Saturday 28 March 2015

Baker Hughes, Halliburton set for key merger

Shareholders on Friday voted to approve the mergers of rival oilfield services firms Baker Hughes and Halliburton, bringing the proposed deal that still lacks regulatory approvals a step closer to finalisation. Halliburton shareholders approved the issuance of shares needed to co


Libya boosts oil output despite turmoil

Libya, struggling with militant attacks and two governments vying for control of the country, has boosted oil production to around 622,000 barrels a day (bpd), a report from state firm NOC said, higher than previously expected. The North African oil producer has managed to bring


Oil dives 5pc as Iran talks trump Yemen

Oil tumbled 5 per cent on Friday as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market. Oil tumbled 5 per cent on Friday, erasing the p


Oil falls more than $1 as Mideast supply fears ease

Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to Middle East supplies due to Saudi Arabia-led air strikes in Yemen. Goldman Sachs said the bombing of Yemen would have little effect on oil supplies as the country was only a small


Saudi beefs up security at borders, oil facilities

Top oil exporter Saudi Arabia plans to beef up security at its borders and around oil and industrial facilities, state news agency SPA reported on Thursday, citing a statement by Deputy Crown Prince Mohammed bin Nayef. Prince Mohammed, who is also the interior minister, had stres


China a big buyer of Yemen oil as export risks rise

Oil prices have surged on growing conflict in Yemen, though trade sources said there was ample crude supply in global markets to replace any drop in exports to buyers such as China as long as the conflict did not cause broader disruption.   There is concern the


PTT keen to sell stake in Egypt gas pipeline business

Thailand's largest energy firm PTT wants to sell its 25 per cent stake in Egyptian company East Mediterranean Gas (EMG), which operates a now defunct natural gas pipeline, chief financial officer Wirat Uanarumit said.   State-controlled PTT has been reviewin


Kuwait raises security at oil facilities due to Yemen strikes

State-run Kuwait Petroleum Corp (KPC) said the Opec member has raised security around its oil facilities inside and outside the country after Saudi Arabia and Arab allies began a military operation in Yemen.   "In the light of developments in Yemen and to p


Iran storing 30 million barrels of oil at sea

Iran is storing at least 30 million barrels of oil on its fleet of supertankers as Western sanctions continue to keep a lid on sales, tanker market sources say.   World powers are trying to reach a framework deal with Tehran by the end of the month that would re


Iraq supports Opec policy to defend market share

Iraq supports the Organization of the Petroleum Exporting Countries (Opec's) policy of defending the group's market share by keeping oil production steady, an Iraqi parliamentary oil official said, despite pressure on the Arab state's budget.   The O

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