain world’s key source of fuel
Oriental Planet: Middle East Oil & Gas sector expected to maintain steady growth in spite of significant developments in global energy domain
Libya threatens to break up oil sector strikes
The strike – now in its third week – came after protests first emerged in June and has virtually stopped production and exports at key terminals in Ras Lanuf, Sedra, Brega and Zoueitina on the central coast.
US firm reports oil and gas discoveries in Egypt
Apache Corporation reports oil and gas discoveries in Egypt’s western desert
OPEC moves towards holding output
Iran has meanwhile called for lower production this week in order to maintain and even boost crude oil price levels.
Egypt and South Korea sign agreement on nuclear power programme
Egypt and South Korea will cooperate in the field of nuclear power development
Iraqi embassy: No further plans for Egypt pipeline
Confirms agreement between Iraq State Oil Company and Egypt for pipeline
Israel Electric Corporation cancels natural gas import agreement
Egyptian National Gas had allegedly asked the jointly owned Israeli-Egyptian East Mediterranean Gas Company (EGM) to cancel the agreement.
Energy subsidies to be lifted in three years: Hatem Saleh
Claims the State is seeking to restructure subsidies