News / International
Cyprus Extends Exploratory Drilling Licenses to ENI
The Cyprus government has approved a two-year extension for the licenses of Italy's ENI and its South Korean partner KOGAS to explore oil and gas reservoirs off the southern coast of the Mediterranean island.
Nigeria Navy Destroys Illegal Oil Refineries
The Nigerian Navy has destroyed 48 illegal oil refineries, 8,000 metric tons of stolen oil, and 200 metric tons of refined gasoline (diesel), in a recently conducted operation in the Niger-Delta territory.
Algeria and Germany to Develop Energy Partnership
Algiers and Berlin are to start mutual energy cooperation by boosting German energy investments in the northern African country.
ISIS Employs Foreign Workers to Keep its Oil Flowing
The Islamic State militant group had employed thousands of workers to keep crude pumping from rudimentary wells captured in the oil fields of Iraq and Syria. Oil revenue is making up nearly half of the group’s profits.
UAE Lowers Domestic Fuel Prices, Increases Public Spending
The UAE’s ministry of energy announced that it would lower domestic prices for gasoline and diesel in January, making a long anticipated move given the plunge in Brent crude.
Riyadh’s 2016 Budget Targets Deficit by Cutting Public Spending
Saudi Arabia has unveiled plans to lower its current budget deficit of $97.9b to $87b in 2016 by making government projects more efficient and cost-effective, cutting public spending by introducing reforms to energy subsidies, and rising revenues from taxes and privatization over the next five years.
Bahrain Approves New Pricing System for Fuels amid Subsidy Cuts
Bahrain’s cabinet has approved a new pricing system for diesel and kerosene introducing a gradual rise of prices for domestic customers, set to take effect in January.
Iraq Seeking Foreign Investments to Increase its Oil Output
Iraq's state-run South Oil Co. (SOC) has approached PetroChina and ExxonMobil about investing in a multi-billion-dollar Integrated South Project to boost infrastructure that will allow to increase output from its smaller southern oilfields.
