Home / Oil&Gas Middle East

January 1st, 1970

Issues:

Taiwan increases Kurdish KBT crude imports

State-owned CPC Corp bought 1mn barrels of Kurdish KBT crude for the first time in the second quarter, and Formosa Petrochemical Corp has resumed purchases of this grade after a near nine-month break
 

KSA sets tax rates on oil & hydrocarbon producers

The tax rate for investments exceeding $100bn will be 50%, SPA said. It gave other rates for producers with smaller investments
 

OPEC, non-OPEC committee recommends extending cut

OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies
 

BP makes 3rd gas discovery in Egypt concession

The Qattameya Shallow-1 exploration well was drilled to a total depth of 1,961 metres in water depth of around 108 metres
 

Schlumberger, Weatherford JV to beat Halliburton

Schlumberger will own 70% and be the operator of the hydraulic fracturing partnership, to be known as OneStim
 

Market to determine OPEC cut extension: Al-Luaibi

The output cut deal has elevated the price of crude to more than $50 a barrel but helped US shale oil producers boost their output, hampering efforts to reduce global stockpiles
 

LNG buyers unite to push for flexible contracts

The unusual alliance will pressure LNG exporters who currently have clients locked into decades-long fixed supply contracts that oblige buyers to take fixed amounts of monthly volumes irrespective of demand
 

Saudi exports to US to fall by 300k bpd in March

The United States imported about 1.3mn bpd from OPEC's top exporter in February
 

Oman could cut crude exports by 15% for Sohar

A cut would likely affect China most, as the world's second-largest oil consumer buys close to 90% of Oman's exports
 

Algeria to curb oil output by 14% in next 4 years

Sonatrach plans to invest over $50bn in operations from 2017 to 2021 with the aim to increase production by 14%
 

Growth for oilfield services, drilling: Moody's

The revised outlook comes as oil prices and upstream spending show continued signs of recovery, buoyed by expected improvements in OFS operating margins from very depressed levels and an expansion of upstream drilling budgets
 

Saudi Aramco plans $2bn debut bond ahead of IPO

Saudi Aramco is preparing to sell bonds ahead of an IPO in 2018, the latest in a string of debt sales that raised almost $80bn for countries in the region
 

Oil advances on talk of extension to OPEC cuts

OPEC sources have indicated that its members increasingly favour extended production cuts but want the backing of non-OPEC oil producers, such as Russia
 

South Sudan rebels say seize four oil workers

The fighters loyal to former vice president Riek Machar said they had seized the four working for DAR Petroleum Operating Company from Upper Nile State last week - the second group of oil workers abducted this month.
 

Extended Block 61 to boost gas output by 40%

With Khazzan due to deliver a billion cubic feet a day by the end of 2017, the two fields will together eventually increase Oman’s natural gas supply by around 40%.
 

MENA energy investments to approach $1tn: APICORP

While global investments in the industry continued their decline in 2016, down by 24% as compared to 2015, the MENA region is expected to see an increase of 7% in energy investment activity compared to data of the previous year
 

Iran's South Pars field has begun oil production

The wells are expected to initially produce 5,000 barrels per day (bpd) and that should increase to 35,000 bpd within a week
 

Saudi Aramco resumes Egypt oil deliveries

Saudi Arabia agreed to finance Egyptian imports of refined products from Aramco for five years in a $23bn deal, but the shipments were suspended last October due to a spat between the two countries
 

Cyprus cabinet approves QP offshore block deals

Eni and Total are in a consortium for one of the blocks, while ExxonMobil and Qatar have joined up for another. Eni will be on its own in a third block
 

Gulf markets may see more IPOs with the downturn

The planned initial public offering (IPO) of Saudi Arabia's oil giant Aramco could encourage other Gulf countries to list parts of their prized oil assets, reversing a steady decline in market listings
 

KSA, China to discuss CIC, CNPC investment in IPO

The nation's $814bn China Investment Corp would be the principle investor in the planned flotation by Saudi Arabian Oil Co, and CNPC may also invest in the IPO, according to Reuters
 

Aramco to resume oil shipments to Egypt soon

The Egyptian ministry said in a statement it was working out a timetable with Aramco for the resumption of shipments
 

Total seeks stake in $4bn Iranian gas field

Total said the South Pars 11 project would require investment of about $4bn, with the French firm financing 50.1% with equity contributions and payments in non-US currency
 

Lebanon to lure oil & gas investments in May event

The challenges and the road ahead for companies investing in Lebanon's oil and gas industry will also be deliberated upon during the 3rd edition of the Lebanon International Oil & Gas (LIOG) Summit on the 9th and 10th of May in Beirut
 

Oil price stabilisation to help GCC banks: Report

Funding pressure to ease for GCC banks in 2017 on oil price stabilisation, international sovereign debt issuance, Moody's says in its report
 

Omani OOCEP named fastest-growing regional company

OOCEP earned this recognition after witnessing its net production significantly increase to 57,000 barrels of oil equivalent per day since 2015
 

Aramco selects FTI as global media advisor for IPO

Industry sources have told Reuters that FTI Consulting's main competition in the bidding was international consulting firm Brunswick Group
 

PDO extends Bilfinger's engineering contract

The contract with PDO will be extended by a further three years and will now run until 2021, with an estimated turnover of about $212.60mn for Bilfinger
 

Adnoc, SBGS rescue rare dugong from fishing net

In a three-hour long rescue operation, the team set the 1.5m long marine mammal free after the fishing net, with multiple attached floats, had become entangled around the Dugong's tail, preventing it from diving and grazing on sea grasses
 

RakGas, Bell Geospace sign contract in Zanzibar

The contract with RakGas includes the acquisition of 3D Full Tensor Gradiometry (FTG) data as well as processing and interpretative services
 

Heavy oil consolidates status in energy mix: BAPCO

The Middle East holds nearly 1tn barrels of heavy crude oil, accounting for nearly 30% of the world's reserves, according to an industry Report
 

Somali pirates hijack Fujairah-managed oil tanker

The 1,800 deadweight tonne Aris 13 is owned by Panama company Armi Shipping and managed by Aurora Ship Management in the United Arab Emirates, according to the Equasis shipping data website, managed by the French transport ministry
 

Algeria energy regulator awaits favourable market

ALNAFT president says North African country planning to intensify efforts to unlock and develop untapped reserves; believes NAPEC event will provide platform for government to attract collaboration
 

Iran leapfrogs Iraq as India's no. 2 oil supplier

The jump meant Iran replaced regional rival Iraq as India's second-biggest oil supplier - a role Tehran used to occupy before Western sanctions were imposed against it over the country's disputed nuclear programme
 

KSA, Kuwait yet to resume Neutral Zone production

The root of the issue dates back to 2014 when Saudi Arabia decided to shut down the Al Khafji Field citing unspecified environmental issues.
 

Gazprom allays worries over antitrust issues

As part of the deal, EU regulators said Gazprom will also drop clauses in its supply contracts with wholesalers and some industrial customers barring them from exporting its gas to other countries
 

Alaska oil discovery, the biggest in 30 years

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices
 

Technology key to leveraging heavy oil's potential

Heavy oil accounts for 21% of the world’s crude oil reserves, of which nearly 30% is in the Middle East, at 971bn barrels of heavy crude oil.
 

Oil prices hit 3-month low as US rig count climbs

Overshadowing the cuts, crude inventories in the United States, the world's top oil consumer, surged last week by 8.2mn barrels
 

Preparing the UAE for the end of the oil era

Emiratis were encouraged to move away from business and finance courses, seen as preparation for a government job, and pursue science, technology, mathematics, and especially engineering
 

UAE needs investments to plug forecast gas deficit

MEED report suggests there are several gas import projects in operation in the UAE, helping the country meet its natural gas demand
 

ADNOC, KNOC fail to renew Yeosu oil storage deal

The termination of this agreement comes just as the UAE has signed an agreement with India to store 5.86mn barrels of crude oil at its strategic storage facility
 

NDT CCS acquires majority stake in Omani firm

NDT CCS provides conventional and advanced NDT services as well as material testing laboratory services for a range of industrial sectors including oil and gas, petrochemicals, mining, nuclear and utilities
 

McDermott signs MoU to construct offshore KSA

McDermott expects to expand its capabilities and capacity in the region to serve its customers in offshore and subsea markets throughout the Middle East, Caspian and other markets in the Eastern Mediterranean Sea and offshore India and East Africa.
 

Shell still cool on post-sanctions Iranian oil

Of the oil majors, only Total has been buying Iranian crude over the past year in volumes comparable to pre-sanctions levels, which is looking to clinch a new deal with Tehran to develop oil and gas reserves.
 

OPEC output cut compliance at 140% in February

Supply cut reports from different OPEC members indicate a high level of compliance, contrary to prior expectations about commitment to the deal
 

PDO, Duqm authority sign training agreement

The renewable three-year MoU also stipulates that the parties will exchange experiences and best practices in areas that benefit Sezad and PDO
 

ADNOC celebrates International Women's Day

In a statement marking International Women’s Day, HE Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, praised the valuable contribution women are making to the continued success of the organisation
 

Aramco's energy industrial city seen at $4.4bn

Close to Abqaiq in eastern Saudi Arabia, the new industrial city will develop energy-related industries
 

QP, Exxon, Eni, Total bidding for offshore Cyprus

ENI and Total jointly negotiated a licence for a block off the island's south coast, ENI secured another on its own, and ExxonMobil and Qatar Petroleum successfully bid for a third.
 

PDO awards SNC-Lavalin five-year commissioning

Kentz will provide a variety of systems completions, commissioning and start-up service activities on a portfolio of oil and gas megaprojects including the Rabab Harweel Integrated Project and the Yibal Khuff Project.
 

OPEC invites US shale firms, hedge funds for talks

OPEC held unprecedented talks with fund executives this week and earlier held meetings with shale producers, including Pioneer Natural Resources Co and ConocoPhillips.
 

Oman's natural gas production, imports fall in Jan

Non-associated gas and imports dropped by 3.7% to 2,859 MNCM, while associated gas production fell by 8% to 565 MNCM, according to the latest statistics released by NCSI
 

Qatar Petroleum honours long-serving employees

QP's CSA Ceremony 2017 was held at the convention hall of QP Headquarters in West Bay, and it was also attended by the corporation’s executive vice presidents, vice presidents and other senior officials
 

New Dragon Oil chief to drive growth strategy

Industry veteran Ali Rashid Al-Jarwan to lead ENOC-owned subsidiary
 

Aramco to list locally and abroad in H2, 2018

"We have always said the listing will happen in the second half of 2018, everything is going very smoothly, we are evaluating different stock exchanges," chief executive Amin Nasser said
 

Mubadala, RCIF eyeing stake in Eurasia Drilling

According to Reuters, Russia-China Investment Fund was looking to team up with Mubadala to buy around 13%-15% of Eurasia Drilling Company's new shares.
 

Libyan forces mobilising to retrieve oil ports

The LNA took over the ports of Es Sider, Ras Lanuf, Brega and Zueitina in September, allowing the National Oil Corporation (NOC) to end a long blockade in the area and more than double national output
 

Funds expect Aramco to be valued around $1-1.5tn

Aramco's valuation is important for Saudi Arabia because it will determine how much money the government makes from the IPO and the size of foreign fund flows that are expected to enter the country to buy the shares
 

In Pictures: Flexitallic - ringmaster of gaskets

Benoit Labre reveals how the sealing equipment provider Flexitallic is consolidating its position as a leading supplier of gaskets to the oil and gas industry by offering innovative and effective products, and eyeing regional and global expansion
 

Global LNG demand set to grow 4-5% by 2030

Many expected a strong increase in new LNG supplies would outpace demand growth during 2016. Instead, demand growth kept pace with supply as greater than expected demand in Asia and the Middle East absorbed the increase in supply from Australia.
 

Libya's biggest oil port seized by armed group

The Benghazi Defense Brigades, a militia that’s not allied to the United Nations-backed government in Tripoli, took control of the Es Sider terminal, which had previously been under the control of eastern-based military commander Khalifa Haftar
 

Lukoil of Russia plans Middle East expansion

The company is currently involved in Iraq, with 400,000 bpd of oil production, and in Egypt, with 6,000 bpd
 

Iran's new EOR law not in conflict with IPC

The law demands oil ministry to use all tools and private companies' capacities to invest in EOR projects, especially in joint fields
 

Iran inks oil agreements with Austria

The Iranian vice president's advisor said the visit to Vienna was in line with a five-year plan to stimulate bilateral cooperation
 

OPEC must lower costs to compete with shale

Nigeria, which relies on crude sales for around two-thirds of government revenue, saw its economy shrink 1.5% in 2016 - the first full-year contraction in 25 years - largely due to lower oil receipts
 

Oman's oil exports to China fall 30% in January

The sultanate's oil production declined 4.1% to 29.93mn barrels in January 2017 from 31.2mn barres in January last year
 

Kurdistan negotiates $3bn oil pre-payment deals

Trading houses have been pre-financing Kurdish oil exports for the past two years after the government in Erbil decided to start independent oil exports via Turkey's Mediterranean terminals
 

Nakilat, Shell LNG tanker damaged off UAE

Sitting empty off the UAE port of Fujairah, a busy anchorage point on the Gulf of Oman, the tanker was struck by the Jag Laadki operated by India's Great Eastern Shipping Company
 

Total in talks to buy Iranian LNG project: Sources

Total was in the running for a stake in Iran's LNG, alongside several other oil majors, but any deal was still some way off, Reuters’ sources confirmed
 

OPEC's strategy to lift prices is wrong: Experts

Experts argue that history suggests prices are only heading down, which means that major oil producers should boost production rather than scale it back.
 

US crude imports from KSA, Iraq may decline soon

Although crude oil exports from Saudi Arabia and Iraq increased in November and December, transit times result in delays before these shipments arrive in the United States
 

Algeria, Exxon discuss joint offshore oil drilling

With lower oil prices forcing the company to focus on developing mature wells in the Sahara Desert, offshore rigs could open up new growth opportunities
 

Kuwait's oil exports to China above 250k bpd level

China drastically increased the quota for non-State crude imports in 2016 as it seeks to attract more private capital in the largely monopolised sector
 

US oil rises on record OPEC output cut compliance

OPEC has so far surprised the market by showing record compliance with oil-output curbs
 

Russia says may speed up oil output cuts

Energy Minister Alexander Novak added that Russia will cut oil production in February by more than the 117,000 bpd it reduced in January.
 

Russia in talks over Iranian oil purchases

Russian Energy Minister Alexander Novak expects the deal to be reached "within weeks"
 

Aramco to invest $7bn in Petronas' oil refinery

The decision was made after discussions between top executives from Saudi Aramco and Malaysia's state-owned energy company Petroliam Nasional Bhd (Petronas)
 

Moving from conventional emergency response

Incidents like oil and gas leaks, fire and gas explosion are very common in the oil and gas industry.
 

Iran to catch up with Qatar in South Pars soon

Iran has over 20 projects in South Pars. More than a dozen phases have come into stream; several will be fully developed soon
 

Aramco IPO could urge GCC NOCs to list oil assets

While Aramco is the world's largest oil firm, the United Arab Emirates, Kuwait and Qatar also hold major oil assets that are managed by state companies
 

Dana Gas sukuk drops as market's concern rises

Dana Gas became the first UAE entity to fail to repay a bond on time in 2012, a default that eventually led to a consensual bond restructuring which some analysts described as a sign of growing sophistication in the region's debt market
 

Lebanon to begin offshore gas licensing round

After Israel expressed concern over three of the five maritime blocks 8, 9 and 10 due to their proximity to its maritime borders, Lebanon's Army asked UNIFIL to demarcate the two countries' maritime borders as they did with the Blue Line.
 

Qatari al-Shaheen crude loading delays: Sources

QP announced that Total will soon take over operations of Al-Shaheen, whose supplies have become erratic since late last year with exports falling in September-October and January due to maintenance work
 

PetroSaudi, PDVSA arbitration decision in Q4

PetroSaudi International, the parent company of PetroSaudi Oil Services Ltd, did not immediately respond to a request for comment, according to Reuters
 

Algeria's Hassi Messaoud field caps output

Algeria's total oil output was previously estimated at 1.1mn bpd, but it has cut production by 50,000 barrels to adhere to an agreement by OPEC members to trim output.
 

Iran, Iraq ink MoU to boost oil cooperation

The two sides agreed to establish a joint committee to follow up on the taken decisions and agreements
 

Iran to finalise contract with Total soon

Bijan Zanganeh said that a contract was still being pursued with Total but noted recent comments from the chief executive of the French company indicated it was awaiting feedback from the United States
 

Kuwait says to raise output to 4.75mn bpd by 2040

Kuwait's current oil production capacity is around 3.15mn bpd, and it has long said it plans to raise this to 4mn bpd by 2020 and maintain this level to 2030
 

Rosneft signs deals with Libya and Kurdistan

The deal with Libya NOC was announced as Rosneft said it had signed a deal to pre-finance crude exports from Kurdistan, becoming the first major oil firm to make such an agreement with the semi-autonomous Iraqi region.
 

ADNOC completes ADCO deal with 4% stake to CEFC

Announcement of awarding the remaining 4% stake of the ADCO concession to China's CEFC for $888mn comes a day after ADNOC said it had sold 8% of the share to Chinese giant CNPC
 

Middle East to invest $294bn in oil, gas projects

About $294bn worth of oil, gas and petrochemicals projects are in the pre-execution phase across the MENA region even as concerns about global oversupply continue to suppress oil prices, according to MEED
 

Iraq's oil reserves increase to 153bn barrels

The increased estimate is the result of appraisals and exploration carried out at seven oilfields in central and southern Iraq
 

ADNOC awards China's CNPC 8% of ADCO concession

CNPC joins BP of the UK (10%), Total of France (10%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADCO
 

KSA debating shape of Aramco ahead of IPO

"There are two options being studied now. Either to make Aramco a pure oil and gas company, or a conglomerate and expand its role in petrochemicals and other sectors," said Reuters' sources.
 

Iran finds 2bn barrels shale oil reserves

Iranian senior official said exploration was also being carried out for shale gas reserves in the area, and the studies were expected to be completed by October 2017
 

Aramco contains limited pipeline leak in Abqaiq

Aramco's oil pipeline leak causes one death and three injuries
 

Iran to resume gas export talks with GCC states

After recently striking a deal with Oman for construction of a subsea pipeline to export gas, Iran now expresses interest in restarting talks with Kuwait
 

Egypt nearing deal with Iraq to import crude oil

Cairo's search for additional crude comes after Saudi Aramco halted shipments of oil products to Egypt last year
 

ADNOC to invest in E&P, technology and people: CEO

Sultan Al Jaber says by 2040, the world will require 25% more energy that is the equivalent of adding the current energy draw of North America and South America combined
 

Libya NOC to boost output to pre-Arab Spring level

State-owned company to explore partnerships with service firms at event in Algeria in March as it aims to reach 1.2mn bpd by year-end
 

Iran to sue Total if information leak confirmed

The French oil major has allegedly passed on vital information to Qatar about Iran's South Pars gas field, an enormous offshore natural gas reserve, which the two countries share
 

Dana Gas wins court judgement in Kurdistan dispute

The court ordered the KRG to pay $121mn to the claimants for condensate and liquefied petroleum gas lifted by or on behalf of the KRG between 2015 and 2016
 

Oman’s oil production falls while exports rise

China was the major importer of the Sultanate's oil as 60% of the total oil exports were bought by the country
 

NIOC reveals oil, gas discoveries

In-place oil and gas reserves in the newly discovered fields in the south are estimated to hold 6.5bn barrels of crude oil and 1.7tn cubic meters of natural gas
 

Qatar eyes key LNG markets in Asia, Latin America

Qatar's expanding investments abroad allows the country to overcome domestic production constraints, diversify its production base and secure new sources of international demand
 

Global LNG prices slide as supplies emerge

Spot prices for March delivery were seen at around $7.20 per million British thermal units (mmBtu), 30% below the last assessment level, while April prices dipped below the $7 per mmBtu mark, traders said
 

Saudis push for recovery with lowest output

The Kingdom reported that it reduced output by 717,600 barrels per day (bpd) last month to 9.748mn bpd, according to a monthly report from OPEC released this week. Under the agreement, Saudi Arabia pledged to cut output to 10.058mn bpd.
 

Aramco inks first oil contract with China's Huajin

The contract, the first between Aramco and Huajin, comes after Russia overtook Saudi Arabia as the top crude supplier to China, the world's second largest oil consumer
 

ADNOC capitalises on increased sulphur capacity

UAE's sulphur production to double over next decade
 

UAE expects higher compliance with output cut deal

OPEC has delivered more than 90% of pledged oil output curbs in January, making a strong start to implementation of its first production cut in eight years
 

ExxonMobil in talks with South Sudan over oil deal

In addition to Exxon Mobil, France-based oil and gas company Total SA and London-based Tullow Oil Plc have shown interest in buying stakes of the untapped reserves
 

QP surpasses Rosneft, ExxonMobil in total output

Data compiled by Bloomberg shows that Qatar's vast natural gas reserves have ensured that QP is able to pump more oil and gas than Russia's Rosneft or America's ExxonMobil Corp
 

Interview gallery: Halliburton's Ahmed Kenawi

Ahmed Kenawi, MENA VP at Halliburton, talks about how the world's second largest oilfield services company is banking on its core strengths and R&D-fuelled offering to stay competitive.
 

Qatar's Al Sada wins an international award

The selection of Al Sada came in appreciation and recognition of the pivotal role he played through 2016 in securing the Vienna Agreements to cut global oil supply
 

Iran to have $50bn oil revenues next year: Min

Oil and condensates exports stood at 1.2mn barrels a day in the five months of the year 2013 while the figure reached 2.8 barrels a day in the past four months, up by 1.6mn barrels
 

OPEC figures: over 90% compliance with supply cut

Compliance of 92% comfortably exceeds the initial 60% achieved when OPEC's previous deal to cut was implemented in 2009, and the OPEC figures add to indications that adherence so far has been high
 

Saudi Aramco, Baker Hughes introduce ESP system

Because TransCoil can eliminate the need for a rig in fields where rig availability is a concern or where high intervention costs can limit artificial lift options, operators can minimise deferred production and lower their overall lifting costs
 

Total says final decision on Iran depends on Trump

US Secretary of State Rex Tillerson, a former CEO of Total's rival Exxon Mobil, has called for a full review of the Iran nuclear agreement
 

DNO plans increase in Oman's Bukha oil production

DNO reported interim 2016 operating profits of $6mn, reversing an operating loss of $174mn in 2015
 

75% lower projected FID in Australia & SEA

After 2016's heavy gas binge (88%), 2017 sanctions are assessed to have a slight liquids flavour (58%)
 

Dana Gas reports net profit of $33mn for 2016

The company continued to remain profitable in 2016 despite taking a charge on the currency devaluation in Egypt and a lower share of production
 

TMX to bring Saudi Aramco listing to Toronto

TMX said that talks were part of efforts by a consortium of representatives from across Canada's capital markets to establish relationships with key business and government leaders in Saudi Arabia
 

SNOC, Petroleum Institute to collaborate on E&P

The agreement aims to exchange knowledge between the PI's research team and SNOC’s E&P experts and to provide Msc and PHD internship opportunities for the PI students
 

Qatar: Oil market can cope with more shale output

Qatar's energy minister said current oil prices made the development of most oilfields around the world unviable
 

Aramco to borrow up to $1.6bn with domestic sukuk

It would be the first sukuk issue by the state entity, which plans to approach the local investor base first and offer US dollar-denominated sukuk to international investors at a later stage
 

DNO reports Kurdistan payment for oil deliveries

Norway's DNO has reported receipt of $35.45mn from the Kurdistan Regional Government as payment towards November 2016 crude oil deliveries to the export market from the Tawke field
 

QP joins consortium to develop Pakistan's LNG

The consortium includes US ExxonMobil , France's Total , Japan's Mitsubishi, and Norway's Hoegh
 

Egypt pays Eni for the "Zohr" development deal

Egypt's foreign reserves rose to $26.363bn at the end of January, but were still about $10bn less than the reserves before an uprising in 2011 ushered in a period of political turmoil
 

BP 2016 earnings dip to 10-year low of $2.59bn

The oil giant said underlying replacement cost profit, which it uses to measure net income, was $400mn for Q4 2016
 

Iran, Oman devise new pipeline route to avoid UAE

The planned pipeline project, which requires an estimated investment of $1.2bn, would connect Iran's vast gas reserves with Omani consumers as well as with liquefied natural gas (LNG) plants in Oman that could re-export the gas
 

US sanctions hurting American oil companies: Iran

Deputy oil minister says American companies missing out on bidding for tenders in Islamic Republic, as Asian and European players explore opportunities
 

QP seeking projects in Cyprus, Morocco: CEO

QP, the world's largest LNG producer, has been pursuing deals in Cyprus where it "won a bid for 40% of a plot for exploration" and recently "went into Morocco for exploration", Saad Sherida al-Kaabi has said
 

Enoc reports 10% drop in turnover

Sales volumes of petroleum products in 2016 reached 245mn barrels in 2016, marking a five-year rolling average growth of 9%
 

Aramco holds talks with Singapore Exchange

Aramco, slated to list in 2018, could also interest Singapore's sovereign wealth fund GIC Pte Ltd, but a decision on the size of stake would depend on Aramco's financial details and valuation.
 

