News / International
Israel On Verge of New Offshore Gas Finds
Israel is on the verge of new major gas finds in its territorial waters as an Israeli exploration group led by Isramco Negev and Modiin Energy cited a "best estimate" resource report for two offshore fields, Daniel East and West, saying there were indications of 8.9tcf of natural gas in total.
African Development Bank Announces $12b for Energy Projects
The African Development Bank Group has unveiled what it calls a “New Deal on Energy for Africa” to develop energy projects worth $12b by 2025.
Libya Has Lost $68b in Oil Revenues Due to Instability
Amid discussions to form a unity government in Libya, the head of the country’s national oil company, Mustafa Sanalla, urged reconciliation and stated that the country had lost $68b in oil production and exports since 2013 due to attacks on its oil ports amid political instability.
Algeria Trade Deficit Widens amid Low Oil Prices
Algeria’s energy earnings dropped by nearly 41% in 2015, leading to a trade deficit of $13.71b – far from the $4.3b surplus of 2014, according to the Algerian Finance Ministry.
QAFCO Sings 15-Year Partnership with GE Oil & Gas DTS
GE Oil & Gas' Downstream Technology Solutions (DTS) won a 15-year technical development partnership deal from Qatar Fertilizer Company (QAFCO), marking DTS's first installation of its advanced 32K Extender Combustion System in the Middle East.
Iran Starts Nuclear Power Cooperation with Russia and China
Iran is launching nuclear power cooperation with Russia and China following the end of sanctions. Tehran will launch work on the second and third power units at the Bushehr nuclear power plant, in cooperation with Russia’s Rosatom, and modernize the Arak heavy-water reactor, in collaboration with China.
Aramco Will not Reduce Oil and Gas Investments
Saudi Aramco announced that it would not reduce its new investment in oil and gas production capacity despite the financial strain caused by low oil prices.
Omani First Crude Cargo May be Heading to US in 3 Years
The US could receive its first Oman crude cargo in three years as the price of West Texas Intermediate (WTI) crude futures rose above Omani oil futures, Dubai Mercantile Exchange (DME). The prices for Middle East futures have gone down in the wake of the removal of the sanctions on Iran.
