MENA ///

Saudi Arabia breaks records on oil exports and output for year

Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.

China's CNPC buys stake in $22-billion Abu Dhabi oil venture

China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity.

CGG completes industry-first AGG survey for Bahrain Petroleum Company

CGG has completed the acquisition and processing of the first-ever airborne gravity gradiometry (AGG) survey of the Kingdom of Bahrain.

Iraq's February oil sales accelerate despite OPEC effort to cut

Iraqi crude shipments rose 3% in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices.

Kuwait boosts oil capacity to open taps once OPEC's cuts expire

Kuwait is sticking with plans to add half a MMbpd of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to help drain a global oversupply, the head of Kuwait Oil Co. said.

Libya sees crude output rising on better big oil work conditions

Libya’s crude production exceeded 700,000 bopd and is due to keep rising as working conditions in the conflict-ridden country improved for international companies like Eni SpA and Total SA, an official from the state oil company said.

Eni, BP pouring more investment into Egypt than anywhere else

Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said.

OPEC wins plaudits for oil recovery, but economy lends a hand

OPEC may be getting all the credit for reviving the oil market, but it had a little help.

Saudis warm to solar as kingdom aims to bolster exports

The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise.

Eni and BP complete 10% sale of Shorouk, offshore Egypt

Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt.

Iraq’s oil flow to plunge as maintenance helps meet OPEC pledge

Iraq’s oil exports are poised to slump to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.

Saudi Arabia cuts oil output by most in eight years

Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.

Kuwait sees OPEC leaning on non-members to cut more oil output

OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said.

Investor honeymoon with OPEC falters as U.S. shale drilling booms

There are limits to investors’ love affair with OPEC.

OPEC attains record 90% of output cuts as demand grows

OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the IEA said.

An energy giant bigger than Exxon in the shadow of Saudi Aramco

Qatar Petroleum (QP) is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco.

Qatar Petroleum joins consortium to advance LNG import project in Pakistan

Qatar Petroleum (QP), Total, Mitsubishi, Exxon Mobil, and Hoegh have announced their commitment to advance a liquefied natural gas (LNG) import project in Pakistan in collaboration with Global Energy Infrastructure Limited (GEIL).

OPEC ministers don’t rule out renewing oil cut to balance market

OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said.

Singapore said to plan series of incentives to lure Aramco IPO

Singapore is considering a range of measures to lure a listing from energy giant Saudi Arabian Oil Co., according to people familiar with the matter, as global exchanges compete for a slice of what could be the world’s largest-ever initial public offering.

Qatar Petroleum hunts for gas abroad as local growth hits limit

Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments.