Special to WorldTribune.com CAIRO — Egypt has signed energy deals with Western majors as well as Tunisia. The Egyptian Petroleum Ministry said the Cairo government signed crude oil and natural gas exploration contracts worth $187 million with companies from Canada, Germany, Italy and Tunisia. The ministry said Germany’s RWE was awarded two exploration blocks while […]
Special to WorldTribune.com CAIRO — Egypt has advanced in negotiations to repay its $6 billion debt to foreign energy companies. Prime Minister Hazem Beblawi said Egypt was drafting a schedule for the repayment of its $6 billion debt to Arab and Western energy companies. Beblawi acknowledged that the debt has suspended foreign energy investment plans […]
Special to WorldTribune.com ABU DHABI — A leading Gulf energy company has reported a drastic decline in profits in 2013. Dana Gas, based in the United Arab Emirates, reported a sharp decline in profits during the second quarter of this year. The company reported net profit at $27.2 million, compared to $49.2 million during the […]
Special to WorldTribune.com ABU DHABI — There are few greater oil powers than Iraq, and few more vulnerable entities than Iraq’s northern autonomous region of Kurdistan. So, how is it that Western energy majors are abandoning Iraq for Kurdistan? The answer lies in a key lesson of Arab Spring: Western companies, burned in Libya, would […]
Special to WorldTribune.com ABU DHABI — Two companies from the United Arab Emirates have invested nearly $1 billion to develop energy assets in Iraq’s Kurdistan. The UAE-based Dana Gas and Crescent Petroleum reported investing $963 million in the autonomous Kurdish region of northern Iraq by July. The two companies said they plan to expand exploration […]