Gas line rupture in southeastern Iran kills two

The pipeline between the cities of Bazman and Zahedan in Sistan and Baluchestan province did not contain any gas, and the testing and cleaning process were conducted with air and water, a local oil official said
 

ENOC Group achieves record sales volume in 2016

As part of its five-year strategy, ENOC is focussing on expanding its refinery and service station network, building terminals storage capacity, and increasing its market share in the marketing of diesel, jet fuel and liquefied petroleum gas (LPG)
 

Japan remains a strong LNG market for QatarGas

Japan continues to be one of Qatar's strongest markets for liquefied natural gas (LNG).
 

Iran announces 15bn oil, 1.8tcm gas discoveries

NIOC official says overall volume of Iran's oil reserves stand at 771.53bn barrels, of which around 102bn barrels would be recoverable at a rate of 24.6%
 

Lebanese contested waters to open for bids

Lebanon has insisted that it will not cede the 870 square kilometres to Israel or share it with anyone, but said it is ready to allow the United Nations to demarcate the disputed zone to determine the legal owner, a suggestion rejected by Israel
 

Gallery: Intense debates at the UAE Energy Forum

The 8th edition of the Forum, organised by Gulf Intelligence at the New York University in Abu Dhabi , hosted experts from around the world who passionately discussed a plethora of topics concerning the region's energy sector.
 

Earnings up as Shell switches to gas

Shell has faced questions over its commitment to the region, having pulled out of the $10bn Bab sour gas project in Abu Dhabi last year, and declining to pursue a stake in the emirate’s onshore Adco concession
 

Iran to hold tender for its fields in mid-February

OPEC's third biggest oil producer hopes its new IPCs, which are part of efforts to sweeten the terms offered on oil development deals, will draw foreign companies and boost output
 

Total returns to Iran with gas field megaproject

A senior official at Iran's oil ministry said that Total has officially started the development of South Pars Phase 11 in the Persian Gulf, effectively resuming operations in an Iranian energy project after a seven-year hiatus.
 

Aramco examines Berri oilfield oil, gas expansion

Aramco would over time add 250,000 barrels per day of crude oil from Berri
 

AD to improve oil-investor returns with new terms

The UAE is boosting its production capacity even as it diversifies away from oil to build new industries and create jobs.
 

KSA may raise US oil investments:Al Falih

Trump and Saudi Arabia's King Salman spoke by telephone this week, according to Reuters, agreeing to step up counter-terrorism and military cooperation and enhance economic relations
 

Oman Oil plans to invest over $1bn in 2017: CEO

The Salalah LPG project has been approved by the company board, and it is now negotiating with banks for financial closure
 

KSA likely to raise March crude prices to Asia

The March official selling price (OSP) for flagship Arab Light could rise by 10-30 cents a barrel from the previous month
 

UAE exports over 26mn barrels of crude to Japan

UAE's share accounted for 23.3% of Japan's total crude imports
 

Lebanon to place oil revenues in sovereign fund

Seismic studies, which began in 2013, indicate that Lebanon possesses several trillion cubic feet of oil and gas within its territorial waters
 

Iraq seeks foreign partner for second gas plant

To promote competition, the new partners cannot be Shell or Mitsubishi , as the two are part of Basrah Gas Co, the first gas processing venture which came on-stream in 2013, in partnership with South Gas Co
 

LR launches Global Subsea Inspection Service

Subsea Inspection Service launched by provides operators with greater efficiency and improved confidence in the performance of their offshore and subsea operations
 

OPEC achieves 82% of pledged oil output cut in Jan

Supply from the 11 OPEC members with production targets under the deal in January has averaged 30.01mn bpd down from 31.17mn bpd in December
 

Kufpec buys Thailand gas field stake from Shell

The move is the latest stage of the Anglo-Dutch company's push to reduce debt after buying smaller rival BG Group for $70bn, bringing its total divestments since April 2015 to 8.7bn
 

NISOC, Pasargad Energy sign oilfield agreement

The agreement is an effort to develop Rag Sefid, Parsi and Shadegan oilfields in Khuzestan Province based on a customised framework developed by NISOC
 

Global energy demand to grow by 1.3% p a: BP

The Outlook reviews long-term energy trends and develops projections for world energy markets over the next two decades
 

PDO boosts Duqm with $1.2bn pipe supply contract

The five-year deal with Japanese supplier Sumitomo further includes a new supply yard in the Duqm Special Economic Zone
 

Oman's Khazzan tight gas to start by Q4 2017

Located on a previously undeveloped desert site 350km south of Muscat, work on the Khazzan tight gas project began in 2014 and the completed development will eventually contribute roughly a third of Oman’s supply
 

Schlumberger to develop 3 Iranian oilfields

Alipour noted that negotiations were held with 33 international firms to cooperate in joint ventures and several Memoranda of Understanding have been signed
 

Algeria top gas supplier to Spain, eyes EU exports

Gas exports are expected to grow to 57bn cubic metres (bcm) after sales of 54 bcm last year
 

OMV plans to increase its Abu Dhabi investments

OMV has significant investments in Abu Dhabi and has three ongoing projects with Adnoc, including Shuweihat with Wintershall, an appraisal project for undeveloped offshore fields Occidental Petroleum and an exploration project for the Eastern Region
 

Aramco's oil reserves confirmed by external audit

Based on a figure of 265bn barrels, Aramco's fields contain about 15% of the world's proven reserves
 

South Sudan to double its oil output

The main oil firms involved in South Sudan, which produced about 245,000 bpd until fighting flared at the end of 2013, are China National Petroleum Company (CNPC), Malaysia's state-run oil and gas firm Petronas and India's ONGC Videsh
 

OMV buys Oxy's stake in Libya's Nafoura oil field

The sale, reported by industry publication International Oil Daily, was finalised late in 2016, though it remains unclear how much OMV paid
 

ONGC, Bentley add life to existing offshore assets

The analysis included dent modelling, member/joint component strengthening, additional pile modelling, and soil convergence, as well as extensive load modeling to recommend equipment removal if necessary
 

Aramco awards offshore EPCI project to Dynamic SA

The project scope of work includes engineering, procurement, fabrication, transportation, installation, demolition, hook up, testing, and pre-commissioning of various components for offshore oil facilities in the Gulf
 

Aramco shelves plan for JV with Malayan Petronas

Aramco's move to suspend plans for the Malaysian venture comes at a time when Petronas is struggling with the slump in oil prices
 

ADNOC signs agreement for oil reserve in India

The agreement with ISPRL covers the storage of 5.86mn barrels of ADNOC crude oil in underground facilities, at the Karnataka facility
 

Iran's Dana signs MoU with OMV

OMV said that both parties agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry
 

Abu Dhabi's NPCC wins Aramco contract

The contract is for 17 jackets, the steel frames supporting offshore rigs, for the Berri and Marjan offshore oilfields in the Gulf, north of the port town of Jubail
 

Saudi Aramco asks banks to pitch for IPO

The invitation was to evaluate Aramco's business and help it with measures surrounding the share sale
 

KOC declares state of emergency over oil leak

A statement by the Kuwait Oil Company did not identify the onshore field affected by the leak, which began earlier in the week
 

Saudi on alert: Cyberattacks target organisations

Experts suspect Shamoon, which paralysed Saudi Aramco operations in 2012, to be responsible
 

'Saving on expenditure in energy sector at $1.5bn'

The Sultanate's government had initiated a major exercise to cut all non-priority expenditures and waste and improve efficiency amid dwindling oil prices
 

OPEC committee agrees on measures to monitor cuts

They further agreed on a number of stipulations, such as a production data report to be presented at the OPEC secretariat in Vienna each month and the issuance of a monthly press release on the progress of the implementation of the production adjustment.
 

Nogaholding closes Bahrain LNG terminal financing

For this project, K-SURE will provide commercial and political risk cover for approximately 80% of the financing. Standard Chartered Bank, Arab Petroleum Investments Corporation (APICORP), and the Korea Development Bank acted as lead arrangers.
 

Aramco operating 220 rigs: Energy minister

Khalid al-Falih said that continuous investment in drilling enables Saudi Arabia to offset the gradual decline in output from mature fields
 

Ipic and Mubadala name board for $125bn merger

The structure of the new company, including its divisions, which span aerospace and defence, information and communications technologies, metals manufacturing, as well as energy, is expected to be detailed by the new company after the board meets
 

Proserv starts new bases in Saudi Arabia and India

Proserv is continuing to expand, setting up a new engineering centre in Chennai, India and a manufacturing and fabrication facility for surface production equipment and services in Dammam, Saudi Arabia
 

Aramco to invest $4bn to boost gas production

The projects, estimated to cost approximately $4bn, would see engineering companies expand the processing capacity at Hawiyah by 1.3bn standard cubic feet per day. Hawiyah gas plant currently processes 2.5bn scfd of gas
 

Aramco extends contract for two Noble jackup rigs

According to the contract, the charter of platform Noble Roger Lewis was extended to March 2022, while the charter of Noble Scott Marks rig was extended to July 2022
 

Al Falih says 1.5mn bpd of oil off the market now

Saudi Energy Minister said that there had been "very strong compliance" by OPEC and non-OPEC oil countries to the production cuts agreed on in December, and that the producers had gone "extra miles", with the majority exceeding their commitments
 

Japan extends UAE crude storage deal through 2019

Tokyo has given UAE free crude storage since 2009, an arrangement that had been due to expire at the end of this year and was extended to the end of 2019
 

ABB delivers E-House to UAE offshore oilfield

ABB has shipped the first batch of nine electrical houses (E-Houses) to enable reliable power supply to offshore oilfield in the UAE
 

Aramco to build oil, gas capacity to meet demand

Saudi Aramco chief executive Amin Nasser says the world will need to invest $25tn in new oil capacity over the next 25 years to meet demand
 

Aramco launches Saudi Arabia's first wind turbine

The project will power Saudi Aramco's facility in Turaif in northwestern Saudi Arabia, providing electricity directly to the bulk plant
 

McDermott Middle East appoints KSA General Manager

Dustin Whiteley joins McDermott from Halliburton, where he worked in several senior roles across the globe including USA, Indonesia, UK, Thailand and most recently as Country Manager for Saudi Arabia
 

China's oil collapse could help OPEC

OPEC's campaign to prop up oil prices is getting unlikely support from its biggest customer, according to Bloomberg.
 

Iran's Oil, gas revenues to hit $41bn in 2016-17

For the first nine months of the current Iranian fiscal year, oil revenues reached $24.7bn
 

Dana Gas to raise Wastani gas production in Egypt

The current production of WASCO is estimated at 195mn cubic feet of natural gas and 6,200 barrels of condensates per day
 

Oil to dominate over renewables, says Aramco CEO

World needs to invest $25 trillion in new oil capacity over next 25 years, Amin H. Nasser says at World Economic Forum in Davos
 

Bangladesh set to ink LNG deal with Qatar

The two sides will discuss issues regarding the quantity of liquefied natural gas (LNG) to be imported from Qatar and its pricing
 

Inpex, ADNOC to extend joint oilfield development

The development of the Satah and Umma Al Dalkh fields will be extended from March 8, 2018, to the end of 2042
 

Oman Shipping signs 3-year deal with Shell

The contract grants Shell access to the Very Large Crude Carriers (VLCC) operated by OCC for Crude oil cargo transportation requirements and provides OCC with the cargo base it needs to support its commercial operations
 

Nogaholding approaches banks for bond programme

Since Nogaholding's latest US dollar fund-raising exercise was an Islamic loan, a sukuk programme seemed more likely
 

Platts launches LNG price assessment for MENA

The Platts MEM will cover the spot price of cargoes delivered into Middle East ports as well as in Pakistan, where LNG imports have climbed from 5.9 bcm of gas in 2014 to 28.6 bcm in 2016
 

OPEC chief confident in commitment for cut deal

Top exporter Saudi Arabia and Kuwait said they had cut production by more than they committed to, and Iraq, OPEC's 2nd largest producer, said it too had reduced production and exports
 

Wintershall explores tie-ups in Middle East

Wintershall Middle East general manager Uwe Salge said the company has the right strategies to grow in the region
 

Aramco extends GES+ contract with SNC-Lavalin

Under the contract, SNC-Lavalin will be invited to bid on front-end engineering, detailed engineering and project management services to support the implementation of Saudi Aramco's capital and sustaining capital programmes in the Kingdom of Saudi Arabia
 

DNO makes Cretaceous oil discovery at Peshkabir

The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 170-meter interval
 

Saudi online recruitment up by 34% in oil & gas

While the November figures record an overall decline in year-on-year momentum in Saudi Arabia, the oil and gas industry continues to lead growth in online recruitment in the Kingdom
 

Schneider Electric names new cluster president

Before joining Schneider Electric in 2000, Darwish worked at Procter & Gamble Co. for seven years, serving in various functions including marketing, customer business development and organisation development
 

Scottish Plexus wins tech order for Oman oil well

The new well, Karamah-1, will be drilled from the Aban VII jackup rig over 30 days
 

Dragon Oil appoints new board member and CEO

Al Falasi takes over Abdul Jaleel Al Khalifa, who served as CEO of Dragon Oil since 2008
 

Al Mazrouei urges others to report oil output cuts

Suhail Al Mazrouei said on Wednesday that Opec and non-Opec producers who have agreed to restrict their output over the next six months need to demonstrate that they are being implemented in order for their initiative to stabilise oil prices
 

Iraq cuts oil production by 160,000 bpd: OPEC deal

Oil Minister Jabar Ali al-Luaibi said he hoped that by the end of the month production would be cut by 210,000 bpd, in line with the OPEC-agreed cap for Iraq
 

Wood Group wins multi-million dollar Aramco deal

The Aberdeen-based company has secured a five year framework agreement to continue to provide engineering and project management services to Aramco's onshore capital programmes in Saudi Arabia
 

Lebanon to restart oil, gas licensing round

In its first sitting since being formed in December, Lebanon's new cabinet passed two decrees on Wednesday defining the blocks and specifying conditions for production and exploration tenders and contracts
 

Iran eyes to increase gas export by over 7 times

The gas demand for power sector is expected to increase by only 15 bcm/y to around 70 bcm/y, while the industrial sector would double the gas consumption to above 80 bcm/y by 2020
 

China's Iranian crude oil imports to hit record

Chinese firms were expected to lift between 3mn to 4mn barrels more Iranian oil each quarter in 2017 than last year
 

The bad news continues for offshore oil and gas

Offshore drilling has been one of the worst hit sectors during the oil price slump, with exploration expenditure having significantly dropped over the past two years and expected to continue to fall this year
 

Aramco explores Feb output cuts of 3% to 7%

Saudi Energy Minister Khalid al-Falih said that January oil production could fall below the kingdom's agreed ceiling
 

Geopolitics to impact global energy in 2017

This year marks the most volatile political risk environment in the postwar period, at least as important to global markets as the economic recession of 2008
 

QP obtains license to prospect in Morocco

Qatar Petroleum has obtained the licensing to prospect for oil and gas in Morocco's southern costs, according to Moroccan news outlet Hespress.
 

Iran sells millions of barrels after OPEC cuts

In the past three months, Tehran has sold almost half the oil it had held in floating storage, which had tied up many of its tankers as it struggled to offload stocks in an oversupplied global market
 

Bahrain LNG set to start work on giant terminal

On completion, the terminal will have a capacity of 800mn standard cubic feet per day (mcf/d) and be operated under a 20 year agreement
 

ADNOC plans oilfield maintenance to cut output

Field maintenance is expected to reduce Murban crude exports in March and shipments for Das crude in April
 

Egypt's power sector seizes 60% of natural gas

The rise in natural gas consumption of all Egyptian sectors within the last years was the main factor behind government's decision to liberalise gas market
 

Iraq begins reducing oil output in line with OPEC

Iraq is reviewing several options to implement the reduction, including cuts from Kirkuk oilfield, southern fields being developed by oil majors or other state-run areas, Luaibi told Reuters last month.
 

Schlumberger acquires Peak Well Systems

The addition of Peak's mechanical and remedial solutions for cased-hole well intervention strengthens the Schlumberger Production Services portfolio
 

Saudi Aramco renews deal with WorleyParsons

The contract involves project management and design engineering services across a variety of onshore, green and brownfield projects
 

Qatar, Glencore finalise deal with Rosneft

The deal's success suggests the lure of taking a share in one of the world's biggest oil companies outweighs the risks associated with Western sanctions imposed on Russia
 

Aramco, McDermott sign offshore EPCI contract

McDermott is currently executing EPCI work for Saudi Aramco on nine jackets offshore Saudi Arabia, which are expected to be delivered in the third quarter of 2017
 

Kuwait's KPC committed to OPEC oil output cut

KPC said in a statement it had notified its clients of the production cuts from the start of January, saying they will be in effect for the whole of the first quarter of 2017
 

Adgas awards TÜV Certificate of Recognition

TÜV Rheinland Middle East's involvement with Adgas primarily focuses on maintaining plant integrity, creating base line inspection data and certifying all lifting appliances on Das Island
 

Expansion to boost Al Hosn sour gas plant capacity

The plan to expand the Al Hosn plant is part of ADNOC's "2030 Strategy."
 

Egypt's bill of importing natural gas hit $250mn

The Egyptian government would continue importing natural gas until reaching self sufficiency within the coming two years
 

Morocco picks advisers for LNG import plan

The HSBC contract is worth $7mn while Ashurst will earn around $2mn
 

UAE's ADNOC seeks more 'strategic' partnerships

Company says it will target expansion in refining, petrochemical and fertilisers sector
 

KSA to raise February term crude prices to Asia

The official selling price (OSP) for flagship Arab Light crude could rise by at least 50 cents a barrel for February
 

Nortech establish JV in Abu Dhabi

Dhabi Nortech provides Engineering Design (Engineering House) and Project Management Consultant (PMC) solutions for UAE's oil & gas, process, petrochemical, chemical, infrastructure and energy sectors
 

Aramco grants EPC contracts to L&T Hydrocarbon

The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia
 

Libya's oil production rises to 685,000 bpd

National output remains far below the more than 1.6mn bpd that Libya was producing before its 2011 uprising
 

Iran certifies 29 IOCs to bid for energy projects

The list included Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries
 

Siemens ships 1st gas turbine to Zirku Island

The offshore project is being implemented in seven stages and primarily involves the reclamation and construction of two artificial islands to facilitate drilling works for the extraction of crude oil from the field
 

Oman begins oil output cut under OPEC deal

The deal, however, could be marred by the defiance of producers and hikes in production by independent producers, both of which could render the agreement unworkable
 

Takreer awards two contracts to Amec and Axens

Takreer plans to expand production of gasoline to 9.4 mtpa, by 2022 with the new gasoline and aromatics project adding 4.2 mtpa of gasoline supply and 1.6 mtpa of aromatics
 

Iran, Daelim sign $2bn construction deal

The project is to add facilities that will be used to produce high value-added products to the oil refinery in Isfahan, located 400km south of Tehran, the capital of Iran
 

Saudi Aramco, SASO sign cooperation deal

The agreement outlined that Saudi Aramco will lead the relevant technical team responsible for establishing standards for petroleum products
 

Transneft and Rosneft squabble over contract terms

Transneft has not yet agreed a deal with Rosneft for 2017 on transporting its oil and oil products
 

Kuwait to import gas from Iraq: Ministers

Kuwaiti Oil Minister Essam al-Marzouk said the quantities have been agreed and the start date will be determined after technical committees fix prices and shipping methods
 

Aramco extends contract for Seadrill's jack-up rig

The contract will take in force immediately and will keep in operation the rig until December 2019
 

Asia's imports of Iranian oil more than double

Iran's top four Asian buyers – China, India, South Korea and Japan – imported 1.94mn barrels per day (bpd) last month, up 117% on a year earlier
 

Fuel in UAE to be costlier in January

Fuel prices have gone up as global oil prices recover due to a historic deal reached to reduce oil output by about 1.8mn bpd from January 1.
 

Kuwait Energy signs $100mn financing with Vitol

The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, said it has received the first drawdown of $40mn
 

Egypt signs $220mn of oil and gas deals

The deals include drilling for six wells and a signing bonus of $9mn and are the result of a tender called by Egyptian state gas board EGAS
 

Bapco to deploy Avaya Fabric Network

In line with its business objectives of digital transformation and rebranding, Bapco will deploy Avaya's next-generation fabric networking technology to power the corporate network across its locations in Bahrain
 

Oman to speed up Tayseer gas field development

Tayseer gas field flowed gas at the rate of around 1.3mn cubic meter per day (cm/d) and condensate of around 900 cm/d during the testing of the TY-1 well
 

Iran eyeing new oil awards to giants

Gholam-Reza Manouchehri, the deputy for development and engineering affairs of NIOC, said that 12 contracts had already been awarded to companies since the removal of sanctions against Iran in January
 

Aramco signs MoU to establish national IT academy

The academy's strategic objectives are aligned with those of the Kingdom’s Vision 2030, developing the IT sector and a digital economy and increasing local workforce skills
 

GCC industrial gases market to rise 7.3% till 2022

Upcoming mega events in the GCC, including Dubai Expo 2020 and FIFA World Cup 2022 in Qatar, will continue to drive construction activity, fuelling demand for industrial gases
 

Iran catching up to KSA in Japan oil market

Iran gains in Japan oil market, but KSA maintains the lion share, with UAE second in list, Qatar third, and Kuwait, on par with Iran, has the fifth biggest stake in Japanese market
 

Egypt seeks to import crude directly from Iraq

"We are seeking to directly import crude oil from Iraq. We already use Iraqi oil but we get it from international markets but we hope to have a direct government to government agreement," Egypt's Petroleum Minister Tarek El Molla said
 

KSA's oil revenue estimated to rise by 46% in 2017

The world's top oil exporter expects to collect 480bn riyals ($128bn) from oil sales in 2017, compared with 329bn this year and Non-oil revenue will climb 6.5% next year to 212bn riyals
 

National Oilwell Varco opens new facility in KSA

The facility will establish NOV as Saudi Arabia's first local manufacturer of high-pressure spoolable composite pipe
 

Algeria to rejuvenate ageing oil wells

Six EPFs have already been installed around the giant oil field of Hassi Messaoud, which produces more than 400,000 barrels per day (bpd)
 

ADIPEC 2016: The mega event in pictures

Like every year, ADIPEC 2016 played a key role in bringing together global industry stakeholders to the massive industry gathering, offering a platform to discuss how to do 'more with less' in this low oil prices era
 

Lamprell delivers seventh rig to Abu Dhabi's NDC

The rig will depart the facility in late December en route to its drilling location in Abu Dhabi.
 

