Tuesday 27 September 2016

Libya's Agoco says boosts oil output to more than 260,000 bpd

Libya's Arabian Gulf Oil Company (Agoco) has raised its production to 261,000 barrels per day (bpd), 50,000 bpd higher than its output last week, spokesman Omran Al Zwai said.   Agoco, a subsidiary of the National Oil Corporation (NOC) that opera


Saudi Aramco plans to spend $334bn in next 10 years

Saudi Arabia's state-owned oil giant Aramco plans to invest a total of about $334 billion by 2025, including spending on infrastructure and projects to maintain oil capacity, a senior Aramco official said on Monday. Abdulaziz Al-Abdulkarim, vice president for procurement and


Agility, Maersk join to slash CO2 emissions

Agility, a leading global logistics provider, has signed an agreement with Maersk Line, the world’s largest container ship operator, to cut CO2 emissions by 15 per cent per container transported on Agility shipments by 2020. The agreement is part of Maersk’s Carbon Pa


Siemens' 1,000th gas turbine arrives at Qatar power plant

Siemens recently celebrated the arrival of the company’s 1,000th gas turbine produced at its Berlin factory for the Umm Al Houl combined cycle power plant in Qatar. After journeying thousands of miles from Berlin, the fifth of six 11-m-long SGT5-4000F turbines has made it t


Downstream thought leaders converge in Bahrain

Industry thought leaders will converge in Bahrain from today (September 26) to discuss the sector outlook and review technological advancements at the largest gathering of downstream oil and gas professionals in the Middle East. The 10th Middle East Refining and Petrochemicals Co


Topaz wins Kazakhstan oilfield contracts

Topaz Energy and Marine, a leading offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two contract wins announced in the second and third quarter together represent revenue of


Oil will stay volatile in near future: Aramco CEO

Although the oil market has recovered it is still weak and will remain volatile in the near future, Amin Nasser, CEO of Saudi Aramco, told a conference in Dubai on Monday. The market has proven that companies with strong downstream operations are in a better position, he added.


Oil rebounds after Algeria says all options open

Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of Opec producers. That came after prices tumbled 4 per cent on Friday amid signs Saudi Arab


Iraq puts out fire at Kirkuk oil field

Iraq's North Oil Company extinguished a well fire at the Bai Hassan field near the northern city of Kirkuk which had been raging for more than six weeks, the oil ministry said.   The August 10 bombing of Well 34 by Islamic State was one of a string of attack


Egypt petrol subsidy bill down 29pc in 2015-2016

Egypt's spending on petroleum subsidies dropped by 28.7 per cent in the 2015-16 financial year to compared to one year earlier, Petroleum Minister Tarek El Molla said on Sunday, a greater decline than previously announced. Egypt has been trying to wean itself off costly energ

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