Friday 6 May 2016

Oil falls on rising Opec crude production

Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude. Brent futures LCOc1 were trading at $47.05 per barrel at 0028 GMT on Monday, down 32 cents fr


Taqa mulls sale of overseas oil, gas assets

Abu Dhabi National Energy Co is considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity as it focuses on its core business of power generation and water production, sources told Reuters. According to Taqa's 2015 annual report, the c


Halliburton, Baker Hughes scrap $28bn merger

Oilfied services provider Halliburton and smaller rival Baker Hughes announced the termination of their $28 billion merger deal on Sunday after opposition from US and European antitrust regulators. The tie-up would have brought together the world's No. 2 and No. 3 oil service


Five bid for Phase III of Dubai solar park

Dubai Electricity and Water Authority (Dewa) has received five bids from international organisations for the third phase of the Mohammed bin Rashid Al Maktoum Solar Park. The lowest recorded bid at the opening of the envelopes was US2.99 cents per kilowatt hour, said Saeed Mohamm


Sohar Power capacity cut by technical problem

Sohar Power Co, which operates the largest electricity generation and water desalination plant in Oman, said on Sunday that a technical problem had cut its power production capacity. One of its generating units tripped, causing damage to the machinery, the company said without gi


Iraq's southern oil exports rise to 3.36mbpd

Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman Asim Jihad said. That is close to the record of 3.37 million bpd exported in November as Opec's second-l


Oil could trade above $60 in 2017: report

Oil supply growth by Opec countries will not match the output declines being experienced by non-Opec producers and this could lead to higher crude prices next year, says a report.  To balance the oil market by 2020, US oil and gas capex will have to increase by at least 50 per cen


Iran oil exports to S Korea rise four-fold

Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency. Iran, whose exports to South Korea were less than 10


Adnoc inaugurates Al Hosn Shah Sour Gas project

Abu Dhabi National Oil Company (Adnoc) officially inaugurated its Al Hosn Shah Sour Gas Development Project, the largest of its kind in the world, last week. HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ina


India’s BPCL cleared for $450m investment in BORL

India’s Bharat Petroleum Corporation Ltd. (BPCL) has obtained government clearance to increase its investment in Bharat Oman Refineries Ltd. (BORL) up to a maximum of Rs30 billion ($450 million), a report said. This will further increase the capacity of BORL's Bina refi

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