MENA ///

World Oil anticipates a drilling recovery after the oil price decline

HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected.

OPEC January crude output rises as Iraq pumps at record pace

VIENNA, Austria -- OPEC oil production rose in January as record Iraqi output helped drive prices near six-year lows.

Total awarded 10% in the new 40-year ADCO concession

Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.

Iraq oil surge to fan OPEC rivalry that triggered slump

The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.

RWG secures maintenance contract from ZADCO

Through local partner Al Ahlia Oilfields Development Company, ZADCO has awarded RWG a maintenance services contract for the overhaul and upgrade of multiple Industrial Avon gas generators used to enhance oil and gas production processes.

Stranded Kurd tanker leaves Gulf of Mexico

An oil tanker that hauled 1 MMbbl of Kurdish crude to the U.S. six months ago didn’t unload its cargo and is now making a return trip across the Atlantic Ocean with the shipment still on board.

Saudis won’t ‘singlehandedly’ balance crude market, Aramco says

Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.

Camcon names new business development manager for MENA

Camcon Oil has announced the appointment of Abdel Ben Amara as BD Manager for the Middle East & North Africa (MENA) region.

U.A.E. plans to keep investing in energy amid volatile oil price

The United Arab Emirates will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy Minister Suhail Al Mazrouei said.

Deep Casing Tools continues growth in Middle East, Asia Pacific

ABERDEEN, United Kingdom -- Deep Casing Tools has announced the establishment of new branch office in the Jebel Ali Free Zone (JAFZA) area in the United Arab Emirates.

Iraq: Oil output must rise to compensate for price collapse

Iraq said it needs to boost production and exports of crude to compensate for collapsing prices.

Kurd oil producers unrelenting to boost supply at low prices

Oil producers in Iraqi Kurdistan are unrelenting in their goal to boost output even after the collapse in international prices to below $50/bbl.

Petrofac awarded $4 billion heavy oil project in Kuwait

LONDON -- Petrofac has received an award notification for the first phase of Kuwait Oil Company’s (KOC) Lower Fars heavy oil development program, which is located in the north of the country. With a total project value of more than $4 billion, Petrofac is leading a consortium with Greece based Consolidated Contractors Company (CCC) as its partner.

Iran sees ‘no threat’ from oil at $25 if prices keep tumbling

TEHRAN (Bloomberg) -- OPEC has no immediate plan to cut its output target for crude, and Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25/bbl, Oil Minister Bijan Namdar Zanganeh said.

Iran blames oil-price plunge for delay in minister’s Saudi visit

DUBAI (Bloomberg) -- A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs.

Iraq pumps crude at record level amid oil-price drop on surplus

BAGHDAD, Iraq (Bloomberg) -- Iraq is pumping crude at a record pace and will continue to boost exports this year amid a global market glut that’s pushed prices down, Oil Minister Adel Abdul Mahdi said.

Steepest-ever drop in oil rigs shows shale losing fight to OPEC

HOUSTON (Bloomberg) -- U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC sustains its production, sending prices below $50 a barrel.

Steepest drop in U.S. oil rigs shows OPEC prevailing

HOUSTON (Bloomberg) -- U.S. drillers have taken a record number of oil rigs out of service in the past six weeks as OPEC’s sustained production sent prices below $50/bbl.

IEA sees oil-price recovery; cuts 2015 non-OPEC output estimate

PARIS (Bloomberg) -- Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 bopd, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said. The slow-down in non-OPEC output will lead to a “rebalancing” of currently over-supplied global markets in the second half, reviving prices, the agency said.

Big oil gets serious as worst spending cut since 1986 looms

NEW YORK (Bloomberg) -- The world’s oil companies are awaking from their slumber and facing up to the magnitude of the crash in energy prices.