MENA ///

Magseis, BGP win major Saudi seismic contract

Magseis has, together with its partner BGP, been awarded Saudi Aramco’s S78 project for large-scale ocean bottom seismic acquisition in the Red Sea.

Qatar buys stake in deepwater Chevron leases offshore Morocco

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., to acquire a 30% participating interest from Chevron’s 75% share in three deepwater leases offshore Morocco.

Vitol says it’s ‘business as normal’ as it buys Iranian oil

The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions.

Iranian political battles pose risk for oil contracts

Iran is struggling to finalize the terms under which foreign energy companies can drill for oil there, as a political battle rages between the country's more moderate forces and its conservative hard-liners.

Iran pushes OPEC oil output to new high as sanctions are lifted

OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday.

Kuwait plans to cut spending next year as oil revenue plummets

Kuwait plans to cut spending by 1.6% in the fiscal year beginning in April, joining other Gulf states trying to deal with falling oil prices.

Low oil prices will not last long, Iran’s president says

Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance.

Kuwait’s OPEC governor sees tough 2016, oil at $40-60 to 2020

Kuwait's OPEC governor said on Tuesday that this year would be tough, with oil prices seen recovering only after 2016 but remaining between $40-60/bbl until 2020.

Lamprell Energy signs MOU with Saudi Aramco

Lamprell Energy Ltd. has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia.

Saudis, Russia seen by Iraq as more flexible on oil-output cuts

Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon- rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said.

Libya's $60 billion in lost oil highlights risk of failed state

Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said.

Keppel FELS delivers first rig of the year

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has delivered Halul, a KFELS B Class jackup rig, to Qatar’s Gulf Drilling International.

Saudi king inaugurates King Abdullah Petroleum Studies and Research Center

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the King of Saudi Arabia today inaugurated The King Abdullah Petroleum Studies and Research Center (KAPSARC), a non-profit economics and policy research institution dedicated to finding solutions for the most effective and productive use of energy to enable economic and social progress across the globe.

Gazprom Neft raises processing capacity at Iraq’s Badra field

A new process train—process train B—has been brought into operation at the central processing facility at Iraq’s Badra field, Gazprom Neft, the field’s operator, said in a statement.

Craig International opens offices in the Middle East on back of major contract win

Craig International, is fast-tracking its expansion into the Middle East following the award of a contract to manage a $55 million client spend with a major operator in Qatar.

The last barrel

Kurt Abraham, World Oil

Saudi-Iranian rift adds new dimension to global oil market

Oil and gas in the capitals

Dr. Anas Alhajji, Contributing Editor

Making the case for a Saudi oil production cut

Iran gives order to boost crude oil output amid global glut

Iran’s oil ministry issued an order to increase production by 500,000 bpd as the country moved ahead with plans to add supply to a glutted market even at the risk of contributing to a price collapse.

Shell exits development of Abu Dhabi's Bab sour gas reservoirs

Shell is to exit the joint development of the Bab sour gas reservoirs with ADNOC, in the emirate of Abu Dhabi, and to stop further joint work on the project, the company said Monday.

Iran’s post-sanctions oil surge likely to come in a half measure

Iran may only be able to deliver about half of the promised surge in crude output after sanctions are lifted as it struggles to revive idled fields, according to banks including UBS Group AG and Saxo Bank A/S.