Regional News: Middle East

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OPEC Ministers to Meet Russia Amid Push to Extend Cuts
Wednesday, April 26, 2017 The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts.

Saudi Arabia Says Foils Bombing Attempt on Aramco Fuel Dist. Terminal
Wednesday, April 26, 2017 Saudi forces have foiled an attempt to blow up an Aramco fuel terminal in southern Saudi Arabia using a high-speed boat laden with explosives, the interior ministry said on Wednesday.

Saudi Arabia Seen Losing Market Share to Iran, Iraq on Oil Cuts
Wednesday, April 26, 2017 Saudi Arabia, the world's biggest crude exporter, is losing market share to Iraq and Iran.

Petrofac Secures $70MM Services Contracts in Iraq
Tuesday, April 25, 2017 Petrofac secures a series of contract awards worth more than $70 million for engineering, operations and maintenance services in Iraq.

Iraq Begins Final Expansion Phase At Halfaya Aiming To Double Output
Tuesday, April 25, 2017 Iraq launches the 3rd and final phase of work to expand its southern Halfaya oil field, aiming to double its output capacity in 2018 to 400,000 barrels per day.


Azeri, Saudi Energy Ministers To Discuss Extension Of Oil Output Cuts
Tuesday, April 25, 2017 Azerbaijan's energy minister, Natig Aliyev, says he will discuss a possible extension of the global oil output cut deal at a meeting with his Saudi counterpart on Wednesday.

Genel Energy Appoints New Chairman
Monday, April 24, 2017 Genel Energy appoints new non-executive director and chairman with immediate effect.

HSBC Wins Mandate On $100B Saudi Aramco IPO
Monday, April 24, 2017 HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia's national oil giant Aramco.

Saudi Oil Exports Drop to 2015 Low as Kingdom Sticks to Cuts
Tuesday, April 18, 2017 Saudi Arabia trims exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude.

Iran Boosts Gas-Output Capacity With New Projects at Giant Field
Monday, April 17, 2017 Iran boosts output by inaugurating six projects at the giant South Pars offshore field.

Aramco CEO Sees Oil Market Closer to Balance Despite US Boom
Friday, April 14, 2017 The global oil market is moving closer to balance even as increases in US oil production push prices down in the short-term, Saudi Arabian Oil Co. CEO Amin Nasser says.

Saudi Debt Binge Amid Oil Gains Eases Bank Liquidity Drought
Thursday, April 13, 2017 Saudi Arabia's repeat visits to international bond markets and a partial recovery in the price of oil, its biggest export, is easing a liquidity squeeze that was hampering its financial system.

OPEC Over-Delivers On Oil Cuts, But Sees Rivals' Output Rising
Wednesday, April 12, 2017 OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February.

China's CNPC Sets Up Mideast Headquarters In Dubai Free Zone
Tuesday, April 11, 2017 CNPC agrees to set up its regional headquarters in the Jebel Ali Free Zone (Jafza) of Dubai to oversee investments, oil services and trading in the Middle East.

OPEC's War On Oil Overhang Starts To Bear Fruit
Tuesday, April 11, 2017 OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline.

Iran Security Body Reviewing New IPC Oil Contracts
Sunday, April 09, 2017 Iran's top security body is still reviewing the Iran Petroleum Contract (IPC) model, Oil Minister Bijan Zanganeh was quoted as saying on Sunday.

Gulf Keystone Trims Annual Loss After Debt-For-Equity Deal
Thursday, April 06, 2017 Gulf Keystone Petroleum, an oil producer in Iraq's Kurdistan region, cut its annual pretax loss to $17 million last year after a debt-for-equity deal saved it from going under.

Iran 'Not Concerned' By Indian Threat To Cut Oil Imports
Wednesday, April 05, 2017 Iran's oil minister dismissed India's decision to cut oil imports from Tehran in 2017/18 by a fifth as a threat on Wednesday, in an escalation of a dispute over a giant gas field contract.

