Reuters said in its report that Britain's BP PLC has closed a $16 billion deal to develop Oman's Khazzan tight gas project. Construction of the tight gas project is expected to begin next year, while first gas is expected in late 2017.
Oman
S&P downgrades Saudi Arabia to 'A Minus / A-2'
Standard & Poor's (S&P) has cut rating on Kingdom of Saudi Arabia (KSA) as it's suffering from lower oil prices. The long -term foreign and local currency sovereign credit has been lowered to 'A minus/ A-2' from 'A plus / A-1.'
Cheap oil benefits consumers, hits governments
The lower oil price for about 19 months is benefiting the consumers, but creating a lot of problems for the global governments and business firms. Many banks and the US government forecast oil price above $40 a barrel this year. The oil price fell to below $30 during the past 19 months from $107 a barrel.
Oil price may rebound 50% in 2016
The latest forecast indicates 50 percent rebound in oil prices by the end of 2016. The oil price could be higher by $15 per barrel this year taking the New York crude to $46 a barrel by fourth quarter and Brent to $48 during the same period. The drop in US shale output is likely to drive oil price up in the second half of 2016.
Oil rises on production cut speculation, pares losses in January
Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.
Latest News
The offered senior notes from Renaissance is worth USD350 million with a five year term. Renaissance Services, an Omani based firm, announced last Monday that its subsidiary, Topaz Marine was in the process of marketing a five year USD350 million senior note offer.
One of Oman's largest construction firms have issued a rights issue that was 96% oversubscribed.
Leading Japanese trading firm Itochu formalizes latest contract with the Sultanate of Oman for oil imports.
Oxea was purchased by Oman Oil Company from Advent International for EUR1.8 billion. An agreement was formalized between Oman Oil Co and Advent International for the purchase of Oxea.
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