Qatar exports 10 LNG cargoes to China in December

The boost in shipments from the Middle East comes as the pace from Australia slows, as a two-week outage at Chevron Corp's giant Gorgon export facility roils trading patterns, likely to the benefit of Qatar
 

Love's Trillium CNG: West and east

The new CNG stations are serving customers in Aberdeen northwest of Baltimore near US Highway 40 and Old Philadelphia Road, and in Vancouver, north of Portland, Ore.
 

Iran, Malaysia sign deal for exploration studies

Deputy Managing Director of the NIOC Gholam-Reza Manouchehri and executive vice president and CEO of upstream of Petronas, Anuar Taib, signed the contract this week
 

Fadhili, Doosan sign $900mn CHP plant contract

The Fadhili Combined Heat and Power Plant will be jointly owned by a Saudi Aramco affiliate (30%), Saudi Electricity Company (30%) and an Engie affiliate (40%)
 

PDO exceeds $1.6bn expenditure cut target in 2016

The majority state-owned oil producer had launched several initiatives to curtail expenditure last year when oil prices began their free fall causing serious fiscal problems for oil-dependent economies.
 

Cyberhawk wins UAE offshore inspection contract

Dubai Petroleum's agreement, which has the option to renew on a yearly basis for two years, was awarded to Cyberhawk
 

Aramco, Sage ink deal for Sage X3

In consultation with Wa'ed on the best possible Sage solution to meet current and future requirements, it was agreed to implement the full Sage X3 suite including Sage X3 Finance, Sage X3 People, and Sage X3 Distribution
 

GE wins at Aramco's IKTVA excellence awards

The programme marked the first anniversary of the launch of IKTVA, Saudi Aramco's value creating contribution to Saudi Vision 2030 and the National Transformation Programme
 

Exxon's Tillerson chosen as US Secretary of State

ExxonMobil's board of directors congratulated Rex W Tillerson on his nomination for the position of US secretary of state and selected current president of corporation Darren W Woods to replace him next year
 

Iran starts selling oil to Italy's Eni

Eni was one of the main buyers of Iranian oil prior to the sanctions, which were lifted in early 2016
 

ADNOC, China's CEFC in talks for stake at ADCO

The source added that it was not clear how much of a stake CEFC would ultimately win, but estimated a 10% stake would cost around $2.2bn
 

Aveva, Microsoft deliver oil and gas tech workshop

Microsoft's new Middle East and Africa centre of excellence for Oil and Gas in Dubai drives digital transformation for the industry
 

Mubadala to hold Abu Dhabi's $2.2bn stake in BP

The emirate's 2% stake in BP, which makes it one of the oil major's largest shareholders, is the result of a deal struck last week in exchange for BP's 10% stake in Abu Dhabi Company for Onshore Oil Operations (Adco)
 

Siemens, Saudi Aramco sign major deals

Signed during last week's Saudi Aramco's In Kingdom Total Value Add (IKTVA) Forum, these deals show Siemens commitment and dedication to continuously drive its agenda of local value creation in the Kingdom
 

Omani licence attracts IOC interest: Ministry

Bidding in the block's tender was buoyed by new interest from Asian companies
 

Aramco, GE to launch first wind turbine in Kingdom

The wind turbine, the first in the kingdom, will provide power to Saudi Aramco's bulk plant in Turaif, in northwest Saudi Arabia
 

PDO signs 15 MoUs to create 50,000 jobs in Oman

Along with the industry partners, PDO is sponsoring the vocational training of 1,200 young Omanis as the Sultanate steps up its efforts to support the government and spur economic diversification in the Sultanate
 

Saudi Aramco breaks ground on new research centre

The facility will include laboratories and offices to support research in the areas of chemicals, intelligent systems, solar energy, reservoir engineering, computational modelling, and environmental protection.
 

Aramco awards Tecnicas Reunidas contract

The two companies signed an LOI (letter of intent) already and they are expected to sign the contract after the final approval of Aramco.
 

Iraq boosts oil sales to China, US, India

The Unipec contract was signed just before the OPEC agreed with other producers led by Russia to cut output by as much as 1.8mn bpd in an effort to reduce a global fuel supply overhang and prop up prices
 

ADNOC awards 10% stake in ADCO concession to BP

As part of BP's interest in the concession, it will become asset leader for the Bab integrated asset group within ADCO
 

Aramco, foreign firms to push for local content

Deals include setting up joint ventures with US-listed firms Rowan Companies and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia
 

Saudi Aramco and Vivakor sign MoU for oil cleanup

Aramco has three designated oil waste disposal sites throughout the country and Vibakor will work directly with long-standing in-country agents in the oil cleanup process
 

Iraq and Petrofac sign $75mn contract

Petrofac will continue to facilitate a substantial proportion of Iraq's oil export which is generated from the facility located 60km offshore the Al Fao Peninsula in Southern Iraq
 

Qatar to cut oil production in line with OPEC deal

Qatar Petroleum started advising its customers of the expected reductions in oil deliveries to ensure compliance with the recent Opec deal
 

Egyptian new wells: 517 mmcfd of gas in H1 2016

The new wells are located in concession areas joint between International Oil Companies (IOC) and Egyptian oil sector firms at the Mediterranean Sea, Nile Delta, and Western Desert
 

Iran, Russia sign deal for oilfield studies

Gazprom will study both Changouleh and Cheshmeh-Khosh oil fields in Western Iran
 

Rosneft acquires stake in Eni's Shorouk concession

The Russian company will pay Eni $1.13bn for an initial 30% stake in the Shorouk concession, which includes the Zohr find
 

KPC informs customers of lower oil supplies in Jan

As part of commitment and obligation to the OPEC agreement, Kuwait will implement its share of the reduction starting from January 2017
 

O&GME Awards 2016 in retrospect: The proud winners

More than 200 energy professionals from across the region gathered in the UAE capital on October 5 to celebrate the industry's achievements at the seventh Oil & Gas Middle East Awards 2016, held at the Sofitel Abu Dhabi Corniche Hotel
 

Bahrain LNG completes $741mn syndicated loan

Standard Chartered, APICORP, and Korea Development Bank were the institutions leading the limited recourse project financing, which was provided by nine international and regional lenders
 

OPEC deal: ADNOC to cut crude supplies to Asia

ADNOC's supply cuts will mostly hit Asia although they remain within operational tolerance limits of 5%
 

KOC and Black & Veatch sign SRU & AGRU contract

The total technology solution encompasses two acid gas removal trains designed for feed gas flow; and three parallel identical sulphur recovery trains, with dedicated tail gas treatment units for each sulphur train
 

NIOC to explore oil and gas in Oman Sea

The exact amount of oil and gas resources in the Sea of Oman is still unknown, but primary studies are promising of satisfactory estimations.
 

Qatar merges LNG producers Qatargas and Rasgas

International oil giants including Total, ConocoPhillips, Exxon Mobil and Royal Dutch Shell have stakes in the Qatargas production lines. Rasgas is a joint venture between Qatar Petroleum and minority shareholder Exxon Mobil
 

Non-OPEC members to cut output by 558,000 bpd

The 11 non-OPEC countries taking part in the agreement are: Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan
 

Qatar, Glencore buys $11bn stake in Rosneft

The involvement of Qatar in a Russian privatisation deal comes as a surprise, especially given years of tensions over Syria, where Russia is effectively fighting a proxy war with Saudi Arabia and Qatar
 

Kuwait-Saudi oilfields to stick to Opec deal

Bringing output at Khafji and Wafra to the same levels reached before they were shut down will take more work
 

O&GME Awards 2016 in retrospect: Pomp and show

More than 200 energy professionals from across the region gathered in the UAE capital on October 5 to celebrate the industry's achievements at the seventh Oil & Gas Middle East Awards 2016, held at the Sofitel Abu Dhabi Corniche Hotel
 

Aramco, Japan extend Okinawa crude storage deal

Under the agreement, Saudi Aramco can store up to 6.3mn barrels of crude oil on the island southwest of mainland Japan for the next three years
 

Shell, Iran agree on oil and gas development

This agreement underscored major oil companies' willingness to keep doing business with Iran despite all the risks
 

Iran aims for oil, gas fields tender after January

Opec's third largest oil producer hopes its new Iran Petroleum Contracts (IPC), part of an effort to sweeten the terms it offers on oil development deals, will attract foreign companies and boost production after years of under-investment
 

BP is most exposed to OPEC-Russia deal: Report

Big oil may have to play a part in cutting supply after the recent landmark agreement between OPEC and non-OPEC producers
 

No rule changes needed for Aramco IPO: Regulator

Capital Market Authority vice chairman also says close to launching a new corporate governance law
 

KSA cuts oil price to Asia to keep market share

Saudi Aramco said it cut the price of Arab Light crude sales to Asia by $1.20 a barrel versus December to a discount of $0.75 a barrel to the Oman/Dubai average
 

Stalemate over Kurdistan joining OPEC output deal

In October, oilfields in Kurdistan yielded an average 564,683 barrels of crude, most of which was exported via the Turkish port of Ceyhan
 

Qatar Shell awards contracts to 4 local SMEs

This is the fourth year of the SME Business Opportunity resulting in a total of 18 contracts with local SMEs. The total aggregate value of those contracts is estimated at $27.46mn
 

ADNOC awards $15.5m contract to Hill International

Hill International will provide facilities management services to ADNOC's General Servces Unit for a period of three years
 

Schneider Electric collaborates with Halliburton

The ongoing project aims to provide total transparency to E&P decision makers—from oil field to board room—with a real-time, integrated view of their business' performance
 

Oil dips as OPEC joins Russia in increasing output

OPEC's oil output set another record high in November, rising to 34.19mn barrels per day (bpd) in November from 33.82mn bpd in October
 

OPEC output cut to lift KSA, if implemented

Every one dollar increase in prices will increase Saudi's monthly oil revenue by SR1bn ($270.66mn) and the recent surge could add about SAR10bn ($2.7bn) in oil export revenue for the Government for the year at the current levels
 

Oman to attend next non-OPEC meeting in Vienna

Non-OPEC producers' current discussions to cut between 3% and 4% of their oil production, is less than what Oman was ready to reduce output by
 

Saudi, Kuwait to restart Neutral Zone oilfields

The closure of the Neutral Zone's fields, mainly Khafji and Wafra, has become a political sticking point between the two Gulf OPEC allies and senior officials have been trying to resolve the issue for months
 

O&GME Awards 2016 in retrospect: Winners on stage

More than 200 energy professionals from across the region gathered in the UAE capital on October 5 to celebrate the industry's achievements at the seventh Oil & Gas Middle East Awards 2016, held at the Sofitel Abu Dhabi Corniche Hotel
 

Iraq's oil exports reached 4.051mn bpd in November

Exports from southern oilfields totalled 3.407mn bpd
 

Kuwait Energy aiming to close $100mn RBL loan

The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, is likely to obtain the financing on a bilateral basis from the European Bank for Reconstruction and Development
 

O&GME Awards 2016 in retrospect: The gathering

More than 200 energy professionals from across the region gathered in the UAE capital on October 5 to celebrate the industry's achievements at the seventh Oil & Gas Middle East Awards 2016, held at the Sofitel Abu Dhabi Corniche Hotel
 

King Salman inaugurates $42.7bn projects by Aramco

The oil projects were worth around $42.66bn (160bn Saudi riyals) with a total production capacity of about 3mn barrels
 

IOC's flock to Egypt for oil exploration bids

Companies involved in the process include Royal Dutch Shell, BP, Apache Corp, and Apex International Energy with exploration contracts signed to date worth around $200mn
 

OPEC/non-OPEC meeting on December 10 in Vienna

There are hopes that non-OPEC countries will contribute another 600,000 bpd to the cut
 

Oil rallies to best week in years after OPEC deal

After the deal was announced last week, the market focused on the implementation and impact of OPEC's first output cuts since 2008, to be joined by Russia and possibly other non-OPEC producers
 

Nakilat transitions LNG Al Ghuwairiya to in-house

With a cargo carrying capacity of 263,300 cubic meters, Al Ghuwairiya is wholly-owned by Nakilat and chartered by Qatargas
 

RasGas achieves 21mn man-hours without LTI

Company's long-standing safety culture results in milestone achievement for Field Development
 

Saudi Arabia carries on drilling despite oil slump

The number of rigs operating in Saudi Arabia has climbed from 105 to 126 since 2014 at a time when the number of rigs drilling for oil and gas around the world has fallen 1,382 to just 920
 

Qatar Navigation's purchase of Al Shaheen delayed

The reason for the delay was the ongoing merger talks between Baker Hughes and GE's oil and gas division
 

Shell considering selling its Iraq oil assets

Shell is seeking to slim down its vast oil and gas portfolio following the $54bn acquisition of BG Group in February, which transformed it into the world's top liquefied natural gas trader
 

Petrojet scoops $90mn Duqm gas pipeline contract

The company said it has been contracted by OGC, a wholly owned subsidiary of Oman Oil Company SAOC (OOC), to build the 221-km pipeline at a cost of around $90mn
 

Improving plant and equipment reliability

Production losses alone can cost oil and gas companies tens of millions of dollars for just one day of downtime, without even accounting for the cost of contractors and manpower used during a shutdown.
 

Schneider Electric offers ePAC to the Gulf region

As the first PAC built for the Industrial Internet of Things (IIoT), it is the recommended controller of PlantStruxure™, the company’s automation architecture for industrial and infrastructure customers
 

Gas security should become more discussed

More than half of the energy consumed in EU is imported and the total bill for imported energy is more than 1bn Euros ($1.06bn) per day
 

Emerson offers KOC reservoir modeling software

Reservoir Modeling Software Selected to Determine Well Placing and Reduce Geosteering Risk
 

Algerian and Russian ministers to meet this week

Venezuela's oil minister will visit Algiers on Monday and then head to Moscow with his Algerian counterpart ahead of OPEC talks in Vienna
 

Eni to cut stake in Egypt's Zohr gas field to 50%

Eni, whose cash flow fell 19% in the third quarter, is committed to selling $5.30bn of assets in the next two years to help fund investments
 

Iran awards key oil deal to Schlumberger

According to the MoU, Schlumberger would be required to study the formations of Shadegan, Parsi and Rag-e Sefid oil fields in Khouzestan
 

BP buys stake in Eni's Zohr gas field in Egypt

The deal gives Eni much-needed cash as part of its 5bn euro divestment plan to continue investing and paying dividends despite weak oil prices
 

Libya won't take part in any OPEC output cuts

Libya has more than doubled its national crude production to around 600,000 bpd since several previously blockaded oil ports were reopened in September
 

KSA's maritime complex to cost over $5bn: Minister

The government will finance the infrastructure of the complex such as dredging and other work as it did with other cities Jubail and Yanbu
 

Heavy rains delay launch of Aramco projects

Saudi Aramco has not determine a new date for the ceremony yet
 

Kuwait oil exports up by 28%, 65% to Japan, Taiwan

KPC's solid ties with its clients in Tokyo have led to the surge in Kuwaiti oil exports in the past five years
 

RasGas delivers debut LNG cargo to French terminal

The cargo aboard RasGas' Maran Gas Asclepius was delivered to the EDF Group last week.
 

Saudi Aramco to supply more oil to Asia in January

The decision by the world's top exporter to give extra oil came weeks before Saudi Aramco was due to notify customers of their monthly supply allocation.
 

93% less Recordable injuries rate at RasGas

RasGas is not only an industry leader in safety but also continues to develop new methodologies to improve best practice within the organisation.
 

Nakilat transitions LNG Umm Slal to in-house

Umm Slal is the third Q-Max vessel that will come under the management of Nakilat Shipping Qatar Ltd. this year, bringing the total number of vessels managed by NSQL to 11, comprising of 7 LNG and 4 LPG carriers.
 

Saudi Aramco Extends GES Contract with Jacobs

While officials did not disclose the contract value, the five-year extension builds on the framework of the original contract signed in 2011
 

Aramco, Shell, ADNOC eye Indian crude storage

According to reports, crude imports from the UAE are expected to rise to 18.5mn tonnes in 2016-17.
 

BP excludes CEO Dudley from Iran decision-making

Sources said that the separate governance structure does not involve Bob Dudley or any other US citizens and was set up for Dudley's own protection
 

Rowan, Aramco JV to operate offshore drilling rigs

The two companies would contribute $25mn as working capital
 

Restrata, Agility train Iraq's oil and gas workers

The facility supports major oil fields, including Rumaila North/South, West Qurna, and Zubair, and serves as a secure transit hub to central Iraq.
 

Iran inks oil deals with 3 Russian companies

NOIC signs oil deals with Lukoil, Tatneft and Zarubezhneft
 

New Boundaries for Block 3 Onshore Oman

30% of Block 3 and 4 is owned by Tethys Oil AB, 20% by Mitsui E&P Middle East BV and 50% by CC Energy Development SAL.
 

Aramco extends KBR's engineering services contract

Under the terms of the contract, KBR will provide front-end engineering design (FEED), detailed design, material procurement, and project management services (PMS) to support Saudi Aramco's capital programmes in the Kingdom
 

QDB and Qatar Shell open opportunities for SME's

This initiative is a strategic partnership that aims to support the Qatar National Vision 2030 by providing local SMEs with access to specific business opportunities
 

Exports to US will continue: KSA oil minister

The US gross imports from Saudi Arabia averaged about 1.06mn barrels per day in 2015, accounting for about 11% of total US imports.
 

Aramco 2nd best oil and gas employer in the region

When it comes to best employer ranking, the Inaugural Ideal Employer Survey finds that Aramco came in second, ADNOC in sixth, and KOC in 14th place
 

PDO implements Intergraph SmartPlant solutions

With Intergraph Smart Data Validator and Intergraph SmartPlant Enterprise, PDO employees will be able to check data quality, as well as access the same engineering information.
 

Aramco to publish audited oil reserve figures

Saudi Aramco is preparing to make its oil reserve figures public ahead of its initial public offering.
 

Qatar Shell awards WorleyParsons with EPC contract

Under the contract, WorleyParsons will provide EPCm services primarily for a portfolio of brownfield projects
 

UAE's IPIC's H1 profits hurt by lower oil prices

IPIC attributed losses to a fall in the share price of UniCredit, in which it holds a 5.04% stake
 

Bahrain's new LNG terminal to feed domestic demand

The Bahrain LNG Import Terminal will form a vital part of the kingdom's energy infrastructure by meeting growing demand for large industrial projects
 

Total to continue to invest in the UAE

Total hopes to be part of offshore concessions in UAE which will expire in 2018
 

'No long-term future for oil', says report

Recent report by Wermuth Asset Management (WAM), an impact investment firm, claims the days of oil as a primary energy source are numbered
 

TAQA posts wider Q3 loss on oil price slump

TAQA made a net loss attributable to equity holders of AED524mn ($142.66mn) in the three months ended September 30
 

DNO to re-drill offshore Oman oil well

During Q3, the Bukha and West Bukha fields collectively produced an average of 5,300 boe/d, split almost 50:50 between oil and gas.
 

Eni to assess potential E&P activities in Bahrain

Four agreements have been signed between the Bahrain Petroleum Company (Bapco), Tatweer Petroleum and Eni.
 

Weir announces contract with khuff for KOC

Weir will provide KOC with 11 different wellhead configurations ranging from 3,000 to 10,000 PSI.
 

Dana Gas to review Egypt investment

Dana has been hamstrung in recent quarters as it awaits receivables owed in both Egypt and Iraqi Kurdistan, following political and economic turbulence in both places which have delayed payments.
 

Huawei launches data centre for ADMA-OPCO

The data centre will replace three existing plants, and is chiefly tasked with processing the extraordinary volume of data.
 

Mott MacDonald to design new oil terminal in Iraq

Scheduled to be completed by the second quarter of 2018, the facility will handle petroleum products such as gasoline, diesel, aviation turbine fuel, kerosene, fuel oil and liquefied petroleum gas.
 

Libya's Abu Tifl field back to operation

Abu Tifl was shut for two years because of protests by local residents and blockades at eastern ports that were recently lifted.
 

Wintershall starts 1st offshore well for Shuwaihat

In order to establish a supply base, Wintershall opted for an individual solution rather than for the common trail and developed the local "Mugharraq" port for its operations.
 

BP signs extended agreement for Khazzan gas field

The license area extension will add more than 1000km2 to the south and west of the original 2,700km2 of Block 61
 

Saipem signs $1bn contract with Aramco

Saipem awarded contracts by Saudi Aramco including two EPIC
 

Schlumberger licenses ADNOC offshore drilling

The licensing agreement was signed today at ADIPEC 2016 by ADNOC's director of exploration, development and production, and Schlumberger’s general manager and vice president
 

ADNOC to expand use of EOR and ERD technologies

The company intends to expedite the development of its hydrocarbon resources, and enhance recovery from several smaller and more complex structures within its reserve base.
 

46 students recognised for UAE seismic analysis

Middle East Boot Camp study enhances understanding of Northern Emirates earthquake zone
 

Total signs energy deal with Iran despite Trump

The agreement was signed this week with NIOC for the Phase 11 development of South Pars in the Gulf, which extends into Qatari waters where it is known as the North field.
 

ADNOC's Gas Master Plan to meet growing demand

Plan will maximise gas exploration and production strategy
 

The winners of ADIPEC 2016 Awards announced

ADIPEC 2016 Awards announced the eight winners this week
 

Taking a strategic approach to security

"Risks are not easily defined, and cover an intricate kaleidoscope of potential threats… organised crime, terrorist attacks, and cybersecurity"
 

Lasting stability critical to restoring confidence

OPEC World Oil Outlook 2016: Global Energy Demand to Increase 40% by 2040; Oil related Investment Requirements Estimated at $10tn
 

Workplace diversity fundamental to the sector

ADIPEC 'Women in Energy' Conference Sheds Light on Milestones and Challenges for Female Professionals
 

Low oil price opens opportunities: Al Mazrouei

UAE's Energy Minister says that companies that can respond quickly will profit when demand increases, "The oil industry is inherently cyclical. This is a basic point that often gets overlooked in the short-term noise"
 

Sustainability and process safety in Operations

Phoenix Contact to showcase new innovative products at SABIC Technical Conference 2016
 

Connecting all dots with Al-Bahar at ADIPEC 2016

With the low oil prices driving cost and optimisation, for most businesses in this segment, Al-Bahar aims to show case Caterpillar's latest innovation, which leverages different fuel sources and connecting assets.
 

Fluor reports Q3 results

According to Fluor's financial results for this year's third quarter, earnings attributable to the company were $5mn, compared to $176mn a year ago.
 

Aramco increases oil prices to Asia

Aramco increased its pricing for Arab Light crude to Asia by 90 cents a barrel, to a premium of 45 cents over the regional benchmark
 

More spending cuts as UAE predicts oil shortages

Further investment cuts will mean a 3% reduction this year in oil and natural gas production, equivalent to 5mn barrels of oil, and another 4%, or 6mn barrels, in 2017
 

Aramco invests $100m in low-emission technology

Aramco along with 9 of the world's largest energy companies met to declare their collective support for an effective climate change agreement to be reached at the upcoming COP21
 

Shell takes top earnings spot from Exxon

In addition to cost cuts, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014.
 

GE-Baker Hughes set the pace for sector activities

Since crude oil prices plunged in 2014 in the face of oversupply, deals have been fitful, with large players such as Schlumberger and Technip buying smaller rivals.
 

SPC approves ADNOC's 2030 strategy & 5 year plan

The new strategy is aimed at generating sustained growth in ADNOC's upstream, midstream and downstream segments in an evolving energy market.
 

Occidental Petroleum posts smaller quarterly loss

Occidental posted a net loss of $241mn for the third quarter ended Sept. 30
 

ADNOC to consolidate 3 more companies

Work on consolidating the companies is being guided by an ADNOC-appointed steering committee, and consolidation is expected to be completed by the end of next year.
 

