Genel Energy, a major oil investor in the Kurdish region in Iraq, said that it was optimistic for its economic prospects for 2016 in spite of the decline in oil prices and the security situation in Iraq.
King Salman bin Abdulaziz Al Saud of Saudi Arabia has inaugurated The King Abdullah Petroleum Studies and Research Center (KAPSARC), a non-profit economics and policy research institution dealing with energy-related affairs.
The Iraqi oil ministry is holding talks with foreign oil companies debating alteration to the signed agreements in an attempt to switch from the currently used service agreements model to a revenue-sharing model that reflects on the global oil prices.
Saudi Arabia signed 14 Memoranda of Understanding (MoUs) with China, including the landmark deal to build a high-temperature coolant gas nuclear reactor, on the first day of Chinese President Xi Jinping’s visit to Riyadh.
Kuwait's Emir, Sheikh Sabah al-Ahmed al-Sabah, announced that stalled operations and exports from oil fields run jointly with Saudi Arabia would resume soon.
Iran has made it abundantly clear that it has no plans to sell shares in the country’s LNG scheme to foreign companies, scheduled to be completed within three years.