DUBAI: United Arab Emirates-based Crescent Petroleum is gearing up for expansion in the Iraqi oil and gas sector and a debut into Libya and Lebanon, its chief executive said on Monday.
As new governments try to meet the urgent needs for job creation and economic diversification in the wake of the Arab Spring, regional oil and gas producing companies are seeking partnerships with new leaders to set up ventures and take over concessions left behind by international companies.
“We are looking at entering Libya with the right opportunity. Other countries like Lebanon, despite plans being delayed, have been setting up regulations bodies in preparation. It’s an area of potential interest,” Majid Jafar said on the sidelines of the World Economic Forum in Dubai.
Crescent Petroleum, which is based in Sharjah and has its major operations in the United Arab Emirates, Iraq’s Kurdistan region and Egypt, plans to expand investment and production in Kurdistan and into other areas in Iraq given the country’s under-explored state.
Mideast crude tanker rates at 4-month high
LONDON: Crude oil tanker earnings on the major Middle East route rose to their highest in four months yesterday as firmer activity boosted sentiment after months of weakness.
Brokers said a fall in bunker fuel costs also boosted profitability for ship owners who have been struggling to cover operating expenses on voyages.
The world’s benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W45.73 in the worldscale measure of freight rates, or $13,928 a day when translated into average earnings and were at their highest since June 7, marking a fifth straight session of positive earnings.
Brent slips after IEA slashes demand forecasts
LONDON: Brent oil prices fell yesterday after the International Energy Agency cut its global crude demand forecasts, while sentiment was also hit by worries over the looming US “fiscal cliff” and the ongoing eurozone debt crisis.
In late afternoon London deals, Brent North Sea crude for delivery in December fell 86 cents to $108.21 a barrel. New York’s main contract, light sweet crude for December traded in negative territory for most of the day, but recovered to stand at $85.61 per barrel, up five cents from Monday’s closing level.
“Oil prices on both the Brent and US measure have slid lower today after the IEA downgraded its forecasts,” said CMC Markets analyst Michael Hewson.