ADVERTISEMENT



OIL AND GAS

No hope for any increase in oil prices

July 21, 2019

No hope for any increase in oil prices

KUWAIT CITY, July 20: Kuwait’s total reserve of gold and cash is close to KD 12 billion ($36 billion) as of end of last month. Our total deficit in this year’s budget is close to KD 8 billion.

Our estimated oil price for the current budget is $55 per barrel. The crude oil production is at 2.7 million barrels per day,"... Continue Reading

Oil caught between geopolitics and global growth concerns

July 18, 2019

Oil caught between geopolitics and global growth concerns

KUWAIT: June saw oil prices whipsawed by opposing bullish and bearish forces, falling earlier in the month to their lowest levels since late January before rising to end higher at $66.6/bbl (Brent) and $58.5/bbl (WTI). Brent and WTI’s year-to-date gains stood at 24 percent and 29 percent, respectively, by June’s close.

... Continue Reading

Renewable energy, last refuge for oil companies

July 14, 2019

Renewable energy, last refuge for oil companies

Last week, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammad Barkindo of Nigeria called climate protesters the “greatest threat” to fossil fuels. This outburst probably stemmed from the realization that climate change activists were the vanguard of a growing consumer movement around the world that could bring in governments with an explicit mandate for"... Continue Reading

Has OPEC reached its limits?

July 14, 2019

Has OPEC reached its limits?

Has OPEC reached its limits or does it have more breath to continue functioning alone as an independent organization without the need for any outside help? Since 2016, OPEC has not been able to function without inviting a very powerful third party to assist it in managing the oil situation, and bringing the oil prices to some acceptable level. Now that the USA shale is taking over as the biggest oil producer"... Continue Reading

Kuwait cuts August crude prices to Asia – sources

July 11, 2019

Kuwait cuts August crude prices to Asia – sources

Kuwait Petroleum Corp (KPC) has cut the official selling prices (OSPs) for two key crude grades it sells to Asia in August, two sources with direct knowledge of the matter said on Wednesday.

The Kuwait Export Crude (KEC) price for August was set at $1.40 a barrel above the average of Dubai and Oman quotes, down 25 cents a barrel"... Continue Reading

Bid to resume oil production in Khafji

July 7, 2019

Bid to resume oil production in Khafji

KUWAIT CITY, July 6: The last point of contention between Kuwait and Saudi Arabia to resume oil production in the Khafji divided area is related to the appropriate compensation mechanism for Chevron, noting that there is almost a technical agreement between the two sides to resume production, as soon as possible, reports Al-Rai daily quoting informed sources quoting Bloomberg.

Bloomberg,"... Continue Reading

Kuwait’s crude oil exports to Japan surge 22.7 percent

July 3, 2019

Kuwait’s crude oil exports to Japan surge 22.7 percent

Kuwait’s crude oil exports to Japan in May surged 22.7 percent from a year earlier to 7.72 million barrels, or 249,000 barrels per day (bpd), up for the fourth straight month, government data showed yesterday. As Japan’s fourth-biggest oil provider, Kuwait supplied 8.2 percent of the East Asian nation’s total crude imports, the Japanese Natural Resources and Energy Agency said in a preliminary"... Continue Reading

Halliburton inks $597m deal to explore for oil off Kuwait coast

July 2, 2019

Halliburton inks $597m deal to explore for oil off Kuwait coast

Halliburton Co and state-owned Kuwait Oil Co have signed a KD181.4 million ($597 million) contract to explore for oil off the coast of Kuwait, marking the Gulf state’s first foray into offshore services.

Development of the country’s offshore area will add an estimated 100,000 barrels to Kuwait’s daily production"... Continue Reading

KOC Awards Halliburton Integrated Offshore Services Contract

July 2, 2019

KOC Awards Halliburton Integrated Offshore Services Contract

Kuwait Oil Company (KOC) and Halliburton (NYSE: HAL) today announced the companies have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf. Through Halliburton Project Management, the Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled"... Continue Reading

End of oil’s golden days

June 30, 2019

End of oil’s golden days

WE hope the oil-rich countries will start realizing that the future of oil and oil prices don’t look as promising as it used to. The dream of reaching $100 per barrel or closer is over.

For the next five to ten years, the oil price will hover within the close range of $60 to $65, if we are being optimistic about the latter"... Continue Reading

Found articles: - Pages