Oil & Energy

Featured Story:

For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

September 15, 2014

OCTAL - Employee Recognition Awards
12:43 GMT
(press release)

OCTAL, the world’s leading clear rigid food packaging material supplier, recently celebrated the accomplishments of its employees by hosting the company’s Employee Recognition Award Program 2014.

September 11, 2014

Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.
14:47 GMT

"The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in a monthly report, cutting its oil demand growth projections for 2014 and 2015.

"Importing natural gas from Cyprus is very feasible for Jordan as Cyprus has a very good reserve of natural gas that can contribute to meeting Jordan's needs of gas," he added.
01:01 GMT

"Jordan is keen to diversify its sources of natural gas supply...We held several talks over the past few months with Cyprus and these are very fruitful and encouraging," said Hamed.

September 10, 2014

OPEC also publishes production figures from secondary sources, a legacy of past OPEC disagreements about countries’ reported output figures.
15:39 GMT

In the report, OPEC cut its 2014 global oil demand growth forecast for a third consecutive month and also reduced its assessment of the requirement for its members’ crude oil.

Sara Akbar, CEO of Kuwait Energy
10:14 GMT
(press release)

Kuwait Energy ("the Company") announces that the consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) has made its first oil discovery at 'Block 9', Iraq.

September 8, 2014

During the event
07:07 GMT
(press release)

OCTAL held its first ‘Annual Safety Week’ to raise awareness on safety in the workplace and encourage all employees to spread the message of safety across all levels of the organization.

September 7, 2014

 The RCF is fully committed, unsecured and is available as a $1 billion three year facility and as an $850 million five year facility.
23:18 GMT

Oman Oil Company S.A.O.C. (OOC), the Sultanate’s energy investment arm, has signed a Revolving Credit Facility (RCF) Agreement worth $1.85 billion with 16 local, regional and international banks.

The recent flare-up of violence in Iraq is past its worst and Kuwait Energy is keen to invest more in the country because of its potential, Chief Executive Sara Akbar said.
04:55 GMT

Several oil companies in Iraq's Kurdistan region withdrew staff last month after Islamic State militants approached Erbil, the region's capital, threatening its vast oil infrastructure.

September 4, 2014

According to a letter of intent signed by the Israeli side, Jordan will buy 45bn cubic metres of natural gas over a period of 15 years.
04:55 GMT

In August 2014 Jordan’s Energy Minister Mohammed Hamid complained that Egypt’s decision to halt its exports of natural gas to Jordan in April had exacerbated the country’s energy crisis.

September 3, 2014

 Iran has agreed to export 20 million cubic meters per day (mcm/d) of gas to Oman, Iranian Oil Minister Bijan Namdar Zanganeh said.
20:26 GMT

Oman began importing Qatari gas in 2007, but its demand has risen rapidly since then, threatening its LNG exports and pushing Muscat back to the negotiating table with Tehran.

September 1, 2014

During the event
14:23 GMT
(press release)

Oman Oil Company (OOC), the Sultanate’s energy investment arm, has partnered with Schleupen AG to provide sophisticated risk management services to its member companies.

August 31, 2014

As of yet, says Emirates NBD, there are few details on which projects will be included in the new investment plan, or which sectors Algiers intends to target.
15:18 GMT

The Algerian government announced a new five-year investment programme last week, and is aiming to spend $262 billion between 2015-2019 in an effort to diversify its economy.

Saeed Khoory, Chief Executive Officer of ENOC
13:50 GMT
(press release)

Emirates National Oil Company has joined hands with governmental stakeholders to implement the UAE Federal Cabinet decision no. 37 of 2013, on making the use of the environment-friendly ‘Green Diesel’ mandatory across the UAE.

The wind farm will save up to $475,000 annually in the tiny islands (File/AFP)
09:58 GMT

One of the UAE's biggest clean energy companies, Masdar, has developed Samoa's first wind farm on the island of Upolu.

Located on the Samoan island of Upolu – home to nearly 75 percent of the population – the wind farm will supply 1,500 MWh of power per year.
04:55 GMT
(press release)

Grant financing from UAE-Pacific Partnership Fund