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Majnoon field: Iraq may offer Total, Chevron terms different from Shell

Saturday, 21 October 2017

Iraq may offer Chevron and Total terms to develop the Majnoon oilfield different from those it had given to Royal Dutch Shell, Iraqi Oil Minister Jabar al-Luaibi said on Saturday. Iraq will develop the Majnoon oil field in southern Iraq by its own means until it can find a foreign partner, Luaibi told reporters, adding that no company has been selected yet. Luaibi said on Oct. 9 that Chevron and Total are among the companies that have expressed interest in developing ...

Saudi-Iraqi cooperation behind boost in oil prices, says Falih

Saturday, 21 October 2017

Saudi Arabia's Oil Minister Khalid al-Falih and his Iraqi counterpart Jabar al-Luaibi, agreed on Saturday to cooperate on implementing decisions by the Organization of Petroleum Exporting Countries to curb oil global oil supply, Iraq's oil ministry said. The two ministers met in Baghdad, the ministry said in a statement. Falih was received at the Baghdad International Airport by Luaibi this morning. Falih later attended the opening of the 44th session of Baghdad International Fair 2017 in which ...

OPEC seeking consensus on oil supply cut extension before meet

Thursday, 19 October 2017

Oil producers are working to build consensus on extending their deal to reduce supplies, OPEC’s secretary general said on Thursday, with the potential for continuation throughout 2018 forming a basis for talks. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting oil output by about 1.8 million barrels per day (bpd) until March 2018 in an attempt to eradicate a supply glut that has weighed on prices. The deal has supported prices, which ...

Iraqi Kurdish oil pipeline flow to Turkey at 240,000 bpd

Thursday, 19 October 2017

Crude oil flows through the Iraqi Kurdish pipeline to the Turkish port of Ceyhan are averaging around 240,000 barrels per day (bpd), a shipping source said on Thursday. Flows were briefly switched off in the early hours of Wednesday before returning to around 225,000 bpd in the afternoon. The level has been fluctuating at around 10,000 barrels per hour. It dipped on Thursday morning to just over 8,000 barrels per hour after hitting a high of around 12,000 barrels per hour.  Technical ...

Abu Dhabi’s ADNOC starts investor meetings ahead of planned $3 bln bond

Thursday, 19 October 2017

Abu Dhabi Crude Oil Pipeline, indirectly wholly owned by Abu Dhabi’s state-owned oil company ADNOC, on Thursday starts a series of fixed-income investor meetings ahead of a planned $3 billion dual-tranche bond, a document issued by one of the lead banks showed late on Wednesday. The company will meet investors in the United States, Europe, Asia and the Middle East ahead of a potential 144A/Regulation S senior secured U.S. dollar fixed-rate dual tranche offering, including an $800 million ...

Arab Petroleum Investments Corp hires banks for dollar sukuk

Wednesday, 18 October 2017

Arab Petroleum Investments Corporation (APICORP), a multilateral development bank based in Saudi Arabia, has hired banks ahead of a potential US dollar denominated sukuk. The potential bond sale, expected to take place next week, is the latest in a string of bond deals in the Gulf, as companies follow the region’s governments in tapping the international debt markets. The planned five-year sukuk would be the company’s second Islamic debt sale after a $500 ...

Oil rises on expected fall in US inventories, geopolitical tensions

Wednesday, 18 October 2017

Oil prices rose on Wednesday as weekly US crude inventories are expected to have fallen steeply and geopolitical tensions around oil-rich Iraq and Iran raised risk premiums. International benchmark Brent crude futures were trading 41 cents higher at $58.29 a barrel at 1002 GMT. US West Texas Intermediate (WTI) crude futures traded at $52.03 a barrel, up 15 cents on the day. Weekly US crude inventories fell by 7.1 million barrels in the week to Oct. 13 to ...

Gazprom Neft eyes cooperation with Saudi Aramco in hard-to-recover oil

Wednesday, 18 October 2017

Russia’s Gazprom Neft will work with the world’s largest oil producer Saudi Aramco in hard-to-recover oil production and on a technology known as hydraulic fracturing, Gazprom Neft chief Alexander Dyukov said on Wednesday. Earlier this month, both companies signed an agreement on technological cooperation during the recent state visit to Russia by Saudi King Salman. Dyukov said that the companies had pinpointed six spheres of cooperation, such as equipment localization, to boost ...

Saudi’s PIF sets up energy service firm Super Esco

Wednesday, 18 October 2017

Saudi Arabia’s Public Investment Fund (PIF) said on Wednesday it had set up a new energy service company, Super Esco, to increase energy efficiency across government buildings. A royal decree has been issued requiring all government entities to contract Super Esco on an exclusive basis in order to improve energy savings across public buildings and facilities, the statement said. Projects in Saudi Arabia’s energy efficiency sector have an estimated value of  $11.20 billion (42 ...

Iraqi oil minister asks BP to develop Kirkuk oilfields

Wednesday, 18 October 2017

Iraqi Oil Minister Jabar al-Luaibi has asked BP “to quickly make plans to develop the Kirkuk oifields,” an oil ministry statement said on Wednesday. Iraqi government forces on Monday took control of the oil-rich region of Kirkuk from Kurdish peshmerga fighters who had occupied the area in 2-14, in the course of the war on ISIS. BP says on its website it has provided technical assistance in the past to the Iraqi state-owned North Oil Company to aid the redevelopment of the Kirkuk ...

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