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.
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
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
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
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
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 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