Gulf Cooperation Council countries may struggle to refinance $94 billion of debt in the next two years as the region faces slowing growth, rising rates and rating downgrades, according to Continue Reading
Oman, the poorest Gulf Arab country on the basis of economic output per person, was cut for the first time by Moody’s Investors Service, which cited the negative impact of Continue Reading
The negative impact from the plunge in oil prices rippled further throughout crude-producing nations as Standard & Poor’s cut the credit ratings of Saudi Arabia, Oman, Bahrain and Kazakhstan. Saudi Continue Reading
BP Plc and state-owned Oman Oil Co. agreed to expand an exploration and production sharing agreement of the Khazzan natural gas field to include a second development phase, at an Continue Reading
Venezuelan Oil Minister Eulogio Del Pino, on a tour of oil producers to lobby for action to prop up prices, said on Thursday he had a “good and productive” meeting Continue Reading
Bahrain and Oman on Tuesday reduced government subsidies on gasoline, becoming the latest Gulf Arab countries to try to cut back on spending and offset the effect of oil prices, Continue Reading
Oman’s Shura Council voted to hike corporate taxes as the Middle East’s largest oil producer outside of OPEC faces another year of shrinking government revenue. The elected advisory body voted Continue Reading
A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.” Gloom Continue Reading
Oman exported more crude oil in June than it produced after trading giant ChinaOil picked up an unprecedented 49 cargoes during the Platts Dubai Market on Close assessment process in April. China, which has been the biggest buyer of Oman crude in recent years, accounted for 90% of the country’s overall crude exports in June, up more than 12% from May, according to data released by Oman’s oil and gas ministry over the weekend. Oman exported 912,015 b/d of crude oil in June — up 11.28% from May — even as its production was only 888,636 b/d, according to government data. In addition to exports, it also supplied 134,366 b/d of crude to domestic refineries, up from 92,534 b/d in May. While China’s share of Oman crude reached a record high, it wasn’t immediately clear where the additional export barrels came from. Traders said the extra crude could be […]
A rendering of a solar-thermal facility in the desert. For years, the unforgiving desert of Oman has required special tools to extract some of the planet’s heaviest crude. The Persian Gulf sultanate’s repertoire now includes a technology not generally associated with oil pumping: solar power. One of the world’s largest solar plants will be constructed to coax Oman’s heavy oil out of the ground, according to Oman and its partners, Royal Dutch Shell RDS.A -0.29 % PLC and French energy company Total SA TOT 0.59 % . Called Miraah, which means “mirror” in Arabic, the 1,021 megawatt solar-thermal facility is slated to be completed in 2017 and located at the Amal West oil field in South Oman. The solar plant will be built by Petroleum Development Oman, a joint venture between the Omani government, Shell and Total, and GlassPoint Solar, a Fremont, Calif.-based solar manufacturer. The construction of a […]
