Latest in Tag: Oil Highlight
Latest in Tag: Oil
Lifting sanctions on Iran puts pressure on Arab oil producing states
2m barrels of crude oil daily surplus between world production and consumption
$650m value of partner’s share of gas, oil monthly with Brent decline: Petroleum Minister
Value of crude obtained daily from foreign companies declines to $380m
Oil supply forecast to shrink next year
Cheap oil prices have been massively affecting global markets, from countries’ budgets to world food prices. Now the oversupplied oil market is in for a rebalancing as non-OPEC producers like the US and Russia cut back. Oil production from non-OPEC countries is expected to plunge next year – perhaps the steepest decline since the Soviet …
Cheap oil threatens North Sea fields
Low oil prices have strained the budgets of countries, which depend mainly on fossil fuel exports. And the slide have also affected the fields themselves, which are “no longer economically viable” in this environment. Low oil prices could bring about the closure of about 140 oil fields in Britain’s North Sea in the next five …
Eni’s share value inches up after announcement of Egypt’s natural gas discovery
The value per share reached €15.2 after company’s CEO announced that he expected investments worth 6bn to $10bn for development of field
Multi-company drilling for gas in Mediterranean will occur: Sherif Ismail
We have reached an agreement with Eni over Noras field gas, with production estimated at 500m cubic feet daily, says minister
Eni gas discovery to alleviate balance of payments pressures: Moody’s
Recent gas discovery is positive credit for Egypt, says report
Led by Saudi Arabia, Persian Gulf oil countries resist tough climate agreement
Saudi Arabia is being accused of trying to water down the climate agreement at international talks in Bonn this week. But the Middle East is vulnerable to the effects of climate change – and awareness may be growing. Delegates meeting in Bonn, Germany, this week are under pressure to hash out the details of a …
IS in Tripoli claim car-bomb on Eni office day after Egypt gas discovery
Strike targeted a “den of apostates”, IS supporters said
10 water stations closed, investigations ongoing in Assiut after oil leak
15 metres of Mazzot oil had leaked into the Nile
Ruble follows oil price down
Russia’s currency has dropped considerably along with the price of crude oil. It’s a reminder of the Russian economy’s extraordinary level of dependency on fossil fuel exports, pundits says. Foreign exchange traders in Moscow on Monday saw the ruble sink 2.3 percent to a new low for the year. At one point during the day’s …
BAPETCO’s discovery increases daily oil production to 50,600 barrels
Well’s original oil records about 15m barrels, adds approximately 5m barrels to oil reserves
Al-Sisi meets with BG’s CEO
Egypt’s President Abdel Fattah Al-Sisi met with Helge Lund, the Chief Executive Officer of British Gas (BG), to discuss the company’s current activities in Egypt and its plans to increase its investments. The meeting was also attended by Petroleum Minister Sherif Ismail, according to an official statement by the presidency. The BG executive congratulated the …
Ganope announces results of oil, gas exploration bid
The company received seven offers for five exploration sites of approximately 23,200 sqkm with at least $100.3m investments
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 …
Greenpeace stages novel Arctic drilling blockade
It looks like a daring test or some attempt to break a record – but it is actually a Greenpeace protest. Near Portland, 13 climbers are dangling from a bridge to stop controversial oil drilling in the Arctic. As the Arctic ice melts, oil companies like Shell want to look for new oil and gas …
‘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,…
Iran deal seen as a threat to Middle Eastern countries: Researchers
JCPOA’s “historic” deal was signed in Vienna to curb nuclear enrichment in Iran, lift economic ban
IMF projects slower growth in emerging markets
Growth in emerging markets and developing countries will reach 4.2% in 2015, down from 4.6% in 2014, expects IMF
EGPC, Rosneft sign agreement for oil products, LNG shipments
Minister of Petroleum Sherif Ismail said that signing the two agreements is a mutual cooperation between public companies in Egypt and Russia.
Oil production at 130,000 barrels on average daily: Shell Egypt
An increase of 20% in production through Assil and Karam project, 50 oil wells to be drilled this year to keep up with the production rates
Dana Gas to discuss collecting receivables in Egypt this week
Board of directors’ meeting will discuss company’s 2015 mid-year budget and Q1 financial statements
Eni pumps $2bn in the Egyptian oil sector
Agreement signed between company and EGPC to modify gas prices, introduce new activities
Eni pumps $2bn in the Egyptian oil sector
Agreement signed between company and EGPC to modify gas prices, introduce new activities
Crescent Petroleum targets entering oil drilling operations in Egypt: Al-Qadi
Egyptian government did not breach agreement with Emirati companies in Egypt, says company’s president
Oil price will break $70 barrier next winter: Expert
Reduction of subsidies bill for FY 2014/2015 to EGP 60bn, says petroleum expert
Petroleum Ministry owes EGP 100bn to Finance Ministry
Petroleum agreements add interest rate on dues of government’s partners
Shell to acquire BG for $70bn
25% increase in oil and gas reserves of Royal Dutch Shell