Regional News: Middle East

 
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Petsec Energy Acquires 100% Stake in Damis Production License
Friday, February 05, 2016 Petsec Energy Ltd acquires a 100% participating interest in, and operatorship of, the Damis Production License in the Republic of Yemen's Block S-1.

Aramco Cuts Oil Pricing to Asia With Iran Set to Boost Exports
Thursday, February 04, 2016 Saudi Arabia lowers March pricing for Asian oil customers, showing no sign of letting up on its campaign to keep market share.

Oil Industry Keeps Champagne Flowing Despite Price Slump
Thursday, February 04, 2016 Despite the battering taken by oil prices in Azerbaijan and Algeria, their NOCs plan lavish hospitality for annual parties and networking.

Sources: Saudi Aramco to Keep Same Number of Oil, Gas Rigs
Wednesday, February 03, 2016 Industry sources expect Saudi Aramco keep the same number of its oil and gas drilling rigs this year despite weak oil prices.

Abu Dhabi to Take Billions From ADIA for Debt, Fitch Says
Wednesday, February 03, 2016 Abu Dhabi Investment Authority's assets expected to shrink by billions of dollars as the emirate reacts to deficit from low oil prices, Fitch says.

  


CFO Says Booz Allen Hit By Oil Prices, But Sees Opportunities in Mideast
Wednesday, February 03, 2016 Low oil prices have hurt Booz Allen Hamilton's business in the Middle East, but CFO says conflict there may present other opportunity.

Insurance Officials: Race for Iran Oil Cargoes Could Be False Start
Wednesday, February 03, 2016 Oil companies racing to benefit from Iran's new status risk tankers being left in limbo by international insurers' reluctance.

Sources: Saudi Aramco to Keep Same Number of Oil, Gas Rigs in 2016
Wednesday, February 03, 2016 State oil giant Saudi Aramco is expected to keep the same number of its oil and gas drilling rigs this year, despite weak oil prices, according to industry sources.

Cepsa Resumes Iranian Oil Supplies to Spain
Wednesday, February 03, 2016 Spanish refiner Cepsa to ship a 1-million barrel cargo of Iranian oil to its refineries, according to vessel agents' data and market players.

Six Oil Producers Agree on Emergency Meeting, Iran's Shana Says
Wednesday, February 03, 2016 Six oil-producing countries have agreed on an emergency meeting between OPEC and non-OPEC member states, according to Iran's oil ministry.

Saudi Aramco Continues to Invest Despite Oil Price Crash
Tuesday, February 02, 2016 Saudi Aramco will not cut its upstream investment despite the collapse in oil price, says Ahmed Al-Sa'adi, Saudi Aramco's senior vice president for technical services.

Iraq's KRG to Pay Oil Companies According to Contracts in 2016
Monday, February 01, 2016 The Kurdistan region of Iraq says it will pay international oil companies according to their contractual entitlements in 2016 in a bid to restore confidence and raise production.

Leviathan Partners Sign $1.3B Gas Deal With Edeltech
Monday, February 01, 2016 Israel's natural gas companies and Noble Energy Inc. have signed the first contract to supply fuel from the country's largest gas reserves, the offshore Leviathan field.

Survey: Iran Pushes OPEC Oil Output to New High as Sanctions are Lifted
Friday, January 29, 2016 OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, according to a Reuters survey.

OPEC States Say No Meeting Planned As Russia Floats Talks
Thursday, January 28, 2016 OPEC delegates say they have no meeting planned with Russia after the country's Energy Minister Alexander Novak indicated he was willing to meet with the group next month to coordinate oil-output policy.

U.A.E. Sees Global Oil Glut Easing Even With Added Iran Supplies
Wednesday, January 27, 2016 The global oversupply of crude will decline this year even after Iran adds an expected 500,000 barrels a day in oil output, United Arab Emirates Energy Minister Suhail Al Mazrouei said.

Bahrain's Banagas in $355 Mln Deal with Japan's JGC Corp for Gas Plant
Wednesday, January 27, 2016 Japan's JGC Corp has signed a $355 million deal with Bahrain's Banagas to build the expansion of a gas plant in the Gulf state, Bahrain's state news agency reported on Wednesday.

Israel Names Attorney Michal Halperin to Head Anti-Trust Agency
Wednesday, January 27, 2016 Israeli Prime Minister Benjamin Netanyahu appoints lawyer Michael Halperin to run the Anti-Trust Authority after a dispute over natural gas reserves led to the resignation of her predecessor.

Lamprell and Partners Consider Building Saudi Maritime Engineering Facility
Tuesday, January 26, 2016 Offshore engineer Lamprell is working with partners, including Saudi Aramco, to potentially build a 'Maritime Complex' in Saudi Arabia.

