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Aker Solutions wins surface wellhead contract in Egypt

CAIRO: International oil services group Aker Solutions has signed a two-year frame agreement with Egyptian oil giant Badr Petroleum Company (Bapetco), according to a company statement published by Reuters. Aker Solutions will be the sole supplier for all of the oil company’s surface wellhead equipment, installation and lifecycle services operations in the Western Desert of …


OPEC pumps record volumes despite demand worry

By Zaida Espana and Dmitry Zhdannikov / Reuters LONDON: Europe’s debt crisis and an oil price rally are the biggest threats to global oil demand this year, OPEC said on Friday, adding it was still pumping above its target despite a slide in Iranian production. The Organization of the Petroleum Exporting Countries (OPEC) retained its …


Oil falls to $123, supply fears easing

By Drazen Jorgic / Reuters LONDON: Oil eased towards $123 a barrel on Tuesday, as higher flows from Iraq and Saudi Arabia offset concern that sanctions on Iran would disrupt supply and push up oil prices. At the same time, question marks over demand for oil were raised after politicians in China and the euro zone …


Maridive 2011 net profit drops 32 percent

By Reuters CAIRO: Egypt’s Maridive and Oil Services, the biggest oil services company by fleet size in the Middle East, reported a 32 percent drop in net profit in 2011, when tough competition pushed industry prices lower, the firm said on Monday. Maridive’s unaudited net profit fell to $42.11 million, down from $61.77 million in …


World can replace oil lost to Iran sanctions: US

By Roberta Rampton / Reuters WASHINGTON: Global oil producers appear to have enough spare capacity to make up for Iranian exports curtailed by tough new sanctions, US Energy Secretary Steven Chu said on Thursday. Chu said it was important that sanctions be used to crimp Iranian oil sales to ensure Tehran does not develop nuclear weapons, …


ANALYSIS: Oil price rise raises specter of global recession

By Zaida Espana and Dmitry Zhdannikov / Reuters LONDON: A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause. Oil rose to a 10-month high above $125 a barrel on Friday, prompting …


Sea Dragon to revise NPC Egypt share purchase agreement

  CAIRO: Sea Dragon, a Calgary-based energy company, is revisiting the terms of the share purchase agreement for National Petroleum Company Egypt Limited (NPC Egypt), a wholly owned portfolio company of regional private equity firm Citadel Capital. Sea Dragon cited “the uncertain global economic situation and continued volatility in the global capital markets” as underpinning …


Egypt expects $8 bln in petroleum investments, says minister

CAIRO: International investors have pledged $8 billion in petroleum investments this year, said Egypt’s Petroleum Minister Abdallah Ghorab at a conference on Monday. Ghorab opened the North Africa Technical Conference and Exhibition, taking place in Cairo from Feb. 20-22 and focusing on managing hydrocarbon resources. The primary issue, regarding the effect of regional political unrest …


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