News / International
StatoilHydro announces new discovery in Algeria
StatoilHydro has, together with its partner Sonatrach, made a fifth discovery in the Hassi Mouina licence in the Sahara desert in Algeria. The existence of gas was confirmed in exploration well TNKW-1 in the southern part of the licence. Iran will face “further measures” says US
Iran faces "further measures" such as sanctions if it does not respond positively to an offer by major powers to suspend its nuclear programme for incentives, the US State Department said. Geotrace grabs significant 3D seismic project offshore Libya
Geotrace will be providing one of the world’s largest onboard seismic data processing projects to BP Exploration Libya Ltd as part of a seismic acquisition contract awarded to Wavefield Inseis by BP Exploration Libya Limited. Geotrace, through its long term agreement with Wavefield Inseis, will outfit the Geowave Endeavour with a large computer center for onboard processing. This will allow the seismic data to be managed quickly and cost effectively. StatoilHydro to Halt New Investments in Iran
Norwegian oil and gas group StatoilHydro confirmed on Friday it will not make any new investments in Iran, following pressure from the United States to isolate the Islamic Republic over its nuclear ambitions. Oil drop once more below 120 dollars
World oil prices fell below 120 dollars a barrel on Tuesday, a day after hitting the trough for the first time for three months, as slowing US demand for energy offsets tensions over crude-rich Iran, traders said. Kuwait plans to stockpile oil overseas
Kuwait City: Rising international tension between Iran and the West has prompted Opec-member Kuwait to consider long-term plans to increase storage of its oil abroad, oil industry sources and diplomats said. Dana Gas and Crescent Petroleum announce establishment of 461 million square feet site for Kurdistan Gas City
Gas Cities a joint venture between Dana Gas PJSC, the Middle East's first and largest regional private-sector natural gas company, and its partner Crescent Petroleum, announced that the 461 million square foot site for the Kurdistan Gas City has been officially assigned by the Kurdistan Regional Government (KRG), for development by Gas Cities LLC, following extensive surveys that have been completed on potential sites within the Kurdistan Region of Iraq Demand for fuel in UAE increased 4.6% in 2007
UAE fuel demand grew by around 4.6 per cent to more than 223,000 barrels per day in 2007 and industry sources expect it to swell by over five per cent this year. 
