Wednesday 4 March 2015

German utility RWE closes energy unit sale

German utility RWE said it had closed the sale of its oil and gas production unit DEA to Russian billionaire Mikhail Fridman, confirming what a source familiar with the matter told Reuters earlier on Monday. The terms of the deal value RWE DEA at €5.1 billion ($5.7 billion),


Iraq oil exports rise to 2.597mbpd in February

Iraq's oil exports rose in February to an average 2.597 million barrels per day (bpd) from 2.535 million bpd in the previous month, the oil ministry said in a statement. Exports from Iraq's southern terminals reached 2.293 million bpd, while exports from the north via the


Libya oil production now at 400,000bpd

Libya's oil production is now at more than 400,000 barrels per day (bpd), an increase from recent levels when fighting between rival armed groups closed two key ports, an official from the National Oil Corporation said. Libya's crude output has been battered by conflict b


Iraq, Kurdish officials make progress on oil deal

Baghdad and Kurdish regional authorities are making progress to rescue a deal over crude oil exports, Iraq's oil minister said on Sunday, after it nearly unravelled due to Kurdish threats to halt shipments in protest over lack of payment. Adel Abdel Mehdi said both sides woul


UK offshore oil & gas – what next?

The low oil price is expected to dramatically impact O&G activity on the UK Continental Shelf (UKCS), resulting, most notably, in a decrease in the number of wells drilled, a report said. In 2014, drilling campaigns were significantly smaller than forecast – only 14 exp


Turkey to explore for oil in Iraq's Qandil area

Energy Minister Taner Yildiz said on Monday Turkey will explore for oil in the Qandil region of Iraq and that a move towards disarmament by the outlawed Kurdistan Workers Party (PKK) should pave the way for this to happen. Yildiz told reporters Turkey owns blocks it wants to expl


Oil falls 1pc on higher Libya production

Oil fell about 1 per cent on Monday after posting its first monthly rise since June, pressured by continued weakness in China's vast manufacturing sector and higher Libyan crude output. The Chinese central bank cut benchmark lending and deposit rates a day before it released


Canadian crude perfect partner to US shale: Kemp

US refineries are processing record quantities of heavy crude from Canada as the perfect complement to light oils from North Dakota and Texas as they struggle to keep their average blend steady. Crudes vary enormously - from low-density oils with few impurities to much denser oil


Paladin offers stakes to power utilities; eyes uranium buys

Australian uranium miner Paladin Energy is offering equity stakes to Electricite de France and other power utilities, and wants to acquire undeveloped deposits in a year or two, said its chief executive. The world's seventh-largest uranium producer, Paladin is positioning its


Aramco senior VP Al-Buainain steps down

Saudi Aramco's senior vice president for technical services Khalid Al-Buainain has left the company, industry sources said. Ahmad Al-Sa'adi will take over Buainain's role in the company as acting head for technical services until the end of August this year.

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