English Edition

Oil Majors in Iraq Set Sights High, Add More Muscle

Παρ, 16 Δεκεμβρίου 2011 - 19:48

Oil companies active in the south of Iraq have beefed up security to deal with fears over the security implications of the U.S. troop withdrawal, but they say the pullout hasn't caused them to change plans to significantly ramp up production. "We have to wait and see.... If the security situation deteriorates that means we will hire more security personnel to protect us," said an executive of one of the oil majors

Fuel Oil Prices Seen Rising In 2012 On Increased Japan Demand

Παρ, 16 Δεκεμβρίου 2011 - 19:46

European fuel oil prices are expected to strengthen next year from current lows on strong demand from Japan and China for power generation and tighter supplies due to a new tax regime in Russia, according to analysts and traders. Prices in Europe could rise in the coming months to more than the $660 per metric ton level seen in July when power producers were restocking ahead of peak autumn industrial demand, analysts and traders said

Cnooc, Sinopec, Saudi Aramco Vying For Frac Tech Stake

Πεμ, 15 Δεκεμβρίου 2011 - 19:19

Two of China's major oil producers are bidding for a stake in a U.S. company that makes and operates equipment used to extract natural gas from shale rock, another step toward China potentially tapping its own huge reserves of a type of gas that has helped the U.S. reduce its dependence on energy imports. According to a person familiar with the situation, Cnooc Ltd. and China Petrochemical Corp., known as Sinopec, as well as state-controlled Saudi Arabian Oil Co. are each in talks to buy a 30% stake in Texas-based Frac Tech Holdings LLC, in a deal that could be worth about $2 billion

Iran Raises Plot With Saudis, In Bid To Retain Regional Pull

Πεμ, 15 Δεκεμβρίου 2011 - 19:18

Iran's diplomatic overture to Saudi Arabia this week appeared designed to smooth over allegations that Tehran had tried to assassinate a top Saudi envoy, suggesting Iran is stepping up efforts to safeguard its role as a key Middle East power player. Tehran is already under pressure from the West over its nuclear program. In recent months, it has come into increasingly pitched diplomatic conflict with Saudi Arabia, its traditional rival for influence in the region

Exxon To Reconsider Kurdistan Deal - Iraqi PM

Πεμ, 15 Δεκεμβρίου 2011 - 19:16

Iraqi Prime Minister Nouri al-Maliki told AFP Thursday that oil giant ExxonMobil Corp has promised to reconsider an exploration deal with Iraqi Kurdistan that Baghdad has strongly opposed. "We had a meeting with (Exxon) in Washington and we discussed the contracts, some of which are located in disputed areas," Maliki told AFP in an exclusive interview as he flew back to Iraq from Washington

China's November Electricity Consumption Up 9.91% On Year

Τετ, 14 Δεκεμβρίου 2011 - 16:31

China's November electricity consumption rose 9.91% from a year earlier to 383.6 billion kilowatt-hours, the National Energy Administration said.

BP Halts Some Output From Iraq Field After Bomb Attack

Τετ, 14 Δεκεμβρίου 2011 - 16:31

BP PLC (BP.LN) has halted output from the southern half of the giant Rumaila oil field in Iraq after a bomb blast hit pipelines in the area late Tuesday.

Libya Targets Oil Capacity At 2.2M Barrels

Τετ, 14 Δεκεμβρίου 2011 - 16:30

Libya hopes to raise its oil capacity to up to 2.2 million barrels a day in coming years, its oil minister said Wednesday, even as the country tries to return to pre-conflict output levels.

Kazakhs Agree Deal To Join Giant BG, Eni Gas Project

Τετ, 14 Δεκεμβρίου 2011 - 16:30

Kazakhstan and the partners in the giant Karachaganak oil and gas venture in the central Asian country said Wednesday they have agreed a resolution to their long-running dispute, allowing state-owned KazMunaiGaz to take a 10% stake in the project for a net cash consideration of $1 billion and the state withdrawing environmental charges and claims of back-taxes.

OPEC Ministers Agree On 30M B/D Output Ceiling

Τετ, 14 Δεκεμβρίου 2011 - 16:30

OPEC has agreed on a group production ceiling of 30 million barrels a day, Venezuelan Oil Minister Rafael Ramirez said Wednesday afternoon.

Venezuela Minister: Saudi Cut Needed To Allow Libya Oil Growth

Τετ, 14 Δεκεμβρίου 2011 - 16:29

Saudi Arabia should reduce its oil-production levels to allow room for Libya's oil output to return to normal pre-war levels, Venezuelan oil minister Rafael Ramirez said Wednesday, following a meeting of the Organization of Petroleum Exporting Countries.

IEC-Tamar Partners $17b Gas Deal in Jeopardy

Τετ, 14 Δεκεμβρίου 2011 - 13:24

The natural gas supply between the Tamar partners, led by Delek Group Ltd. and Noble Energy Inc., and Israel Electric Corporation(IEC) is in jeopardy, because the demand by IEC's board of directors for the lowest price on the market, a source involved in the negotiations told "Globes".

Bulgaria To Start Work on Gas Link with Greece in March

Τετ, 14 Δεκεμβρίου 2011 - 13:22

Bulgaria will start the construction of a gas link with Greece in March, the Bulgarian prime minister said on Tuesday. The construction has been delayed because of the many archeological sites that were discovered on the route of the interconnector, Boiko Borisov said in his address to the participants in an annual get-together of business leaders and top government officials in Sofia.