Thursday 23 October 2014

Saudi, Kuwait shared zone tensions underlie oilfield closure

Saudi Arabia's closure of an offshore oilfield it shares with Kuwait has revived speculation of renewed tensions between the two, and put Chevron's role in the shared Neutral Zone in focus.   Crude output from their jointly-run offshore Khafji oilfield h


Iran says lower oil prices a new tactic to undermine its economy

Iran has accused fellow Muslim countries in the Middle East of plotting with the West to bring down oil prices as a tactic to further undermine its sanctions-hit economy.   With oil losing a quarter of its value since June, President Hassan Rouhani's adminis


Oil analyst Horsnell sees no Saudi price war

Standard Chartered Bank oil analyst Paul Horsnell, renowned for having called the market's long rally a decade ago, is back, and sticking with a more bullish bias even as prices slump to four-year lows.   Horsnell and his team pared their forecast for 2015 B


Mena power generation demand to see 50pc hike

With the ongoing development in the Mena region, demand for power generation will result in a 45-50 per cent increase in capacity over the period of 2015-2020, requiring nearly $200 billion investments, a report said. Major changes envisaged in the Mena region include an increase


Weak US LNG prices prove costly disappointment for Asian buyers

Plunging global oil prices may turn hopes for cheap liquefied natural gas (LNG) supplies from the US into a costly disappointment for Asian buyers who have already invested billions of dollars in long-term contracts. The 26 per cent price slide since June to $85 a barrel exposes


Wind energy could meet 20pc of global needs

Installed wind power capacity could swell by 530 per cent to 2,000 gigawatts (GW) by 2030, supplying up to 19 per cent of global electricity, a report from a trade association and Greenpeace said. The report entitled Global Wind Energy Outlook 2014 said installed wind energy capa


Oil holds above $86 as buyers slowly return

Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply. Expectations that oil demand may pick up in the near term have helped the crude benchm


New GCC joint energy projects planned

Bahrain could partner with other GCC countries to build power plants abroad, which will feed energy back into the power grid. A shared GCC power grid has been active for five years and until now has primarily been used to guarantee consistent energy supplies for all member countr


Iraq approves $278m Halliburton oil deal

Iraq's cabinet has approved a $278.5-million drilling deal with US oil service company Halliburton for the southern West Qurna- 1 oilfield, according to a government statement. Under the 30-month contract, Halliburton is to drill 30 oil wells in the 8.7-billion-barrel West Qurna Ph


Oman Oil ready to buy Oxy local assets

Oman Oil Company is in talks with Occidental Petroleum Corp to buy its assets in the sultanate but is still waiting to know the specifics of the potential sale from the US company, the Omani firm's chief executive said on Tuesday. "We are now in negotiations with Occiden

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