Saudi Arabia faces the prospect of much deeper—and financially painful—oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
The first phase of BP Oman’s Khazzan natural gas project is 80% complete and on track to deliver first gas near the end of 2017, the company said in a statement.
Iraq threw an obstacle in OPEC’s path toward a final deal to stabilize oil markets when it balked at joining efforts to trim output to prop up crude prices.
With oil producers worldwide facing a challenging market, maintaining the value of the GCC’s natural resources will be high on the agenda when industry leaders from Bahrain meet their counterparts from across the region at the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November.
Subsea 7 has been awarded a substantial contract by Pharaonic Petroleum Company. The contract is to be executed at Atoll field, offshore Egypt, at water depths of over 900 m.
Iran is negotiating with 16 international energy companies to help operate and manage 50 oil and natural gas projects around the country to boost production after years of international sanctions.
Qatargas has signed a new five-year liquefied natural gas sale and purchase agreement (SPA) with Petronas LNG UK Limited (PLUK).
Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have lifted sales to the world’s second biggest oil consumer after cutting the pricing for its supply.
Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
Iran, OPEC’s third-biggest member, plans to boost its oil output to a level of 4 MMbpd this year, potentially complicating the producer group’s plan to cut supply in an effort to prop up prices.
OPEC’s struggle with the first step of its new production deal—agreeing on how much its members are pumping—deepened as Iran became the third nation to openly question the organization’s data.
Libya’s oil production is set to reach a three-year high by December, as fields restart and ports reopen after five years of armed conflict crippled sales.
DNO ASA has reported the completion of three new production wells at the flagship Tawke field in the Kurdistan region of Iraq as part of a stepped up drilling program kicked off in July 2016.
Saudi Aramco has signed a series of Memoranda of Understanding (MoU) with 18 Turkish industrial enterprises, adding new potential partners to the company’s slate of future capital projects, promoting diversification and infrastructure enhancement in support of Saudi Vision 2030.
Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 Bbbl lasting 70 more years and hasn’t sought an independent consultant to review the figures, according to a bond prospectus seen by Bloomberg News.
Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord.
The oil-price could recover to $60/bbl by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to cut supply for the first time in eight years.
Seabed Geosolutions, a joint venture between Fugro and CGG, has secured a new extension to its ongoing shallow water operations in the United Arab Emirates.
Iran’s state-owned oil company sold condensate to BP for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and NGLs.
OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply.