Oil Prices | Egypt Oil & Gas - Part 11
Genel Optimistic over Prospects despite Revenue Decline
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.
Iraq Mulls Tying Oil Companies’ Revenues to Global Oil Prices
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 ...
SABIC Unconcerned Over Iran’s Petchem Competition
Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals companies, downplayed the possible threat posed to Saudi Arabia's petrochemicals industry from Iran's reentry into the international oil ...
Shell Pulls Out of High-Risk, Low-Return UAE Gas Project
Royal Dutch Shell has announced that it will pull out of a multi-billion-dollar plan for the Bab sour gas field in Abu Dhabi.
Oman Eager to Cut Oil Production under OPEC Initiative
Oman announced that it is ready to cut oil output by 5% to 10% to buoy up oil prices if OPEC and non-OPEC members took the initiative.
KRG Struggling for Cash as Oil Debts, ISIS Threat Mount
The autonomous Kurdistan Regional Government (KRG) in northern Iraq announced that it may sell parts of its electricity sector to raise funds to reduce its budget deficit.
Nigeria to Revise National Budget amid Low Oil Prices
Nigerian President Muhammadu Buhari has asked parliament to withdraw the 2016 budget in order to make changes.
Saudi Oil Minister: Multilateral Cooperation Will Achieve Oil Stability
The Saudi Oil Minister, Ali al-Naimi, said that oil-market stability would only be achieved through cooperation among major oil producers, but that this would likely take time.
