Lebanon sees high chances of offshore discovery, reforms on track

Wednesday, 21 August 2019

Lebanon has high chances of making an offshore energy discovery once drilling gets underway from November or December and its second licensing round is receiving lots of interest, the minister of energy and water said on Wednesday. Nada Boustani also said plans to reform the electricity sector, which bleeds state funds while inflicting daily power cuts on Lebanese, were on schedule and expressed hope a regulatory authority would be established soon. “We are really working on this ...

Egypt’s Zohr gas field production rises to 2.7 bln cubic feet per day: Minister

Wednesday, 21 August 2019

Natural gas production at Egypt’s Zohr field, the largest gas field in the Mediterranean, has increased to 2.7 billion cubic feet (bcf) per day, Egypt’s petroleum minister said on Wednesday.In February, Egypt’s petroleum ministry said the field’s production stood at 2.1 bcf per day. The government aims to raise production to 3 bcf per day by the end of the year.

TAQA says July oil output from Kurdistan tops 1 mln barrels

Wednesday, 21 August 2019

The Abu Dhabi National Energy Company PJSC, TAQA said on Wednesday its Iraq-based unit had set a “production record” from the Atrush oilfield in the northern Kurdistan region. “For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of oil in July,” the company said in a statement.

Saudi crude oil exports fall in June: JODI

Tuesday, 20 August 2019

Saudi Arabia's crude oil exports fell in June from the month before, official data showed on Tuesday, as the Kingdom maintained its production below 10 million barrels per day (bpd) to help drain a global supply glut and support oil prices. The world's top oil exporter shipped 6.72 million barrels bpd in June, down from 6.94 million bpd in May, according to data from the Joint Organizations Data Initiative (JODI). It pumped 9.78 million bpd in June, up from 9.67 million bpd in May. Saudi ...

Saudi Aramco asks banks to pitch for roles in IPO: Sources

Monday, 19 August 2019

Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources said, in what could be the world's biggest IPO. Aramco's planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil. Request for proposals were sent to banks few days day ago, they said. Aramco declined to comment. The formal IPO process ...

Saudi Aramco says fire at Shaybah oil field did not disrupt oil production

Saturday, 17 August 2019

Saudi Aramco says a fire at Shaybah oil field, caused by drone attacks, did not cause injuries or disrupt oil production. “One of the units of a natural gas plant in the Shaybah petroleum field was attacked by drones, resulting in a fire that was later controlled - causing limited damage, and no human injuries, thankfully,” said Khalid al-Falih, the Saudi Minister of Energy, Industry and Mineral Resources and the chairman of Saudi Aramco. “The Kingdom’s oil production was ...

Petronas-Saudi Malaysian refinery restarts CDU: Sources

Friday, 16 August 2019

Pengerang Refining and Petrochemical (PrefChem), a joint venture between Petronas and Saudi Aramco, has begun to restart a crude distillation unit (CDU) at its oil refinery in Malaysia, two sources familiar with the matter said on Friday.Crude oil was fed into the unit earlier this week, they said.The Pengerang Refining development, part of Petronas’ $27 billion Pengerang Integrated Complex, consists of a 300,000 barrels-per-day (bpd) oil refinery and a petrochemical complex with a ...

China-owned oil tanker changes name in apparent effort to evade US sanctions

Friday, 16 August 2019

While in the Indian Ocean heading toward the Strait of Malacca, the very large crude carrier (VLCC) Pacific Bravo went dark on June 5, shutting off the transponder that signals its position and direction to other ships, ship-tracking data showed. A US government official had warned ports in Asia not to allow the ship to dock, saying it was carrying Iranian crude in violation of US economic sanctions. A VLCC typically transports about two million barrels of oil, worth about $120 million at ...

Oil flows to Iraq’s Haritha power station after pipeline repair

Friday, 16 August 2019

Oil supply to the al-Haritha electric power station in southern Iraq resumed on Thursday after repairs to a pipeline damaged by an explosion, the oil ministry said on Friday. Pumping had stopped on Wednesday, after an explosion on a dry gas pipeline, the ministry said in a statement. Oil ministry officials said on Wednesday the explosion was caused by scorching summer heat. Most oil exports from Iraq, OPEC’s second-largest producer, come from Basra, ...

Emergency committee to investigate UK power cuts

Wednesday, 14 August 2019

An emergency committee will investigate what caused a power cut last Friday which led to chaos across Britain and left almost 1 million homes without power, the government said. The committee met for the first time on Monday and will look into the causes of the outage and if correct procedures were followed, as well as whether improvements are needed in future. The hour-long outage on Friday evening led to two of London’s busiest train stations being closed at ...

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