PDO signs $200m contract with Omani factory

As a result of the contract award, Gulf International Pipe Industry will expand its current production range and introduce a new manufacturing line
 

European energy majors looking to cut costs

Major energy companies around the world continue to search for new ways to combat low oil prices
 

Hydrocarbon recover to support Qatar's GDP in H2

Qatar's hydrocarbon GDP contracted by 2.1% in the first half of 2016 amid falling oil production, but this decline is not expected to continue forecasting that hydrocarbons production will stay flat in 2016 and will grow by 1.8% in 2017.
 

Region in need of "strategic cost transformation"

Fluctuating oil prices have made it critical for businesses to make a 'step change' in their operating models to remain agile and resilient
 

New Schlumberger Reservoir Laboratory in Abu Dhabi

This is in addition to their laboratories in Dubai, Qatar, Kuwait and Saudi Arabia.
 

ADNOC unveils new corporate logo

The move came "in order to ensure accurate and up-to-date communications on our company in the future," the company said in a press release.
 

Nabors to form drilling venture with Aramco

The joint venture will begin operations in the second quarter of 2017, the companies said.
 

Saudi Arabia appoints new minister of finance

Mohammed Al-Jadaan has been made minister of state and will remain a member of the Council of Ministers, as the Saudi cabinet is known, according to the royal decree.
 

Awards 2016: Weatherford wins Oil Field Services

The Houston-based giant has won the coveted title of best oilfield services company at the Oil & Gas Middle East and Refining & Petrochemicals Middle East Awards 2016 in lieu of its recent contract wins and quality work on regional projects
 

Qatar Petroleum forms dedicated LNG marketing arm

The newly established Ocean LNG Limited will market Qatari LNG worldwide
 

GE, Baker Hughes to merge oil and gas businesses

The new entity, being valued at $14bn, will be based out of both Houston and London; GE to own 62.5%, Baker Hughes remaining 37.5%
 

No agreement reached at OPEC/non-OPEC meeting

A day earlier, OPEC members themselves were unable to agree on how to implement a global deal to limit output after hours of talks amid objections by Iran and Iraq, both of which have been reluctant to reduce output, sources said.
 

Reducing cost without compromising safety

Production losses alone can cost O&G companies tens of millions of dollars for just one day of downtime, without even accounting for the cost of contractors and manpower used during a shutdown
 

Exxon beats estimates with $2.7bn earnings in Q3

Analysts were expecting Exxon to report EPS of 58 cents on revenue of $63.85bn.
 

Aramco shortlists companies for project management

The listed companies include Canada's SNC-Lavalin Group Inc., Pasadena's Jacobs Engineering Group, Atkins Faithful & Gould and Dar Al-Handasah Consultants Ltd., according to Bloomberg.
 

Awards 2016: PDO-Glasspoint win EOR project award

The project known as 'Miraah' has been recognised for its innovative use of solar power (captured in a glasshouse sort of structure) to produce steam to extract oil from the tricky geological formation in the Amal oilfield in southern Oman
 

Total outperforms peers, buoyed by LNG business

Total: "positioned to be the most profitable European major oil company"
 

Hyundai Engineering wins $727m deal from Aramco

South Korean firm signs contract to build gas treatment facility at Uthmaniyah
 

PDO's CSR programme supporting women entrepreneurs

As part of its Corporate Social Responsibility (CSR) programme, Petroleum Development of Oman (PDO) has been backing local women for building start-ups in different industries.
 

Weatherford reported $1.78bn loss and more layoffs

About $1.4bn of the oilfield services company's losses come through the write downs on the lost values of rigs, equipment and other assets, as well as other tax charges.
 

Awards 2016: Aramco scoops 'Technical Innovation'

Saudi Aramco wins 'Technical Innovation of the Year' award at the Oil & Gas Middle East and Refining & Petrochemicals Middle East Awards 2016 for its seawater-based fracturing fluid system
 

Aramco confirms it unveiled a corruption case

With assistance from the Saudi Ministry of Interior authorities, Aramco's internal investigations established that a former employee was involved in receiving a bribe in return for facilitating the purchase of three aircrafts from Embraer.
 

Egypt has alternatives to Saudi oil

Aramco's October oil deliveries to Egypt were suspended, but Saudi has not yet clarified the reason behind the delay. In addition, Aramco has not yet informed the Egyptian government whether the November deliveries would be dispatched.
 

ENOC expands overseas supplies, sells $40m/year

Emirates National Oil Company says capability expanded to Hong Kong, South Korea, Oman, Kenya and Rwanda
 

Emerson shifts facility from Basra to Rumaila

The Al Majal facility will serve as a focal point of Emerson's sales, project execution, lifecycle services, and educational services in Iraq
 

Iraq offers oilfields under new contract terms

The new invitation to tender allows oil companies to 'submit their own proposals for contractual, commercial and financial terms and conditions', a clear shift from the service contracts used for the country's giant southern fields.
 

Egypt mulls enquiry into Saudi oil non-delivery

Egyptian General Petroleum Corporation tasked with finding out the reasons behind the October non-delivery and gauge the scenario for the November shipment from Aramco
 

BP's Khazzan gas project phase 1 in Oman 80% ready

The massive project is located 350km south of Muscat, and BP claims the completed development will eventually contribute roughly a third of Oman's natural gas supply
 

Egypt launches tender for 96 LNG cargoes

State-run EGAS has released tender documents bidding to secure 96 LNG shipments in 2017 and 2018; foreign players show interest
 

Awards 2016: KOC lauded for Operational Excellence

The judges described KOC's Well Delivery Team's work, part of the South East Kuwait Asset, as a proven method with "clear improvements achieved through this strategy; something that appears to be extendable"
 

Iraq refuses to join output cut citing IS conflict

Iraq currently produces more than the 4.7mn bpd it pumped in September, and output could rise still higher as the government urges international companies to boost production
 

KSA & Russia to cooperate on oil projects, output

Russian Energy Minister Alexander Novak meets Saudi, Qatar counterparts in Riyadh; discuss implementation of the Algiers oil output freeze deal
 

Dresser-Rand supplies generators to Zohr gasfield

Three SGT-400 gas turbine-generator sets destined for largest natural gas field in the Mediterranean sea
 

Entitlement cuts causing Aramco staff to resign

Al-Hayat daily reports that a number of the oil giant's employees have either resigned or are seeking early retirement due to reported reductions in salaries and allowances
 

Halliburton posts Q3 2016 profit on cost cuts

American oilfield services giant exceeds expectation to register profit in the third quarter profit on the back of cost cuts and rig count gains
 

UK's Subsea 7 wins offshore contract in Egypt

The company said it considered this to be a substantial contract which calls for work related to pipelines and associated structures for operations in the Atoll field
 

NIOC ropes in Maersk for South Pars exploration

National Iranian Oil Company (NIOC) reportedly negotiating with Maersk for the development of the second phase of the South Pars oil layer, deputy managing director says
 

2 workers die in fire at Aramco blaze

Aramco announced the death of two workers in a tweet last week
 

Qatargas wins 5-year contract with Petronas LNG UK

Under the agreement, Qatargas will deliver 1.1mn tonnes of LNG per year to the UK-based venture until 2023, extending a current five-year contract that was due to expire in 2018
 

Qatar's Nakilat, Shell sign LNG carrier agreement

Nakilat has carried out preparations and planning for the management of these assets to Qatar's gas supply chain, which plays a major role in the national economic growth in alignment with the National Vision 2030
 

17 workers hurt in Saudi Aramco oil facility blaze

Local newspaper Al-Riyadh reports 17 people hospitalised, with three needing intensive care treatment; Aramco says accident didn't affect operations
 

Sharjah National Oil Corp to import LNG into UAE

The first gas deliveries are scheduled to arrive into Sharjah in the spring of 2018, after which it will flow to the Sajaa gas field complex and then into the existing pipeline network throughout the Northern Emirates
 

MacGregor wins Aramco contract for 6 AHTS vessels

The equipment will be delivered in stages for which work is expected to commence at the end of 2016; vessels scheduled for delivery in Q3 2017
 

Exova wins materials testing contract in KSA

The project will see Exova testing and validating materials throughout SEPCO Arabia's construction of a gas compressor station for the second phase of the Kingdom's master gas system
 

Iran hopes to match Qatar's gas production soon

Iran plans to increase its crude oil production to 4mn bpd by 2019 and 4.28mn bpd by 2020, while boosting condensate output to 1mn bpd by as early as 2018
 

Qatar delays Barzan project start due to gas leak

The $10bn project's first phase was due to start in November, boosting Qatari gas production capacity by up to 2bn cubic feet per day when it reaches capacity in H1 2017
 

APICORP records $55.1mn profit in H1 2016: Report

APICORP's total profit for H1 2016 was lower than the same period last year, during which it earned $56.5mn
 

ADNOC to integrate three marine firms by 2017

Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co will be consolidated into one, according to media reports
 

Initial interest in new oil blocks promising: Oman

Block 30 (Hafar), Block 31 (Suneinah North), Block 49 (Montasar) and Block 52, has attracted hundreds of queries from prospective investors from over a dozen countries
 

Kuwait parliament dissolved over fuel price hikes

Emir Sheikh Sabah al-Ahmad al-Sabah issued an emergency government decree on Sunday afternoon dissolving the parliament, although the date for fresh elections hasn't been set yet
 

Awards 2016: Orpic wins ICV Strategy award

Oman Oil Refineries and Petroleum Industries Company (Orpic) wins In-Country Value Strategy of the Year Award for its ICV department's structured and pioneering approach towards boosting localisation within the organisation and its operations
 

Qatargas surpasses 2500 Japan LNG cargo deliveries

"Qatar places great value on its relationship with its clients in Japan, and we will work towards better and stronger relations,' chairman says.
 

Oman's September oil production drops to 30.1mn

Sultanate exported a total of 24.95mn barrels (831,743 bpd) in September, showing a 0.15% increase from August
 

Nakilat's Q3 2016 profit rises at $208mn: Report

Qatari marine services company Nakilat has announced a net profit of QAR757mn ($207.89mn) in Q3 2016, compared to QAR749mn ($205.69mn) for the same period last year.
 

NPCC wins Aramco offshore facilities contract

NPCC will help to build offshore oil and gas platforms, pipelines, power cables and other infrastructure, Aramco says
 

Taqa sells bonds worth $750m to lower loan costs

The 10-year bonds have a yield of 3.8% and the five-year bonds have a 3.05% yield
 

Oman: PDO awards $330mn contracts to local firms

The agreements were further evidence of the success of its In-Country Value (ICV) strategy to build a thriving small and medium enterprise (SME) sector, PDO says
 

Egypt puts out tenders after KSA suspends oil deal

Aramco was expected to provide 400,000 tonnes of gas oil, 200,000 tonnes of gasoline, and 100,000 tonnes of fuel oil per month, none of which has been delivered for the month of October
 

Kuwait Energy starts Basra concession production

The Faihaa-2 well in the Block 9 concession of Iraq's Basra governorate, which was dug up in early January and carried testing production in September, has reportedly stabilised at a rate of 5,600 barrels per day.
 

JGC wins EPC contract for Bahrain gas project

The signing of the contract, which was worth $98.7mn, was held in a ceremony under the patronage of Bahrain's minister of oil Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa on October 4 and attended by the ambassador of Japan in Bahrain.
 

Gallery: Glimpses of the Fujairah Oil Terminal

Nestled in the rugged mountains of the UAE's north, the Fujairah Oil Terminal - the largest private crude oil and refined products terminal in the GCC - is leading the rise of the emirates as a global midstream hub.
 

Experts predict increased demand for logistics

The growing global demand for natural gas offers a platform of new opportunities for the region's logistics and breakbulk sector, according to A T Kearney
 

Awards 2016: Borouge CFO named Woman of the Year

Reem Al Anbari, the first woman ever to occupy the position of chief financial officer of an ADNOC group company, has been praised for her remarkable career achievements by the Awards jury, which described her as someone who has 'grown through the ranks'
 

Dolphin Energy, QP ink deal for additional UAE LNG

Qatar Petroleum will supply gas to the Sharjah Electricity and Water Authority and Ras Al-Khaimah Gas Commission, RAK Gas via the Dolphin gas pipeline
 

Awards 2016: AlMedallah named Young Professional

The 29-year-old Mohammed AlMedallah is an offshore specialist engineer and flow assurance unit supervisor at Saudi Aramco
 

Awards 2016: PDO wins Training Initiative award

The Omani giant was recognised for its National Objectives Programme which successfully integrated vital skills in oil extraction and included accreditation in all its technical aspects
 

Awards 2016: KOC wins HSE Initiative of the Year

The jury recognised that the company had a strong focus on critically assessing its policies in their area and a real commitment to implementing them
 

O&G Awards 2016: Industry winners dazzle Abu Dhabi

Oil & Gas Middle East and Refining & Petrochemicals Middle East Awards 2016 recognised 13 winners from both the upstream and downstream segments for their achievements and initiatives across various categories
 

ADNOC to consolidate two key offshore oil firms

The consolidation of Abu Dhabi Marine Operating Co (ADMA-OPCO) and Zakum Development Co (ZADCO) is 'aimed at capitalising on synergies to drive operational efficiency and maximise value': ADNOC
 

Qatargas and Pakistan's GEIL sign 20-year LNG deal

Qatargas will supply 1.3mn tonnes per annum of LNG to Pakistan for 20 years, with provisions allowing the volume to increase to 2.3mn tonnes per annum
 

RAK Petroleum delivers $850mn Ivory Coast project

The Oslo-listed oil and gas investment company said in a statement that operator Foxtrot International has brought on stream two new offshore gas fields, Marlin and Manta
 

Saudi Aramco plans to spend $334b in next 10 years

"This will be spent on material and services to support service facilities, infrastructure projects, drilling and maintain (oil) potential projects, unconventional resources both in the exploration phase and development and several other projects": Aramco
 

OPEC agrees on oil output cut at Algiers meeting

The cartel has reached a deal to reduce output to a range of 32.5-33mn barrels per day
 

WFES celebrates 10-year anniversary in 2017

Last year the exhibition brought together 600 companies from 32 countries and more than 30,000 attendees from 150 countries
 

OGME & RPME Awards 2016 shortlist entries declared

The editorial team is delighted to announce the finalists from among the numerous entries received by us this year; chosen companies and individuals who are now in contest for the Awards
 

Aramco awards major gas pipeline work to Saudi KAD

The work is related to the Master Gas System 2 (MGS 2) and the Fadhili gas programme
 

Phoneix Contact expands Clipsafe enclosure series

In addition to the stainless steel enclosures, 35 robust Ex-certified polyester enclosures are now available for use in process technology environments
 

Global oil and gas investment to fall in 2016: IEA

The largest drop in investment came in the North American upstream oil and gas sector
 

Saudi Arabia ousts US as biggest oil producer: IEA

While the Kingdom has added 400,000 bpd since May, about 460,000 bpd of 'high-cost' production has been shut down in the US
 

Russia considers LNG supplies to Bahrain: Report

A memorandum of understanding was signed by Russia's Gazprom and Bahrain's National Oil and Gas Authority (Noga holding)
 

Saudi's ADC weighs bid for land rig operator Dalma

ADC is interested in Dalma's assets including those in Saudi Arabia, Oman and Algeria
 

Aramco extends bidding for marine terminal work

Nine bidders are planning to participate including Boskalis, Hyundai Engineering & Construction, and Jan de Nul, among others
 

Saudi and Russia sign oil pact, could limit output

The deal was signed by the country's energy ministers in China on the sidelines of a G20 gathering
 

Iran plans to ready new oil terminal by year-end

A senior official from the National Iranian Oil Company has said that the terminal near Kharg Island in the Gulf would be ready to export the new grade of crude, known as West Kharoon
 

Ratings agencies Fitch and S&P upbeat on Qatar

The fall in oil and gas prices has resulted in sharply lower government revenues, but a fiscal adjustment is under way, the global ratings agencies predict
 

Aramco, Japan to expand Okinawa crude storage deal

Under an agreement with Tokyo, Saudi Aramco and ADNOC each store up to 6.3mn barrels of crude oil in Okinawa
 

Wintershall says it inked MoU with Iran in April

Details of the agreement are subject to confidentiality, according to a company representative
 

Russia & OPEC must agree to freeze output: Putin

Russian President says his country and the cartel can strike an agreement to prop up prices and that the deadlock over Iran can be solved
 

KSA doesn't target specific output level: al-Falih

During a visit to China, Saudi Energy Minister says demand for crude in China remains "very healthy" and India's demand was "very good" too
 

Western IOCs seek to study Iran's Caspian reserves

The Caspian Sea's complex geological structures as well as its noticeable depth have turned it into a high-risk venture for oil drilling and exploration
 

Alderley delivers injection packages in Saudi

The packages were installed at the Ras Tanura Refinery, Jeddah Refinery, Rabigh Bulk Plant and the Jizan Bulk Plant
 

ADNOC to name woman CEO for one of it group firms

Companies with vacant roles are offshore oil and gas development firm ZADCO, refining arm Takreer and liquefied natural gas-producing unit ADGAS
 

Qatar's Barzan gas project to start in November

The $10bn project will boost Qatari gas production by up to 2bn cubic feet per day when it reaches capacity in the first half of 2017
 

Cyberattacks against regional oil & gas up by 50%

Cyberattacks against oil and gas firms in the Middle East made up more than 50% of registered occurrences in the region, according to Repository of Industrial Security Incidents (RISI) data
 

Iran, Russia ink $1 billion oil rig deal: Report

The project will be jointly financed by Russia and Iran, and put the Islamic Republic among the countries capable of building drilling rigs
 

Iraq mulls selling oil through Iran as backup bet

Senior oil ministry official in Baghdad says country could consider selling crude through Iran if talks with the semi-autonomous Kurdistan region fail to yield agreement
 

Chalmers Engineering selects AVEVA Bocad software

One of AVEVA's software products will be used for the construction of an unnamed oil and gas project commissioned by Kuwait Oil Company
 

PDO supports training of 300 female job seekers

Company aims to extend its job creation efforts beyond the oil and gas industry to other sectors of the economy
 

'Buy one get one free' offer on ITP energy titles

A digital subscription of Oil & Gas Middle East offers readers the chance to avail a free subscription of another ITP Business or Technology magazine for just $59
 

Emerson wins 10-year contract from Total E&P

Agreement is first of its kind between the French energy major and an automation systems provider
 

Thailand's PTTEP to sell Oman 44 project: Report

The transaction is expected to close in the early fourth quarter of 2016
 

Iran to invest $645mn to boost oil recovery rate

The National Iranian South Oil Company (NISOC) is planning to implement projects worth $645mn to raise oil recovery rate from oilfields
 

Norway's DNO to abandon Block 36 well in Oman

DNO said its Oman production averaged 5,900 barrels of oil equivalent per day during Q2 2016
 

Iran's oil and gas exports reach 2.7mn bpd in July

The Islamic Republic used to export 2.350mn barrels of crude per day before international sanctions were imposed
 

Saudi Steel Pipe wins $34mn contract from Aramco

The company says the related financial impact will be registered in H1 2017
 

KSA oil sector dull as 55% say no plans to spend

A survey by Saudi Arabia's National Commercial Bank (NCB) showed a 'bearish outlook' for the hydrocarbon sector, as it dropped to -2 points in Q3 2016
 

Schlumberger awards well services deal in Saudi

Malaysia's Daya Maxflo Sdn Bhd has secured a three-year contract from the world's largest oilfield services company for the provision of specialised well services in the Kingdom
 

UAE-based Time World Freight goes big in oil & gas

Global logistics company headquartered in Dubai has gained a 'shop window' with corporations in the oil and gas sector by joining Achilles FPAL
 

Proserv and KLAW team up to prevent spills in Gulf

Oil and gas suppliers formed a strategic partnership to offer an enhanced field safety service preventing offshore spills in the Middle East
 

Iran hopes to sign $25bn oil deals within 2 years

State-owned NIOC has identified 34 foreign companies as suitable bidders
 

Sukuk buy helps Dana Gas offset low oil price blow

Sharjah-based private gas producer records flat Q2 2016 net profit at $7mn, while H1 2016 net profit stands at $13mn
 

Oman says new refinery capacity to cut oil exports

Orpic's new refinery coming online in early 2017 will cause the Sultanate's exports to drop by about 50,000 bpd, oil minister says
 

Iran probing if oil accidents were cyberattack

A series of fires and explosions in recent weeks has killed one and caused major damage to some of the Islamic Republic's oil and refining facilities
 

Oman to alter Iran gas pipeline route to avoid UAE

Sultanate's oil minister says both nations are at an advanced stage of designing the pipeline and had agreed on a deeper option than originally envisaged to avoid crossing any third country's borders
 

Iran plans phased renovation of oil facilities

Plans are under way to renovate petroleum facilities in Iran's southern oil rich regions
 

Abu Dhabi's GASCO receives LNG storage vessel

The vessel from Excelerate Energy has already collected its first cargo and will add 500mn standard cubic feet of gas per day to the grid
 

Installation work on SARB 4 in full swing: Ale

The transport and heavy-lifting contractor is working on an 18-month turnkey project for the Satah al-Razboot (SARB) offshore oilfield in Abu Dhabi
 

OPEC decides on informal meeting in September

OPEC members will meet on the sidelines of the upcoming International Energy Forum in Algeria from September 26 to 28
 

Aramco completes largest offshore tie-in platform

The Marham TP-9 Deck is part of the company's programme which covers the fabrication and installation of four oil producing platforms and associated pipelines and power cables
 

Iraq's oil production rises to 4.63mn bpd in July

The OPEC member pumped 4.632mn barrels of crude oil per day in July compared with 4.559mn bpd in June
 

S&P affirms Abu Dhabi ratings; outlook stable

The ratings are supported by Abu Dhabi's strong fiscal and external positions
 

MENA to invest $10.3bn for LNG import facilities

The Middle East and North Africa region is set to become the world's second-largest importer of gas by 2040, according to a new report
 

QP to hand over non-core business units to Manateq

The transaction will go into effect as of January 2017
 

Oman fuel marketing firms gain from price reforms

Shell Oman Marketing Company, Oman Oil Marketing Company and Al Maha Petroleum Products Marketing Co reported earnings growth averaging around 9% for H1 2016
 

Iran starts repair of blast damaged gas pipeline

The fire which led the pipeline to explode near the town of Gonaveh in southern Iran on Saturday, was swiftly brought under control and did not cause any fatalities
 

Iran's cabinet approves new oil and gas contracts

'The draft of the general conditions, structure and patterns of the upstream petroleum and gas contracts includes more than 150 minor and major changes', official Shana news agency reports
 

Iran plans to boost gas exports to 200mcm per day

Oil Minister Bijan Namdar Zanganeh has said completing projects pertaining to exports via pipelines to neighbouring countries and the completion of LNG projects are being prioritised
 

OPEC oil production slumps by 80,000 bpd in July

Nigeria led the decline with a 70,000 bpd monthly drop to 1.52mn
 

Oil & Gas Awards deadline approaches

As the deadline for nominations draws ever closer, we speak to category sponsor Betec Cad to find out about the significance of winning an award
 

Egypt issues global tender for oil & gas drilling

State-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) has issued a new international tender for oil and gas drilling and explorations in Gulf of Suez and Sinai
 

Sri Lanka considering purchasing LNG from Qatar

The sharp fall in LNG prices in last one year has made it attractive for Sri Lanka to pursue gas-based power generation
 

Argentina seeks to raise Qatar energy investment

The Latin American nation's oil production has tumbled 38% since a record 847,000bpd in 1998, while gas has dropped 16% from a record 143mn cu m/d in 2004
 

Weak demand urges Aramco to cut oil price for Asia

Saudi Arabia's move to lower the official selling price is likely to intensify competition with rivals such as Russia and the UAE
 

Aramco to raise 'Saudization' to 70%

The oil giant has begun applying the Saudization plan with its partners, including the Saudi Power Transformer Company
 

