MENA ///

Dana Gas bid to void debt stuns analysts who question motive

A decision by a Middle Eastern gas producer to declare its own Shariah-compliant bonds unlawful has baffled investors in the $2-trillion Islamic finance industry.

Petrofac secures five-year training agreement with Kuwait Oil Co.

Petrofac has agreed a five-year relationship with Kuwait Oil Company (KOC) for the provision of specialist technical training and competency development services.

Proserv Middle East secures multiple contract awards

Energy services company Proserv has been awarded a series of contracts worth a combined value of more than $11 million for its production control new-build and after-market services in the Middle East.

Premier Oil announces $65.6-million sale of Pakistan business

Premier has announced that it has signed a share purchase agreement with Al-Haj Energy Limited (Al-Haj) for the sale of Premier Oil Pakistan Holdings BV, which comprises Premier’s Pakistan business for a cash consideration of $65.6 million.

ProSep wins order to supply ProMix units to Middle Eastern NOC

ProSep is to supply four ProMix units to a national oil company based in the Middle East, the company said Tuesday.

BP, Kuwait Petroleum sign cooperation agreement

BP and Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures.

SNC-Lavalin wins $800-million EPC project in the Middle East

SNC-Lavalin has been awarded a significant oil and gas contract in the Middle East with an approximate value of $800 million.

Increasing efficiency is key to success in Middle East, says Amec Foster Wheeler

Increasing operational efficiency is vital in order to remain competitive, Amec Foster Wheeler said ahead of ADIPEC, which will take place in Abu Dhabi next week.

LAGCOE 2015 welcomes more than 16,400 attendees

Louisiana Gulf Coast Oil Exposition (LAGCOE) 2015 has welcomed more than 16,400 from 46 countries and 49 states to the Cajundome & Convention Center in Lafayette, La., on Oct. 27 to 29.

EMGC 2015: Industry experts call for clarity on Eastern Med trade laws

NICOSIA, Cyprus -- During the Day 1 lunch presentation at EMGC 2015, Bill R. Alashqar, Managing Director of US Independents for GE Oil & Gas, shared his perspective on the power of networks globally and in the U.S.

Altaaqa Global breaks ground for its headquarters at Dubai World Central

DUBAI -- Altaaqa Global CAT Rental Power, the global provider of temporary power solutions, broke ground at the site of its new headquarters at the Dubai World Central, on December 3, 2014.

Halliburton to cut 1,000 jobs in Eastern Hemisphere

HOUSTON – Halliburton is to cut approximately 1,000 jobs across multiple regions in the Eastern Hemisphere with immediate effect, the company said in a statement.

Oil to stay at about $65 for six months, Kuwait Petroleum says

MANAMA (Bloomberg) -- Oil prices will stay at about $65/bbl for at least half a year, until OPEC changes its collective production or world economic growth revives, said the head of state-run Kuwait Petroleum Corp.

Saudi oil discounts to Asia seen widening as OPEC takes on shale

NEW YORK (Bloomberg) -- Saudi Arabia will probably deepen discounts for crude supplies to Asia after leading OPEC to maintain the group’s output target amid a global battle for market share.

U.A.E. backs OPEC move to halt swing-producer role in oil market

ABU DHABI (Bloomberg) -- The United Arab Emirates backs OPEC’s move to not play a so-called swing-producer role as oil prices decline, Energy Minister Suhail Al-Mazrouei said. “We don’t support to be a swing producer whenever prices fall,” Al-Mazrouei said in a statement on his Twitter account. The “market will dictate the right stable price and we are not targeting or setting a specific price.”

Seize all tanker trucks to and from Islamic State areas, UN says

NEW YORK (Bloomberg) -- Governments should seize all oil tanker-trucks coming from or headed to Islamic State-held territories in Iraq and Syria to help stop smuggling by the extremist group, United Nations advisers said. The UN Security Council should adopt a resolution authorizing the move, which would help limit a major source of revenue for the terrorists, a UN panel that monitors the council’s sanctions against al-Qaeda and all associated individuals and entities said in a report.

ISIL oil production worth an estimated $800 million per year, IHS says

WASHINGTON, D.C. – Current oil production by the Islamic State in the Levant (ISIL) is estimated to be worth $800 million per year, equivalent to more than $2 million per day, according to new estimates by IHS. The terrorist group -- also known as the Islamic State of Iraq and Syria (ISIS), the Islamic State and Daesh -- is able to generate significant revenues despite producing only a fraction of the pre-war oil capacity of the territory it controls and selling what oil it does produce at a steep discount on the black market.

Mountwest Gulf FZE expands Dubai facility, capabilities

DUBAI -– The Mountwest Group has renewed its commitment in the Middle East through enlarged manufacturing facilities and improved capabilities. Installation of purpose built machines with unmatched features at Mountwest Gulf FZE displays its expectations of exponential growth in the region.

Dragon proposes $787 million offer for explorer Petroceltic

DUBAI (Bloomberg) -- Dragon Oil proposed a $787 million (492 million pound) cash offer for Petroceltic International to add exploration and production operations in North Africa and Kurdistan.

Deeper Saudi oil cuts seen after biggest drop since ’12

RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabia will need to keep cutting oil output to sustain prices above $100/bbl, even after the kingdom’s largest reduction in two years, according to BNP Paribas SA and Societe Generale SA.