Higher oil prices will boost Qatar’s economy by more than 10 per cent in 2017 though non-oil growth will continue to be sluggish, a report published by the National Bank of Kuwait (NBK) shows. This will lift government income and…
Tag: oil
TengizChevrOil to address EIC conference
TengizChevrOil will tell the EIC Connect Oil & Gas conference and exhibition in Manchester on 22-23 November about how UK companies can get involved in itsFuture Growth Project. This is the Sour Gas Injection-Second Generation Project (SGI-SGP) expansion which will…
Iran invites bids for 50 oil and gas projects
The National Iranian Oil Company (NIOC) has given international companies a month to submit prequalification bids for 50 oil and gas contracts. This is the biggest opportunity for foreign firms to bid for Iranian oil projects since sanctions against the…
Iran invites bids for energy projects
Iran will begin taking applications today for an unspecified number of energy projects, the oil ministry’s news agency SHANA reported on Sunday. National Iranian Oil Company (NIOC) said “reputable and eligible companies” should fill the applications for upstream oil and gas…
OPEC agrees production ceiling; quota system
OPEC announced this evening that its 14 member states would contain output at 32.5-33.0m barrels a day (b/d) and set production limits for OPEC producers. The production limit appears to represent a concession by Saudi Arabia which had previously said…
BP and Shell close to Iran breakthrough
BP and Royal Dutch Shell are close to finalising preliminary agreements to evaluate exploration and production opportunities in Iran, the International Oil Daily has reported. The imminent deals represent a major breakthrough for international oil companies in Iran and delivers…
Iran rejects output cuts
Iran’s Minister of Petroleum Bijan Zanganeh Iran has repeated its assertion that it’s unwilling to accept production cuts so long as its market share remains below where it was before the embargo imposed by most importers on Iranian oil in…
Saudi Arabia dismisses output cut call
Energy Minister Al-Falih says oil market intervention is unnecessary Saudi Arabian Energy Minister Khalid Al-Falih has effectively ruled out the possibility that major oil producers will agree a production cut next month, Reuters reported on 25 August. “We don’t believe…
GCC fiscal adjustment to be gradual: NBK
GCC governments are acting to deal with the impact of lower oil prices but the adjustment process will be slow and gradual, the National Bank of Kuwait (NBK) says in a report released today. “The new low oil price environment has…
Kuwait plans KPC subsidiary sales
For full coverage of Middle East business, see MEED Kuwait is taking steps to sell minority stakes in as many as four units of Kuwait Petroleum Corporation (KPC), Bloomberg reported acting oil minister Anas al-Saleh as saying this morning. “We…