Thursday 31 July 2014
oil firm

Firms plan drastic cut on oil exploration spend

Global oil firms, hit by one of the worst years for discovery in two decades, are about to cut exploration spending, pulling back from frontier areas and jeopardising their future reserves, industry insiders say. Notable explorati


Libya restarts oil production

Libyan oil firm the Arabian Gulf Oil Company (Agoco) said on Monday it has restarted production at the eastern oilfield of Sarir in an early sign the industry is coming back to life after six months of war. 'We now in Sarir have 70 wel


Gulf Petrochem plans major Asia expansion

UAE-based trader Gulf Petrochem is looking to expand into the Asian market by setting up a trading and bunkering desk in Singapore before the end of the year, said its chief executive. Strong oil demand from Asia has prompted Middle Easter


DNO buys RAK Petro assets for $250m in shares

Norwegian oil firm DNO International said it would buy oil and gas fields from UAE-based RAK Petroleum for $250 million of DNO stock, after pricing its shares towards the upper end of a previously announced range. The company also said it


Japan eyes Iraq oil sector, cautious on security

Security concerns and political uncertainty in Iraq are discouraging Japanese companies from joining in the race for a slice of the country's lucrative energy sector, a Japanese diplomat said. Tokyo's cautious approach contrasts sharply wi


Lamprell sees revenue rise 29pc to $600m

UAE-based oil services firm Lamprell is "comfortable" with consensus forecasts for revenue to rise 29 per cent to $600 million this year, its chief financial and chief operating officers said. Lamprell is also on track to move to London's


Abraaj snaps up 40pc Bosicor stake

Abraaj Capital said it has acquired a key stake in the holding company of Bosicor Group (Bosicor), which is poised to become one of Pakistan’s leading integrated oil companies. Abraaj Capital is a premier investment firm specialising in p

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