Wednesday 6 November 2024
 
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Oil firms

Global oil firms resist Iraq spending cuts

International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists on drastic spending cuts this year, a senior Iraqi oil official said. Oil companies helping Iraq develop

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Kuwaiti oil companies to switch leaders

The heads of the state-owned Kuwait Oil Company (KOC) and Kuwait Foreign Petroleum Exploration Company (Kufpec) will swap positions, Oil Minister Ali Al Omair said.   "There is a decision to circulate the ma

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Iraq warns foreign oil firms of cut in funds

Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices. In a letter dated Sep

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Egypt aims to cut arrears owed to oil firms

Egypt paid foreign oil companies $600 million in arrears in August and still owes them $2.9 billion, the petroleum minister told Reuters on Wednesday. Sherif Ismail also said Egypt aims to lower the amount of arrears it owes forei

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Small oil firms hunt for cash as crude slump shuts IPO door

Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in

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Oil firms debate technology challenges

The oil industry’s most pressing technology challenges that need to be tackled as a priority in 2011 is coming under spotlight at an ongoing gathering of major global operators and service companies in Aberdeen this week. Members of I

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Oil firms see no quick recovery as profits plunge

Falling oil and gas prices hit profits at European oil majors Royal Dutch Shell and Repsol  in the second quarter, prompting both to cut costs and scale back investments. Shell said the industry was grappling with a combination of wea

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Taqa listed among top oil firms

Taqa, also known as the Abu Dhabi National Energy Company, has been named as one of the world’s Top 250 Global Energy Companies by the 2008 Platts Global Energy rankings. Taqa, along with the Saudi Electricity Company, are the first energy

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Iraq eyes $70bn record budget

Iraq's Finance Ministry wants to raise its budget for this year by 44 per cent to a record $70 billion, cashing in on record oil prices to rebuild shattered infrastructure, the government's spokesman said. The ministry's submission of a su

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Oil majors snub Venezuela

Some oil majors have rejected Venezuela's terms for the takeover of their multi-billion dollar projects and can leave the Opec nation, President Hugo Chavez said. The decision has come days before a deadline for the oil firms to strike nat

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