Japan to invest $10bn in Iran, particularly in oil

Iran's crude oil exports to Japan have surged 61% in May from a year earlier
 

OPEC oil output set to reach record high in July

Supply from the Organization of the Petroleum Exporting Countries has risen to 33.41mn bpd in July from a revised 33.31mn bpd in June, Reuters says
 

AVEVA's IE&D software advances Canadian project

Nine-month front-end engineering and design phase of a major oil & gas project in Canada to be completed on time and under budget
 

PDO's Miraah solar EOR project costs cut by 46%

Operator says ground has been prepared for the project, which was launched in mid-2015 in record time, three months short of the date specified in the approved plan
 

Oman's crude oil exports grow by 6.3% in H1 2016

The Sultanate's production of crude oil and condensates grew by 3.6% to 182.05mn barrels in the first half of 2016, from 175.67mn barrels during the same six month period in 2015
 

McDermott, Nakilat tie up for Qatar EPC projects

McDermott and N-KOM, the joint venture shipyard between Qatar's Nakilat and Keppel Offshore & Marine, will develop an integrated approach to target offshore EPC projects and repair and maintenance contracts in Qatar
 

Saudi Aramco appoints new CEO for trading unit

Aramco says Ibrahim al-Buainain started in his new role earlier this month
 

Musandam's 1st gas-fired power plant to start 2017

The Musandam Power Company is currently developing the 120-megawatt (MW) capacity plant at Tibat in the Omani governorate, and hopes to bring it online by February 2017
 

Iran talks to Siemens, Rolls-Royce for investment

No deals have been struck yet, but Tehran says Siemens and Rolls-Royce are interested and hopes to 'reach a result' soon
 

APICORP and Bahri to launch $1.5bn shipping fund

The Fund's target is to acquire approximately 15 Very Large Crude Carriers (VLCCs) over three phases with total investments of up to $1.5bn composed of debt and equity
 

India's L&T wins $1.6bn gas field deal from Aramco

A consortium led by L&T Hydrocarbon Engineering, an offshoot of Mumbai-based Larsen & Toubro, has won the contract for the expansion of the second phase of the Hasbah offshore gas field located off the coast of Saudi Arabia
 

Aramco opens training academy for drilling sector

The Saudi Arabian Drilling Academy (SADA) will act as a training ground to serve the drilling and workover industry in the region
 

Aramco signs $13.3bn deals for Fadhili gas project

Scheduled to be completed by the end of 2019, the Fadhili gas project aims to become a key component of the Kingdom's master gas system, processing gas from both onshore and offshore fields
 

PDO successfully raises $4bn funding for expansion

The borrowing will take the form of a five-year pre-export facility which was provided by a syndicate of international banks; HSBC Bank Oman acted as the sole international financial advisor
 

Qatar awards gas consultancy deal to SNC-Lavalin

The five-year contract for the Oryx GTL project has been won by the Canadian engineering group's local entity – Qatar Kentz
 

Iraq beats KSA in Q2 to bag top spot in India

Iraq became India's top oil supplier on the back of sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consuming nation
 

ENI awards Drake & Scull $61.5mn contract

Company to provide engineering, procurement and construction services for a water injection network installation project at the Zubair oil field in Basra, Iraq
 

ExxonMobil, Qatar Petroleum tie up for Africa E&P

The companies are allegedly considering the purchase of stakes in gas fields in Mozambique
 

Qatar on course to win Morocco LNG supply deal

Qatar has built its position on the back of the MoU that the two countries signed for bilateral cooperation in the field of oil and gas
 

OOCEP signs upstream deal with Thai E&P company

Both parties will share information and experience in the relevant areas and also exchange technical information and data to identify and progress areas of mutual interests
 

Kuwait mulls partial privatisation of oil industry

Acting Oil Minister Anas Al-Saleh has revealed that the government is currently looking into the potential public listing of four companies part of Kuwait's national oil company
 

Iran's crude oil output hits 5-year high in June

Iran pumped 3.63mn barrels of crude daily in June, which is the highest since 2011
 

Aramco IPO depends on oil, bourse status: Al-Falih

Saudi Arabia is expected to list 5% of the state-owned oil giant by the end of 2018
 

N-Sea opens new office in Dubai

Move is in line with the company's efforts to strengthen its regional presence
 

Tests carried out at UAE nuclear plant Barakah

Structural Integrity Test and Integrated Leak Rate Test were performed at Unit 1 of the nuclear plant that is currently 65% constructed, it has been revealed
 

Konecranes delivers 13 port vehicles to DP World

The vehicles will be used in the container operations at its flagship Jebel Ali Port in the UAE
 

Dar Group signs contract for Saudi-Kuwait pipeline

Contract was awarded by Kuwait Gulf Oil Company and has an estimated value of $10mn
 

Dentos advised Oman's MB Holding on $76mn Sukuk

Facility represents the first dual tranche Sukuk issuance in the Sultaanate
 

OPEC production rises in June led by Nigeria gains

Nigeria pumped an average 1.53mn barrels a day last month, a gain of 90,000 a day from May
 

Shell seeks $2bn from Aramco in Motiva JV breakup

The split was announced in March and is expected to be completed in October but disagreements over the payment could postpone the final date
 

Abu Dhabi to merge IPIC, Mubadala investment funds

The merger will create a new entity that will hold roughly $135bn in combined assets
 

Reforms in Iran oil contracts necessary: Ayatollah

Supreme Leader Ayatollah Ali Khamenei has said that no new oil and gas contracts for international companies will be awarded without necessary reforms
 

Qatar's RasGas reaches gas deal with France's EDF

State-owned RasGas last week said it will begin delivering the LNG to a terminal in Dunkirk, France, starting next year
 

Iran, Kurdistan 'eyeing oil co-operation': Report

The two sides are planning to build a pipeline that could transfer as much as 250,000 barrels of oil per day from Kurdistan to Iran
 

Schlumberger offshoot wins Egypt offshore contract

OneSubsea has been awarded an EPC contract in Egypt for the newly discovered Zohr offshore gas field
 

Fitch downgrades Bahrain's ratings to junk status

Fitch said in a statement that lower oil prices are causing a 'marked deterioration' in Bahrain's fiscal position
 

Iran's new oil contract to be ready this summer

Oil Minister Bijan Zanganeh has said that the Islamic Republic will invite bids, through the Iran Petroleum Contract (IPC), to develop 10 to 15 oil and gas fields
 

Permasense ties up with STARC for Mideast growth

The Saudi Trading and Research Company Ltd or STARC will operate as Permasense's exclusive representative in Saudi Arabia
 

YBA Kanoo acquires services company in KSA

Technical Contracting Company (TCC) specialises in mechanical, electrical, instrumentation contracting and maintenance services for the past three decades
 

Maersk assures no layoffs after losing Qatar bid

'Maersk Oil will be redeploying a number of its employees which today are based in Qatar elsewhere in its global organisation': Company statement
 

Total wins stake in Qatar's Al Shaheen oilfield

Total will be in charge with operating the oilfield starting July 14, 2017, and a new company named North Oil Co. will be created to manage the joint venture
 

Buy-one-get-one offer on OGME digital subscription

Readers who purchase a digital subscription through ITP Publishing's online portal will be given the option to select an additional subscription free of charge
 

Tasweeq integrated into Qatar Petroleum

The integration will involve transitioning Tasweeq's employees, assets and customer relationships into the QP organisation before the end of the year
 

Iran names new OPEC envoy: Oil Ministry

Iran has named oil ministry senior analyst Behrouz Beik Alizadeh as its new representative to OPEC
 

Qatar Petroleum to sell Al Shaheen Holding stake

Qatar Navigation (Milaha) in a bourse filing last week, has said that it has reached a preliminary agreement to buy Qatar Petroleum's stake in oilfield services firm Al Shaheen Holding
 

Oman's crude oil output rises marginally in May

Sultanate's production during May 2016 stood at 30.10mn barrels, a daily average of 999,836 barrels
 

MOL announces finding new oil reserves in Pakistan

This marks the Hungarian oil and gas company's 8th discovery in the TAL Block and 12th in the country
 

Iran wants oil dues to be paid in euros: Zangeneh

The Islamic Republic's move comes as it is looking to reduce its dependence on the US dollar following sanctions relief in January
 

Lukoil quits Aramco JV project in Saudi Arabia

Luksar, as the project is known, was 80% owned by Lukoil and 20% by Saudi Aramco
 

China, Iran to set up oil terminal in the Gulf

The oil terminal will be built on Qeshm Island in the southern part of the Gulf and will turn the island into a major centre for oil production and storage
 

Qatar to reduce condensate exports by 33% in 2017

Starting January next year, Qatar will export around 20 cargoes of condensates a month, down from the 30 it is exporting presently
 

Iran promotes NIOC finance director as new MD

Ali Kardor replaces Roknoddin Javadi as managing director of NIOC and will also have a seat on the company's board
 

BP eyes investment in Iran oilfields: Report

Negotiations are underway with BP for cooperation in oilfield development, boosting recovery rate at oilfields and research projects
 

S&P affirms Bahrain's BB/B ratings; outlook stable

The global credit ratings agency has affirmed its 'BB/B' long- and short-term foreign and local currency sovereign credit ratings on the Kingdom
 

Nouredine Bouterfa is new Algerian Energy Minister

Bouterfa, the head of state power firm Sonelgaz, was named as the new Energy Minister, replacing Salah Khebri
 

Russia tops KSA as world's largest oil exporter

The country has overtaken Saudi Arabia in crude exports, and retained the top spot in exports of natural gas, according to a BP report
 

Shell resumes Iranian oil purchases

Shell fixed Suezmax tanker Delta Hellas to bring 130,000 tonnes of Iranian crude from Kharg Island on July 8 to continental Europe
 

BP "unlikely" to invest in Saudi Aramco IPO: CEO

BP is the second major company to suggest it is not interested in the IPO, following Russian Lukoil, which made a similar statement earlier this month
 

PDO honours 50 staff for driving efficiency

The employees have been formally accredited as 'Lean' practitioners for implementing projects which have eradicated waste and unnecessary or uneconomic work practices
 

Mubadala appoints new CEO for energy subsidiary

Ahmed Saeed Al Calily to replace acting CEO Homaid Al Shimmari
 

World oil reserves stable despite low spending: BP

Investment in oil and gas fell in 2015 by around a quarter from a year earlier to $160bn
 

Bauer launches UNICUS 4i compressor system

Germany-based Bauer Kompressoren has introduced to the regional market UNICUS 4i - an 'all-in-one' compressor package
 

Iran signs deals to sell crude to European firms

Long-term deals have been signed with Saras SpA and Eni of Italy, Spain's Repsol, Hellenic Petroleum SA of Greece, France's Total, Switzerland's Vitol Group as well as Lukoil of Russia
 

ENOC secures $230mn loan from major Chinese bank

Dubai Government-owned oil company says loan will finance its 'long-term strategic growth'
 

Iran gives Total 6 months for making oilfield bid

Deputy Oil Minister says several European and Asian firms have expressed willingness to develop the South Azadegan oilfield, and that the Islamic Republic's MoU with Total is not binding
 

OGME 2016 Top 30 EPC Contractors

Oil & Gas Middle East presents its annual list of the leading local and global EPC contractor companies.
 

BP Oman completes 70% work in Khazzan gas field

BP Oman plans to start the drilling of the first exploratory well of gas before the end of 2016
 

Aramco keen to invest in global upstream after IPO

International gas was of particular interest, Khalid Al-Falih, Saudi Arabia's Energy Minister and Aramco's chairman has said
 

Oman plans to tender five oil blocks in October

These oil and gas blocks spread in different parts of the country will be awarded, after a tending process, on production sharing basis, according to the Sultanate's Ministry of Oil & Gas
 

Aramco to boost capacity of east-west pipeline

The Saudi oil giant is planning to expand the capacity of its east-west crude pipeline to 7mn barrels per day by the end of 2018 from the current 5mn bpd level
 

ENOC saves $4.6m in 2015 through energy efficiency

ENOC achieved this 155% increase on the savings of $1.8mn in 2014 through significant progress it made in applying energy and resource management (ERM) strategies
 

India, Qatar to jointly explore energy assets

India has also invited Qatar to invest in the Asian giant's exploration and production sector by bidding for blocks under the new Hydrocarbon Exploration and Licensing Policy
 

Saudi revises renewable energy goal to favour gas

The Kingdom aims to have power generation from renewable resources like the sun make up 10% of the energy mix, a reduction from an earlier target of 50%
 

Saudi looks to import gas to boost energy mix

Khalid Al-Falih however stresses that the priority would be on finding new sources of gas domestically through exploration
 

Shell could exit 10 countries, CEO says

Ben van Beurden says the Anglo-Dutch group said it anticipated savings of $4.5bn in two years' time, $1bn more than previously forecast
 

Singaporean contractor wins first Mideast project

Swiber's offshore EPCI contract win in Qatar, along with deals in Myanmar and Vietnam, boost its order book up to $1.2bn
 

Iran oil output currently at 3.82mn bpd: Zanganeh

Oil Minister Bijan Zanganeh predicts Iran will have around 5-6% spare production capacity after reaching 4mn bpd by the end of the year
 

Aramco raises Asia oil pricing amid robust demand

State oil giant Saudi Aramco increased its official selling price for Arab Light crude by 35 cents a barrel to 60 cents more than the regional benchmark for sales to Asia
 

PDO to borrow $3.4bn in response to low oil prices

Money will be used to top government financing for the company's oil & gas activities over the next year
 

Kuwait Oil Company looks to solar oil extraction

Kuwait is exploring renewable energy-enhanced oil recovery techniques, mainly from concentrated solar power, to slash import bills
 

ODE scoops prestigious health and safety award

Company won its seventh consecutive gold medal at the prestigious Royal Society for the Prevention of Accidents (RoSPA) Occupational Health and Safety Awards
 

Aramco finds new fields, to continue investments

Aramco's chairman and new Saudi Energy Minister Khalid al-Falih has said in the company's 2015 annual report that despite low oil prices the oil giant has reached record levels of oil production and gas processing
 

Mubadala Petroleum, Oxy to exit Bahrain oilfield

The partners have reached an agreement with Bahraini authorities to exit Tatweer Petroleum, the operator of the Bahrain Field
 

Gallery: 4th Al-Attiyah Energy Int'l Awards 2016

Exclusive pictures from the 2016 Abdullah Bin Hamad Al-Attiyah International Energy Awards annual gala event held in the Museum of Islamic Art, Doha, on May 24th.
 

Hundreds of companies to participate in Valve Expo

10th biennial Valve World Conference & Exhibition to take place in Dusseldorf, Germany from November 29 to December 1
 

Australian firm assures returns on equipment sale

Smith Broughton proposes three viable commercial options to equipment sellers to maximise returns
 

Aramco makes all-time-high output record in 2015

Saudi Aramco produced 10.2mn barrels a day of crude in 2015, up from 9.5mn in 2014
 

Iran resumes natural gas exports to Iraq Kurdistan

Report says Iran has despatched 290,000 litres of natural gas to Iraq
 

BP, Shell among bidders to run Qatar oilfield

The other bidders are Al Shaheen's current operator Maersk, as well as Total SA, Chevron Corp and ConocoPhillips
 

Amec Foster Wheeler awarded FEED contract by KOC

British multinational engineering, construction and design firm will upgrade KOC's Oil Gathering Centre GC-24
 

Qatar's Texas LNG venture to begin exports by 2021

Qatar Petroleum (QP) owns a 70% stake in an LNG receiving terminal in Texas that is backed by Exxon Mobil and ConocoPhillips
 

Aramco may appoint JPMorgan, HSBC for bond sale

The global banks, along with Riyad Bank, will help the Saudi oil company set up a Saudi riyal-denominated sukuk programme, according to Bloomberg
 

DNO fails to find oil in Oman Block 36, finds gas

The well, drilled in the Rub al-Khali basin in the southwestern part of the Sultanate, reached a total depth of 3,010m
 

British firm wins recognition at ADNOC HSE Awards

UK-based TWMA was awarded the Company & Contractor Partnership Award for its outstanding work on all four of the ZADCO artificial islands
 

ADNOC unveils new logo as part of corporate revamp

The Abu Dhabi state-owned oil giant has revealed its new logo, in the latest stage of the organisation's corporate revamp
 

Award winners predict oil market stability in 2017

Winners of the lifetime achievement awards at the 4th Abdullah Bin Hamad Al-Attiyah International Energy Awards, believe that a supply-and-demand balance will return to the oil market in the first half of 2017
 

nogaholding sets up $570mn finance facility

The Sharia-compliant finance facility will enable nogaholding to invest in a number of profitable projects in Bahrain
 

Aramco awards $1bn Hasbah gas expansion contract

India's Larsen & Toubro and Singapore-based Emas AMC bag contract worth over $1bn for the expansion of the offshore Hasbah sour gas field
 

ADNOC, Abu Dhabi Ports sign 50-year deal

The company will begin to implement a plan to set up a lube and grease plant, as well as storage warehouses to support distribution operations in different emirates
 

Moody's lowers credit ratings for GCC states

Moody's said Saudi Arabia, the world's biggest oil exporter, had been hit hard by the deep and prolonged decline in oil prices
 

ADNOC plans to cut 5,000 jobs by year end: Report

About 2,000 of the lay-offs have already been carried out, according to the media report
 

Abu Dhabi National Oil Company rejigs leadership

ADNOC named Abdulaziz Abdulla Alhajri as director of its refining and petrochemicals division and Omar Suwaina Al Suwaidi as director of its gas division
 

OPEC pumps 32.52mn barrels of oil per day in April

This rise in output occurred after OPEC and non-OPEC producers failed to agree on a proposal to freeze output in Doha on April 17 in a bid to stabilise prices
 

Kuwait plans to hike oil output by 44% before 2020

The plan is in line with current attempts made by GCC nations to pump as much crude as possible and tender new E&P projects
 

Oil output in Oman surges to 30mn barrels in April

The Sultanate's crude oil exports touched 26.99mn in April; an average of 899,637bpd
 

OOCEP marks first export of oil from new terminal

The tanker, 'VLCC TSURUGA', safely lifted approximately 300,000 barrels of crude from the Musandam Terminal for crude oil export on May 4
 

Iran's Pasargad mulls $330mn IPO of energy unit

Company's top official says the IPO could take place in the current Iranian year, which ends March 2017, "or latest, next Iranian year," adding the listing may raise about 10tn Iranian rials or $330mn
 

UAE's Taqa posts Q1 2016 loss on low oil prices

The majority Abu Dhabi government-owned entity made a net loss attributable to equity holders of AED608mn ($165.5mn) in the three months to March 31, versus a net profit of AED256mn ($69.69mn) in the same period of 2015
 

QP marks 10,000th LNG vessel loading at Ras Laffan

The LNG cargo was loaded on board the Q-Max LNG carrier 'Mozah', which is bound for the South Hook LNG Terminal in the UK
 

PDO eyes $900mn savings over next 5 years: Report

Initiatives have been designed to yield hundreds of millions of dollars in savings to the company over the 2015-20 timeframe
 

Aramco expects marine complex operational by 2021

The first part of the shipbuilding complex will be ready by 2018, and it will eventually make oil rigs and tankers, CEO says
 

Retrofit solution for capturing lightning strikes

Nils Lesmann on Phoenix Contact Electronics GmbH claims his company's lightning evaluating solutions have improved uptime and lower maintenance costs
 

Managed Ethernet extender system

Rüdiger Peter, product manager for Telecommunication Interfaces at Germany-based Phoenix Contact Electronics GmbH, explains the technology behind the solution
 

Comment: Reducing hazard potentials

Birger Diekmann, Process Technology Product manager - Business Unit ICC of Germany-based Phoenix Contact GmbH & Co. has his say on terminal blocks in explosive atmospheres
 

ADNOC, Shell, BP to promote UAE energy investment

The EIC Connect Middle East event is scheduled to take place on May 17 at St. Regis Hotel and Resort on Saadiyat Island, Abu Dhabi
 

Iran to beat Qatar output by '17 from shared field

Iran’s production of natural gas from the field – called South Pars by Iran and the North Dome by Qatar – will surpass 500mcm/d once several ongoing projects are fully developed, a senior official has said
 

Iran's new oil contract to be ready by July

Deputy Oil Minister says companies from all countries welcome to tender for the new Iran Petroleum Contract (IPC) in July
 

Maersk risks losing Qatar field, its largest asset

Qatar surprised the company last year by putting out a tender for Al Shaheen field, which Maersk Oil has been operating since 1992
 

Taqa says not in talks to sell oil and gas assets

Reports said Taqa was considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity
 

DNO mulls Oman offshore output boosting measure

The Norwegian E&P company is considering adding a further well to increase West Bukha's production
 

Austria's OMV signs MoU to revive activity in Iran

The deal signed earlier this month in Tehran covers several areas from oil and gas field evaluation to crude oil and petroleum product swaps
 

Shell cuts spending further by 10% after BG deal

Europe's largest oil company has been under pressure from shareholders to cut annual spending below $30bn to ensure it can maintain its dividend
 

APICORP issues Sharia loan for O&G firm in Algeria

Loan will finance part of the cost of equipment and working capital for a three-year service contract
 

Ahmed Al Kaabi named UAE's governor for OPEC

Ahmed Mohammed Al Kaabi, has served as the UAE Energy Ministry's Assistant under-secretary for Oil, Gas and Mineral Resources
 

UAE delays building Fujairah LNG plant: Report

EmiratesLNG is looking at other options for the planned onshore facility including storing gas at the site, reloading it on ships for sale elsewhere and providing LNG as marine fuel
 

Saudi women's business park to create 21,000 jobs

The WBP, a joint-venture of PNU and Wipro Arabia, has been supported by Saudi Aramco as strategic advisor and anchor of the initiative
 

Iran, Oman mull building oil terminal at Jask port

The terminal will have the capacity to export 2mn bpd and 10mn barrels reservoir for oil and gas condensates
 

Iran oil & gas condensate exports reach 2.45m bpd

Iran welcomes presence of foreign and domestic investors in the upstream and downstream sectors, a senior official says
 

Saudi Arabia names Khalid Al-Falih Energy Minister

Aramco chairman replaces 80 year old Ali al-Naimi at the helm of a new integrated Ministry of Energy, Industry and Mineral Resources
 

Total to invest in Qatar's solar sector: Report

QP and QEWC have signed a deal to establish a 60:40 joint venture with an initial capital of about $500mn to develop a solar power project with a capacity of 1,000MW
 

Russia investing to make Bahrain a gas hub: Report

The hub will be meant to intake LNG from various sources, including Russia
 

India paying $5/mmBtu to Qatar under new gas deal

In late December last year, India got Qatar to agree to slashing gas price by half to match a slump in global energy rates, helping the nation save billions of dollars
 

Gas production in Oman grows by 8% to 10.2bcm

A sizeable portion of the natural gas in Oman is used by various mega industrial projects, which stood at 6.16bcm in Q1 2016
 

Old Dead Sea well could hold $322mn worth of oil

Israel Opportunity says the Hatrurim license is estimated to contain reserves of 7mn to 11mn barrels of oil
 

Taqa mulls selling off overseas oil and gas assets

In its 2015 annual report, the Abu Dhabi government-owned company mentioned it had an agreement with another Abu Dhabi party to sell all its assets in North America and Kurdistan and most of it in Europe
 

Dana Gas withholds dividend for 2nd year in row

The company posted a 15% rise in full year net profit to AED528mn ($143.47mn) compared to AED457mn ($124.41mn) earlier
 

Oman plans to build oil storage terminal near Duqm

Proposed terminal will be built by a subsidiary of state-owned Oman Oil Company (OOC) at Ras Markaz in southeastern Oman
 

Wintershall eyeing opportunities in Iran

German E&P recently signed an MoU with Iranian authorities for the development of energy and infrastructure projects
 

