Riyadh’s 2016 Budget Targets Deficit by Cutting Public Spending

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

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

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

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

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

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.

Nigeria Expects US to Resume Crude Oil Purchase

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

The US is believed to soon resume its oil trade relations with Nigeria by purchasing 'very limited' quantities of Nigeria's crude, according to a statement by Nigeria's Minister of State for Petroleum, Ibe Kachikwu.

Russia Intensifies Military Presence in Arctic Oil&Gas Territories

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

Russia is building six new military bases in the disputed Arctic territory with an intention to protect its position in the global competition for the unexplored extensive oil and gas reserves, estimated at 90b barrels of oil and 30% of the world's undiscovered natural gas.

China to Develop Iran’s North Azadegan Oil Field

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

Tehran has commissioned China National Petroleum Corporation (CNPC) to develop the second phase of the North Azadegan oilfield project in Iran with a production output of up to 75,000 b/d.

SOCAR, Uzbekneftegaz Negotiating a Joint Venture in 2016

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

The State Oil Company of the Azerbaijan Republic (SOCAR) and Uzbekistan's Uzbekneftegaz National Holding Company (UNHC) hold talks to establish a joint venture aimed at boosting the Uzbek oil and gas industry through the energy-saving technologies in 2016.

Vitol to Export First US Oil Cargo, US WTI Hits Premium over Brent

• Tuesday, 29th December 2015
• by Egypt Oil & Gas

Switzerland-based Vitol has been announced to load the first US export cargo after 40 years from the Enterprise Products Partners' Houston terminal in the first week of 2016. US West Texas Intermediate (WTI) keeps maintaining its newly acquired premium over Brent.

Tanzania’s Tanesco Records $63m in Losses in 2015

• Monday, 28th December 2015
• by Egypt Oil & Gas

Tanzania's troubled national power utility made a loss of over $63.978m this year, mainly through illegal connection. And to fight against defaulters they are publishing their names.

Morocco Delays World’s Largest Solar Plant without Explanation

• Monday, 28th December 2015
• by Egypt Oil & Gas

Morocco has postponed the inauguration of a solar power plant, Noor 1 in Ouarzazate, which was due to be opened at the end of December, without stating reasons for the last-minute delay.