Oil Rises as Outages Balance Trade Dispute, OPEC
Oil prices rose on Tuesday, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts.Brent crude was up 45 cents at $75.18 a barrel by 1335 GMT. U.S. light crude was 65 cents higher at $68.73.Kuwait's energy minister said…
Kuwait Energy Starts Producing Natural Gas in Southern Iraq
Kuwait Energy PLC <IPO-KEC.L> started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive told Reuters.Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of the year, said Kareem Abd Oda, the director…
Kuwait Energy sInks $100 mln Financing Facility with Vitol
Kuwait Energy said on Wednesday it signed a forward sale agreement with Vitol providing it with a financing facility for up to $100 million. The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, said it has received the first drawdown of $40 million on Dec. 22, and that Vitol will be repaid via Iraqi crude entitled to Kuwait Energy.
Kuwait Energy Signs Agreement with EGPC for Iraq's Siba Field
Kuwait Energy Plc signed a farm-out agreement to give Egypt's General Petroleum Corp (EGPC) a 20 percent participating interest for the Siba field in Iraq, the company said in an emailed statement on Wednesday. The agreement, signed in Egypt on Monday, remained subject to Iraqi regulatory approval. The Siba deal marks the second partnership between Kuwait Energy and EGPC in southern Iraq.
Kuwait CEO: Iraqi violence Past its Worst
The recent flare up of violence in Iraq is past its worst and oil companies are mostly operating normal with developments and exports flowing as planned, Sara Akbar, Chief Executive of Kuwait Energy, an investor in the country, said on Tuesday. "I think we've been through the worst and things will stabilize from here," Akbar told Reuters. Akbar said Kuwait Energy's…
