Tuesday 23 September 2014

Oil market ‘long term fundamentals robust’

Long term oil market fundamentals are robust and short-term price moves have little meaning for Saudi Arabia, the kingdom's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz, was quoted as saying by the Saudi Press Agency. Long term oil market fundamentals are ro


Saudi utility to spend $80bn to raise water production

State-run Saudi Saline Water Conversion Corporation (SWCC) plans to invest SR300 billion ($80 billion) by 2025 to boost energy-intensive desalinated water production to 8.5 million cu m a day, the head of the utility has said. SWCC, also Saudi Arabia's second largest power pr


Libya's El Sharara oilfield not closed but output fluctuating

Libya's El Sharara oilfield is still operating but its production is fluctuating, a spokesman for state-run National Oil Corp (NOC) said.   "Output is fluctuating, falling and rising," NOC spokesman Mohamed El Harari said. "The field has not b


Iraq's oil output revival at stake for want of water

A lack of water threatens Iraq's plans to raise its oil output, boost its stumbling economy and become a leading producer in the region after Saudi Arabia.   A multi-billion-dollar common seawater injection scheme designed to boost production from the giant


Dolphin Energy achieves major production milestone

Dolphin Energy Limited has announced that it has reached the major production milestone of 5 trillion standard cubic feet (scf), since the company started operations in 2007.   Commenting on the achievement, Ibrahim Ahmed Al Ansaari, chief executive


EGPC to buy 65pc of its oil products from UAE

Egypt's state oil company Egyptian General Petroleum Corporation (EGPC) will buy 65 per cent of its oil product import needs from the UAE’s Adnoc for one year after the government approved the deal on Wednesday. The agreement covers gasoline, diesel, heavy fuel and liqu


Petroceltic, Hess to resume oil drilling in Iraq

Oil and gas explorer Petroceltic said it would resume drilling in Iraqi Kurdistan together with partner Hess in early October, after operations were suspended last month at one of its wells due to security risks in the region. The partners halted work at the Shireen-1 well in Ira


Petchem firms boost Saudi corporate earnings; 17pc growth seen

The combined net profits of Saudi Arabia's leading companies are expected to rise 17 per cent in 2014 and a further 11 per cent in 2015, largely on the back of petrochemical producers and banks, although a number of companies in other sectors also promise strong growth. The f


Opec set to lower output target

Opec's secretary general said he expected the group to lower its oil output target when it meets in late November, which would be its first formal output cut since the 2008 financial crisis. Abdullah Al Badri was speaking after meeting Russian Energy Minister Alexander Novak


Shuweihat plant achieves commercial operational status

The Shuweihat S3 Power Plant in Abu Dhabi, UAE, has achieved commercial operational status, adding key power generation capacity to the emirate. International law firm Trowers & Hamlins advised the project sponsors, a consortium comprising Sumitomo Corporation and the Korea E

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