MENA ///

China eases back on Mideast, African Oil after buying binge

China’s crude oil purchases from the Middle East and West Africa dropped to a four-month low in December, following a buying binge the previous month that saw the Asian country’s stockpiles swell.

Oil set for biggest weekly gain since 2016 on Saudi supply cut

Brent crude headed for its biggest weekly gain since December 2016 as Saudi Arabia’s production cuts outweighed concerns over the health of the global economy.

Oil edges up as traders weigh economic risks against OPEC cuts

Oil ended another topsy-turvy day by closing near a two-week high, as traders weighed signs that OPEC is following through on production cuts against hints of an economic slowdown.

DNO hands over operatorship of Oman Block 8 following license expiry

DNO ASA, the Norwegian oil and gas operator, today announced that its subsidiary DNO Oman Block 8 Limited has relinquished operatorship and participation in Oman Block 8 to the Sultanate of Oman's Ministry of Oil and Gas (MOG) and state-owned Oman Oil Company Exploration and Production LLC (OOCEP).

OPEC output drastically reduced as Saudi cuts begin

Before its agreement to cut oil supplies even started, OPEC’s production plunged by the most in almost two years last month.

Oil keeps Oman on debt binge with $6.2 billion plan for 2019

Oman’s government, whose budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, will tap capital markets for a fourth straight year to plug a fiscal gap vulnerable to lower oil prices.

Halliburton President and CEO Jeff Miller appointed as chairman of the board

Halliburton Company has announced its board of directors has appointed Jeff Miller, the company’s president and CEO, as chairman of the board, effective Jan. 1, 2019.

OPEC+ caps prove no barrier to record Russian output in 2018

Russia’s oil production reached a post-Soviet high last year even as it coordinated supply with OPEC.

Bonds beckon OPEC's top Arab producers in 2019 after oil falters

Gulf Arab energy companies are expected to borrow more in 2019 to finance expansion plans after rising oil prices triggered a sharp retreat from debt markets in 2018.

Total sells mintority interest in Oman block to Tethys

CET Tethys Oil has entered into an agreement to acquire a 2% participating interest in Block 53 onshore Oman from Total E&P Oman, a wholly-owned subsidiary of Total S.A.

Cepsa begins marketing crude from two of Abu Dhabi’s largest oilfields

Cepsa began to market crude this week from its 20% concession in the SARB and Umm Lulu oilfields, which the Abu Dhabi National Oil Company (ADNOC), on behalf of the Abu Dhabi Government, awarded it in February 2018.

Halliburton secures drilling contract from Eni Iraq

Halliburton Company has announced it has signed two contracts with Eni Iraq BV (Eni) to provide integrated drilling services at Eni’s Zubair oil field in Southern Iraq.

U.S. shale's blows leave Middle East oil sellers staggering

The U.S. oil industry is delivering a one-two punch to Middle East producers already reeling from a collapse in prices.

Cepsa has begun marketing crude from two of Abu Dhabi’s largest oilfields

Cepsa began to market crude this week from its 20% concession in the SARB and Umm Lulu oilfields, which the Abu Dhabi National Oil Company (ADNOC), on behalf of the Abu Dhabi Government, awarded it in February 2018.

Crude spirals to 18-month low amid global economic concerns

Crude fell to the lowest level in a year and a half as concerns over the global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.

Saudi Arabia plans spate of water project privatizations in 2019

Saudi Arabia plans to tender or award six water-related projects in 2019 as it pushes ahead with a privatization program that got off to a slow start.

Crude spirals to 17-month low amid global economic concerns

Crude dropped to the lowest since July 2017 as concerns over a weaker global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.

OPEC is in 'whatever it takes' moment to prop up oil prices

OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.

Saipem: LOI for the award of new E&C Offshore work order for the Ramp Up to Plateau phase of the Zohr Field Development Project, worth more than $1.2 billion

Saipem and Petrobel have negotiated an offshore contract addendum worth more than $1.2 billion for engineering, procurement, construction and installation (EPCI) activities in relation to the “Ramp Up to Plateau” phase of the “supergiant” Zohr Field Development Project situated in the Mediterranean Sea off the Egyptian coast.

Oil set for biggest weekly loss in four years on economy fears

Oil headed for its biggest weekly decline since 2014 on concerns that weakening economic growth and surging U.S. supply will lead to a surplus next year, overwhelming OPEC’s efforts to stabilize the market.