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Latest News & Updates

World Oil

SDX Energy Inc., the North Africa focused oil and gas company, has announced the positive results of the well test conducted on the Ibn Yunus 1X well, following the recent conventional natural gas discovery at South Disouq, Egypt
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The oil price spread that will determine the type of crude bought by Asia in the wake of U.S. sanctions on Iran is currently in favor of American supply.
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Iran plans to sign a $1.16-billion agreement with the UK’s Pergas Resources International Ltd. to work on a southern oil field, marking the Persian Gulf nation’s first energy venture with a foreign company since U.S. President Donald Trump ripped up the Iran nuclear deal.
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Oil climbed to a three-year high near $79/bbl in London on heightened political risks in the Middle East following unrest in Gaza and the return of sanctions against Iran.
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If European powers are to succeed in holding together a nuclear deal with Iran that the U.S. abandoned a week ago, then one issue they’ll need to consider is the insurance of oil tankers hauling the Persian Gulf country’s crude.
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Total has signed a Memorandum of Understanding (MOU) with the Government of Oman to develop natural gas resources in Oman. This MOU covers both upstream and downstream businesses.
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OPEC has enough spare production capacity to cushion oil markets as the U.S. re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
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Baker Hughes, a GE company (BHGE), is in talks with Abu Dhabi National Oil Co. to set up a partnership that could lead to the U.S. firm taking a minority stake in the state-owned energy giant’s drilling unit, according to people with knowledge of the matter.
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Lukoil and the Basra Oil Company signed a development plan for West Qurna-2 field that provides for an oil production plateau of 800,000 bpd. According to the plan, the oil production of 480,000 bpd will be reached in 2020 and 800,000 bpd is expected in 2025.
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Crude traded little changed as Middle East conflicts are not seen escalating and output from other major producers is seen making up for any lost by Iran.
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