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OIL AND GAS
US Defence chief arrives in Saudi
by Staff Writers
Jeddah, Saudi Arabia (AFP) May 13, 2014


Asian companies express interest in sanction-strapped Iran
Tehran (UPI) May 13, 2013 - Indian and Chinese companies were among those expressing interest in working in the Iranian energy sector, an executive from the National Iranian Oil Co. said.

Mohammad Ali Emadi, deputy director of the NIOC, said India's state-run Oil and Natural Gas Corp and China National Offshore Oil Corp. were among those expressing interest in Iranian energy projects during a recent summit in Columbia.

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to curb nuclear activity. Monday's announcement from NIOC followed a similar statement from Iran's Industrial Development and Renovation Organization.

Last month, Iran said it would switch state oil and natural gas contracts from a buy-back system, where contractors are paid a set price of oil and natural gas produced, to a joint venture system, where Iranian companies work through a partnership with international companies.

Iran's energy sector is still under sanctions pressure because of its controversial nuclear program. Iran and Western negotiators met Tuesday in Vienna for another round of talks to discuss nuclear issues.

Egyptian government says BP plans major role in energy sector
Cairo (UPI) May 13, 2013 - British energy company BP aims to invest about $1.5 billion in the Egyptian oil and gas sector, the Egyptian government said.

State-run media in Egypt said Monday representatives from BP met Prime Minister Ibrahim Mahlab and Oil Minister Sherif Ismal in Cairo to discuss work in the Egyptian energy sector. The government said the delegation welcomed Egyptian efforts to overcome "obstacles facing companies working on the Egyptian market."

BP's counterpart, BG Group, expressed concern about its future operations in Egypt, citing continued diversions of natural gas to the domestic market. No cargoes of liquefied natural gas left Egypt during the first quarter of 2014 and the company said it produced 66,000 barrels of oil equivalent per day in Egypt, down 35 percent from fourth quarter 2013.

The Egyptian government said BP is investing $1.5 billion in the oil and gas sector during the second half of the year. There was no public statement from BP about the Egyptian government's statement.

Egypt expects to draw in international investors to an auction for nearly two dozen exploration licenses set for July.

US Defence Secretary Chuck Hagel arrived in the Saudi Arabia Tuesday, the first leg of a regional tour focusing on Iran's nuclear programme and Syria's civil war.

Hagel will hold talks with Saudi officials and on Wednesday he will meet Gulf Cooperation Council defence ministers in the first US-GCC meeting of its kind since 2008.

An AFP photographer said Hagel's plane touched down in the Red Sea city of Jeddah, ahead of a planned tour that US officials said will also take him to Jordan and Israel.

"This trip will be the secretary's third to the Middle East in just over a year, and it will advance America's regional strategy in that region," Pentagon press secretary Rear Admiral John Kirby said last week.

US officials have struggled to reassure Gulf states, particularly Saudi Arabia, over an interim nuclear deal with Iran that the Saudis worry will embolden Tehran.

The energy-rich GCC has also been dissatisfied with Washington's cautious approach to arming rebel forces in Syria.

Kirby last week said the US-GCC meeting will namely offer Hagel a chance "to underscore US security commitments in the Middle East and to reinforce the United States' unstinting policy of preventing Iran from acquiring a nuclear weapon and further destabilising the region."

The gathering will also focus on coordinating "air and missile defence, maritime security and cyber defence," he said.

After his stop in Saudi Arabia, Hagel will head to Jordan for talks on the raging civil war in its neighbour Syria.

"This visit will highlight the US commitment to the defence of Jordan, where more than 1,000 US personnel are on the ground working closely with Jordanian defence authorities," Kirby said.

Hagel will wrap up his regional tour in Israel for talks with top officials and to discuss efforts to bolster Israel's rocket and missile defences, Kirby said.

The tour is part of "our effort to work in a coordinated manner with allies and partners across the region to address common security challenges," according to the press secretary.

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