Abu Dhabi Awards China’s CEFC 4% Of Oil Concession For $900MM
Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi Continue Reading
Why The Aramco IPO Is Doubtful
Aramco IPO is the centerpiece of Saudi Vision 2030. $2 trillion valuation is desired. But Aramco pays a 20% royalty and 85% tax rate. Net present value of earnings only Continue Reading
Saudi Arabia Favors New York for Aramco IPO
Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, London or Toronto and has soured on the prospect of floating shares of the firm on Continue Reading
Russia’s Rosneft starts drilling in Iraq
Russian oil producer Rosneft reported Monday it started new drilling operations in Iraq, alongside a Chinese contracting partner. Rosneft said it started a new exploration well, which according to state Continue Reading
Iraqi forces battle their way toward Mosul airport
U.S.-backed Iraqi forces fought Islamic State fighters on Monday to clear the way to Mosul’s airport, on the second day of a ground offensive on the jihadists’ remaining stronghold in Continue Reading
US Defense Secretary Mattis: No plan to seize Iraqi oil
U.S. Defense Secretary Jim Mattis said Monday the United States does not intend to seize Iraqi oil, shifting away from an idea proposed by President Donald Trump that has rattled Continue Reading
Saudi Arabia debating shape of Aramco ahead of IPO: sources
An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Saudi Arabia is considering two options for the shape of Continue Reading
Gulf States to maintain defense spending despite oil price slump
Gulf Arab states are poised to continue to spend billions of dollars on defense despite low oil prices causing severe budget deficits forcing Gulf States to introduce austerity measures and Continue Reading
Iraq’s February Oil Sales Accelerate Despite OPEC Effort to Cut
Daniel Yergin Expects Big U.S. Oil Producer OPEC Response Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in Continue Reading
Iraq plans to acquire ‘large fleet’ of oil tankers
Iraq plans to acquire a “large fleet” of oil tankers to transport the OPEC nation’s crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The Continue Reading