Oil | Egypt Oil & Gas - Part 77
Total´s Write-Off in Libya Oilfield Adds Pressure on Other Firms
Libya’s civil war is starting to force European oil companies to write off assets in North Africa as militias attack oil fields and terminals.
Italy’s Eni Posts Better Than Expected Profits for First Quarter
Eni SpA first-quarter profit beat analyst estimates as improved performance at its refining and gas businesses and a lower tax rate helped Italy’s largest oil company offset lower crude prices.
China to Cut Special Subsidies for Shale Operations
China will cut special government subsidies for shale gas developers in the next five years even as the country encourages explorers to produce more clean energy such as natural gas to replace coal.
North Sea Service Companies Cutting Jobs
Amec Foster Wheeler Plc and Petrofac Ltd on Tuesday joined a growing list of London-listed oil and gas support services companies planning to cut jobs in response to the tumble in oil prices.
US Oil Futures Steady Despite Iranian Incident
U.S. oil benchmark futures held steady around $57 a barrel before government data forecast to show crude inventories expanded from a record.
Banque du Caire Issues Letters of Credit Worth $36m to EGPC
Ayman Mukhtar, General Director of the Banque du Caire’s Corporate Credit Sector, announced that his bank has agreed this week to open a credit line worth $36 million for EGPC to import crude oil.
Mexico Reducing Number of Blocks Available for Tender Due to Oil Prices
Mexico’s government is preparing to downsize tenders of shale oil and gas blocks to oil companies, as low oil prices have reduced the profitability of the difficult-to-reach hydrocarbons, according to senior Mexican ...
Major French Oil Company Total Reports Earnings; Drop in Profit
French oil major Total reported a smaller-than-expected 22 percent drop in first-quarter net profit on Tuesday, helped by rising refining margins and sharp growth in oil and gas production that partly offset lower cr ...
