Oil & Energy

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Oil Prices Continue to drop
Though cheaper oil was unlikely to last in 2015, Saudi Arabia’s recent decision to maintain high production levels that drove prices lower was not meant to use oil as a diplomatic weapon against Iran

July 22, 2012

Nigerian Oil
14:01 GMT

The Nigerian government has concluded plans to hold a two-day oil and gas trade investment forum in southeast Rivers State to attract investors into the Free Trade Zone (FTZ).

July 19, 2012

17:00 GMT

The United States and Britain will not tolerate Iranian attempts to block the strategically important Strait of Hormuz, defence chiefs from the two Western powers said yesterday.

ENOC Challenge and Masiraty
12:24 GMT
(press release)

Seventeen candidates now have a more robust opportunity to pursue fulfilling careers after recently graduating from Emirates National Oil Company’s Challenge V and Masiraty III programmes.

July 18, 2012

Oil Drilling
19:22 GMT

Iran has already started excavation in largest joint oil filed with Qatar in the Persian Gulf, General Manager of the Pars Oil and Gas Company Musa Souri said.

Saudi oil
10:56 GMT

Saudi Arabia's revenue from exports of crude oil and other petroleum products jumped 48 percent in 2011 as shipment volumes increased over the previous year, Opec reported.

Iran has discovered a new oil layer with two million barrels of oil reserves in its territorial waters in the Caspian Sea
08:29 GMT

Iran has discovered a new oil layer with two million barrels of oil reserves in its territorial waters in the Caspian Sea, Managing-Director of Khazar Exploration and Production Company Ali Osouli announced.

July 17, 2012

Sudan’s foreign minister Ali Ahmed Karti
14:26 GMT

Sudan foreign minister denied that Sudan and South Sudan have reached an agreement over pipeline transit fees during the one-to-one meeting between presidents Omer Al-Bashir and Salva Kiir on Saturday.

Iran Iraq flag
13:59 GMT

Iran plans natural gas deliveries to Iraq by the end of next year.

Sara Akbar, Kuwait Energy CEO
05:57 GMT
(press release)

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

Saudi output bounces back in June
13:40 GMT

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).

Oil Pipelines
11:03 GMT

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.

Mr Lineesh, 3rd Week Nissan Micra Winner
10:51 GMT
(press release)

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)
08:30 GMT

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 says the programme is for peaceful energy purposes
17:00 GMT

Iran could prevent even a single drop of oil passing through the Strait of Hormuz if its security is threatened.

Iran, which sits on the world's second largest reserves of both oil and gas, is facing western sanctions over its civilian nuclear program
15:34 GMT

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.