BP to invest upto $25 billion in Iraqi Kirkuk oil and Gas
A senior Iraqi official said that BP will spend up to 25 billion dollars over the life of a project redeveloping four Kirkuk oil fields and gas. Baghdad is trying to win foreign investment back. If the deal is finalized, which could happen in the next few weeks, this would be a major breakthrough for Iraq.
Italian government appeals Sardinia's law restricting green projects
The Italian government filed a complaint against a law that was passed by the regional government of Sardinia in December, which placed strict limits on the development and implementation of renewable energy projects on the island. The cabinet announced the appeal late on Tuesday, and it is the latest in a tug of war between the central government…
Spanish region approves wind turbine upgrades that are mandatory, sparking an industry outcry
The regional parliament of Galicia approved a set of measures on Tuesday that will force wind parks in the region to replace their ageing turbines within 25 years. This has sparked a backlash from the renewable energy industry. Developers risk losing their operating permit if they do not replace 25-year old turbines with more efficient, taller and newer ones.
Dana Gas Finds New Oil in Kurdistan
Sharjah-based gas giant Dana Gas has announced that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the Kurdistan Region of Iraq have increased by 10 percent, following the recent certification of reserves by Gaffney Cline Associates…
BV Joins the Int'l Windship Association
The decarbonization drive is gearing up to be the defining issue faced by the shipping sector in the coming decades and the industry is searching for low carbon and zero emissions technologies that will deliver on the International Maritime Organization (IMO) initial strategy of reducing emissions by at least 50% by 2050.
Genel Energy Names Higgs CEO
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region…
DNO Beats Forecasts with Q3 Operating Profit
Norwegian oil firm DNO said on Thursday third-quarter earnings beat forecasts, helped by higher oil prices and rising output in the Kurdistan region of northern Iraq.The region's largest international oil producer posted a third-quarter operating profit of $71 million, above expectations of $64 million…
Dana Gas Q1 Net Profit Jumps 27%
United Arab Emirates-based energy firm Dana Gas on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals.Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement.Dana said the rise was due to higher prices and the reversal of accruals made by
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…
Crescent Petroleum, Dana Gas to Increase Production from Khor Mor Field
Pearl Petroleum, a company consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a 10 year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to supply and sell the additional quantities of gas that it plans to begin producing later this year in order to boost much needed local domestic electricity generation.
WFN: Cable Route Survey Support for Kativik
WFN Strategies has been awarded a contract by Kativik Regional Government, a supramunicipal body with jurisdiction over the territory of Québec situated north of the 55th parallel of Canada, to provide cable route survey support for the proposed Eastern Arctic Undersea Fiber Optic Network (EAUFON) submarine telecoms cable system.
Dana Gas swings to net profit in 2017
United Arab Emirates energy producer Dana Gas swung to a net profit of $83 million in 2017 from a net loss of $88 million a year earlier after a $1 billion payment as part of a settlement with the Kurdistan Regional Government (KRG). The company's revenues were also boosted by higher oil prices and higher production in Egypt and Kurdistan…
Russia's Tatneft: Not in Talks to Sell
Tatneft, Russia's mid-sized oil producer, has not been in any kind of talks and does not plan to hold any discussions on selling a part or the entire company, it said in emailed reply to Reuters on Thursday. The board of Tatneft, controlled by the regional government of Tatarstan, this week recommended…
Chevron Auspends Drilling Activity in Kurdistan
Chevron has temporarily suspended oil and gas drilling activity in Iraqi Kurdistan, the company said on Thursday, in the latest setback to the region following recent unrest. "Chevron has decided to temporarily suspend its operations," a company spokeswoman said in a statement. In September, Chevron…
Oil Slips but Holds Most Recent Gains on Expected OPEC Cuts
Oil prices slipped on Thursday but held on to most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production. Brent crude fell by $1.13 a barrel to a low of $57.02 before recovering a little to $57.30 by 1345 GMT. The global benchmark was still about 30 percent above its mid-year levels. U.S.
Oil Rises as Kirkuk-Iraqi Fighting Escalates
Iraq forces move into oil-rich, Kurdish-held Kirkuk. Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC's second-largest producer. Iraq launched the operation in the multi-ethnic region on Sunday…
Iraq's Luaibi to Reopen Pipeline to Turkey
Iraq plans to reopen a crude oil pipeline from the Kirkuk oilfields to Ceyhan in Turkey, the oil ministry said in a statement on Tuesday, a route partly still in use by the Kurdistan Regional Government (KRG). Iraq largely stopped sending oil through the Kirkuk-Ceyhan pipeline in 2014 after the region was overrun by Islamic State militants.
Bullish Streak Propels Brent to Robust Q3
Brent up around 20 percent in third quarter, but Middle East producers worry high price will boost U.S. shale. Oil edged higher on Friday as tensions around Iraqi Kurdistan threatened the region's crude supplies, helping Brent prices to their strongest third-quarter performance since 2004. Global benchmark Brent crude was up 1 cent at $57.42 a barrel at 1122 GMT…
Oil Steadies as OPEC Mulls Next Move
Oil prices were steady on Friday, as investors waited to see whether major producers meeting in Vienna would back an extension to output cuts beyond March next year. Brent crude futures were up 4 cents at $56.47 a barrel at 1100 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, at $50.53 per barrel.
Oil Near 26-month High on Turkey-Kurdistan Tensions
Brent hits highest since July 2015; oil market rebalancing continues, inventories falling. Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region and signs of quicker market rebalancing. Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500…
