09272016Tue
Last update: Tue, 27 Sep 2016 11pm

Middle East & Africa

Markets - Energy - Middle East & Africa

BP to begin north Alexandria gas output in early 2017 CAIRO: British oil major BP will begin gas production at its north Alexandria concession in early 2017 rather than mid-2017, Egypt's petroleum minister Tarek El Molla said at a news conference on Saturday. The offshore concession's output will be roughly "450 million cubic feet per day in 2017 and reach 1.2 billion cubic feet per day by the end of 2019," said El Molla. These volumes will mean a significant boost to gas production in Egypt, a country that has been searching for ways to plug acute energy shortages that have slowed production at many of the country's energy-intensive industries. BP also said this week it had been awarded three new offshore exploration blocks in Egypt and that it and its partners had committed to investment of $229 million. Egyptian authorities have in recent months worked to improve terms for foreign oil and gas businesses in the hope that more ...

Markets - Energy - Middle East & Africa

Iran to up oil production one week after sanctions: Shana DUBAI: Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Monday.Iran will raise production by 500,000 barrels per day in the first week after sanctions are lifted, Rokneddin Javadi, general manager of the National Iranian Oil Company, was quoted as saying by oil ministry news agency Shaha."A 500,000-barrel increase in Iran's oil production will ...

Markets - Energy - Middle East & Africa

Saudi crude oil exports fall in August to 6.998mn bpd: JODI DUBAI: Saudi Arabia's crude oil exports fell by 278,000 barrels per day in August, despite historically high wellhead production, while volumes of shipped refined oil products rose to a record high, official data showed on Sunday.The OPEC heavyweight shipped 6.998 million bpd in August, down from 7.276 million bpd in July, figures published by the Joint Organisations Data Initiative (JODI) showed.The world's biggest crude exporter trimmed its production by around 100,000 bpd in August pumping ...

Markets - Energy - Middle East & Africa

Qatar sees oil price recovery in 2016 DOHA: Qatar's oil minister said on Sunday he saw signs of an oil price rise in 2016 because of a recovery in the global economy and growth in demand.In a statement, Energy Minister Mohammed bin Saleh al-Sada -- who is also acting president of OPEC, the Organization of the Petroleum Exporting Countries -- said the oil price has "bottomed out" and he sees signs of recovery next year.He said world GDP growth in 2016 is ...

Markets - Energy - Middle East & Africa

Oil market needs an anchor, Saudi adviser says KUWAIT: The lack of a clear leader or "anchor" in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said.The comments by Ibrahim al-Muhanna suggest that Saudi Arabia and the rest of OPEC understand that they are unable to manage the oil market alone for the time being, and would like to see some kind ...

Markets - Energy - Middle East & Africa

Qatar oil minister says Gulf states will maintain oil investment DOHA: Gulf energy producers will continue to invest to maintain stable energy supplies, Qatar's Oil Minister Mohammed al-Sada said in Doha on Thursday ahead of a meeting of Gulf states' oil ministers. "The world knows very well that the Gulf Cooperation Council countries are its trusted partner that will spare no efforts or investments ... to secure a stable source of energy to push the wheel of the global economy, and we will remain on ...

Markets - Energy - Middle East & Africa

BP suspends Shah Deniz platform for planned maintenance BAKU: British oil major BP has suspended operations on the Shah Deniz platform in the Caspian Sea as well as the Shah Deniz facility inside the Sangachal terminal for planned maintenance from Aug. 2, the company said on Monday Shah Deniz, Azerbaijan's biggest gas field, is being developed by partners including Britain's BP, Norway's Statoil , Azeri state energy company SOCAR and others. "In accordance with the plan, production from the Shah Deniz platform will ...