Potential issues delay Aramco IPO's final form

Due to the huge size of the IPO it can only be handled by the largest stock markets like New York and London, The Economist quoted Aramco chairman as saying
 

Taqa's Iraq project to be commissioned in Q2 2016

The Abu Dhabi-government owned company narrowed its loss to $490mn in 2015 from $816.78mn a year earlier
 

Aramco sets financing plans for industrial push

The reforms envisage Aramco transforming itself from an oil and gas firm into a 'global industrial conglomerate' involved in many sectors and services
 

Jotun Paints gaining ground with Jotachar 1709

Jotun Paints launches Jotachar 1709 mesh-free epoxy passive fire protection coating for oil and gas and refining sectors
 

Saudi, Kuwait struggle to restart Khafji oilfield

Kuwait's acting oil minister said on March 29 that Kuwait had agreed with neighbouring Saudi Arabia to resume production at the field
 

Saudi to sell less than 5% of Aramco through IPO

Subsidiaries of the company would also be sold by IPO, as part of a privatisation drive and to bring transparency to the oil giant, Prince Mohammed said
 

Shell awards $3mn maintenance contract to UK firm

Company will provide optimisation, reliability and integrity services to Shell's projects globally
 

SPE's ATSE event to kicks off in Dammam today

The three-day (April 26-28) Annual Technical Symposium and Exhibition (ATS&E) will feature 27 technical sessions, 4 pre-event courses and 4 pre-event workshops
 

GE Oil & Gas partners with Iraqi Oil Ministry

Among the many objectives of the agreement, the two parties plan to set up Iraq's first Monitoring & Diagnostics Center that will enable real-time predictive maintenance, reduced downtime & improved operational efficiency of Iraq Ministry of Oil's fleet
 

Schlumberger and NOV win Sonatrach well contracts

Schlumberger was awarded a $25mn contract for technical assistance and NOV has won a $45mn contract
 

Honeywell launches 'Total Care' field services

Total Care Services addresses industry challenges such as hiring freezes, cuts in training budgets, ageing maintenance workforces and hard-to-find skilled labour pools
 

Kuwait's Emiri Court denies deal with workers

Reports that have been published in this regard are totally false, the Deputy Minister of the Emiri Diwan Affairs says
 

Saudi Arabia plans largest artificial oil canal

The Saudi Council of Engineers, describes the largest artificial canal as the 'project of the century' and the 'Kingdom's second renaissance'
 

Kuwait oil and gas workers end 3-day strike: Union

The union has further pledged 'to make every effort to immediately return production to its previous level'
 

JPMorgan, boutique bank may advise Aramco on IPO

M. Klein & Co. is reportedly in the running to provide the Saudi government with strategic advice, while JPMorgan may serve as an underwriter
 

Oman offers to bridge Saudi-Iran oil output gap

"Oman has a good relationship with everyone, not just the Saudis and Iran," Sultanate's oil minister says
 

Oman LNG 2015 revenues down at $2.6bn

Low global oil and gas prices reduces majority Omani government-owned company's revenues from $4.074bn in 2014 to $2.612bn in 2015
 

Iran builds pipeline for gas export to Iraq

The project is estimated to earn Iran $3.7bn a year in revenues
 

Omani oil majors seek combined loans worth $4.35bn

While PDO is seeking a $2.5bn loan to fund its projects, the Oman Oil Company has contacted banks about amending the terms of an existing $1.85bn loan
 

Russia says door not closed for oil output freeze

Oil Minister Alexander Novak says the deal fell apart because Saudi Arabia had demanded Iran join in and that this was 'unreasonable'
 

Saudi-Iran tussle wrecks deal to freeze oil output

Mohammed al-Sada, Energy Minister of host Qatar, says OPEC members need more time to agree on a free deal
 

Draft Doha pact would freeze output until October

According to a copy of the draft seen by Reuters, oil producers are to not exceed daily output levels recorded in January, till October 1
 

Oman's crude oil production falls in March

The average daily crude oil production stood at 976,253 barrels
 

Oman LNG, Oman Oil join hands to aid 'Omanisation'

The two companies will provide opportunities for their respective employees, who will be temporarily assigned by means of a 'secondment' to each other's businesses
 

Aramco's Yasref secures $4.7bn refinancing loan

Money will be used to refinance shareholder funds used for the construction of 400,000 barrels per day refinery on the Red Sea coast
 

Italy's Saipem signs MoU for Iranian gas project

The Toos field holds over 2.11tcf of gas in place and has the capacity to produce some 141.2bcf/d of gas
 

Kuwait to explore offshore acreage in 2017

KOC is in the process of tendering two contracts; one will cover logistics work and the other will focus on identifying where offshore rigs should be located
 

Dolphin Energy awards contract to Veolia

Veolia Water Technologies, has been awarded a contract by the Qatar Engineering & Construction Company to engineer, procure and deliver a wastewater treatment plant for Dolphin Energy's natural gas production and processing facilities in Ras Laffan, Qatar
 

Oman oilfield ICV spend targeted at $3.5bn: Report

The amount maybe spend on local content development in the form of 'Omanisation', training, and patronisation of locally sourced goods and services
 

Saudi Aramco to allocate $124bn for contractors

Divided into 24 categories, suppliers will have a choice between local and international contracts, according to a local daily
 

Asia buys more Mideast heavy crude in Q1 2016

Latin American crude sold to Asia fell 1% in the first three months of 2016 from a year ago, while Middle East exports to Asia rose 7% in the first quarter
 

QP committed to continue Al Shaheen project: CEO

The existing E&P sharing agreement with Maersk Oil Qatar that governs the operation of Al Shaheen field will expire mid-2017
 

Omani firms making inroads as oilfield operators

Five local companies established as operators in upstream sector, the government-owned Oman Oil Company Exploration & Production being the latest entrant
 

'Door still open' for oil concession talks: ADNOC

The Abu Dhabi National Oil Company's CEO says the door was still open for talks on awarding stakes in its 40-year onshore concession to develop the UAE's biggest oilfields
 

Will keep raising production: Iran oil minister

OPEC secondary sources put Iran's current output at 2.93mn bpd
 

Basic engineering of Iran-Oman gas pipeline starts

The Iranian Offshore Engineering and Construction Co. (IOEC) has started to provide the basic engineering documents for the onshore sector of the pipeline
 

Petrofac exec 'paid $2m bribe' for Kuwait oil deal

Oilfield services giant is alleged to have ordered 'confidential payments' to help win oil contract in Kuwait
 

Aramco says Jafurah unconventional gas promising

Saudi Aramco is assessing the unconventional Jafurah gas basin which it says is promising; CEO says Aramco it plans to boost gas production for power and chemical industries
 

PDO helps set up first Oman pipeline tools factory

LiN SCAN Oman is a joint venture between UAE-based LiN SCAN International and local community contractor Shaher United Trading and Contracting Company
 

ENOC Marketing posts 10% volume growth for 2015

Despite the decline in oil prices, revenues from the Marketing segment contributed 16% of overall group earnings
 

ADNOC taps France's Vallourec for 'mega tender'

Vallourec beat out competitors including Nippon Steel, GSC and Tenaris for the commodity steel tube products, and players including Jubail Energy Services Company (JESCO) of Saudi Arabia, China's TPCO and TMK of Russia for the specialised products
 

Top 10 ICT companies servicing the O&G industry

Arabianoilandgas.com presents a list of the top 10 Information Technology (IT) companies, in terms of revenue, servicing the regional oil and gas industry. The list has been prepared with inputs from the International Data Corporation (IDC)
 

Wintershall's profits fall by a third in 2015

Company attributes fall in earnings to lower oil prices and asset divestment
 

Wintershall talking to ADNOC over Shuwaihat field

German E&P firm hoping to secure long-term production agreement with ADNOC
 

Oil & gas equipment corrode by 4-5% a year: Expert

Senior Saudi Aramco official says oil giant practises a 17-step corrosion management programme for asset protection
 

OPEC oil production rises to 32.47mn bpd in March

Reuters survey says higher supply from Iran and near-record exports from southern Iraq offset maintenance and outages in smaller producers
 

Iran can add 500,000 bpd oil supply in a year: IEA

IEA's estimate of Iran's supply increase from existing oilfields was in line with previous market estimates
 

Bahrain's oil & gas industry gets financial boost

The $570mn sharia-compliant, five year financing is the first foray for nogaholding into the syndicated credit markets
 

UAE President reshuffles Supreme Petroleum Council

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, as the Ruler of Abu Dhabi, made the decision via an Emiri decree
 

Fuel prices at pumps in Oman 'will not' be capped

April's price for Oman's commuters has increased
 

Saudi Aramco looking to invest in India: Report

Aramco chairman discusses move with Indian PM Modi during the latter's recent visit to Riyadh
 

Oman to review employing locals in oil sector

Reduced salaries for Omanis and financial compensation to companies being mulled to make it easier for employers to hire nationals
 

Production at UAE's Shah gas field to be ramped up

CEO of operator Al Hosn Gas says output to be increased by 50% to 1.5bcf per day by 2021
 

Gallery: Weir Oil & Gas new $20m facility in Dubai

Arabianoilandgas.com shows you glimpses of Weir Oil & Gas' new factory in JAFZA South, Dubai. The 250,000sqft facility has become the first to produce advanced wellheads for the regional industry from Dubai.
 

Iran may attend Doha meet but not talk output cuts

Qatar has invited all OPEC members and major producers from outside the exporting group to attend talks on April 17
 

UAE raises fuel prices for April by over 10%

Abu Dhabi raises fuel prices for the first time in months as crude oil prices see marginal recovery
 

Saudi Arabia to sell 5% of Aramco shares by 2018

In an interview to Bloomberg, Deputy Crown Prince Mohammed says Aramco to be included in $2tn Saudi sovereign wealth fund
 

Kuwait agrees to restart joint oilfield with Saudi

The Khafji oilfield was shut in October 2014 for environmental reasons
 

Gulf Safety Forum to take place in Doha in October

Conference to be held under the patronage of Qatar's Prime Minister HE Sheikh Abdullah Al Thani
 

GE Oil & Gas breaks ground on Dammam facility

Unit will serve as a manufacturing, assembly, repair, services and training facility for advanced gas turbines and mechanical drives
 

Iran digs 5,500m of wells in new year's first week

National Oil Drilling Company official says drilling of the first development well in South Azadegan oil field was completed in four days of the new year that started on March 20
 

Oman to attend oil producers' Doha meet next month

Dr Mohammed bin Hamad Al Ruhmy, Minister of Oil and Gas, will attend the meeting on April 17
 

Can start selling gas to Pakistan in months: Iran

President Hassan Rouhani says Islamic Republic has completed its share of the $7bn Iran-Pakistan-India gas pipeline project
 

Kuwait Oil Company says it's found new oilfield

Preliminary tests suggest the new field in the al-Jathatheel region will provide a significant boost to the country's resource reserves
 

Iran signs oil contract with France's Total

French energy giant to help Islamic Republic develop the South Azadegan oilfield shared, which it shares with Iraq
 

Oman Oil seeking $1bn loan for subsidiary: Report

State-owned company seeks funds for Oman Oil Company Exploration and Production to develop the Khazzan gas field
 

China imports record high Saudi oil in February

Saudi Arabia was China's top supplier in February with shipments of 1.38mn bpd, slightly below a record 1.39mn bpd in February 2012
 

Oxy Oman exploring 'new opportunities' in Block 53

Block 53 holds the Mukhaizna field where Oxy and its partners have invested in the development of one of the world's largest steamflood projects to produce heavy oil
 

Kuwait may implement fuel price hike from April 1

Country's National Assembly had previously approved the Economic Reform Document
 

Qatar Petroleum delivers 500th LNG cargo to the UK

The delivery, on March 24th, was made on board the Q-Flex LNG vessel Al-Hamla
 

Iran in talks with UAE to pay fine with gas supply

Senior Iranian Oil Ministry officials want to supply gas from Iran's Salman gas field to Crescent Petroleum instead of paying the fine
 

UAE accepts invitation to attend Doha oil meeting

The meeting in Qatar on April 17 will bring together oil producers to discuss a global pact to freeze production to support prices
 

Iraq March oil exports hold steady at 3.35mn bpd

Iraq's southern exports in the first 23 days of March averaged 3.35mn bpd, close to the record of 3.37mn bpd reached in November
 

Russia outpaces Saudi in January oil production

Russia produced 10.46mn bpd; while Saudi output hit 10.09mn bpd
 

Saudi Aramco oilfield expansion nearing completion

Aramco has said it was expanding the Shaybah and Khurais oilfields to rebalance its crude quality and help compensate for other mature fields
 

Aramco starts producing gas at Hasbah field

From its seven single-well platforms Hasbah will provide up to 1.3bn standard cubic feet per day of gas
 

OOCEP aims to spud pilot well in Oman's Block 65

Covering an area of around 1,230 sqkm, Block 65 is surrounded by major oil and gas fields that produce from shallow cretaceous formations
 

Oman close to cutting LPG subsidies: Official

Oil Ministry says government mulling removing LPG subsidies for commercial, industrial entities; households not to be affected
 

Gas begins flowing from Oxy Oman's Block 62

Oxy is the operator under the EPSA holding a 48% interest, with Mubadala holding a 32% interest and the Oman Oil Company holding the remaining 20%
 

PDO presses on with Omanisation; creates 7200 jobs

The state-owned oil and gas major also awarded contracts worth more than $3.7bn to nationally registered firms, managing director Raoul Restucci said
 

Oman invests $11.4bn in oil and gas sector

Of the total expenditure, $8.2bn was for oil sector, while the remaining $3.2bn investment was for developing the natural gas fields
 

Qatar invites OPEC, non-OPEC members to April meet

'The need has become an urgent matter to bring back balance to the market and recovery to the global economy', the Energy Ministry said in the invitation letter
 

GlassPoint exhibits solar EOR project at OGWA 2016

GlassPoint, an associate sponsor of the event, offered visitors a virtual reality 3D tour of Miraah, its project with PDO
 

3W Networks wins ADGAS telecom and IT contract

3W says it won the third party contract from 'a leading European engineering and construction company' for ADGAS' gas facility in Das Island, Abu Dhabi
 

PDO exceeds 2015 oil and gas production target

The average PDO oil production for 2015 was 588,937 bpd, the highest since 2005 and almost 14,000 bpd above the planned target
 

Iran in talks to process LNG in Oman

Omani Oil Minister says Oman LNG has a spare capacity of 1.5mn tonnes per annum, which can be used by Iran for liquefying its gas
 

Iraq starts gas condensates exports to UAE: Report

The 10,000 cubic metres cargo marks the first foreign sale of a gas product by the OPEC nation
 

Bank Nizwa to arrange $150mn South Sea Energy loan

South Sea Energy is one of the key partners in the joint venture PetroTel Oman, operator of the 2,378 sqkm onshore Block 17 in Musandam
 

BP Oman says Khazzan gas project 65% completed

First gas from the Khazzan field is expected in late 2017 and production will eventually result in an increase of around 40% to Oman's natural gas supply
 

ADNOC, OMV and Oxy to explore Abu Dhabi fields

OMV says it had arranged a four-year seismic, drilling and engineering work programme to explore and appraise oil and gas fields in the North-West Offshore Abu Dhabi area
 

Oman not yet invited to Doha meeting: Minister

Mohammad bin Hamad al-Rumhy says he will attend the meeting between OPEC and non-OPEC oil producers on April 17, if invited
 

Aramco tenders for Uthmaniyah gas treatment units

Sources told Reuters that the project would be completed in August 2019 and would cost anywhere between $500mn to as much as $1bn
 

Rex Oman ups stake in Masirah Oil to over 72%

Masirah Oil Ltd (MOL) has announced that its key shareholder Rex Oman Ltd has increased its stake in MOL from approximately 61.76% to 72.03%
 

Lower LNG costs to help Qatar stay profitable: BMI

Asia would remain the 'dominant importer' of Qatari LNG over the decade, the consultancy says
 

Aramco to target US refiners after Shell breakup

Saudi Refining, the downstream arm of Aramco, has told employees following the announcement of the Motiva splitting that the oil giant was intent on buying more assets once the break-up is finished
 

Glasspoint names senior VP for project development

Nazar Al Lawati's scope of work includes fostering partnerships with strategic and international partners to develop and finance large scale solar EOR projects
 

KOGAS likely to lay down Iran-Oman gas pipeline

The pipeline will be conducted in three phases to cover the Iran-the Strait of Hormuz section, the strait section and the Oman-LNG terminal section
 

OPEC, non-OPEC producers to meet in April: Qatar

Around 15 OPEC and non-OPEC producers, accounting for about 73% of global oil output, are supporting this initiative to meet in Doha on April 17
 

Petrofac hires Veolia for project in Oman

The agreement will see France-based Veolia support the engineering and supply of water treatment systems for the Rabab Harweel Integrated Project, which Petrofac is managing on behalf of PDO
 

Galfar Engineering wins $300mn contract from PDO

Company to build new central processing facility at the Yibal Khuff oilfield south west of Muscat
 

KNPC close to bagging $3bn refineries revamp loan

Part of Kuwait's $100bn economic development plan, the Clean Fuels Project will upgrade and expand two of the country's largest existing refineries
 

PDO, Glasspoint win Shell award for Miraah project

The Miraah solar project underway in southern Oman has won the Shell Upstream International (UI) Impact Award in the 'Safety and Environment' category
 

Oman's crude oil production increases in February

The Sultanate exported 28.8mn barrels or 993,266 bpd in February, a growth of 12.7% over January 2016
 

OPEC sees lower 2016 demand for oil, higher output

OPEC now expects the global demand for its crude to average 31.52mn bpd in 2016, down 90,000 bpd from last month's forecast
 

Iran presses ahead with boosting South Pars output

The Islamic Republic is aggressively installing the infrastructure to develop phases 14, 19, 20, and 21 of the South Pars gas field
 

Bahrain's 2015 oil output up by 650,000 barrels

Bahrain is estimated to export 150,000 bpd out of its 200,000 bpd output
 

15 nations confirm attendance for Moscow meeting

Countries participating in the March 20 meeting in the Russian capital include Russia, Saudi Arabia, Venezuela, Iran and Nigeria
 

IEA cuts OPEC, non-members estimated oil output

Global oil supplies eased by 180,000 bpd in February to 96.5mn bpd on lower OPEC and non-OPEC output
 

Iran open to US companies; rejects oil freeze deal

Islamic Republic's Oil Minister says Tehran would only consider a freeze after it increases production to 4mn barrels a day
 

Aramco seeking advice on assets, timing of IPO

Saudi Aramco reportedly sent the request for proposals to international strategy firms about three weeks ago to study scenarios for an initial public offering
 

Schlumberger opens facility in Saudi Arabia

The new Middle East centre, located in Dammam, is the largest facility in the Schlumberger network at 178,000 sqm
 

Bahrain now more reliant on downstream: Experts

Along with BAPCO, the Gulf Petrochemical Industries Company (GPIC) too is at the forefront of petrochemical and downstream initiatives in the country
 

Chevron plans to slash budget in next two years

The company plans to spend between $17bn to $22bn annually in 2017 and 2018
 

Iraq's oil and gas sector projects top $90bn

In January 2016 Iraq exported an average of 3.88mn bpd, including exports from Kurdistan
 

Aramco to double gas production in a decade: CEO

The world's largest oil and gas company plans to double its gas production to 23bn scf per day in the next 10 years
 

Bahrain plans to tap oil reserves in key field

The Energy Minister says efforts are being made to produce the residual oil saturation in the Gas Cap of the Mauddud reservoir at the Bahrain Field
 

Will only commit to en masse freeze deal: Kuwait

Kuwait is currently producing 3mn barrels of oil per day
 

Amec Foster Wheeler wins contracts in Algeria

Amec Foster Wheeler has won a FEED contract from Sonatrach for three new refineries in Algeria
 

ENOC launches energy saving solar pilot project

The pilot project is already 25% complete and is expected to be commissioned on site at ENOC's Dubai Media City petrol station by July 2016
 

Iran oil exports to reach 2mn bpd soon: Minister

Islamic Republic expects exports to grow due to increased sales to Europe
 

Shell repays Iran $1.94bn debt for oil deliveries

The payments were made over the past three weeks in euros as dollar transactions are still under US sanctions
 

Oil price forcing producers to freeze output: UAE

"The majority of the world, 99.8%, maybe 99.9%, are not going to increase production": Energy Minister
 

Kufpec signs deal to develop oilfields in Pakistan

Signing took place during a visit by Pakistan's oil minister Shahid Abbasi to the country
 

Dana Gas starts gas production from Zora field

The field is expected to achieve a flow rate of 40mn cubic feet of gas a day or 6,650 barrels of oil equivalent
 

ExxonMobil and RasGas to test gas sensor

The remote gas detection system has been deployed near LNG Train 7, in which ExxonMobil has a 30% stake
 

Qatargas delivers first LNG cargo to Pakistan

The vessel left Ras Laffan, Qatar on February 26 to mark the inaugural Q-Flex delivery to Pakistan
 

Iran to raise March oil exports on higher EU sales

The state-run NIOC is expected to ship around 250,000-300,000 bpd to Europe this month after it finalised term deals with France's Total and Spanish refiner Cepsa on March 1
 

Iraq to pay $2bn in arrears to foreign companies

Besides paying the dues in April, Baghdad also hopes to seal deals with oil companies by mid-2016
 

Moody's lowers credit ratings of Oman, Bahrain

The credit ratings agency has justified its move citing that low crude oil prices have weakened the GCC economies
 

Honeywell, Palo Alto Networks to offer IT security

Honeywell's Industrial Cyber Security business is now offering the Palo Alto Networks Next-Generation Security Platform to industrial customers
 

BP buys 1.5mn barrels Qatari condensate for April

BP bought two 500,000 barrel of cargoes of deodorised field condensate (DFC) from Qatar's Tasweeq
 

Aramco chairman wins 'executive of the year' award

The award will be presented to Khalid A. Al-Falih by Energy Intelligence on October 18, during the 37th Annual Oil & Money Conference in London
 

Saudi Oil Minister rules out OPEC production cuts

Ali Al-Naimi however said that he was confident more nations would join a pact to freeze output at existing levels in OPEC and non-OPEC talks expected in March
 

Oman to add staff redundancy clause in tenders

Future bids to make provision for cost of redeploying or compensating nationals laid off during the tenure of a contract
 

Gallery: Petroleum Institute graduation ceremony

The Petroleum Institute, Abu Dhabi celebrated its 10th graduation ceremony on February 10, 2016 at the Emirates Palace Hotel. Out of 232 students of the cohort, 131 were awarded with Bachelor's degree and the Master's degree was bestowed on 101 students.
 

OPEC sees further action to output 'freeze' deal

OPEC Secretary-General Abdullah El-Badri reiterated the group's readiness to work with non-OPEC producers to tackle a supply glut
 

UK's JDR bags umbilical supply deals in UAE, Qatar

JDR wins two contracts to deliver subsea umbilicals for offshore platforms from EPC contractor McDermott Middle East Inc.
 

