Thursday 30 July 2015

Oil price will stabilise next year: Opec

Opec expects oil prices to stabilise next year and to remain so over the long term, Secretary General Abdullah al-Badri was quoted as saying by RIA news agency on Thursday. "Prices will stabilise in 2016, we expect stability on the oil market over the long term ... We have a


Iran needs $100bn to revamp oil industry

Iran needs around $100 billion to bring its oil industry back to the level it was five years ago, the country's Industry Minister Mohammad Reza Nematzadeh told Austrian newspaper Wiener Zeitung in an interview published on Thursday. At a business conference in Vienna


Shell to cut 6,500 jobs, investments to reduce to $30bn

Royal Dutch Shell on Thursday reported a 37 per cent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and gas company also said it was planning more asset dispo


Bapco achieves key safety milestone

Bahrain Petroleum (Bapco) has achieved 12 million hours without a single lost time injury. The company said this was the second time it had reached the safety milestone in its history, according to a report in the Gulf Daily News (GDN), our sister publication.


Oil climbs as big US stocks lift demand outlook

Oil prices extended gains in Asian trade on Thursday, after a larger than expected draw in US crude and gasoline stocks strengthened the outlook for oil demand. But gains were capped by a stronger dollar and despite the drop in oil stocks some commentators warn of a global supply


Dubai's Enoc plans regional expansion

Dubai's Emirates National Oil Company (Enoc) plans to expand in the region after the UAE deregulated fuel prices, lifting financial pressure on the company, it said on Wednesday. The firm has struggled in recent years, losing hundreds of millions of dollars annually because i


Samsung wins $2.46bn Qatar power plant deal

Samsung C&T Corp, South Korea's No 1 builder, has won a 2.87 trillion won ($2.46 billion) contract to build a power plant in Qatar, a report said. The contract calls for the construction of a combined thermal power plant with a capacity of 2,520 MW, about 15 km from Qatar


Iraq-Turkey pipeline attacked by saboteurs, crude flow halted

Gas flow to Turkey from Iran is likely to resume on Sunday, an official from the state pipeline operator Botas said.   The pipeline was attacked in the eastern province of Agri, halting the flow. Iran is the second biggest natural gas supplier to Turkey. 


Kuwait says S Arabia must compensate for Khafji’s oilfield closure

Kuwait has said the continued closure of the Khafji oilfield it shares with Saudi Arabia will create huge losses Riyadh must compensate for in future, a local daily reported.   Al Rai newspaper based its report on a leaked letter written by Kuwaiti oil


Oil industry to discuss skilled workforce demand challenges

Despite the low oil price - on the rigs, construction sites and refineries the demand for a highly skilled technical workforce remains, alongside the rigorous training that ensures competency, safety and project efficiency. In the US, the downstream industry is thriving with a hu

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