Category: Middle East

Lukoil, Shell may buy Exxon stake in West Qurna

OAO Lukoil is in talks to buy 37.5 percent of the West Qurna-1 field in Iraq from Exxon Mobil Corp. (XOM), RBC Daily reported today, citing unidentified people.  More »

Iraq has told Exxon it’s in breach of laws

Iraq has told Exxon Mobil Corp. (XOM) that the U.S. company’s contracts with the Kurdistan Regional Government to explore in northern Iraq are in violation of the nation’s law, Deputy Prime Minister Hussain al-Shahristani said.  More »

U.S. targets Iran oil industry, central bank

The U.S. expanded measures aimed at thwarting Iran’s nuclear program, targeting its central bank and oil industry with sanctions intended to cut the regime off from international financial transactions.  More »

Gas exporters seek high prices with cooperation

The world’s largest natural-gas exporters aim to cooperate in developing projects for production and sale of the fuel to raise prices and boost supply.  More »

Iraq agrees to $17B natural gas contract with Shell, Mitsubishi

Iraq’s cabinet approved a $17 billion contract with Royal Dutch Shell Plc (RDSA) and Mitsubishi Corp. (8058) for the capture of natural gas at three oil fields in the south of the country, a government spokesman said.  More »

Exxon follows ex-BP CEO Hayward into Kurdish bonanza

Exxon Mobil Corp. (XOM) Chief Executive Officer Rex Tillerson is playing catch-up with a former rival, ex-BP Plc CEO Tony Hayward, in a race to tap oil riches in Iraq’s Kurdish region that dwarf the deep-water Gulf of Mexico.  More »

Libya oil output could reach 800K barrels by end of 2011

Libya, the holder of Africa’s biggest oil reserves, will produce as much as 800,000 barrels of crude a day by the end of this year, the chairman of state-run National Oil Corp. said.  More »

OPEC oil out rises on Libya

OPEC crude production rose in October as Libyan output recovered quicker than expected and Saudi Arabia pumped more, the International Energy Agency said.  More »

Retired military generals call for U.S. to decrease oil use

A group of retired military generals are calling for a 30 percent drop in U.S. oil use over 10 years by diversifying fuels and boosting efficiency to protect the economy from long-term supply disruptions and improve national security.  More »

Exxon profits up 41 percent

The Irving based oil giant reported third quarter net income of $10.3 billion thanks to higher oil prices and better refining margins.  More »

Saudi opposition to Iran on $100 oil fades

Saudi Arabia’s biggest cut in oil output in three years is a sign OPEC’s largest producer is finding common cause with its long-time rival Iran. The kingdom reduced supply by 400,000 barrels a day, or about 4 percent, last month, Oil Minister Ali al-Naimi said recently.  More »

Noble Energy boosts earnings on Israel’s growing gas demand

Noble Energy reported a 90 percent rise in third-quarter proft, bolstered by increased natural gas sales to Israel as political turmoil in Egypt reduced Israel’s imports from that neighbor.  More »
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