Dana, Egypt in talks over prices
ABU DHABI: Dana Gas said it was in talks with the Egyptian government to secure a higher price for some of the natural gas it extracts, as the North African country moves to encourage investment in energy.

Cairo has begun negotiating with international energy firms including Eni and RWE DEA, to raise the price it pays them, particularly when prices are not high enough to cover the costs of production.

Eni asset sales hit trouble
MILAN: Plans by Italian oil major Eni for major asset sales to help fund exploration and its dividend payments have hit problems due to diving oil and gas prices, sources say.

Eni has already sold assets worth €5 billion ($6.14 billion) to finance the generally more profitable business of finding oil and gas. CEO Claudio Descalzi still needs to raise €6 billion under an €11 billion programme lasting until 2017.

Saudi will cut only if others do
LONDON: Saudi Arabia would only consider cutting production if other countries, including non-Opec producer Russia, joined in limits, former Saudi intelligence chief Prince Turki bin Faisal said.

“The kingdom is not going to give up market share at this time for anybody and allow producers whether in Russia, Nigeria, Iran and other places to sell to Saudi customers because we cut our production,” Prince Turki said during a visit to London.

Scale of Shell spill shocking
BONNY ISLAND: Niger Delta fishermen are no strangers to seeing oil spill into their waters from leaky pipelines, but even they were shocked by the scale of the slick stretching for miles from a Shell facility across the swamps and into the ocean. Some 3,800 barrels spilled, according to an investigation by Shell and government officials. It ranks as one of the worst in Nigeria for years, local environmental activists said.

Petronas delays nod for project
VANCOUVER: Petronas, Malaysia’s state-owned oil and gas company, delayed giving the final go-ahead for its planned investment in a $11 billion liquefied natural gas export terminal in British Columbia, citing high costs and other outstanding issues. “Costs associated with the pipeline and LNG facility remain challenging and must be reduced further before a positive FID (final investment decision) can be undertaken,” the company said.