MENA ///

Iran opposes higher oil prices, signaling divide with Saudis

Iran, faced with a possible restoration of U.S. sanctions, came out against higher oil prices, signaling a split with fellow OPEC member and political rival Saudi Arabia, which is showing a willingness to keep tightening crude markets.

Total at risk of losing gas field stake to CNPC if it quits Iran

Total SA, the only Western energy major investing in Iran, will lose its stake in the South Pars natural gas field to its Chinese partner if the Paris-based company withdraws from the country, the head of National Iranian Oil Co. said.

Qatar steps in to buy Rosneft stake as China deal collapses

Qatar emerged as a major shareholder in Rosneft PJSC on Friday after a $9-billion deal to sell a stake in Russia’s state-run oil producer to China’s troubled CEFC Energy Co. collapsed.

Oil-rich Persian Gulf set to add another member to triple-digit debt club

Bahrain, one of only three Middle East oil exporters that needs crude above $100 to break even, will soon be part of another short list: the triple-digit debt club.

Eni reports oil discovery in Egypt's Faghur basin

Eni announces an oil discovery on the A-2X exploration prospect in the South West Meleiha license, in the Egyptian Western Desert, some 103 km north of the oasis of Siwa.

IMF boost to Saudi break-even oil price offers OPEC policy clues

Whenever Saudi Arabian officials are asked what oil price the kingdom want, they almost always reply that they have no preference. Recent reports that the world’s largest exporter was aiming for $80/bbl elicited the same response: there’s no target.

Iran's surge in oil exports doesn't mean output is on the rise

Iran is seeing bumper oil exports. But that doesn’t mean production is on a similar trend.

Oil struggles near $68 as inventory gain overshadows Iran fears

Oil’s recovery, buoyed by potential supply risks, was capped by rising U.S. inventories while President Donald Trump neared a decision on whether to reimpose sanctions on Iran.

OPEC's reason for sticking with cuts rests on shaky ground

OPEC and Russia seem determined to keep on cutting production even after their campaign to rebalance world oil markets achieved its main target. The primary justification for doing so looks shaky.

Saudi Arabia's economic revamp is still an oil story

Saudi Arabia’s efforts to shore up public finances and revive economic growth are still pretty much dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports.

Iran's oil exporters have record month before possible sanctions

Iran’s crude exporters had a banner April, with shipments soaring to a record right before the possible re-imposition of U.S. sanctions on their oil sales.

ADNOC appoints INPEX subsidiary as asset leader for Lower Zakum area

The Abu Dhabi National Oil Company (ADNOC) has signed an agreement appointing JODCO Lower Zakum Limited, a wholly-owned subsidiary of Japan’s INPEX Corporation (INPEX), as the asset leader for Abu Dhabi’s Lower Zakum concession area.

Oil steadies amid Korean peace pledge, threat of Iran sanctions

Oil traded near $68 as investors weighed the impact of a possible U.S. pull-out from the Iran nuclear deal and the potential for a historic accord between the leaders of North and South Korea.

Trump threat to ax Iran deal seen scaring off oil traders

Some oil traders are already steering clear of doing business with Iran as U.S. President Donald Trump signals he’ll ditch the nuclear deal with OPEC’s third-largest producer.

SOCAR, BP sign new production sharing agreement for Azerbaijan exploration

SOCAR and BP today signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin, in the Azerbaijan sector of the Caspian Sea.

Iraq awards oil and gas blocks as Exxon, Total drop out

Iraq awarded contracts for just over half of the energy deposits offered in an auction that failed to attract bids from most of the big oil companies that initially expressed interest.

DNO accelerates Kurdistan operations, while building up North Sea exposure

DNO ASA, the Norwegian oil and gas operator, today announced expansion and acceleration of operations in the Kurdistan region of Iraq, while building up its North Sea exposure. First quarter revenues, the highest in nearly four years, stood at $142 million and net profit at $18 million.

Gazprom Neft commissions second well at Sarqala field in Iraq

Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has commissioned a second well — the Sarqala-2 — at its Sarqala field (within the Garmian block), located in the Kurdistan Region of Iraq (KRI).

Oil holds loss as hope of new Iran deal eases sanction concern

Oil held losses below $68/bbl after French President Emmanuel Macron called for a new Iran nuclear deal to keep the U.S. on board, raising speculation sanctions on the OPEC producer may be averted.

SDX Energy reports oil discovery in Egypt's West Gharib Concession

SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul 4 Well in the West Gharib Concession in Egypt.