Regional News: Middle East

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Naimi: Saudi Arabia To Keep Up Energy Spending Despite Oil Drop
Friday, October 02, 2015 Saudi Arabia is continuing with its investments in the oil and gas industry as well as solar energy despite the current drop in oil prices, the kingdom's oil minister was quoted saying.

Petsec Energy Completes Acquisition of 29.75% Stake in Yemen's Block 7
Thursday, October 01, 2015 Australia's Petsec Energy completes acquisition of a 29.75 percent stake in Yemen's onshore Block 7 in the Al Barqa permit from Mitsui and AWE.

Gulf Keystone Says Reserves More Than Double at Shaikan Oilfield
Thursday, October 01, 2015 Gulf Keystone says an independent report found that the reserves at a key oilfield in Iraqi Kurdistan were more than double the previous estimate.

How Israel Turned A Gas Bonanza Into An Antitrust Headache
Thursday, October 01, 2015 Five years later, poor policymaking, political infighting and a battle between PM Netanyahu and the antitrust commissioner over a lack of competition mean Leviathan remains undeveloped.

Iraq's September Oil Exports Slip to 3.052M BPD
Thursday, October 01, 2015 Iraq's oil exports fell in September to an average of 3.05 million barrels per day from 3.08 million bpd the previous month.


Iran's Cabinet Approves New Draft Oil And Gas Contracts
Wednesday, September 30, 2015 Iran's cabinet has approved a draft of international oil and gas contracts meant to attract foreign investors and oil buyers once sanctions are lifted, the Oil Ministry's Shana news agency reports.

Egypt to Search for Oil in Iraq in First Foreign Venture
Wednesday, September 30, 2015 Egypt will search for oil outside its own borders for the first time after signing an agreement with Kuwait Energy for part of a concession in Iraq, according to the country's oil minister.

JV Partner Exercises Rights to Beach's Stake in Egypt Abu Sennan Concession
Monday, September 28, 2015 Australia's Beach Energy says a joint venture partner has exercised its pre-emptive rights for a stake in Egypt's Abu Sennan concession following the former's sale of its 22 percent interest to Rockhopper Exploration.

Kuwait: No Need for OPEC, Non-OPEC Producers Summit
Monday, September 28, 2015 A summit of OPEC and non-OPEC, as suggested by Venezuela, would be pointless as independent producers are not committed to cutting output, according to Kuwait's oil minister.

OPEC Focuses On Rival Mega Projects, Lives With Shale Swing Output
Wednesday, September 23, 2015 OPEC members are beginning to believe they are winning against upstart US shale producers in a short-term market share contest.

Iraqi Kurds Dealt Setback by US Court Ruling on Oil Sale
Tuesday, September 22, 2015 A US federal court dealt a setback to efforts by Iraq's self-governing Kurds to sell Iraqi crude oil in the US, further complicating the Kurdish drive for financial independence.

Saudi Arabia's Crude Stockpiles at Record High as Exports Fall
Monday, September 21, 2015 Saudi Arabia's crude stockpiles rises to a record in July after exports by the world’s biggest oil shipper declined for the third time in four months.

ShaMaran Subsidiary to Contest TAQA Default Notice
Monday, September 21, 2015 ShaMaran Petroleum's wholly owned subsidiary, GEP, will contest a default notice issued by TAQA that claims GEP failed to pay its full participating interest share of July and August cash calls for the Atrush Block Joint Operating Agreement.

Golan Heights Drilling Confirms Presence of Hydrocarbons in N. Israel
Friday, September 18, 2015 Afek Oil & Gas confirms the presence of hydrocarbons at the territory it is currently drilling in northern Israel, but denies finding commercial oil (yet).

Kuwait Petroleum Aims to Boost Outlets for Its Fuels in Europe
Friday, September 18, 2015 Kuwait Petroleum plans more investments in Europe to help to provide more outlets for the fuels it produces.

OPEC Sees Oil Prices Returning To $80/Barrel By 2020
Thursday, September 17, 2015 OPEC forecasts oil prices will grow by no more than $5 per barrel a year to reach $80 by 2020.

Saudi Aramco Says Amin Nasser Appointed as CEO
Thursday, September 17, 2015 Saudi Aramco's Supreme Council names Amin Nasser as chief executive officer of the state oil company of the world's largest exporter, Aramco says.

Kuwait Says Oil Market Will Balance Itself, Must Be Patient
Thursday, September 17, 2015 Kuwait's OPEC governor says the oil market would balance itself but "we need to be patient".

Kuwait To Start Offshore Oil Exploration In Two Years
Wednesday, September 16, 2015 Kuwait planning an offshore oil exploration program within two years to boost oil output, says a Kuwait Oil Co executive.

Sources: Tecnicas and Petrofac Selected to Build $4.7B Saudi Gas Project
Tuesday, September 15, 2015 Spain's Tecnicas Reunidas and the UK's Petrofac win $4.7 billion of contracts to build the Fadhili gas plant in Saudi Arabia.

Genel Energy to Buy OMV Stake in Bina Bawi Field
Tuesday, September 15, 2015 Genel Energy signs an agreement with OMV to buy its 36% operated stake in the Bina Bawi field, located in the Kurdistan Region of Iraq.

Iraq Warns Foreign Oil Firms Of Cut In Funds
Monday, September 14, 2015 Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices.

Iraq Targets Record Basra Oil Exports in Oct, Adding to Global Oversupply
Monday, September 14, 2015 Iraq aims for 3.68 million barrels per day in October, compared to 3.06 million barrels per day in July.

Iran Sees Crude Oil Price at $42-$50 in Year to March 2017
Monday, September 14, 2015 Iran has projected average oil prices at $42 to $50 per barrel in a draft budget bill for the year to March 2017, a government spokesman is quoted as saying, expecting crude to stay in the current trading range.

Source: Swiss Authorities Helping Oman in Oil Corruption Probe
Monday, September 14, 2015 The office of Switzerland's attorney general is helping authorities in Oman investigate alleged corruption in the sultanate's national oil company and oil ministry.

Saudi Sees No Need for Oil Summit
Thursday, September 10, 2015 Saudi Arabia sees no need to hold a summit of producing countries' heads of state if such discussions would fail to produce concrete action towards defending oil prices.

Syrian Army, Islamic State Battle for Central Oilfield
Tuesday, September 08, 2015 Islamic State fighters battle government forces at central Syria's Jazal oilfield, the last such facility still partly under state control.

MOL Scales Back Investment in Kurdistan Region of Iraq
Tuesday, September 08, 2015 MOL scales back investment in the Akri-Bijeel Block, located in the Kurdistan Region of Iraq, due to payment issues associated with the block and the area's geological complexity.

Genel Energy Receives $16.5M from KRG
Tuesday, September 08, 2015 Genel Energy receives $16.5 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.

Islamic State Takes Syrian State's Last Oilfield
Monday, September 07, 2015 Islamic State fighters have seized the last major oilfield under Syrian government control during battles over a vast central desert zone.

Gulf Oil Ministers to Meet on Thursday amid Price Slide
Monday, September 07, 2015 Gulf oil ministers are due to meet this week in Qatar in the first gathering by the heavyweight crude producers since the latest slide in oil prices.