TAQA has made a strategic investment by purchasing 74mn common shares of WesternZagros worth US$ 45.7mn through private placement which gives TAQA 19.9per cent stake in the company.
The International Energy Agency (IEA) and OPEC have cut growth estimates for oil demand in 2011 and 2012 as global economic conditions worsen.
BP will make a final decision on whether to go ahead with a potential US$15 billion investment in Oman's Khazzan tight gas project in February 2013, Jonathan Evans, general manager of BP Oman said recently.
Oman plans to boost capacity at its Sohar refinery by up to 50 per cent by 2016 to satisfy its own rapidly rising fuel demand, the chief executive of Oman Oil Refineries and Petroleum Industries Company (Orpic) said.
Italian oil major Eni fears its largest oilfield in Libya, known as 'Elephant', may be in ruins, which could dash hopes of a speedy return of Libyan supplies to global markets after months of war.
Alain Charles Middle East FZ-LLC
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