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OIL AND GAS

KOC signs $1.3 billion contracts to buy over 86 drilling rigs

November 19, 2018

KOC signs $1.3 billion contracts to buy over 86 drilling rigs

KUWAIT: Kuwait Oil Company (KOC) recently signed contracts to buy over 86 drilling rigs, which is the largest order in KOC’s history with a total value of $1.3 billion, company CEO Jamal Jaafar said. He also noted that 30 rigs had already been delivered by the contracted Chinese, American and Italian companies. The rigs were purchased instead of being rented due to the prohibitive daily rental price"... Continue Reading

$70 oil price is comfortable for all – US disappoints producers with its Iran waivers-Kuwait

November 18, 2018

$70 oil price is comfortable for all – US disappoints producers with its Iran waivers-Kuwait

Russia, the biggest oil producer, clearly stated last week that an oil price of $70 per barrel is satisfactory. With this, rest of the oil producers feel better and will take prompt actions on their part to reduce their production in order to bring the oil prices to a comfortable level. Regardless of the forthcoming OPEC meeting next month, the outcome is clear. Saudi Arabia, the biggest exporter, announced"... Continue Reading

Great Eastern Energy Corporation to Venture into Shale Gas Exploration

November 16, 2018

Great Eastern Energy Corporation to Venture into Shale Gas Exploration

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (“CBM”) Company, today announced an upgrade in its resources at its Raniganj (South) block, which has been provided by the independent reserve engineers, Advance Resources International, Inc. (“ARI”).

The"... Continue Reading

Oil market will face surplus in 2019: IEA

November 15, 2018

Oil market will face surplus in 2019: IEA

LONDON: Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said yesterday.

In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from"... Continue Reading

Oil prices fall on receding supply shortage fears, weaker outlook

November 14, 2018

Oil prices fall on receding supply shortage fears, weaker outlook

KUWAIT: Since peaking at near four-year highs in early October, oil prices have dropped by more than 18 percent, to around $70/bbl (Brent) and $60/bbl (WTI), as bullish market sentiments shift perceptibly more bearish on receding fears of a supply shortage caused by US sanctions on Iran, record high US crude production and on a weaker global economic and oil demand outlook. The Trump administration’s"... Continue Reading

Kuwait Oil Company ‘suspends’ work Wednesday due to weather

November 14, 2018

Kuwait Oil Company ‘suspends’ work Wednesday due to weather

CAIRO, Nov 13, (Agencies): Kuwait Petroleum Corporation (KPC) has suspended work at all of its companies on Wednesday due to the extreme weather which has hit the country in recent days.

Kuwait’s Minister of Public Works, Hussam Al-Roumi, resigned on Friday because of the extensive damage to public property caused by heavy"... Continue Reading

Less oil production to help maintain balance

November 13, 2018

Less oil production to help maintain balance

ABU DHABI, Nov 12, (KUNA) : Reducing oil production to maintain market balance could be necessary in the not too distant future, a Kuwaiti official warned on Sunday. OPEC ministerial talks held here revealed commitment to reduction by 104 percent in October, Kuwait’s OPEC representative and Kuwait Petroleum Corporation (KPC) official Haithem Al-Ghais said.

The"... Continue Reading

Kuwait Celebrates First Light Crude Oil Export

November 10, 2018

Kuwait Celebrates First Light Crude Oil Export

Kuwait celebrated the export of the first shipment of light crude oil, while state-owned Kuwait Oil Company said the country plans to increase production capacity of light oil in five years to 250 thousand barrels per day (bpd).

Under the auspices of Emir Sheikh Sabah AL-Ahmad AL-Jaber AL-Sabah, Kuwait held on Wednesday a ceremony"... Continue Reading

China's Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

November 10, 2018

China's Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

SHANGHAI, Nov 9 (Reuters) - China'sSinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.

The Saudi volumes will be processed at Sinochem's wholly-owned"... Continue Reading

Price spike seen for Kuwait ‘light crude oil ’ – ‘Demand high

November 10, 2018

Price spike seen for Kuwait ‘light crude oil ’ – ‘Demand high

: On the occasion of Kuwait’s first light crude oil shipment, MP Osama Al-Shaheen praised all the concerned officials and employees for their efforts in making such a milestone possible; pointing out this new type of oil will increase the price of one barrel by five US dollars, as opposed to the old type which the country has been producing for more than 70 years now.

Speaking"... Continue Reading

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