Saudi, Foreign Firms Sign MoU for New Shipbuilding Complex
Tuesday, January 26, 2016 National oil giant Saudi Aramco has signed a memorandum of understanding to establish a shipbuilding and repair complex in the kingdom, part of Saudi Arabia's efforts to diversify its economy beyond oil, the company says.

INSIGHT: After Sanctions, Iranian and Foreign Firms Await the Good Times
Monday, January 25, 2016 A decade ago, Foad Fanaei packs his belongings and left sanction-hit Iran in the hope that the family's engineering firm would thrive in Qatar.

Iran's Crude May Be Just another Drop in the Barrel
Friday, January 22, 2016 Post-sanction return of Iran's crude to world market doesn't mean the sky is falling.

Kuwait Emir: Exports from Joint Oil Fields with Saudi to Resume
Thursday, January 21, 2016 Kuwait's emir has said operations and exports from oil fields jointly operated with Saudi Arabia will resume soon, local media reports.

Kemp: Saudi Arabia's Dwindling Oil Revenues And The Challenge Of Reform
Thursday, January 21, 2016 Saudi Arabia faces profound challenges to its economy and political system as a result of the slump in oil prices.

Mubadala, Pemex Signs MOU to Cooperate in Mexico's Upstream Sector
Wednesday, January 20, 2016 Mubadala Petroleum signs memorandum of understanding with Pemex to cooperate in Mexico, including upstream projects.

Oil Producer Genel Forecasts Lower 2016 Revenue
Wednesday, January 20, 2016 Iraqi Kurdistan oil producer Genel Energy forecasts lower revenue for 2016 compared to 2015.

Iraq Wants Foreign Oil Firms to Cut Development Spending, Oil Minister Says
Tuesday, January 19, 2016 Iraq's oil minister says the country wants oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices.

Genel Energy Rings Board Changes
Tuesday, January 19, 2016 Genel Energy brings Premier Oil CEO onto its board as Sir Graham Hearne retires.

Shell Exits Bab Sour Gas Reservoirs Project
Monday, January 18, 2016 Shell will exit the joint development of the Bab sour gas reservoirs with ADNOC in the Emirate of Abu Dhabi, after an evaluation of the project's technical challenges and costs.

OPEC Sees Deeper Decline in Rivals' Supply as US Shale Falters
Monday, January 18, 2016 OPEC forecast a steeper decline in supplies from rival producers this year as the oil-price crash hits the US and Canada.

Iran Orders Oil Output Boost, UAE Sees Market 'Harm'
Monday, January 18, 2016 Iran has ordered a rise in oil output by 500,000 barrels a day following the lifting of sanctions, but fellow OPEC member UAE said any extra crude would delay the market's recovery.

Iraqi Force Enters Southern Oil City to Disarm Tribal Fighters
Friday, January 15, 2016 Iraq sends an armoured army division and a police strike force into the southern oil city of Basra to disarm residents amid intensified feuding among rival tribes.

Edison Looks to Sell Part of Egypt's Abu Qir Field
Thursday, January 14, 2016 Italy's No.2 energy company, Edison, is looking to sell part of its Abu Qir field in Egypt and has opened the books to prospective buyers, including Kuwait's KUFPEC, according to sources.

GPK Flows 65,000 Barrels of Oil from Shewashan Discovery
Thursday, January 14, 2016 Gas Plus Khalakan flows 65,000 barrels of oil, over a period of 180 days, from the Shewashan discovery, which is located in the Kurdistan Region of Iraq.

CEO: Saudi Government to Keep Controlling Stake if it Lists Aramco
Wednesday, January 13, 2016 Saudi Arabia's government will keep a controlling interest in state-owned Saudi Aramco if it decides on a share offering, its CEO says.

Iran Expects South Pars Project to be Fully Operational by March 2018
Tuesday, January 12, 2016 Iran expects the South Pars oil and gas fields located on the country's border with Qatar in the Persian Gulf to come online by March 2018.

CEO: Dana Gas To Slash Costs And Cut Staff
Tuesday, January 12, 2016 Dana Gas aims to slash its head office workforce by 40% and cut admin costs by half between 2015 and early 2016, according to its CEO.

Singapore's POSH Forms JV with Saudi Arabia's Hmood Al-Khalaf Group
Monday, January 11, 2016 Singapore-based PACC Offshore Services Holdings forms a joint venture with Saudi Arabia's Hmood Al-Khalaf Group to expand its presence in the Middle East.

Wall Street Journal: Aramco Chairman Says No Concrete Listing Plans Yet
Monday, January 11, 2016 Saudi Arabia's giant national oil company is weighing various ideas regarding a possible listing of its shares.

MOL, Gulf Keystone Hand Back Akri-Bijeel Stake to KRG
Monday, January 11, 2016 MOL Group and Gulf Keystone Petroleum decide to relinquish their interests in the Akri-Bijeel Block in the Kurdistan Region of Iraq.