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Oil set for strongest Q3 since 2004, Iraq hints at OPEC extension

Wednesday, 20 September 2017

Oil was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while US West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02. The oil price is on course for a rise of 15.5 percent this quarter, which would ...

Saudi, Chinese firms bag contract for final phase of Dubai solar park

Saturday, 16 September 2017

Dubai on Saturday announced the award of a $3.8-billion contract for the final phase of a solar park aimed at generating 5,000 megawatts of electricity by 2030. The local government said the contract for the fourth and final phase went to Chinese conglomerate Shanghai Electric and ACWA Power of Saudi Arabia. The solar park named after Dubai’s ruler, Sheikh Mohammed bin Rashed Al-Maktoum, went online in 2013 and the final phase is to be launched in stages from 2020, bringing the overall ...

Oil holds gains, buoyed by stronger demand

Thursday, 14 September 2017

Oil prices steadied on Thursday, holding on to recent gains after forecasts for stronger oil demand by the International Energy Agency (IEA). Benchmark Brent crude was up 20 cents at $55.36 a barrel by 0930 GMT, after rising 89 cents or 1.6 percent on Wednesday. US light crude was up 25 cents at $49.55 after gaining 2.2 percent in the previous session. Brent has now climbed more than $10 a barrel over the last three months and is close to where it was at the beginning ...

Shell says to focus on Basra gas in Iraq after Majnoon exit

Wednesday, 13 September 2017

Oil major Royal Dutch/Shell said on Wednesday it would focus its efforts on the development and growth of the Basra Gas Company in Iraq after handing over operations of the Majnoon oil venture back to the Iraqi government. On Tuesday, Reuters reported that Shell Iraq has started preparations to finalise the exit of Shell from Majnoon, one of the largest fields in the country. “In May 2017, the ministry of oil in Iraq applied the performance penalty and remuneration factor on the Shell ...

Saudi-Emirati agreement to study extending the oil accord

Monday, 11 September 2017

Saudi Arabia's energy minister has agreed with his UAE counterpart on the possibility of considering extending the agreement to cut world oil supplies after March 2018. The two ministers expressed satisfaction with the improvement of the fundamental factors of the oil market, which accelerated thanks to the agreement to reduce supplies, according to Reuters. Oil prices rose on Monday after Saudi Arabia's oil minister discussed the possibility of extending the global agreement to cut oil supplies ...

Iraq replaces head of oil marketer SOMO

Sunday, 10 September 2017

Iraq has dismissed Falah al-Amri as head of oil marketer SOMO but he will remain the country's OPEC governor, the Iraqi oil ministry said on Sunday. A spokesman said Amri would also remain a consultant for marketing and strategies at the oil ministry while Alaa al-Yasiri would become the acting head of SOMO. A senior oil ministry official said the decision to replace Amri is part of a wider plan to appoint new managers at key positions in the ministry.New ...

China invests $9.1 bln in Rosneft as Glencore cuts stakes

Saturday, 9 September 2017

Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world’s second largest energy consumer, to boost cooperation with the world’s top oil producer. The deal ...

Lebanon extends deadline for offshore oil exploration bids

Friday, 8 September 2017

Lebanon’s energy ministry has extended a deadline for bids in its first licensing round for offshore oil and gas exploration by four weeks to Oct. 12, the state-run National News Agency (NNA) reported on Friday. Lebanon relaunched the licensing round in January after a three-year delay due to political paralysis at home. The original deadline for pre-qualified companies to submit their bids for exploration and production was September 15.  Levant Basin  Lebanon sits ...

Pakistan opens country’s fifth nuclear power plant

Friday, 8 September 2017

Pakistani Prime Minister Shahid Khaqan Abbasi on Friday inaugurated the country’s fifth nuclear power plant, developed in collaboration with China amid hopes that his government could end chronic power shortages this year.Pakistan is one of the few developing countries pursuing atomic energy in the wake of the Fukushima nuclear disaster in Japan in 2011, as it seeks to close an electricity shortfall that can stretch up to 7,000 MW in peak summer months, or around 32 percent of total demand ...

France to end fossil fuel production

Wednesday, 6 September 2017

The French government unveiled plans on Wednesday to put an end to oil and gas production on its territory in a largely symbolic move it hopes will inspire bigger producing nations to copy. Under a draft law approved by cabinet, no new permits will be granted to extract gas or oil and no existing licenses will be renewed beyond 2040, when all production in mainland France and its overseas territories will stop. The country is a minor player in the global hydrocarbons industry, extracting the ...

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