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Ministry of Petroleum says the project will be carried out by the Egyptian Drilling Company
Reuters – BG Group’s chief executive resigned on Monday as the British oil and gas major said production would be at the lower end of its target range this year due to problems in Egypt. The board said it accepted the resignation for personal reasons of Chris Finlayson after just 16 months in the job. …
Reuters – Egypt will pay about $1bn of the money it owes to foreign oil companies within the next two months, the state’s MENA news agency said, quoting Oil Minister Sherif Ismail. Egypt says it owes some $6.3bn to those companies. It last year said it paid $1.5bn of the money it owes the international firms as part of …
Israel in talks with Egypt, Turkey on major gas export deals
Company says its “Helix Ultra” is the most advanced oil yet
Iranian Foreign Minister Mohammad Javad Zarif said Tuesday that he has formed a group of legal experts to help in the “complicated, difficult and slow work” of drafting a deal.
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 …
Cabinet approves investor settlement and petroleum agreements, allocates money for electricity and construction
Reuters – Russia’s Lukoil began commercial production from one of the world’s largest untapped oilfields in Iraq on Saturday, as the country raises output to record levels. Production from the giant West Qurna-2 is eventually expected to reach 1.2m barrels per day (bpd), from an initial 120,000 bpd. The field is one of several that …
Financial results reflect company’s success in boosting business volume after two years of declining profits in 2011 and 2012, Ministry of Petroleum reports
Reuters – Fitch Ratings says BG Energy Holdings Ltd, BP plc, Royal Dutch Shell plc and Total SA are among the rated oil and gas companies in EMEA that stand to gain from a potential shift in EU countries’ energy links with Russia over time, while OAO Gazprom and NJSC Naftogaz of Ukraine, are most …
Reuters – Arab countries will extend aid to Egypt in the form of petroleum products until at least September, Finance Minister Hany Kadry Dimian said on Thursday, a move that will help avert an energy crunch expected in the summer when consumption soars. Saudi Arabia, the United Arab Emirates and Kuwait have rushed to provide …
Final stage of the two-week joint exercise is set to commence within the next two days
The construction company said on Sunday that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces, which own a large amount of financial assets and real estate.
Total wants to boost its refinery and chemicals activities in the Middle East and Asia, where it sees better long-term prospects than in Europe, where competition is pressuring margins.
Egyptian petroleum firm planning to produce 31,500 barrels of oil per day from South Valley oil fields, says chairman
Reuters – BG Group has bought six liquefied natural gas (LNG) cargoes from Italian utility Enel as it seeks to replace lost supplies from its Egyptian operations. The British firm will take delivery of the cargoes from October, 2014 at Nigeria’s Bonny Island liquefaction plant, where Enel owns export capacity, according to trade sources. Oil and …
Russian officials had previously neither confirmed nor denied the discussions,but they stressed that such deliveries would not break existing UN sanctions on the Islamic state.
US oil fell, pressured by weak manufacturing data attributed to the cold winter weather. That data overshadowed steady consumer sentiment.
Gas pumped from the immense new Shah Deniz II field will travel across Azerbaijan and Georgia and across Turkey through a new Trans-Anatolian Pipeline, which is set to be a key part of the Southern Gas Corridor from the Caspian Sea to Turkey and the EU.
Four hundred fuel stations are functioning with the electronic system for petrol distribution
Nigeria produces about two million barrels of oil per day, and crude exports account for about 80 percent of government revenue.
Reuters – Iran said on Friday it would soon unveil a more attractive model of contract aimed at persuading international energy companies to invest in its huge though underdeveloped, oil and gas reserves. Ali Majedi, deputy oil minister in charge of international affairs, told his ministry’s Shana news agency that the government would soon complete …
BG Group’s Chief Executive Chris Finlayson said the firm had made some good progress on its key growth projects in Australia and Brazil, but that it now needed to address the problems in Egypt.
Baghdad argues that all oil sales must be overseen by the central government, and regards any independent exports as tantamount to smuggling.
PGNiG has been looking for new sources of natural gas as Poland seeks to diversify away from Russian supplies.
Guidance for 2014 “disappointing” due to ongoing problems in Egypt
Iran struggled to fill the vacuum after the departure of France’s Total, Spain’s Repson and the Royal Dutch Shell, and efforts to continue development through state-owned and quasi-private companies had mixed success.
Oil prices peaked at $147 a barrel in 2008 amid growing fears that the world was running out of oil.
Halliburton and Baker Hughes, No. 2 and No. 3 in the industry, received nearly half of their revenue from outside North America in the fourth quarter.