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The latest crisis erupted in July, when security guards at key oil terminals shut them down, accusing the authorities of corruption and demanding a more equitable distribution of oil revenues.
Brent North crude for February firmed two cents to stand at $106.77 in London around midday in London.
Under the concession arrangement, ADNOC held a 60% controlling stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) oilfields, while ExxonMobil, Royal Dutch Shell, Total and BP, each held 9.5% stakes.
Brent North crude gained also 37 cents to stand at $107.10 in London deals.
Oil exports, which account for practically all the government’s annual revenue of around $50bn, have fallen from more than 1 million barrels a day in July, when the strikes began, to just 110,000 bpd.
Exploration companies have been hesitant to develop untapped gas finds in Egyptian waters partly because the amount the government pays them barely covers their investment costs.
The agreement was signed by Syrian Oil Minister Suleiman Abbas, Syria’s General Petroleum Company and the Russian Soyuzneftegaz company.
Brent North Sea crude for February gained 26 cents to $111.82 a barrel in London deals.
Approval of the $1.5 billion payment was announced by the government on 4 December.
Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy after years of turmoil.
The deals are with firms including BP, Dana Gas Emirati, Petroceltic International, and Sea Dragon Energy.
It is an unusual tack for an industry known for its strong Capitol Hill presence on every issue from taxes to pollution rules to international trade.
Schools and public offices were closed and shops shuttered in the south on the second day of the protests.
The contract was signed with RWE and Dove Energy oil companies with a minimum of $22.5m in investments
BP has already spent hundreds of millions of dollars on the project since winning the concession in 2007.
Subsidies harm the concept of social justice and support for the poor should be in cash.
Providing the private sector with opportunities to create jobs, develop industry and train employees will achieve social justice.
Shaib revealed that the Egyptian General Petroleum Corporation had been negotiating a loan of US$2 billion before the revolution in order to meet its dues owed to partners, but negotiations ceased after the upheaval.
Analysts say soaring inflation is due to increasingly tough economic sanctions and mismanagement by former president Mahmoud Ahmadinejad.
Reuters – Egypt has agreed on a timetable to pay $3 billion of the $6.3 billion it says it owes foreign oil companies, the state news agency reported, as part of the drive to revive confidence in its economy hammered by nearly three years of political turmoil. The most populous Arab state struck deals to pay the amount in …
Iraq’s federal government in Baghdad and Kurdistan have long been at odds over how to share the region’s vast energy wealth, a dispute which is seen as impeding the development of new energy projects.
The new well discovered by IPR is expected to produce 12,000 barrels of light oil and 14 million cubic feet of natural gas per day
Shell will supply Artoc Auto with its synthetic oil, which has cleansing technology to protect engines in tough conditions
Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran’s nuclear programme in exchange for limited sanctions relief.
2.3 million tonnes of wheat were purchased, Abu Shady states
The government is studying alternatives to gas usage, investments with foreign companies and is seeking to build wind farms for electricity production.
Agreements are the first to be signed since 2010
OPEC’s supply averages 29.90 million barrels per day, down from a revised 30.01 million bpd in September
The emir’s announcement comes a day after the government said it planned to review subsidy policies and charges on public services and commodities.
The programme up to the 2016/2017 fiscal year aims to review subsidies, charges and prices of public services, besides imposing a taxation system in a country that generates 94% of its income from selling oil and where individuals and corporates pay no taxes.
It later stood at $99.95, down 86 cents compared with Friday’s close.