El Molla Meets with Heads of 40 Companies

• Wednesday, 10th February 2016
• by Egypt Oil & Gas

Tarek El-Molla, Minister of Petroleum and Mineral Resources, met with the heads of 40 joint venture companies to discuss different methods of boosting oil and gas production in Egypt, reported Egypt Oil & Gas.

Vitol CEO: Oil Prices to Bounce Around $40 – $60 a Barrel

• Tuesday, 9th February 2016
• by Egypt Oil & Gas

Oil prices will stay low for the next ten years over Chinese economic slowdown and the US shale industry acting as a cap on any rally, Ian Taylor, CEO of Vitol Group BV, the world’s largest independent oil-trading ho ...

Shell Postpones Deep Water Project in Nigeria

• Monday, 8th February 2016
• by Egypt Oil & Gas

Royal Dutch Shell has announced it would postpone the Final Investment Decision (FID) on the $12b Bonga South-West oil project in deep-water Nigeria amid the sustained drop in oil prices, as its adjusted profit fell ...

US Gas Firm Anadarko Cuts Capital Expenditure by 50% in 2016

• Thursday, 4th February 2016
• by Egypt Oil & Gas

The third-largest US natural gas producer, Anadarko Petroleum Corp., cut its spending plans by almost 50% to $2.8b in 2016, after recording a net loss of $1.25b in Q4 of the last year.

Nigeria Asks for $3.5b Emergency Loans from World Bank, AfDB

• Monday, 1st February 2016
• by Egypt Oil & Gas

Nigeria’s government is in talks for concessionary loans worth $3.5b from the World Bank and the African Development Bank to help finance its planned record budget in 2016.

Gulf Stock Markets Rose Following Oil Price Surge

• Monday, 1st February 2016
• by Egypt Oil & Gas

Gulf stock markets rose sharply for a second straight trading day on Sunday after oil prices surged at the end of January. Egypt's stock index also rose by as much as 2.1% in response to the firm tone of global equit ...

IMF Recommends Bahrain to Adopt Further Austerity Measures

• Sunday, 31st January 2016
• by Egypt Oil & Gas

Bahrain has announced austerity measures in line with IMF recent recommendations, in a bid to return to international bond market and to finance its expanding budget deficit of 15% of the country's GDP.

Venezuela in Talks with Global Oil Majors to Tackle Low Oil Prices

• Sunday, 31st January 2016
• by Egypt Oil & Gas

Venezuela has made four formal proposals to OPEC and non-OPEC states - Russia, Saudi Arabia, Iran and OPEC Head - in an attempt to summon a joint emergency meeting to tackle the continuously declining oil prices and ...

Kuwait Committed to its Planned $100b Oil Investment

• Wednesday, 27th January 2016
• by Egypt Oil & Gas

Kuwait is committed to its petroleum investment plans of $100b in the next five years despite the prospect of low oil prices persisting.

Iraq Signs $328.8m Deal with GE to Stem Electricity Crisis

• Wednesday, 27th January 2016
• by Egypt Oil & Gas

Iraq has agreed to a $328.8m deal with General Electric (GE) to boost electricity production capacity by 1,000 MW through providing equipment and maintenance for ten power plants across the country.