Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.
The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.
Through local partner Al Ahlia Oilfields Development Company, ZADCO has awarded RWG a maintenance services contract for the overhaul and upgrade of multiple Industrial Avon gas generators used to enhance oil and gas production processes.
An oil tanker that hauled 1 MMbbl of Kurdish crude to the U.S. six months ago didn’t unload its cargo and is now making a return trip across the Atlantic Ocean with the shipment still on board.
Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.
Camcon Oil has announced the appointment of Abdel Ben Amara as BD Manager for the Middle East & North Africa (MENA) region.
The United Arab Emirates will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy Minister Suhail Al Mazrouei said.
ABERDEEN, United Kingdom -- Deep Casing Tools has announced the establishment of new branch office in the Jebel Ali Free Zone (JAFZA) area in the United Arab Emirates.
Iraq said it needs to boost production and exports of crude to compensate for collapsing prices.
Oil producers in Iraqi Kurdistan are unrelenting in their goal to boost output even after the collapse in international prices to below $50/bbl.
LONDON -- Petrofac has received an award notification for the first phase of Kuwait Oil Company’s (KOC) Lower Fars heavy oil development program, which is located in the north of the country. With a total project value of more than $4 billion, Petrofac is leading a consortium with Greece based Consolidated Contractors Company (CCC) as its partner.
TEHRAN (Bloomberg) -- OPEC has no immediate plan to cut its output target for crude, and Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25/bbl, Oil Minister Bijan Namdar Zanganeh said.
DUBAI (Bloomberg) -- A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs.
BAGHDAD, Iraq (Bloomberg) -- Iraq is pumping crude at a record pace and will continue to boost exports this year amid a global market glut that’s pushed prices down, Oil Minister Adel Abdul Mahdi said.
HOUSTON (Bloomberg) -- U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC sustains its production, sending prices below $50 a barrel.
HOUSTON (Bloomberg) -- U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC’s sustained production sent prices below $50/bbl.
PARIS (Bloomberg) -- Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 bopd, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said. The slow-down in non-OPEC output will lead to a “rebalancing” of currently over-supplied global markets in the second half, reviving prices, the agency said.
NEW YORK (Bloomberg) -- The world’s oil companies are awaking from their slumber and facing up to the magnitude of the crash in energy prices.
VIENNA, Austria (Bloomberg) -- OPEC said it expects weaker demand for its crude this year, while predicting that slumping prices will curb growth in U.S. supply.
TEHRAN (Bloomberg) -- Iran, its oil exports curbed by sanctions, is lowering the crude price for this year’s budget to $40/bbl as the energy slump affects governments and industry. The government is revising its draft budget to assume a base price of $40, from $72, the state-run Fars News Agency reported Finance and Economy Minister Ali Tayebnia as saying. The minister said some projects will have to be halted, according to Fars. The Iranian calendar year begins March 21.