Dubai's ENOC sells over 220mn oil barrels in 2015

Company says its acquisition of Dragon Oil has given the Dubai Government control of strategic assets capable of producing over 100,000 bpd of oil
 

Pakistan building 2nd terminal to import Qatar LNG

A senior Pakistani official tells Oil & Gas Middle East that the country plans to build 'at least' two more floating terminals
 

Saudi Oil Minister to face rival US producers

Ali Al-Naimi will be addressing US wildcatters and executives at the annual IHS CERAWeek conference in Houston tomorrow
 

Oman, Iran press on with gas pipeline project

The $60bn deal was concluded during Iranian President Hassan Rouhani's visit to Muscat in 2013 to ship 20mn cubic meters per day of Iranian gas to Oman for 25 years
 

Aramco to soon start offshore gas for Wasit plant

Saudi Aramco has started to operate a unit that will process offshore gas for its giant Wasit project, which is to help the Kingdom meet surging domestic demand for electricity
 

Shell starts process to pay Iran $2bn in oil debt

The Anglo-Dutch oil giant says it had been so far barred from paying due to western sanctions imposed against the Islamic Republic
 

Saudi, Iraq sell more oil to India; edge out LatAm

Saudi Arabia was the top supplier to India in January, with volumes jumping 29% from the same month a year ago to nearly 940,000 bpd
 

Oman redeploys 2,100 local oil and gas workers

The Sultanate's 'Redeployment Strategy' stems from a moratorium issued by the government on layoffs of Omani oil and gas workers last November
 

Aramco shows interest to invest in Pakistan

An Aramco delegation visited Islamabad last week to explore investment opportunities in the country's oil & gas and petrochemical sectors
 

Oman's National Gas Company fires CEO over bribery

The company disclosed in 2014 that its chief executive had been detained over suspected bribes paid to a government official
 

Fire under control at Kuwait oil well site: KUNA

Specialised teams were taking precautionary measures to keep the fire from breaking out again: KOC
 

Oil freeze deal will have positive impact: UAE

Suhail Mohamed Al Mazrouei has said his country supports the Doha oil producers' freeze agreement if all OPEC members and Russia follow suit
 

S&P says Qatar 'stable'; ratings at AA/A-1

Qatar has built a large net asset position over many years that will help it weather the current lower hydrocarbon price environment: S&P
 

Iran quashes calls to freeze oil production

Petroleum Minister Bijan Zangeneh insists Islamic Republic will not give up its oil production quota, after meeting his Iraq, Venezuela and Qatar counterparts
 

PDO to set up sulphur recovery plant in Oman

Construction work on the massive integrated oil and gas facility is expected to begin in earnest in Q1 2016 with commissioning targeted in Q1 2019
 

Leak at Kuwaiti oil well site, no gas spill seen

The incident happened at a newly dug oil well in northern Kuwait, state media reports
 

ADNOC signs pact to improve air quality in capital

The document signed by ADNOC and EAD sets a framework for collaboration on data exchange and the preservation of air quality
 

GE Saudi Arabia gets recognition from parent group

GE Oil & Gas marking the first phase expansion of its Pressure Control facility in Dammam was among GE Saudi's achievements in 2015
 

Saudi, Russia agree to freeze oil production

Saudi Oil Minister Ali Al-Naimi says his country, along with Russia, Qatar and Venezuela have agreed to hold output at January level; talks with Iran, Iraq to follow
 

Change of guard at ADNOC

Sultan Al Jaber named new ADNOC director general; replaces Abdullah Nasser Al Suwaidi who was appointed director general in 2011
 

Petroleum Development Oman to borrow abroad

PDO will in future borrow abroad if it needs to finance projects rather than ask for more funds from its shareholders: Sultanate's Minister of Oil and Gas Mohammad bin Hamad al-Rumhy
 

Secret OPEC meeting in Doha today

Top oil officials from Saudi Arabia, Russia and several key OPEC members will meet today for their highest-level discussion in month to tackle the oil supply glut: Reuters
 

SPIE secures two service deals from Dolphin Energy

Both agreements, spanning four years, contain an option for SPIE to extend services in Qatar by an additional year
 

Pakistan mulled 3 options for LNG deal: Minister

Speaking to Oil & Gas Middle East in Abu Dhabi in January, Pakistan's Minister of State for Petroleum and Natural Resources, before the deal with Qatar, said the country had a three-pronged strategy for importing much-needed natural gas
 

OPEC keen to end oil glut: Nigerian Oil Minister

Emmanuel Ibe Kachikwu said that he would meet his Qatari and Saudi counterparts next week to discuss the oil oversupply situation
 

Dana Gas sees Q4 2015 profit on arbitration gain

Dana Gas made a net profit of $134.2mn in the three months to December 31, compared with a loss of $4mn in the prior-year period
 

BP, Oman Oil ink pact to develop Khazzan Phase II

The agreement between BP and the government of Oman will add over 1,000 sqkm to the original 2,700 sqkm Block 61, which is expected to start delivering gas in late 2017
 

UAE to store oil in India; offer over 60% for free

ADNOC has decided to use half of Mangalore's 1.5mn tonne facility, which would make up 6mn barrels of oil
 

Qatar oil output drops to 683,000 bpd in November

The current account surplus narrowed to $2.8bn in Q3 2015 on lower hydrocarbon exports: QNB Economics
 

Almajdouie bags logistics provider award in KSA

Saudi-based logistics provider awarded '2016 Logistics Service Provider of the Year, KSA' by Frost & Sullivan
 

China said to pitch HK listing, funds for Aramco

Winning the listing for Aramco would be a boost for Hong Kong's increasingly popular stock exchange, which traded about $34bn in IPOs last year
 

OPEC points to larger oil surplus in 2016

OPEC, in its monthly report, indicates supply will exceed demand by 720,000 bpd in 2016, up from 530,000 bpd implied in the previous report
 

India seeks UAE investment in oil and gas sector

Oil Minister Dharmendra Pradhan told the visiting UAE Energy Minister Suhail Mohammed Al Mazrouei that Indian companies are interested in acquiring a stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO)
 

ENOC appoints general manager of EMGAS

Nader Al Fardan appointed director - Gas Business, ENOC & General Manager of EMGAS, as part of ENOC’s strategic plans to strengthen leadership
 

Kuwait Petroleum Corp to sell loss-making units

KPC's affiliates, including Kuwait National Petroleum Co and Kuwait Oil Co, have already cut costs by 15-20%
 

Energy high on Sheikh Mohammed's India agenda

A number of new agreements are likely to be signed, including in oil and gas and renewable energy, as part of the Abu Dhabi Crown Prince's visit to India
 

Essar Oil adds twist; says talks with Rosneft on

India's Essar Group, which owns Essar Oil, declined to comment of media reports of a likely stake sale to Saudi Aramco
 

Kuwait reviews bid to slash fuel subsidies

The Gulf nation's government has proposed to raise petrol prices to 85 Kuwaiti fils a litre for low-grade 90 octane fuel, and 105 fils a litre for 95 octane petrol
 

Pakistan set to sign 15-year deal for Qatari LNG

South Asian country to seal an import deal for 3.5mn tonnes of LNG per year from Qatar, raising it from the previously agreed 1.5mn tonnes
 

Petrofac awards gas leak detection job to Bertin

Aramco and Petrofac will use France-based Bertin's 'Second Sight' system at the Jazan refinery
 

'Made in America'

The United States' oil industry has been rocked by the price fall, with many projects shelved or cancelled. But the country's foray into shale has established it as a leader in oil and gas technology
 

Glasspoint hires local Omani firm for CSR activity

Sustainable Square will work with GlassPoint to establish its social investment strategy and launch new programmes for Oman
 

QP to buy 30% stake in Chevron Morocco oil blocks

The sale will reduce Chevron's stake in the offshore leases to 45%
 

Oman gas production, imports grow by 5.6% in 2015

Oman's natural gas production and imports rose by 5.6% to 39.8bcm in 2015, up from 37.68bcm in 2014
 

Moving with the times

Effective logistics and supply chain management are critical to oil and gas operations, especially at a time when margins are being squeezed
 

Schlumberger-Cameron merger gets EU approval

The European Commission has cleared their proposed merger without any conditions following a Phase 1 review
 

UAE plans floating LNG import terminal this year

ADNOC's floating import terminal project is being supplied by US gas shipping company Excelerate Energy: Reuters
 

Aramco cuts March light crude oil pricing for Asia

Saudi Aramco lowered its official selling price for Arab Light crude to Asia by 20 cents/bbl to $1/bbl less than the regional benchmark
 

Staggering 3.4mn barrels of oil produced at a loss

That's more than UAE's entire crude oil output
 

Exclusive interview: Basra bouncing back

In his first interview since announcing plans to establish a company to foreign investment to Basra, Ali Al Faris, chairman of Oil and Gas Committee at Basra Council speaks to Oil & Gas Middle East
 

Saudi Aramco may buy India's $5.5bn Essar Oil

Aramco and Essar are believed to have commenced talks last month about the former purchasing a stock in Essar Oil's downstream assets
 

Adnoc Smart self-service in Abu Dhabi from March 1

The pilot phase of the project, running till October 1, will cover four service stations on Abu Dhabi Island and allow customers to try out self-refuelling, using a variety of payment methods
 

Dubai Mercantile Exchange sets record in January

Physical delivery for March loading reached 27.3mn barrels; average daily volume increase by 17%
 

Oman targets daily crude output close to 1mn bpd

The Sultanate's oil and gas minister also said that the country is on track to reduce the oil industry's contribution to the GDP to 22% from 44% by 2020
 

Aramco holding talks with banks on Islamic bond

Saudi Aramco has reportedly held talks with banks about selling Islamic bonds for the first time: Bloomberg
 

Conservatives protest in Iran over new IPCs

Hardliners last week protested outside Iran's Oil Ministry, saying the terms of the new Iranian Petroleum Contracts (IPCs) gives too much to IOCs
 

Omantel partners with BP Oman for Khazzan project

Omantel to deploy fixed, mobile and broadband solutions to the 2,800 sqkm gas project
 

BP reports biggest ever annual loss of $6.5bn

The British oil and gas giant has said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce
 

US O&G major Chevron reports $588mn Q4 2015 loss

At year end, balances of cash, cash equivalents, time deposits and marketable securities totalled $11.3bn, a decrease of $1.9bn from the end of 2014
 

195 PDO-trained Omani youth get welding jobs

The recruits are taking up positions with two of PDO's main contractors in the Rabab Harweel oil and gas project
 

GE Oil & Gas pockets $700mn in contract wins

The new agreements were announced during GE Oil & Gas annual meeting in Florence, Italy last week
 

Iran aims to boost output by 160,000 bpd after Feb

North Azadegan - which can produce 75,000 bpd and Yadavaran - with a capacity of 85,000 bpd, will come online after Tehran's parliamentary elections on February 26
 

GE Oil & Gas signs long-term deal with PDO

Contract comes into effect in the second quarter of this year
 

Italy's Saipem inks Iranian oil and gas deal

MoU signed in the presence of Iranian President Hassan Rouhani and Italian Prime Minister Matteo Renzi in Rome last week
 

France's Total signs MoU with Iran to buy crude

'Following the MOU, NIOC will provide the technical data on some gas and oil projects, so that Total can assess potential developments in Iran': Total
 

OPEC oil production rises to record in January

Saudi Arabia, OPEC's top producer, reduced output by 50,000 bpd to 10.2mn bpd in January
 

Shell wins shareholder nod to purchase BG Group

More than 80% of Shell's shareholders voted in favour of the transaction, the company has said in a regulatory statement
 

MLC delivers 500 tonnes cargo over tricky terrain

Saudi-based Almajdouie moves 34 heavy units across a 140km road from Jazan Port to Jazan City
 

Iran cancels oil conference in London over visas

Foreign companies will now be invited in May to bid for the new Iran Petroleum Contracts (IPCs)
 

Oman plans to award one more oil block this year

The Oman government last week signed an oil concession agreement with Hydrocarbon Finder to take over Block 7 on a production sharing basis
 

Energy accounts for 75% of Saudi Q3 2015 contracts

The Eastern Province was the recipient of numerous megaproject contracts as part of Saudi Aramco's development of Fadhili gas project worth $6.39bn
 

JGC wins $355mn gas plant project in Bahrain

The facility will recover for export liquefied petroleum gas and naphtha from associated gases released when extracting crude oil
 

OCB Oilfield Services fully acquires Kuiper

The acquisition of Kuiper International, which was completed last week, is OCB's first and is part of a four year expansion plan to increase its business value by 300%
 

Halliburton suffers to $666mn net loss in 2015

Halliburton said in October it had cut about 18,000 jobs, or 21% of its workforce, since the downturn began
 

Air Energi, Swift merge to form recruitment firm

Airswift, the new company, will have a total of 57 operating locations, employ over 800 people globally and manage a workforce exceeding 6,000 worldwide
 

PDO signs MoU to ensure ethical standards

Under the terms of the MoU, OCCGS will provide training, development and advisory services in corporate governance and sustainability
 

Kuwait spends $32bn on 2015 projects, amid slump

The awards include a $13bn contract to build a new refinery with a capacity of 615,000 bpd and a heavy oil production facility costing $4bn
 

Gallery: The Gulf Intelligence UAE Energy Forum

The 7th Gulf Intelligence UAE Energy Forum brought together over 250 energy industry stakeholders to Abu Dhabi to deliberate on crucial issues and events impacting the oil and gas industry.
 

Oman crude may head to US in rare arbitrage

Several oil-trading sources have said that US refiner Koch may have fixed a tanker to ship 2mn barrels of Omani crude to the US Gulf Coast
 

$380bn earmarked for oil and gas projects cut back

"That money has now been removed from projects which were to be implemented up till 2020": Qatar's Minister of Energy and Industry
 

Aramco will not cut oil and gas spending: Chairman

Khalid Al Falih says the percentage of Aramco's business that would ultimately be offered would not 'move the needle significantly' in terms of money raised for the government
 

ADNOC Distribution showcases clean energy drive

ADNOC Distribution currently operates a natural gas distribution network of 45km in the emirate of Abu Dhabi
 

Top four survival tips in times of low oil prices

A new report by ACCA outlines four main business areas companies should master in order to survive the oil price rout
 

South Korea lifts trade restrictions with Iran

Seoul had imposed industrial and financial restrictions on economic dealings with Iran since 2010
 

Rising deficits to impact Gulf oil sector in 2016

Constrained government budgets are poised to have the largest impact on the region's energy industry, finds survey
 

Sultanate buoyant despite downturn

Despite plummeting oil revenues and economic troubles, the government in Oman has resolved to continue investing in the nation's oil and gas sector, as industry majors move ahead with existing and new projects in 2016
 

Aramco IPO possible in foreign markets: Chairman

Khalid Al Falih says shares offering could happen on the local or international markets but would not include Saudi energy reserves
 

Iran to export 10bcm of gas to Oman per annum

Iranian oil minister Bijan Zanganeh said the Iran-Oman gas pipeline will have the capacity to carry 1bcf of gas per day
 

UAE to cut subsidies on power, gas: Minister

UAE Energy Minister Suhail Mohamed Al Mazrouei however gave no details on the timing of the subsidy removals.
 

Schlumberger posts net loss of $1.02bn in Q4 2015

Schlumberger cut 10,000 jobs in the last quarter as crude oil prices dropped to $40 per barrel
 

We are not going to curb output: Aramco chairman

The Saudi position on production was reinforced by Saudi Aramco Chairman Khalid Al Falih, in a panel discussion hosted by CNN Money in Davos
 

Shell's profit drops on sluggish oil

Profit adjusted for one-time items and inventory changes probably shrank to $1.6 billion to $1.9bn, Shell said on Wednesday in a preliminary earnings statement
 

Iranian oil minister to visit Oman today

This will be Iranian Oil Minister Bijan Zanganeh's first foreign trip after the removal of sanctions
 

Venezuela requests for emergency OPEC meeting

The letter for such a meeting, amid falling oil prices, was sent to the 12 other members of the Organisation of Petroleum Exporting Countries
 

Plexus bags $600,000 wellhead contract in Oman

The Aberdeen-based firm will supply explorer Masirah Oil with its 'Pos-Grip' wellhead system
 

Qatar's oil consumption rose 190% in a decade

Saudi Arabia's oil consumption rose from 1.9mn bpd in 2004 to 3.2mn bpd in 2014
 

Aramco signs cooperation agreement with Sinopec

The agreement was one of 14 agreements and MoUs signed between Saudi Arabia and China on the first day of a state visit by Chinese President Xi Jinping to Riyadh
 

ADNOC to receive $2.1bn loan from Japanese banks

Seven other Japanese firms, including the Bank of Tokyo-Mitsubishi UFJ, will provide additional financing, taking the total loan amount to $3.3bn
 

WRS appoints regional business development manager

Karim Abdellaoui, who will be based at WRS' regional headquarters in Abu Dhabi, has over 10 years of experience within recruitment, in particular within oil and gas
 

Interview: The man with a plan for Oman

In a rare interview, Petroleum Development Oman's managing director, Rauol Restucci, talks to Oil & Gas Middle East about the organisation's new cost savings programme, unlocking unconventional reserves, and the trail blazing Miraah project
 

Saudi Oil Minister optimistic about oil prices

Ali al-Naimi declined to comment when asked how the removal of economic sanctions against Iran might affect crude prices
 

Amec Foster Wheeler CEO Brikho stepping down

UK-based oil and gas services company appoints chief financial officer Ian McHoul as his interim replacement
 

Pakistan drops Shell LNG deal, to buy from Qatar

Before officially awarding the cargoes, Pakistani officials managed to clinch a more favourable deal with Qatargas, even though it was not in the original tender
 

Qatar raises local gasoline price by 30%

The Qatari government said last month that it expected a budget deficit of $12.8bn in 2016, its first deficit in 15 years
 

More Omanis to lose jobs in oil and gas industry

About 536 Omani workers at the Ardiseis Company, which is involved in oil exploration, are expected to be laid-off by the end of this month
 

Oman oil output grows 4% to 358mn barrels in 2015

The production figure is against 344.37mn barrels production in 2014, equivalent to 943,500 bpd
 

Egypt to offer global tender 11 oil and gas blocks

The North African country will also sign three new contracts for Mediterranean Sea development worth a total of $500mn
 

Iran to boost export by 500,000 bpd post-sanctions

International sanctions on the Islamic Republic over its controversial nuclear programme were lifted on Saturday
 

Aramco likely to float refining shares: Survey

About 33% of respondents to a Gulf Intelligence industry survey of about 250 energy industry professionals said Saudi Arabia's potential initial public offering this year suggests the oil giant wants to divest its refining assets
 

Saudi Arabia keeps Feb crude supply to Asia steady

The move was expected as the OPEC kingpin has supplied full contractual volumes to most Asian buyers since late 2009
 

Dana Gas to axe 40% jobs in 2016; reduce expenses

CEO of Sharjah-based natural gas company says it is working on reducing its overall general and administrative expenditure this year by 50%
 

Oman raises petrol, diesel prices from tomorrow

The cost of super grade petrol will rise by 33% to 160 baiza per litre; diesel will rise by 9.6% to 160 baiza per litre
 

Oman's oil production rises by 1% in December

The Sultanate exported 25.62mn barrels in December, 68.16% of it to China
 

Saudi govt will hold stake if it lists Aramco: CEO

Amin Nasser cited the government's privatisation initiative and broader economic reforms as the two key drivers behind the move
 

OPEC may have emergency meeting in March: Nigeria

"We (OPEC) may hold an emergency meeting in the first quarter if prices remain at current levels," Nigerian oil minister Emmanuel Ibe Kachikwu
 

ADNOC shares sale not being 'contemplated': UAE

There was speculation that ADNOC could follow Saudi Aramco in considering floating shares
 

No concrete plans for listing yet: Aramco chairman

Saudi Aramco Chairman Khalid al-Falih has told The Wall Street Journal that an Aramco listing 'cannot be done overnight'
 

Bahrain raises domestic gasoline prices

Bahrain has set the new price for super fuel at 160 Bahraini fils ($0.424) per litre from 100 fils, while the price for regular fuel raised to 125 fils per litre from 90 fils
 

Aramco would sell downstream ops, not upstream

Some Aramco managers have been informed that the company is looking at listing shares in 'joint downstream subsidiaries' at home and abroad: Reuters
 

How secure are GCC networks?

With 2015 witnessing a spate of attacks on the oil and gas industry and 2016 set to see no less, the regional oil and gas industry is investing in securing its systems, providing IT companies a lucrative opportunity to trade its products.
 

Aramco's reported IPO can be 'century's biggest'

Aramco is the world's largest oil firm with crude reserves of about 265bn barrels, over 15% of all global oil deposits
 

PDO banking on Khulud field for gas production

Located in the Yibal-Fahud area of central Oman, Khulud – with an estimated reserve of 'several trillion cubic feet' - is PDO's first tight gas development
 

Opec names Argus as its energy price data provider

OPEC will use Argus prices as the external, independent price reference for evaluation, analysis and reporting
 

Gulfsands wins extension for Tunisian block

Contract has been extended until July 12, 2017
 

ADNOC opens new service station in Abu Dhabi

ADNOC Distribution is looking at increasing its total number of service stations to 510 across the UAE by 2017
 

Omani state companies form $260mn mining venture

Mining Development Oman will carry out both downstream and upstream activities, which include exploration and extraction processes
 

UAE resilient to low oil prices: Economy Minister

Oil revenues currently contribute 30% to the UAE's GDP, a drop from 90% in the 1970s
 

Iran to raise storage capacity of key oil terminal

Storage of crude oil in Kharg oil terminal has always been on the Iranian authorities' agenda due to its strategic importance
 

Saudi Aramco raises February crude prices to Asia

The world's largest oil producer raised its February price for Arab Light grade for Asian customers by $0.60 versus January to a discount of $0.80 a barrel to the Oman/Dubai average
 

OPEC December oil output slips, still near record

OPEC supply fell in December to 31.62mn bpd from 31.79mn bpd in November
 

First Al Shaheen cargo declared in Platts Dubai

Unipec declared the cargo to ChinaOil after selling its 20th cash Dubai partial to ChinaOil at $32.40 per barrel
 

Dubai's Enoc Group makes two senior appointments

'Enoc veterans' Dr. Eng. Waddah Shihab Ghanem and Eng. Hesham Ali Mustafa named executive directors
 

A touch of glass

GlassPoint and PDO are now working on one of the largest solar projects in history. James Henderson spoke to Rod MacGregor, CEO of Glasspoint, and PDO's Technical Director, Amran Marhubi
 

Iraq exports 2bn oil barrels, earns $50bn in 2015

Country's oil exports for December amounts to 99.65mn barrels, fetching a revenue of $2.97bn
 

Oil prices rise on Saudi Arabia, Iran tensions

Global oil benchmark Brent climbed more than a dollar to a high of $38.50 per barrel on January 4
 

PDO targets saving $1bn during 2016-20 period: MD

Raoul Restucci tells Oil & Gas Middle East that Oman's largest oil and gas producer is on a drive to both maximise production and improve cost efficiency
 

Oman to spend 14% less on oil and gas in 2016

Oman has planned to spend $4.6bn on oil and gas production in 2016, according to its recently announced budget
 

Qatar slashes gas import price for India

RasGas has also agreed to waive Petronet's penalty of $1.81bn for buying lower than the contracted amount
 

Budget gets Oman Cabinet's nod; oil prices to rise

It will see Oman raising oil product prices, cut expenditures, boost non-oil sector, and raise corporate income taxes
 

India offers to import more crude oil from Iran

The Islamic Republic supplied 6.5mn tonnes of crude oil to India in H1 2015
 

TAQA announces first oil from new UK field

The field has been developed as a subsea tie-back to the TAQA-operated Tern Alpha platform
 

Honeywell completes acquisition of Elster business

The acquisition, which Honeywell announced on July 28, closed earlier than anticipated
 

Bahrain fuel prices to increase under new system

The system is expected to gradually raise the cost of diesel and kerosene as Bahrain adjusts its prices to match similar measures in other GCC states
 

Saudi Aramco to build world's largest gas complex

The new project will supply 20,000 metric tonnes of oxygen and 55,000 metric tonnes of nitrogen to its Jazan refinery for 20 years
 

Iraq calls on Exxon, Petrochina for energy project

Petrochina has shown more interest than Exxon in the 'Integrated South Project', an official from Iraq's state owned-South Oil Co. told Reuters
 

Saudi Arabia to cut reliance on foreign workers

Finance Minister says Kingdom has made 'substantial progress' in training and absorbing Saudi professionals and workers in different sectors
 

Saudi cuts subsidy, raises fuel prices by 66%

The kingdom has raised prices for gas, diesel and kerosene, after posting a record $98bn budget deficit in 2015 due to the sharp fall in oil prices
 

