09302016Fri
Last update: Fri, 30 Sep 2016 04am

Middle East & Africa

Markets - Energy - Middle East & Africa

Egypt to cut gas supplies to industry in August CAIRO: Egypt will divert natural gas supplies away from industry in August to meet increased demand from electric power plants, an official at the country's state gas board EGAS told Reuters on Monday.Natural gas shortages have in the past forced EGAS to ration gas supplies to industry during months of peak consumption, crippling production and hampering Egypt's economic recovery. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible. "The needs of the electricity sector in Egypt are expected to rise to 3.9 bln cubic ft per day in August from 3.2 bln cubic ft currently," the EGAS official, speaking on condition of anonymity, said. Egypt currently produces about 3.9 bln cubic ft of gas per day and imports about ...

Markets - Energy - Middle East & Africa

Ghana sees rapid increase of oil, gas output as Sankofa field starts CAPE TOWN: Ghana's National Petroleum Corporation (GNPC) sees first oil production at the offshore Sankofa field being developed by Eni and Vitol in the second half of 2017, and initial gas output early the following year, an official said on Tuesday. The start-up of World Bank-supported Sankofa will help increase oil and gas output in Ghana, with total oil production seen averaging over 350,000 barrels a day at the end of 2022. Gas production was ...

Markets - Energy - Middle East & Africa

Equatorial Guinea blames Schlumberger for quitting LNG project CAPE TOWN: Equatorial Guinea's energy minister on Monday said US company Schlumberger walked away from talks with Ophir over the development of the Fortuna LNG project because it wanted to "monopolise everything." But Gabriel Obiang Lima said he was confident the project would go ahead and be successful, with Equatorial Guinea taking an equity stake via its state-owned companies. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Angola LNG returns to global market with first post-shutdown cargo MILAN/LONDON: Angola's recently refurbished liquefied natural gas (LNG) export plant has launched a tender to sell its first cargo since it was unexpectedly shut down in April 2014. According to tender document details relayed by traders, the cargo was loaded between June 3 and 5 on board the Sonangol Sambizanga tanker and bid submissions are due on the morning of June 13, trade sources said.Angola LNG confirmed the first cargo since the shutdown had been ...

Markets - Energy - Middle East & Africa

Saudi Arabia caps July crude price hikes to Asia in market share fight SINGAPORE/ABU DHABI: Top oil exporter Saudi Arabia on Sunday raised prices for most crude grades it sells to Asia, but kept them at the lower end of expectations to stay competitive in a battle for market share.The moderated price increases came after state oil giant Saudi Aramco offered more crude to term customers in Asia last month as it ramps up output from an expanded field."Saudi increased the OSPs (official selling prices) less than expected," ...

Markets - Energy - Middle East & Africa

OPEC happy with oil market, kingpin Saudi says VIENNA: Saudi Arabia expressed confidence Thursday that oil prices will keep recovering, cementing expectations that a divided OPEC will decide to keep crude gushing at its meeting in Vienna."Everybody is very satisfied with the market. The market is rebalancing as we speak," said Khaled al-Falih, newly appointed by the kingdom's powerful and dynamic new crown prince."Demand is extremely healthy and robust. Non-OPEC supply is declining. Prices will respond to the rebalancing of the market," Falih ...

Markets - Energy - Middle East & Africa

Iran says oil export rise had no negative effect on market DUBAI: Iran's doubling of oil exports has had no negative effect on the market, the country's oil minister said on Wednesday before flying to Vienna to attend an OPEC meeting, the ministry's news agency SHANA reported."Iran's oil exports have been doubled, in between OPEC's 168th and 169th meetings. This increase has had no negative effect on the market and has been absorbed in the market," Bijan Zanganeh was quoted as saying.Copyright Reuters, 2016 ...