Oil & Energy
July 17, 2012
The Iraqi Ministry of Oil and Tender Committee and the Kuwait Energy-led consortium today initialed the exploration, development and production service contract for “block 9” located in the Basra province.
July 16, 2012
Top oil exporter Saudi Arabia showed no sign of cutting back supply in June following last month’s Opec agreement to rein in production, instead raising output by 300,000 barrels per day (bpd) from May to 10.1 million bpd (mbpd).
The United Arab Emirates yesterday inaugurated a pipeline to pump oil from east coast terminals, bypassing the strategic Strait of Hormuz which Iran has threatened to shut down, state-run WAM news agency reported.
Emirates National Oil Company presented a Nissan Micra to the third winner of its DSS promotion, Lineesh Parambath, an Indian expatriate from Kerala.
Electricite Du Liban (EDL) announced over the weekend that it would pay the salaries of bill collectors but warned it would take legal steps against those withholding money from collected electricity bills.
July 15, 2012
Iran could prevent even a single drop of oil passing through the Strait of Hormuz if its security is threatened.
Some European states have voiced interest in investment in Iran's energy sector after a gas deal was signed between Iran and Switzerland four years ago regardless of the US sanctions.
July 12, 2012
The IEA said in its monthly report released on Thursday demand on oil next year is likely to face a slowdown due to the weak economic recovery.
We may not have noticed that we are actually in the heart of an international battle whose political, security and military implications cannot be predicted.
Emirates National Oil Company (ENOC) presented Nissan Micra cars to the first two winners of its Dubai Summer Surprises (DSS) promotion.
July 11, 2012
The Organization of the Petroleum Exporting Countries' (Opec) crude output dipped by 30,000 bpd to 31.72 million bpd in June from 31.75 million bpd in May, reversing most of the 40,000 bpd increment of previous month, according to a new survey.
Bahrain will implement a $25 million solar energy project on an experimental basis to produce up to 5MW of power, said a senior government official.
Iran's foreign minister said Tehran does not plan to block the Strait of Hormuz, the slender oil shipping channel out of the Persian Gulf, for now, but meantime warned that it would choke off the world oil lifeline if it is denied access to the Persian Gulf.
July 9, 2012
Turkey’s crude oil imports from Iran dropped by more than 35 per cent in May from April as it steps up efforts to ensure the US waives sanctions on its imports of Iranian oil for the remainder of this year.
Saudi Arabia has reopened an old oil pipeline built by Iraq to bypass Gulf shipping lanes, giving Riyadh scope to export more of its crude from Red Sea terminals should Iran try to block the Strait of Hormuz.