Abu Dhabi is indefinitely delaying construction of the first land-based facility for importing LNG into the United Arab Emirates after it contracted a floating supply terminal, according to two people with knowledge of the situation.
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said he expects the value of Saudi Arabian Oil Co. to exceed $2 trillion as the kingdom prepares to sell part of the company in what could be the world’s largest initial public offering.
Saudi Arabian Oil Co. will complete the expansion of its Shaybah oil field by the end of May, allowing the biggest crude exporter in the world to maintain the level of its total production capacity, according to two people with knowledge of the plan.
Kuwait oil workers ended a strike that disrupted output in OPEC’s fourth-largest producer for three days, after the government said it wouldn’t negotiate while the walkout lasted.
Kuwait’s oil production is set to return to normal in three days after thousands of striking workers returned to their jobs Wednesday. OPEC’s fourth-largest producer will boost output to an average of 3 MMbopd in three days, Kuwait Petroleum Corp. said Wednesday.
Cyberhawk Innovations, a leader in aerial inspection and survey using unmanned aerial vehicles, has completed the first ever commercial oil and gas inspection in Qatar.
The Organization of Petroleum Exporting Countries will resume talks at a meeting in June to reach an agreement on freezing oil output, Iraq’s governor to OPEC said just days after politics thwarted a deal to cap production and curb the global glut.
Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the OPEC member’s output by about 1.7 MMbopd, an amount exceeding the current global surplus.
After months of preparation, talks between producers in Doha failed to deliver anything to end the global oil glut. Yet, Kuwait has managed that by itself in just a few days.
Oil fell after output talks Sunday between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.
In the end, the outcome of Sunday’s summit of 16 oil ministers at Qatar’s Sheraton hotel turned on one country that wasn’t there.
Iraqi crude oil production for 2015 was approximately 3.9 MMbpd, up 12% from 2014, according to analysis from Rystad Energy.
Oil prices can climb above $50/bbl if an output freeze deal is struck in Doha this weekend, according to Bank of America Corp.
The early success of an oil supply accord between OPEC and Russia in reviving crude prices is magnifying the potential costs of failure if producers meeting this weekend fail to complete their deal.
Kuwait Energy has signed an Export Oil Sales Agreement for Iraq’s Block 9.
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to the highest level in more than four decades.
Joint integrity specialist Hydratight has expanded its market coverage after parent company Actuant Corp. completed a $60 million deal to acquire the Middle East, North Africa and Caspian (MENAC) division of privately owned Canadian firm FourQuest Energy.
Veolia, through its subsidiary Veolia Water Technologies, has been awarded a contract by 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.
Iran ratcheted up its offense in the oil market after breaking a pricing tradition, signaling it’s seeking to win market share at a time when rival producers are trying to forge a deal on freezing output.
Oil investors looking for signs of a sustained price recovery would do well to assess U.S. supplies rather than the banter between major producers on freezing output, according to Saxo Bank A/S.