MILAN — Eni announces an oil discovery on the A-2X exploration prospect in the South West Meleiha license, in the Egyptian Western Desert, some 103 km north of the oasis of Siwa. The well is the first one drilled by Eni to explore the deep geological sequences of the Faghur basin. The exploratory well, named SWM A-2X, has been drilled ...

KUWAIT (Bloomberg) — Oil markets are expected to balance in the fourth quarter even as output from fellow OPEC members Libya and Nigeria as well as from shale oil producers is on the rise, according to Saudi Energy Minister Khalid Al-Falih. The global effort to reduce crude production since the start of the year is helping supply and demand move ...

KUWAIT (Bloomberg) — Saudi Arabia and the United Arab Emirates are expected to relay to mediators what they want Qatar do to in return for ending their isolation of the tiny Gulf nation, according to a Gulf official with direct knowledge of the matter. The proposals, which may come in the next two days, would make it easier to end the ...

LONDON (Bloomberg) — Iraq’s ambition to boost oil-output capacity to a record 5 MMbpd is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, consultants Wood Mackenzie Ltd. said. Iraq, which has been rehabilitating its oil industry after years of conflict, has vowed to keep expanding capacity while respecting an Organization of Petroleum Exporting Countries’ accord ...

ALLENDALE, N.J. — Leistritz Advanced Technologies Corp. has announced the installation of two Multi-phase Production Systems (MPS) in Kuwait. The project was executed by Mechanical Engineering & Contracting Co. (MECC) of Kuwait and the MPS’s are located in the Greater Burgan oil field. Each Leistritz MPS satisfied rigorous manufacturing and testing requirements and will boost up to 300,000 bpd equivalent ...

LONDON (Bloomberg) — Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that U.S. companies are drilling even more wells. Futures added 1.4% in New York after sliding 3.8% last week. Inventories are declining and reductions will accelerate in the next three to four months, Saudi Energy ...

TOKYO (Bloomberg) — As Qatar grapples with deepening diplomatic isolation, Japanese liquefied natural gas buyers are pushing the world’s largest seller for cheaper supplies. Both Jera Co., one of the biggest LNG purchasers, and Tokyo Gas haven’t decided if they’ll sign new deals with Qatar to replace current contracts that begin expiring in 2021, according to executives from both companies. ...

TEHRAN, May 08 (Shana) — Iran Oil Show opened in Tehran on May 6 and finished at May 9.

ABU DHABI (Bloomberg) — Abu Dhabi National Energy Co. is considering boosting investments in existing oil and natural gas assets that may increase production from Canada to Iraq after posting its first quarterly profit since 2015. The shares climbed the most in five weeks. “We are planning to spend $500 million into capex, and that’s going to be across the ...

LONDON and DUBAI (Bloomberg) — Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S. The kingdom’s sovereign wealth fund is set to announce plans to deploy as much as $40 billion into U.S. infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next ...