Oil | Egypt Oil & Gas - Part 50
Oil Prices Drop Amid Global Downturn
Oil prices for benchmark WTI and Brent crude fell on Monday as stock markets suffer heavy losses and global markets slow down, reported Reuters. WTI Crude—the US measure for light, sweet crude oil—was under $40 on mar...
Revolving Door Layoffs at Liberian National Oil Company
A shakeup is taking place at National Oil Company of Liberia (NOCAL), reportedly to keep the company financially afloat, reported AllAfrica. Not only will scores of employees be layed off by September but also senior-...
East Libya Government to Hold Conference in Dubai for Oil Agreements
The internationally-recognized East Libyan government has announced that it will be hosting a conference in Dubai to sign new leases and production agreements, Reuters reported. Libya has been split between two govern...
Petroleum Portfolio Expanding at National Bank of Egypt
A source informed Amwal Al-Ghad that the financing portfolio for the petroleum sector recorded loans and credits of EGP 41b ($5.2b) at the National Bank of Egypt (NBE). The petroleum portfolio was approximately EGP 27...
Russia Sells China its Stake in Kazakh Oil
Lukoil—the second largest oil producer in Russia—sold its stake in Kazakh oil company Caspian Investments Resources to China Petroleum & Chemical Corporation, reported UPI. The deal was closed amid worsening cond...
Circle Oil Renews Contracts for Tunisian Field
Irish oil producer Circle Oil recently renewed its contract for a Tunisian concession, The Irish Times reported. The renewed permit gives Circle drilling and exploration rights within the El Mediouni structure, and co...
Drones Expanding into Oil and Gas Industry
Drones are being used by more than just militaries and spy agencies, companies are seeing additional value as tools in the oil and gas industry, Bloomberg reported. As technology advances quickly in the unmanned aircr...
Kazakh Currency Drops 22% from Oil Price
The national currency of Kazakhstan, the Tenge, lost nearly a quarter of its public value on Thursday, reported the New York Times. The devaluation came after the central bank of Kazakhstan announced it would cease ma...
