06252016Sat
Last update: Sat, 25 Jun 2016 01am

Middle East & Africa

Markets - Energy - Middle East & Africa

Libyan oil export revenue still going to NOC in Tripoli: official BENGHAZI: All Libyan oil export revenue is still being paid under contracts with National Oil Corp (NOC) in Tripoli, a top oil official in the internationally recognised government said on Wednesday.The government on Tuesday asked all customers to deal with a new state oil firm in the east rather than Tripoli where a rival government is in control.Clarifying the statement, Al-Mabrook Bou Seif, head of NOC in the east belonging to the recognised government, said oil cargoes were still being paid under the old system via NOC in Tripoli and the central bank.His state company wanted to change the payment system but was still awaiting government approval, he said.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).Mubadala Petroleum will provide the Moroccan government with the results of the ...

Markets - Energy - Middle East & Africa

Oil prices stabilising, will continue to firm up DOHA: Oil prices have started to stabilise around $60 a barrel in past weeks and will continue to firm up, while crude demand will grow stronger, an adviser to Saudi Arabia's oil minister said on Sunday. The comments by Saudi oil adviser Ibrahim al-Muhanna suggested that the top oil exporter sees no need to reverse its policy of allowing the market to correct itself without cutting output, despite the steep price drop since June last ...

Markets - Energy - Middle East & Africa

Libyan gas output at 200,000 boepd CAIRO: Libyan gas output is at 200,000 barrels of oil equivalent per day, a senior Libyan oil industry source said on Friday.Oil output has risen slightly in the strife-torn country to between 410,000 to 490,000 barrels per day this week. Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Oil companies offer to cut 2015 spending in Iraq BAGHDAD: Oil companies have proposed millions of dollars of cuts in development spending in Iraq, a senior oil ministry official said, after Baghdad told them low oil prices and its fight against Islamic State had made payments difficult.In a series of letters sent to companies such as Royal Dutch Shell, BP and Exxon Mobil since January, seen by Reuters, the oil ministry set out the need for change in response to "the rapid drastic decrease ...

Markets - Energy - Middle East & Africa

Iraqi Oil Tankers offers up to 100,000 tonnes fuel oil for April SINGAPORE: Iraqi Oil Tankers Company has offered up to 100,000 tonnes of fuel oil for loading in April, industry sources said on Tuesday.The company has offered 50,000 to 100,000 tonnes of fuel oil to be loaded on four tankers from Baghdad, Shatt Al-Arab, Al-forat and Dijla in April.The estimated price for the cargoes, which traders said were of the straight-run fuel oil grade, will be around $450 a tonne.The buyer is required to pay for ...

Markets - Energy - Middle East & Africa

ADNOC offers record volume after Ruwais expansion SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered 120,000 to 125,000 tonnes of low-sulphur naphtha for mid-April lifting from Ruwais, its largest offer in a single spot tender as production has increased following its refinery expansion, traders said on Friday.ADNOC, which does not offer spot naphtha regularly, sold mostly spot naphtha in 50,000-tonne cargo size in 2014.The fresh offer was done through a tender closing on March 10, with bids valid until March 12."The ...