Saturday 25 October 2014

Russia’s Lukoil says West Qurna-2 pumps over 320,000 bpd

Russia’s Lukoil is producing more than 320,000 barrels per day at its Iraqi West Qurna-2 field, Andrey Gaidamaka, the company’s vice-president, said.   West Qurna-2, Lukoil’s biggest foreign project, plans to peak at 1.2 million barrels per day


Opec needs oil cut of at least 500,000 bpd: Libya

Opec should cut its oil output by at least 500,000 barrels per day (bpd), a Libyan oil official said, to tackle oversupply and support prices that have slid to a four-year low.    The 12-member Organization of the Petroleum Exporting Countries meets on Nove


Saudi Arabia’s Acwa power shifts toward renewable

Saudi Arabia-based power and water project developer Acwa Power IPO is seeking to secure or arranging finance for $15 billion worth of projects, nearly half of which are in renewable energy, its chief executive said.    The company, which plans to list its


BG in talks to import gas to Egypt from Cyprus

BG Egypt, a subsidiary of global energy company BG held talks to import natural gas from Cyprus, the company said.   The talks in Nicosia between BG Egypt and Cyprus Hydrocarbons (CHC) revolve around using BG’s infrastructure to import gas into


Aramco awards pipeline contract to China's Sepco

Saudi Aramco has contracted a Chinese group for a project to help expand the capacity of the main gas pipeline across Saudi Arabia, which dates back to the 1970s, aiming to improve energy supply to industries in the west of the country. Under the contract, the first phase of an e


Middle East ‘perfect hub for petchem industry’

The Middle East, specifically the GCC region, has many unique attributes that combine to make it the perfect hub of the global petrochemical industry, said Ziad Al Labban, CEO of Sadara Chemical Company. He was speaking at the the Gulf region’s first forum focused on ethyle


Schneider to showcase smart technology deployments

Schneider Electric, a global specialist in energy management, is set to showcase the deployment of smart mobility, IT, infrastructure and energy solutions across key verticals at its annual ‘Power to the Cloud’ conference and exhibition themed ‘Making Smart Cities a Reality.&r


Masdar signs $125m Oman wind farm deal

Masdar, Abu Dhabi’s renewable energy company, today signed a joint development agreement with Oman's Rural Areas Electricity Company (Raeco) to build the first large-scale wind farm in the GCC. The $125 million, 50 MW wind farm in Oman will be constructed in the country


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

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