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CORRECTED-Oil prices jump over 2 pct on Saudi Arabia, Iran tensions

(Corrects year in paragraph 5 to 2015) By Henning Gloystein SINGAPORE, Jan 4 (Reuters) - Oil prices jumped over 2 percent in the first trading hours of 2016 as relations between Middle Eastern rivals Saudi Arabia and Iran deteriorated following Riyadh's execution of a prominent Shi'ite Muslim cleric. Saudi Arabia cut diplomatic ties with Iran on Sunday, responding to the storming of its embassy in Tehran in an escalating row between the two major oil producers over Riyadh's execut

Polish refiner PKN Orlen acquires FX Energy for $125m

Polish oil refiner and petrol retailer PKN Orlen’s subsidiary Orlen Upstream has completed acquisition of independent oil and gas company FX Energy for $125m.

Clough AMEC awarded Brownfield services contract for Bayu-Undan, Timor

Clough announce that Clough AMEC has been awarded a new three year contract with ConocoPhillips in Australia, to provide asset support, operations and maintenance services to the Bayu-Undan offshore field development, located in the Timor Sea.

Polarcus extends support services agreement with Turkish Petroleum

Polarcus announce a two-year extension of the support services agreement with Turkish Petroleum covering seismic data acquisition management, maritime management and crewing support.

U.S. urges engagement, calm after Saudi Arabia cuts Iran ties

WASHINGTON, Jan 3 (Reuters) - The United States on Sunday responded to Saudi Arabia's decision to cut diplomatic ties with Iran by encouraging diplomatic engagement and calling for leaders throughout the region to take "affirmative steps" to reduce tensions.<

Oman sets plan to halve oil's role in economy

MUSCAT, Jan 3 (Reuters) - Oman's government has released a five-year plan to halve the economy's dependence on the oil industry as low crude prices pressure government finances.

Big oil to cut investment again in 2016

LONDON, Jan 3 (Reuters) - With crude prices at 11-year lows, the world's biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors.

UPDATE 1-Iran says boosting oil exports depends on future demand

DUBAI, Jan 3 (Reuters) - A rise in Iran's crude oil exports once sanctions against it are lifted depends on future global oil demand and should not further weaken oil prices, senior officials were quoted as saying.

UPDATE 1-Egypt arrears owed to oil firms rises to $3 billion at end-2015

CAIRO, Jan 3 (Reuters) - Egypt's outstanding arrears to foreign oil companies rose to $3 billion at the end of December 2015 from $2.7 billion at the end of October, Petroleum Minister Tarek El Molla told Reuters on Sunday.

Egypt arrears owed to oil firms rises to $3 billion at end-2015

CAIRO, Jan 3 (Reuters) - Egypt's outstanding arrears to foreign oil companies rose to $3 billion at the end of December 2015 from $2.7 billion at the end of October, Petroleum Minister Tarek El Molla told Reuters on Sunday.

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