Libya Nets $40 Billion in Oil Revenues in 2007

• Sunday, 2nd March 2008
• by Egypt Oil & Gas

Libya received almost 40 bln usd in oil revenues in 2007, slightly above the 2006 total, thanks to the rise in oil prices in 2006 and 2007, said Chokri Ghanem, president of the Libyan National Oil Co (NOC).

Nexen Announces Development Approval for the Usan Project, Offshore Nigeria

• Thursday, 28th February 2008
• by Egypt Oil & Gas

Nexen announced today that development of the Usan field, offshore Nigeria has received all necessary approvals to proceed. The Usan field was discovered in 2002 and is located approximately 100 kilometers offshore in water depths ranging from 750 to 850 meters.

Oilex Discovers Oil During Sarha-1 Test Program

• Thursday, 28th February 2008
• by Egypt Oil & Gas

Oilex Ltd reported that oil has been recovered at the surface in cased hole Drill Stem Test (DST) #2 of the Al Khlata Sandstone in the Sarha-1 well located in Exploration and Production Sharing Agreement Block 56, Oman.

PGNiG Signs an Agreement with Libyan NOC

• Tuesday, 26th February 2008
• by Egypt Oil & Gas

Polish Oil&Gas Company-Libya B.V. (POGC-Libya B.V.), a subsidiary of PGNiG S.A., signed the Exploration and Production Sparing Agreement (EPSA) with the Libyan state-owned National Oil Corporation (NOC).

Dana Gas and Ikarus Petroleum enter into Strategic Alliance

• Tuesday, 26th February 2008
• by Egypt Oil & Gas

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has announced the signing of a Memorandum of Understanding (MoU) with Ikarus Petroleum Industries, a major Kuwaiti established company with ownership in several petrochemical ventures in the GCC states.

Octal Petrochemicals builds region’s first liquid chemicals terminal

• Sunday, 24th February 2008
• by Egypt Oil & Gas

Oman-based Octal Petrochemicals [www.octal.com] has announced that work is on track for the first phase of its US$50 million 'tank farm', the first liquid chemicals terminal in the region. The project is scheduled to be completed by June, 2008.

Vietnam To Build $2.5 B Oil Refinery in Kuwait

• Wednesday, 20th February 2008
• by Egypt Oil & Gas

State owned PetroVietnam is expected to sign contracts to form a joint venture with Kuwait Petroleum International and Japan's Idemitsu Kosan Co. to build an oil refinery in northern Vietnam starting this April, a PetroVietnam official said.

Gazprom to Develop Addtl 3 Blocks of World’s Largest Gas Field

• Wednesday, 20th February 2008
• by Egypt Oil & Gas

Gazprom is poised to begin development of possibly three blocks of Iran's South Pars, the world's largest gas condensate deposit, according to a news release issued by Gazprom.

Kuwait, Rabat agree to explore for oil in Morocco

• Wednesday, 20th February 2008
• by Egypt Oil & Gas

Kuwait and Morocco, at the end of a joint oil and gas committee meeting, agreed to carry out oil exploration projects in Morocco.

Iran Starts Pumping Oil from Its Biggest Onshore Field

• Wednesday, 20th February 2008
• by Egypt Oil & Gas

Iran has started pumping oil from its biggest onshore oilfield of Azadegan in the southwest of the country, a much delayed project that was originally to be developed with a Japanese partner.