Energy, Oil and Gas

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Middle East Oil and Gas

Oil market is 'over-supplied', says Iran
The world's oil market is over-supplied with crude and there is nothing OPEC can do to reduce prices, according to Iran's Oil Minister Gholamhossein Nozari. The price surge is not due to a shortage of supply, he said, adding that the fluctuation of prices harms producers and consumers.
Iran: Tuesday, July 01 - 2008 at 14:05

Oil prices surge to record near $144
Oil prices briefly hit record highs of close to $144 per barrel on Monday amid heightened market fears of conflict between Israel and Iran over Teheran's nuclear programme. New York's main oil futures contract, light sweet crude for August delivery, closed down 21 cents at $140.00 a barrel, not far off its record closing high of 140.21 dollars struck on Friday.
Middle East: Tuesday, July 01 - 2008 at 07:30

Iran oil output hits 4.23m bpd
The National Iranian Oil Company (NIOC) said the country has achieved record oil production of 4.23 million barrels per day (bpd), and plans to increase output further, The National has reported. Iran's Press TV cited an NIOC official saying the country is seeking to raise its daily oil production to 4.28 million bpd by the end of the year.
Iran: Monday, June 30 - 2008 at 10:00

New oil discovery for Dana Gas
Dana Gas has announced discovery of a new oil zone in its Egyptian concessions. The new well has confirmed its first discovery, Al Baraka-1, in the Abu Ballas formation, proving a new discovery in the underlying Six Hills formation.
Egypt: Monday, June 30 - 2008 at 08:48

Iraq to pay oil companies in cash
Iraq's Oil Minister announced on Al Arabiya television that the winners of a tender to boost production from existing oil fields will be paid in cash, Bloomberg has reported. Iraq will pay cash instead of actual oil to ensure that the nation's natural resources remain the property of Iraq. Iraq will release details of the contracts to be offered and the fields used on 30 June.
Iraq: Sunday, June 29 - 2008 at 09:16

Oil prices hit above $142
A plunge in the global equities markets has sent more investors into commodities, bringing oil prices to a record above $142 a barrel on Friday, according to reports from agencies. August delivery of US light crude went up 70 cents at $140.34 a barrel by 1514 GMT, while London Brent rose to 33 cents at $140.16, off a record high of $142.13.
Middle East: Saturday, June 28 - 2008 at 09:42

Sohar Power to offer $26m in IPO
An official at Oman's Sohar Power said that the firm will begin selling shares to the public next month in a $25.98m initial public offering, reported Gulf Daily News. Sohar is 50% owned by Suez Energy International, part of French utilities group Suez. The IPO, set to be the second in Oman this year, will see Sohar selling a 35% stake.
Oman: Thursday, June 26 - 2008 at 11:16

Britain to sign nuclear deal with Jordan
Britain will sign a nuclear deal this week with Jordan, which is struggling to find alternate resources to generate electricity and desalinate water, reported AP. Chairman of the UK Atomic Energy Authority, Lady Barbara Thomas Judge, will arrive Saturday in Amman on a two-day visit to sign a 'nuclear cooperation' agreement with her counterpart Khaled Toukan. Details of the agreement have yet to be revealed.
Jordan: Thursday, June 26 - 2008 at 09:12