Progress on Iran, Oman gas pipeline 80% complete

Oman's Ambassador to Tehran Saud bin Ahmad Al-Bardani has said that the pipeline project will have a significant contribution to the promotion of trade
 

'Redeployment' policy to save Oman oil sector jobs

Expatriate workforce left out of 'safety net' as government's priority is to protect and create jobs for Omanis, official says
 

UAE continues fuel price reductions into New Year

The Fuel Price Committee has slashed the price of diesel by 12% from AED1.83/litre in December to AED1.61/litre in January 2016; prices of gasoline products reduced by 10 fils each
 

Saudi moves to reduce fuel consumption in 2016

Kingdom on January 1 will launch a new fuel economy standard for all light-duty vehicles
 

Shell cuts spending by $2bn, readies to acquire BG

The combined company plans $33bn of capital spending next year, lower than Shell's previous guidance of $35bn, it announced last week
 

Oman raises tax on gas, petrochemical producers

The tax on producers of liquid natural gas would be raised to 55% from 12% to bring it in line with the levy on oil companies, while other firms related to the oil and gas industry would pay 35% instead of 12%
 

Dubai to cut down energy demand by 8-10% by 2020

The Dubai Supreme Council of Energy reaffirms government commitment of low carbon emissions, green energy
 

PDO hits 1.28mn boepd in 2015: Managing Director

In addition, PDO is working to a long-term oil production plateau of 600,000 bpd by 2019, managing director Raoul Restucci said
 

Oil to rise to $70 by 2020, OPEC says

A barrel of oil will cost around $70 by 2020 and gradually move up to $95 by 2040, OPEC predicts in its recent report
 

Sri Lanka invites Saudi majors to set up refinery

Central bank governor proposes oil refinery could be set up Hambantota, in the country's south
 

Oman's premium petrol production grows 7%

During January to November this year, the Sultanate produced as much as 21.36mn barrels of super petrol as against 19.90mn barrels last year
 

Kuwait Petroleum Corp names new board

The reshuffle is not expected to mean any change to the oil policy of the OPEC member
 

Iran to attract up to $11bn oil investment

An average of 100,000 bpd is currently being produced in the central oilfields of Iran
 

LBF collects 200,000 litres of Dubai’s UCO monthly

Dubai produces over thousands of tonnes of used cooking oil (UCO) monthly, of which Lootah Bio Fuel uses a fraction to produce biodiesel
 

End of US exports ban will not affect market: UAE

"We don't see this will change the supply and demand balance," UAE Energy Minister
 

Oman's oil production to drop in 2016; budget cut

We have reduced the budget to a large extent to the things that we think are very critical and are important for execution: Ministry of Oil and Gas Undersecretary
 

First 'made in Oman' well servicing unit launched

Hormuz 45, designed and manufactured by Rukun Al Yaqeen International (RAY), was inaugurated at a ceremony attended by Mohammed bin Hamad Al Rumhy, Oman's Minister of Oil and Gas
 

Siemens wins deal for six substations in Egypt

Substations will transmit power generated by the Beni Suef and Burullus plants
 

ACWA Power signs solar, coal projects with DEWA

ACWA Power committed to renewable energy: CEO
 

Kurdistan bypassing Baghdad to sell oil: Iraq

The Kurdistan Regional Government is currently exporting more than 500,000 barrels per day
 

OPEC will not cut output: Iraq's Oil Minister

OPEC firm on battling it out with other major oil producers, the US and Russia, for market share
 

Testing times for the Kingdom

Despite the global oil oversupply and the subsequent free fall in crude oil prices, Saudi Arabia is determined to maintain high output levels and press ahead with its oil and gas projects in future to control market share
 

Basra safe for oil, gas investments: Basra Council

Ali Al Faris, chairman of Oil and Gas Committee at Basra Council says Iraqi armed forces have stepped up region's security to counter ISIS
 

Innovation key to 2016 energy sector: Consultancy

Booz Allen Hamilton collaborates with IDC to present its top technology trends for the energy industry next year
 

Saudi Arabia pumps 10.33mn bpd in November

Saudi output exceeded 10mn barrels in daily output for the ninth consecutive month
 

GE Oil & Gas bags PDO deal to supply compressors

GE Oil & Gas also signed an agreement with PDO to extend training and development support for Omani nationals over the next 10 years
 

Saudi foils attempt to smuggle 2mn gallons of fuel

Oil ministry says it was the largest attempt to smuggle diesel since it introduced technology to 'mark' the fuel
 

OPEC pumps 31.17mn bpd in November: Platts

November's output was an increase of 90,000 bpd from October's 31.08mn bpd, driven mostly by higher volumes from Iraq
 

BP Oman ties up with Oman Oil to train technicians

Once completed, the technicians will be equipped with the skills and expertise to work on the Khazzan Project once operation starts in 2017
 

Oman on target to award Block 7 by year-end

The government has been encouraging multinational oil companies to find new reservoirs in a move to sustain production levels
 

iSON, Dhabi One acquire Enoc's tech subsidiary

The acquisition will increase iSON Group's footprint from 29 to 35 countries in Middle East and Africa, India and the ASEAN
 

Qatar expects to start $10b Barzan project in 2016

The ministry also said that the Ras Laffan 2 condensate refinery is expected to come on stream in Q4 2016
 

Mubadala, CNPC ink deal for oil, gas exploration

The agreement between Abu Dhabi's Mubadala Petroleum and China National Petroleum Corporation identifies potential areas for collaboration in the upstream oil and gas sector outside of the UAE
 

Current oil price slide won't continue: OPEC chief

There will be less supply coming to the market. Over the past year, there has been a reduction of $130bn in investments for fresh production: OPEC secretary general Abdalla Salem el-Badri in India
 

Chinese firm to build $20m steel pipe unit in Oman

The new manufacturing facility in Sohar will specialise in the production of steel piping and related products for the Omani and regional oil and gas industries
 

Oman's crude oil production up 3% in November

Crude oil exports edged up 0.15% in November, from the previous month
 

RAM reaffirms Qatar's ratings as 'stable'

The ratings are premised on the nation's strong external position, vast savings in its sovereign wealth fund and steady economic growth.
 

Qatar Shell awards $4.11mn contracts to six SMEs

Four new local SMEs were awarded deals to become the supplier of choice for Pearl GTL, the world's largest gas-to-liquids plant delivered by Qatar Petroleum and Qatar Shell
 

Award for Oman Duqm Refinery contracts by Q4 2016

Seven bidders shortlisted to bid for EPC 1 - comprising the process units, and EPC 2 - covering the utilities and offsite works
 

Egypt requests Aramco for $300mn fuel shipments

The shipments are part of the first contract to supply petroleum products worth $1.4bn for a period of three months ending in November
 

Saudi cuts Jan Extra Light crude supply to Asia

The move comes after Saudi Arabia increased crude loadings to Asia in the last two months of the year to meet robust demand
 

Qatargas delivers first LNG cargo to Poland

The vessel with first ever delivery of the LNG cargo arrived at the Polish LNG Receiving Terminal in Swinoujscie
 

Pakistan inks $16bn LNG deal with Qatar: Report

Pakistan's state-owned company PSO would receive 1.5mn tonnes of LNG per year from QG2; supply would be raised to 3mn tonnes per year from the second year
 

Aramco seeking $4.7bn for Yanbu refinery: Report

The world's largest oil exporter has approached international, local and Chinese banks
 

GCC embraces power of sour

Demand for sour gas in the region is on the rise and the UAE, with its pioneering projects in Abu Dhabi, is leading the bloc in sour gas production
 

Oil prices to stabilise in 2016: Saudi Aramco CEO

There is no additional unconventional oil coming to the market, actually there is a decline: Amin Nasser
 

Nepal seeks fuel grant from Saudi Arabia

Nepal's Ministry of Foreign Affairs has written to Saudi Arabia seeking 10,000kl of petrol and a similar quantity of diesel on grant assistance
 

Indonesia eyes Qatar for oil and gas exploration

Country's ambassador to Qatar urges companies the likes of Qatar Petroleum or RasGas to explore and develop potential oilfields in Indonesia
 

IADC announces industry event in Dubai in Dec 2016

The 'Critical Issues Middle East 2016 Conference & Exhibition' will take place at The Address Dubai Marina Hotel on December 13-14
 

ADNOC Distribution wins award at marketing event

Khalid Hadi was named among the '100 Most Influential Global Marketing Leaders', at the World Marketing Congress 2015 that was held in Mumbai, India
 

Oman's oil exports hit 232.5mn barrels in 9M 2015

Sultanate's oil production recorded at 978,000 bpd during 9M 2015, an annual increase of 3.2%
 

Meeza and Maersk Oil Qatar sign IT deal

Meeza will be hosting Maersk Oil's Primary and Disaster Recovery IT equipment in its M-VAULT 2 and M-VAULT 3 data centres
 

3M breaks ground on manufacturing facility in KSA

Spread over 50,000sqm, 3M's manufacturing facility in Dammam will be built in three phases over a span of five years
 

Saudi Aramco announces major supply chain shakeup

State-owned oil giant wants to double to 70% the amount of goods and services it sources from the local market by 2021
 

Qatar working to ensure oil market stability: PM

Senior Qatari ministers insist Gulf state is working to ensure market stability; say low prices helping cost reduction
 

Not affected by Azerbaijan oil accident: BP

One worker killed, 29 missing and 33 rescued after SOCAR oil platform in Caspian Sea caught fire on Friday
 

Total going strong in Qatar, eyeing Iran expansion

Global CEO says Total-QP Al Khalij oilfield maintaining highoupt since last three years
 

Basra to invest up to $800m for oil, gas: Chairman

Regional council currently conducting feasibility studies for investments for Basra Company
 

OPEC fails to agree on production ceiling

Cartel meeting in Vienna last week ends in a deadlock after Iran insists it would not cut production
 

Oman's revenues from oil dropped by 45.5%

The Sultanate's oil revenue at the end of September stood at $10.92bn, compared to $20.28bn in 9M 2014
 

OPEC November oil output rises, led by Iraq, Saudi

OPEC supply has risen in November to 31.77mn bpd from 31.64mn bpd in October
 

Kuwait replaces oil minister ahead of OPEC meeting

Deputy Prime Minister Anas Al Saleh replaces Ali Al Omair as acting oil minister
 

Schlumberger sets up base in DWTC freezone

Oilfield services company becomes first to set shop in the new Dubai Trade Centre District; operations to commence in April 2016
 

Major win for Dana Gas in Kurdistan dispute

London court orders the Kurdistan Regional Government to pay $1.98bn to consortium including Dana Gas
 

Aramco eyes increased investments in Indonesia

Oil producer looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry: CEO
 

Russia, KSA to set up working group on cooperation

Russian Energy Minister said consultations between OPEC and other oil producers were 'important'
 

SNC-Lavalin bags Qatargas water treatment deal

SNC-Lavalin is providing EPC services for the recycling facility at the Ras Laffan Refinery 2
 

UAE further slashes fuel prices for December

The Fuel Price Committee has lowered the price of diesel from AED1.87/litre in November to AED1.83/litre for December
 

Pertamina signs refinery FEED deal with Aramco

Pertamina president director Dwi Soetjipto said the two firms will form a JV company to work on the Cilacap refinery by the end of November
 

Saudi Aramco seeks discounts on drilling costs

Saudi oil giant asks oilfield services to extend discounts to next year
 

3M to open customer centre in Dammam, Abu Dhabi

Company makes announcement during the Saudi Arabia Oil and Gas Exhibition (SAOGE) in Dammam
 

ADNOC Distribution opens Abu Dhabi service station

ADNOC Distribution plans to increase the total number of its service stations in the UAE to 507 service stations by 2017
 

Qatar submits target-free climate pledge to UN

Qatar has submitted its climate pledges ahead of the COP21 conference in Paris
 

Pertamina, Saudi Aramco plan $5bn refinery upgrade

Saudi and Indonesian majors expected to sign contract to upgrade the Cilacap oil refinery in Central Java soon
 

SAOGE 2015 kicks off in Dammam, Saudi Arabia

180 companies from 25 countries participating; organisers say about 60% of the firms are local
 

Saudi beats Russia in crude oil exports to China

Saudi Arabia sold 3.99mn metric tonnes to China during October, while Russia sold 3.41mn tonnes
 

Qatar to waive $1bn penalty on India's Petronet

RasGas has agreed to not press for the $1bn in penalty against Petronet for breaking a 25-year LNG contract
 

MOQ drilled 1.5bn barrels from Al Shaheen oilfield

MOQ managing director says company produces 300,000 bpd of oil, a third of Qatar's daily production
 

Qatargas plans water recycling unit at Laffan

Qatargas has awarded a contract to Qatar Kentz for the engineering, procurement, supply, construction and commissioning of the water recycling facility at Laffan Refinery 2
 

Maersk Oil Qatar presses ahead with 'Qatarisation'

The country's largest offshore oil producer said the programme titled 'Find Your Place' aims at attracting 'high-performing' Qataris
 

Seven firms invited to bid for Duqm refinery

The Oman refinery, once completed, will have the capacity to process 230,000 bpd of crude oil
 

Dana Gas wins UK court ruling in Kurdistan dispute

British High Court upholds lower court's decision; asks Kurdistan Regional Government to pay $100mn to UAE energy firm
 

North Sea-based companies eyeing Dubai: Jafza

The Jebel Ali Free Zone (Jafza) in Dubai says it has received 'strong interest' from oil and gas companies from England, Scotland, Denmark and France
 

ENOC wins top syndicated loan deal award

ENOC, earlier this year, secured a $1.5bn term debt syndicated facility from local, regional and international banks
 

ADNOC reopens Al Wathba service station

Facility was refurbished as part of company's efforts to modernise its network
 

Kuwait's Agility plans $1bn fundraising

GCC's largest transport logistics company mulling move to support expansion
 

Saudi Aramco, Sumitomo to work on Petro Rabigh II

Petro Rabigh II is the expansion of the original phase I of the Petro Rabigh refining and petrochemical complex in Saudi Arabia
 

Qatar sells its shares in Shell and BG for $1.5bn

The Qatar Investment Authority has sold approximately 43mn shares in BG worth $840mn and roughly 24mn shares worth $643mn in Shell
 

UAE Oil Minister defends OPEC high output decision

I am sure that the decision was right and I am confident that the market will stabilise: Suhail Mohamed Al Mazrouei
 

Platts to add two Mideast crude grades in 2016

Oil pricing agency says it is considering adding Abu Dhabi's flagship Murban crude and Qatar's Al-Shaheen grade to its Dubai benchmark
 

Oman's Ministry of Oil and Gas to trade in Dubai

The Dubai Mercantile Exchange the Omani ministry has become the first customer of its 'DME Auctions' platform
 

Bristol Gases launches production unit in Dubai

Company opens 'UAE's first' in Al Quoz, Dubai manufacturing non-refillable gas cylinders
 

World Energy Council selects Neyadi for key post

Dr. Matar Al Neyadi, Under-Secretary of the UAE Ministry of Energy, will serve as Vice Chairman for the Gulf States/Middle East for a three-year term
 

Algeria to focus next year on mature oilfields

Country to seek foreign partners with the technology to explore offshore opportunities
 

Aramco Trading expands operations into Singapore

Saudi Aramco subsidiary opens office in city-state to 'win new business'
 

Saudi Aramco awards Petrofac greenfield contract

Petrofac will work on the sulphur recovery plant as part of Saudi Aramco's Fadhili gas programme
 

Oman crude output falls to 30mn barrels in October

The average daily crude oil production stood at 966,203 barrels, according to the Sultanate's Ministry of Oil and Gas
 

Qatar, Pakistan close in on LNG deal

The 15-year deal, worth $6bn, will allow Pakistan to initially import about 1.5mn tonnes of LNG per year via a terminal at Port Qasim
 

Dana Gas plans more cost cuts due to low oil price

UAE-based company reports net loss of $9mn in Q3 2015, from a profit of $38mn in Q3 2014
 

Oil and gas strike called off in Oman

Trade unions that had planned the strike on the Omani National Day on November 18 have called it off after receiving assurances from authorities
 

Saudi Aramco and HHI sign shipyard MoU

Agreement covers shipyard and maritime diesel engine facility in Saudi Arabia
 

Iran, Iraq sign 6 year gas deal

Iran will supply 20mcm/d of natural gas to the Iraqi city of Basra in the cold months and 35mcm/d during the summer
 

Iraq overtakes Saudi in oil export to Europe: IEA

Deliveries of 1mn bpd to Europe during July and August raised Iraq's market share to 17% - allowing it to overtake the kingdom
 

ADNOC, BP sign MoU for technology centre

BP will provide technical assistance to ADNOC for setting technical standards for works and products
 

Abu Dhabi's Taqa reports $13mn loss in Q3

The company's latest result brings its loss for the first nine months of this year to $158mn, from a profit of $168.7mn in 2014
 

Unique Group acquires Oceanwide S.a.S.

Oceanwide will retain its workforce and management
 

First of its kind gas cylinders plant opens in UAE

Plant will be first to manufacture non-refillable gas cylinders locally
 

Pelican Products open distribution center in JAFZA

New base is part of company's plans for further expansion in the Middle East
 

Oil price unlikely to improve before 2019- expert

Prices could take up to four years to reach $70 or $80 a barrel
 

Oil exploration investments suffer 20% decline

Investment in new projects has fallen to $130bn during 2015
 

Coretrax opens office in Kuwait

New office is company's fifth Middle East base within four years
 

Energy sector witnessing dramatic shift: expert

Changes driven by geopolitics, oilfield discoveries, and ongoing developments in technology
 

Huawei showcases next-gen technologies at ADIPEC

Company highlights importance of ICT in oil and gas sector
 

ADMA-OPCO awards contract to UAE firm Yahsat

Yahsat to provide network connectivity to ADMA's offshore rigs
 

Khurais oilfield expansion to slow down

Saudi Aramco puts brakes on plans to raise production due to budgetary pressure
 

Gemini Energy eyes Orpic software contract

Energy trading company in talks to secure a deal to sell EMC2 cloud computing software
 

Abu Dhabi adds 144 energy firms in 2015

Abu Dhabi Chamber and ADIPEC panel says total number of companies operating from the capital rises to 1,467
 

Qatar better off than its GCC peers

The country's dependence and focus on gas production, steady economic growth, quest for new export markets and a planned strategy of economic diversification places it a notch above its GCC
 

Basra forming company to lure oil, gas investments

Basra, home to 70% of Iraq's gas reserves and 59% of its oil, comprises an underdeveloped energy sector
 

Gulf Drilling International wins CSR award

Company gets award for commitment to social responsibility
 

Egypt approves $2.2bn worth oil and gas contracts

The 6 contracts approved by President Sisi include the search for oil and gas in the Mediterranean, Nile Delta, Western Desert and the Gulf of Suez
 

GCC oil producers cutting costs to boost output

Saudi Arabia, the UAE and Qatar are rescheduling non-essential maintenance work at oilfields planned for Q4 2015 later into 2016, due to low oil prices
 

AVEVA, InSteel sign new software deal

InSteel will replace existing software with AVEVA Bocad, estimated to improve productivity by up to 30%
 

Oman's oil and gas labour union threatens strike

The action is being planned in response to widespread job losses
 

Iran in talks with Kuwait, UAE to export gas

Reports indicate that the Islamic Republic seeking to rebuild its economic ties with the GCC in the post-sanctions era
 

UAE to host World Energy Congress 2019

Abu Dhabi beat rival contesting cities Rio de Janeiro and St. Petersburg in October to win the bid
 

Cyberhawk completes ROAV inspection for Maersk Oil

UK company says aerial tank inspection was world's first
 

Italy's Eni signs MoU with Iran's NIDC

Eni and its subsidiary Saipem have signed MoUs for drilling and exploration projects in Iran, a senior official said
 

Oman, Iran finalise terms of gas deal: Official

Sultanate to consume part of Iran's gas; will convert the rest to LNG for Iran
 

RasGas gets award for asset performance management

Award was presented to the Qatari gas producer at an event in Spain recently
 

Ex-Qatari Energy Minister launches think tank

Al Attiyah Foundation, the region's first energy think tank, urges GCC governments to tackle soaring domestic energy consumption
 

UAE lowers gasoline, diesel prices for November

Government cuts down prices for second month in a row
 

Oman's super petrol production rises 5.5%

Oman's output of super (95) petrol rose to 17.03mn barrels from 16.15mn barrels a year earlier
 

Famed explorer Ranulph Fiennes to speak at ADIPEC

Fiennes will speak on November 10, the second day of ADIPEC, at the MEPC theatre
 

India asks Qatar to cut prices of LNG imports

Asian major urges Qatar to cut gas prices in line with global slump, waive contractual penalty
 

Talks with Aramco, Sembcor to continue: Bahri

The yard will reportedly be built in Ras al-Khair, on Saudi Arabia's eastern coast
 

S&P cuts Saudi Credit Rating amid oil price fall

Ratings company says the decline in oil prices will increase the Kingdom's budget deficit to 80% of its revenue
 

Wurth Gulf eyeing contracts from ADNOC, Aramco

MD says company is in talks with oil giants as it has been least affected by oil price decline
 

RasGas awards two contracts for Helium 3 project

The new project will be located in Qatar's Ras Laffan Industrial City; to become operational in early 2018
 

Gulf Navigation signs deal with Dana Gas

Shipping company to offer maritime services to Dana Gas' Zora Gas Field Project
 

Iraq unseats Saudi as top crude supplier to India

For third straight month, Iraq supplies a fifth of India's total imports, while Saudi market share drops to 17%
 

UAE lowers fuel prices for November

The Fuel Price Committee has lowered the price of diesel from AED1.89/litre in October to AED1.87/litre for November
 

Saudi Arabia considers removing energy subsidies

Kingdom reportedly approaching UAE government for advice on executing such a reform
 

Oman:9 firms prequalified for $1bn liquid terminal

Successful bidder will carry out the design, dredging, reclamation and jetty works for the new terminal
 

Clarcor Industrial Air launches 'new look' website

The website 'seamlessly integrates its industrial business segments together onto a common platform', US company says
 

Saudi Aramco to lay petrol pipelines to Riyadh

Saudi Cabinet gives nod to state oil giant for project as well as to set up new stations in rural areas
 

Equate seeks $6bn loan partly for MEGlobal deal

According to Reuters, Equate has picked JP Morgan Chase, Citigroup, HSBC, Kuwait Finance House and National Bank of Kuwait as arrangers for the loan
 

Alemco Zawawi wins MEP deal on Oman gas project

Contract was awarded by BP Exploration (Epsilon)
 

Saudi, Bahrain experts to meet on pipeline project

The two GCC states have been planning to build a new 115km long, 350,000 bpd pipeline by 2018
 

Asia still major market for Qatar's crude

Qatar exported 595,000 barrels per day (bpd) of crude in 2014
 

Aramco awards $5.2mn EPC contract to Zamil Steel

Zamil Steel bags contract for Aramco's Al-Janadriyah Exhibition Facility in Riyadh
 

Saudi Arabia may become bankrupt, IMF says

The kingdom's net foreign assets fell for a seventh month to $654.5bn at the end of August
 

ADNOC Distribution hosts workshop on aviation fuel

Session held for second consecutive year at the company's training centre at the Abu Dhabi International Airport
 

Qatar exports 4.3tcf LNG in 2014: EIA

Most of Qatar's LNG exports go to Asian markets; UAE, Oman also customers
 

UAE oil sector to slow down by 2-3%: Official

Country's diversification efforts will help boost the economy: Ali Al Mansouri
 

UAE Cabinet approves $13.2bn budget for 2016

Economy Minister says country has enough foreign investments to compensate for low oil prices
 

Aramco-sponsored autism centre to open in 2016

The Shamah Autism Center will be located in Dammam in Saudi Arabia's Eastern Province
 

Egypt's Cabinet ratifies Rosneft's LNG supply deal

Rosneft to supply Egypt with 24 shipments of LNG over a two-year period beginning October 2015