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Saudi Arabia and Russia will no longer hold oil talks in Davos this week, scrapping the first face-to-face meeting since both nations agreed in December to cut output.
Saipem has been awarded two EPIC contracts (Engineering, Procurement, Installation, Construction) assigned by the client Saudi Aramco for a total amount of approximately $1.3 billion as part of the Long Term Agreement for offshore activities in Saudi Arabia, renewed in 2015 and in force until 2021.
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
Oil closed higher for the second straight day as Russia and Saudi Arabia signaled they’re on track with production cuts designed to avoid a global supply glut.
The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.
The U.S. plans to grant no new waivers to buyers of Iranian oil as it intensifies efforts to eliminate the Middle Eastern producer’s exports of crude, a senior official said.
OPEC and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organization’s top official.
Following recent announcements of Eni S.p.A.’s acquisition of new exploration acreage in Bahrain, the UAE and Oman, Will Scargill, senior oil & gas analyst at GlobalData offers his view on their place within the company’s wider strategy.
BP and Eni have signed a heads of agreement (HoA) with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly towards a significant new exploration opportunity in Oman.
Output cuts in oil-rich Alberta and Saudi Arabia are combining to leave heavy-crude refiners from the Gulf of Mexico to Asia in a bind.
Eni SpA and Thailand’s PTT Exploration and Production Pcl secured rights to explore for oil and natural gas in Abu Dhabi, committing to invest at least $230 million to assess the offshore blocks.
Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.
In case you didn’t know it, Saudi Arabia is sitting on top of a lot of oil. The first independent assessment of reserves in about 40 years has just proved it.
Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.
Oil prices are likely to trade between $60/bbl to $70/bbl range by mid-2019, barring sharp economic slowdown.
Lukoil has successfully completed testing of the fourth well as part of Eridu field (Block 10) appraisal phase in the south of Iraq.
Independent global completions service company Tendeka has secured a further multi-million-pound contract with a major national oil company in the Middle East.
Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.
Michele Cowart, World Oil
ABB has been awarded an integrated automation, electrification and telecommunication project, valued at $79 million, for the upgrade of Bab onshore field in Abu Dhabi, by CPECC.
Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago, saying its reserves total 268.5 billion, slightly more than the 266.3 billion figure that the government published previously.