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Global oil firms resist Iraq spending cutsInternational 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 More… |
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Kuwaiti oil companies to switch leadersThe 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 More… |
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Iraq warns foreign oil firms of cut in fundsIraq 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 More… |
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Egypt aims to cut arrears owed to oil firmsEgypt 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 More… |
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Small oil firms hunt for cash as crude slump shuts IPO doorSlumping 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 More… |
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Oil firms debate technology challengesThe 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 More… |
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Oil firms see no quick recovery as profits plungeFalling 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 More… |
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Taqa listed among top oil firmsTaqa, 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 More… |
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Iraq eyes $70bn record budgetIraq'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 More… |
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Oil majors snub VenezuelaSome 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 More… |
