MENA ///

Saudi Arabia faces deeper cuts as Iraq opts out of OPEC deal

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.

First phase of BP’s massive gas project in Oman nears completion

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 balks at joining OPEC cuts, making output deal harder

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.

Bahrain to highlight cross-border collaboration at ADIPEC

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 awarded contract for Egypt’s Atoll field

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 in talks with investors to bid on 50 oil and gas projects

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, Petronas sign five-year LNG deal

Qatargas has signed a new five-year liquefied natural gas sale and purchase agreement (SPA) with Petronas LNG UK Limited (PLUK).

Saudis said to boost oil sales to China as pricing lures buyers

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.

As OPEC waits on Russia, Naimi memoir offers cautionary history

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 to boost oil output as OPEC plans cut

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 spat over production data grows as Iran rejects estimates

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 set to reach three-year high by December

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 completes three production wells in Kurdistan’s Tawke field

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 inks MOUs with Turkish companies

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 sees oil reserves lasting another 70 years

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.

Brent hits one-year high as optimism grows over output deal

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.

Saudi minister says oil at $60 by year-end not ‘unthinkable’

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.

Fugro, CGG JV nabs $60-million ADNOC contract

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.

Oil major BP buys first Iranian oil since sanctions eased

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 output rises to record as Nigeria, Libya boost supply

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.