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Total to drill Denmark's first shale gas test wells in Dec or Jan OSLO: French energy major Total plans to drill Denmark's first test wells for shale gas in December or January, with drilling expected to last for three months, it said on Friday.The Frederikshavn municipality in northern Denmark gave Total approval last week, saying it expected drilling to start by the end of the summer. Total said on Friday the extent of activities in 2015 would depend on the results of the test, and on obtaining permits that would take account of an environmental impact assessment study. "If the results are positive, a test using hydraulic fracturing (fracking) will be carried out in 2015," a spokeswoman for the firm said in an email to Reuters. Fracking, which blasts chemicals, sand and water deep into the earth to break up shale formations and allow gas to escape, has triggered widespread protests from environmental groups. Danish environmentalists say they fear the process could contaminate ...

Brent dips below $111 on signs of rising supply LONDON: Brent futures dipped below $111 a barrel on Friday on the prospect of revived Libyan exports and more US crude soon finding its way to refiners, but losses were tempered by economic data pointing to an improved demand outlook. Brent crude fell 22 cents to $110.78 a barrel by 1048 GMT and looked set to lose 2 percent this week. US oil lost 25 cents to $103.81 a barrel and was set to end ...
Eni says Milan prosecutors open probe into Nigeria oil block deal MILAN: Italian oil and gas group Eni said on Friday it had received notice that Milan prosecutors had opened a probe into its acquisition, together with Shell, of a big oil field in Nigeria. "Eni declares the absolute properness of its handling of the dealings in question and assures its full cooperation with Italian prosecutors," it said in an emailed statement. The probe revolves around the purchase offshore oil block OPL 245. British police opened ...
Oil extends losses as Libyan supplies to return LONDON: Oil extended losses on Thursday on prospects that Libya will begin exporting more crude into a global market flush with supplies, while easing concerns about the Iraqi crisis also weighed.Brent North Sea crude for delivery in August dropped 59 cents to stand at $110.65 a barrel in London midday trade.US benchmark West Texas Intermediate (WTI) for August fell 67 cents to $103.81 a barrel.Prices dropped after Libya's interim Prime Minister Abdullah al-Thani on Wednesday ...
UK gas prices continue to slide as warm weather reduces demand LONDON: British prices for wholesale natural gas continued to decline on Thursday as higher temperatures reduced demand and healthy supply increased injections into storage.Gas for delivery on Friday was down 0.50 pence from the previous close at 38.00 pence per therm by 0807 GMT, while gas for immediate delivery traded 0.40 pence lower at 38.00 pence per therm.Demand on Thursday was forecast to be 169 million cubic metres (mcm), around 15 mcm below the seasonal ...
Brent dips below $111, Libya says oil crisis is over LONDON: Brent crude futures dipped below $111 a barrel on Thursday as supply fears began to ease after Libya declared an end to an oil crisis that has slashed exports from the OPEC member.Libya's government said it had reached a deal with a rebel leader controlling oil ports to hand over the last two terminals and end a blockade, potentially making an extra 500,000 barrels per day (bpd) of crude available for export."The market has ...
Oil prices lower after US data LONDON: Oil prices fell on Wednesday, hit by the prospect of higher Libyan output but losses were capped by a bigger-than-expected drop in US crude inventories and Iraq unrest, analysts said.Brent North Sea crude for delivery in August dropped 71 cents to stand at $111.58 a barrel in late London deals.US benchmark West Texas Intermediate for August slipped 43 cents to $104.91 a barrel compared with Tuesday's close."Brent crude prices have set aside concerns about ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln