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Egypt to end exporting natural gas by the fiscal year 2020-2021

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Egypt’s debts to foreign oil companies reached $3.4 billion by the end of June, a Sunday petroleum ministry statement read. This figure is up from $3.2 billion at the end of March, as previously reported by Reuters. The government has also completed the purchasing of foreign oil companies’ shares of crude oil and natural gas […]

Eni to raise Noras field production in 2017

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Italian energy company Eni aims to increase the Noras field production to 1bn cubic feet of gas a day at the beginning of 2017, instead of 700m feet in the current year. A source in the petroleum sector told Daily News Egypt that drilling the development wells showed that Noras’ output will be even more […]

Emirati Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond

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Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said. The company, which has about $344 million in cash, is in discussions with lenders about its future debt mix, Patrick […]

Venezuela, Iran seek accord for oil market stability

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Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen Opec, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif. “We continue to build common ground and a new consensus on stabilizing oil markets, strengthening industries, strengthening Opec,” Maduro said in a […]

UAE’s Minister of Energy: OPEC to achieve stability soon

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OPEC’s oil-producing nations will overcome current ‘market challenges’ to achieve stability, according to the UAE’s Minister of Energy. The organisation’s member countries are “at a good level despite different views on the oil market”, said Suhail bin Mohammed Faraj Faris Al Mazrouei, according to state news agency WAM. Al Mazrouei  tweeted: “We acknowledge and understand […]

BP Dumps Veteran Pay Adviser After £14m Dudley Row

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BP has ditched its long-standing adviser on executive pay in the wake of a stinging shareholder revolt which led to a majority vote against its boss’s £14m package earlier this year. The oil giant has ended its relationship with Gerrit Aronson, who had earned hundreds of thousands of pounds for his work there in the […]

Oil exports from Iraq’s southern ports up from July

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Oil exports from Iraq’s southern ports have averaged 3.205 million barrels per day (bpd) so far in August, exceeding the average level seen in July, two officials from state-run South Oil Company said on Friday. Exports in July averaged 3.202 million bpd. With five days of exports remaining this month, the average for August could […]

Iran sets terms for cooperating with OPEC to stabilize oil market

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Iran will help other oil producers stabilize the world market so long as fellow OPEC members recognize its right to regain lost market share, the country’ oil minister said on Friday in remarks made ahead of next month’s meeting of the oil exporters group. Iran, OPEC’s third-largest producer, boosted output after Western sanctions were lifted […]

OPEC Plays The Emotion Game to Support Oil Prices

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One of the key factors that supported oil prices recovery in the last few weeks was the news from some of OPEC’s members who are calling once again for an output freeze deal. Positive comments were given by both, Saudi Arabia energy minister Khalid Al-Falih and Venezuelan President Nicolas Maduro, which lay the groundwork for […]
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