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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,…

Deutsche Welle

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….

Deutsche Welle

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…

Deutsche Welle

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…

Deutsche Welle

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 …

Daily News Egypt

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 …

Daily News Egypt