Tuesday 21 October 2014
 
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oil production

KOC denies media report on technical snags

The Kuwait Oil Company (KOC), a subsidiary of state-run Kuwait Petroleum Corporation, has denied some media accounts of its oil production lagging behind due to technical snags, a report said. The company was meeting its productio

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Lukoil Q2 profits surge 13pc to $2.4bn

Russia's number two oil company Lukoil yesterday (August 29) said its net profit rose by 13 per cent in the second quarter to reach $2.4 billion as production increased. "The company continued to introduce and test new te

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Aramco to invest $400bn in next decade

Saudi Aramco, the world’s biggest oil producer, plans to invest $40 billion per annum over the next 10 years to keep oil output capacity steady while doubling gas production, a report said. Aramco forecasts more capital goin

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Libya's El Feel oilfield restarts production

Libya's El Feel oilfield has restarted production, a spokesman for National Oil Corp (NOC) said on Wednesday, as the country moves slowly to restore some of its output following protests that closed fields and ports. The statu

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Tatweer sees solid production in 2013

The oil and gas production increased last year at Tatweer Petroleum, the ambitious new oil venture of Bahrain, while several major projects were commissioned, said a senior minister. Tatweer is a joint venture between National Oil

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Opec oil output higher than 2014 demand

Opec's production remains higher than next year's global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level. The monthly report from the Organizat

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US to surpass Saudi as top oil producer by 2016: IEA

The U S will stride past Saudi Arabia and Russia to become the world's top oil producer by 2016, the West's energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for Opec supply. B

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Kuwait hopes to reach 4m bpd capacity by 2020

Kuwaiti oil minister Mustapha al-Shamali said on Tuesday that he hopes his country can achieve oil production capacity of 4 million barrels per day by 2020. Kuwait's current production is 3.2 million barrels per day, he told r

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Shut ports limit Libya oil output to half

Libya's oil output is stuck at less than half of pre-war levels due to idle eastern oil ports, its oil minister said on Tuesday. Oil production has fallen to 665,000 barrels per day (bpd) due to a month long disruption by arme

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Iraq ‘could hike oil income by $100bn per year’

Higher production of oil at $100 per barrel could generate an additional $100 billion per year income to Iraq by the end of the decade, providing crucial support to the country’s fiscal position, a report said. Using IMF pro

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