Honghua Group Ltd. has entered into an oilfield services agreement worth approximately $26.0 million (approximately HK$201.5 million) with an Iraqi client in early July.
Iran will emphasize regaining oil sales it lost due to sanctions over helping to prop up prices once curbs that choked off the nation’s crude exports are lifted.
International oil companies will rush back to Iran after the removal of sanctions, helping the OPEC member double production by the end of the decade, according to former Eni SpA CEO Paolo Scaroni.
It's been about a year since oil prices started their historic drop, falling from above $100/bbl to a bottom of about $45 in March. After creeping back to around $60, prices are shaky again amid news of a nuclear deal with Iran and record Saudi production.
Independent Petroleum Association of America (IPAA) President Barry Russell released a statement Tuesday after the Obama Administration secured an agreement with Iran.
The nuclear accord reached in Vienna could eventually reshape global oil markets. After almost two years of talks, the holder of the world’s fourth- biggest crude reserves will benefit from an easing of international sanctions.
McDermott International has been selected by Saudi Aramco as one of the winners of a global competition for a new Long Term Agreement (LTA) for future brownfield work in various fields offshore Saudi Arabia.
Nuclear deal with Iran impacts U.S. producers negatively
A fourth well has been brought into production at Iraq’s Badra field, which is operated by Gazprom Neft. This new high flow-rate well (Р-05) has allowed total production at the field to nearly double to 27–28,000 bopd.
Royal Dutch Shell Plc executives have visited Tehran to discuss possible partnerships, the latest sign that the largest oil companies are serious about returning to Iran once a deal on the country’s nuclear program is done.
Iran will probably struggle to restore lost crude production if it secures a deal to ease sanctions because the condition of halted fields will have deteriorated and more investment will be needed, according to Wood Mackenzie Ltd.
Qatar Petroleum, the world’s biggest producer of LNG, plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some workers.
U.S. Sen. Lisa Murkowski (R – Alaska) advanced her efforts to lift the current ban on most U.S. crude oil exports on Tuesday by releasing a report making the case that sanctions on Iranian oil should not be lifted without also lifting the current ban on U.S. crude oil exports.
Coretrax has strengthened its position in the Middle East by opening an office in Abu Dhabi, its fourth base in the region.
Not content with the blow it’s dealt to U.S. oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels.
Saudi Arabia reduced crude oil exports in April as the world’s biggest producer used record supplies domestically for a burgeoning refining industry.
Wood Group has been awarded an offshore maintain potential program contract by Saudi Aramco for greenfield and brownfield engineering services, procurement, and construction management support for new facilities in the Arabian Gulf.
The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable.
Emirates National Oil Co. agreed to buy Dragon Oil Plc for 1.7 billion pounds ($2.6 billion), gaining control over wells in Turkmenistan and exploration projects from Algeria to Iraq.
Petrofac has been awarded an engineering and procurement contract by Petroleum Development Oman (PDO) to provide services for its Yibal Khuff project, a field located approximately 350 km southwest of Muscat in the Sultanate of Oman.