Oil Prices | Egypt Oil & Gas - Part 9
Abu Dhabi’s Taqa Posts Q1 Loss Hurt by Low Oil Prices
TAQA reported a first-quarter net loss hurt by low oil prices. The company, majority-owned by Abu Dhabi's government, reduced its first-quarter revenue by 24% following a 43% drop in the price it sold its oil and gas.
EGPC Official: Oil Price Rise Disfavorable to Energy Subsidies
An official at the Egyptian General Petroleum Corporation (EGPC) told Egypt Oil&Gas that the rise in oil prices that would exceed $50 a barrel may pose a threat to energy subsidies as currently itemized in the new fi ...
Nigeria Faces Problems over Oil Freeze Failure
The failure of the deal to freeze oil production, which could have hastened a recovery in oil prices, puts Nigeria and other cash-strapped oil producers in more trouble.
Oil Output Freeze Deal Falls Apart
A deal to freeze oil output by OPEC and non-OPEC producers fell apart on April 17th after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.
Riyadh Cuts Energy, Construction Contracts Spending
Saudi Arabia has ordered its ministries to reduce spending on contracts included in the 2016 state budget by at least 5 % to outbalance Kingdom's declined revenues over global oil prices drop.
US Energy XXI Mulls Bankruptcy Protection Amid Low Oil Prices
US oil and gas producer Energy XXI may seek Chapter 11 bankruptcy protection in March if oil prices remain low and it fails to refinance its debt.
Algeria’s Sonatrach Awards $880m Drilling Tubes Deals
Algeria's state energy firm Sonatrach has awarded an $880m contract to four foreign firms for a supply of oil and gas drilling tubes. The four companies are Germany's CCC Machinery, Dutch firm Van Leeuwen, Japan's Ma ...
US Presidential Candidate Clinton Calls for Sanctions Against Iran
US Democratic presidential front-runner Hillary Clinton called for sanctions against Iran after the Islamic Republic brushed off US concerns and test-fired two ballistic missiles that it said were designed to be able ...