India's ONGC Videsh to Spend Over $3 Billion on Iran Gas Block
Tuesday, April 04, 2017 The overseas arm of India's biggest oil and gas explorer intends to spend more than $3 billion on Iran's Farzad-B natural gas block.

Abu Dhabi National Energy Co (TAQA) Considering Formosa Bond, Sukuk
Monday, April 03, 2017 Abu Dhabi National Energy Co (TAQA) is considering debt funding options including a formosa bond, sukuk and bank loans, the company's spokesman says.

Iraq, Lukoil's Trading Arm To Form Marketing Venture, Ministry Says
Monday, April 03, 2017 Iraq's state-oil marketer SOMO and the trading arm of Russia's Lukoil agree to form a joint crude marketing venture, the Iraqi Oil Ministry website reports.

Qatar to Drill in Biggest Gas Field After 12-Year Freeze
Monday, April 03, 2017 Qatar Petroleum plans to start a new development in the offshore North Field, ending a 12-year ban on new projects that allowed the company to assess how its current rate of extraction affects the giant reservoir it shares with Iran.

Aramco Said to Hire JP Morgan, Morgan Stanley, HSBC for IPO Roles
Thursday, March 30, 2017 Saudi Arabian Oil appoints JPMorgan, Morgan Stanley and HSBC Holdings for key roles on its IPO, as it moves ahead with its plans for what could be the world’s biggest share sale.

Petrochina Says Will Consider Aramco IPO Based On Market Conditions
Thursday, March 30, 2017 PetroChina says it will consider taking part in national oil giant Saudi Aramco's initial public offering based on market conditions.

Israel's Delek Targets Global Energy Expansion After Profit Jump
Thursday, March 30, 2017 Israel's Delek Group says its quarterly profit was boosted by the sale of 2 natural gas sites and higher income from its exploration and production operations.

Iraq Oil Output Falls to 4 Million BPD in March After OPEC Cuts
Thursday, March 30, 2017 Iraq's oil production has averaged 4.464 million bpd in March, a reduction of more than 300,000 bpd on levels before OPEC cuts were implemented from Jan. 1, state-oil marketer SOMO says.

CGG, KGOC Teams to Work Together on Integrated Geoscience Study
Thursday, March 30, 2017 CGG will be conducting a multi-year integrated geoscience study with a combined team involving geoscience experts from Kuwait Gulf Oil Company, after winning a contract with KGOC.

Abu Dhabi's TAQA Reports $5B Loss Due to Oil and Gas Impairment
Thursday, March 30, 2017 Abu Dhabi National Energy Co (TAQA), the state-controlled oil explorer and power supplier, reports a full-year loss of $5.05 billion for 2016.

Genel Targets Turkey Gas Deal This Year To Overcome Oil Troubles
Thursday, March 30, 2017 Genel Energy expects to strike a gas-export partnership deal with Turkey Energy Company this year, as it tries to overcome setbacks in oil exploration.

Egypt To Halve Arrears With Oil Companies In Coming Weeks
Wednesday, March 29, 2017 Egypt expects to cut the $3.5 billion euros it owes to international oil companies by around half in coming weeks, the Egyptian oil minister says.

OPEC Compliance With Oil Curbs Rises in March as UAE Joins Cut
Wednesday, March 29, 2017 OPEC oil output is likely to fall for a third straight month in March, a Reuters survey finds, as the UAE trims supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya.

Saudi Arabia's Tax Cuts Boost Aramco Value By $1 Trillion
Tuesday, March 28, 2017 Saudi Aramco CEO Amin Nasser says slashing the tax rate for the petroleum industry from 85 to 50% brings the company in line with international benchmarks.

Petrofac Wins $1.3B Contract In Kuwait
Tuesday, March 28, 2017 Petrofac Ltd says Kuwait Oil Co had awarded the company a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in south-east Kuwait.

Genel Shares Hit All-Time Low As Oil Reserves Disappear
Tuesday, March 28, 2017 Genel Energy's market value collapses to an all-time low after it said for a second time that its flagship oilfield contains less crude than expected.