SOCO International announced a possible merger transaction with Kuwait Energy as the company confirms that it is studying a potential merger of equals with Kuwait Energy. The transaction comes in context of SOCO’s objective to reshape its business strategically and to grow its portfolio.
Libya has earned $14 billion in oil revenues in 2017, which is tripling the 2016 $4.8 billion oil revenues and allowing to halve Libya’s budget deficit, the Central Bank of Libya announced.
Saudi Arabia has converted its giant Aramco into a joint-stock company right before its initial public offering (IPO) planned for later 2018.
Iraq will begin to export crude oil, produced from the northern Kirkuk fields, to Iran before the end of January 2018, Iraqi Oil Minister, Jabar al-Luaibi, told reporters on January 7th.
Algerian state-owned energy firm Sonatrach is considering possible investments in oil exploration and natural gas projects in Iraq, Iraqi Oil Ministry announced on January 7th.
Iranian oil reached its highest price in two and a half years, rising 2% on January 3.
Saudi Arabia announced increasing local gasoline prices on the January 1st, 2018, in order to reach a more efficient energy use.
Iraqi oil exports from the southern Basra ports increased by 1% to 3.535 million barrels per day (mb/d) in December 2017, compared to 3.5 mb/d in August.
Iranian crude oil output and exports have not been affected by the unrest, which is spreading across the Asian Country, Iranian oil and shipping sources stated on January 2nd.
Libya completed repairing its oil pipeline, which was damaged due to a suspected attack on December 26th. Production is starting gradually after the repairs.
