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Recent windfalls generated through taxes and the kingdom’s “anti-corruption purge” has triggered further speculation about the future of Saudi Aramco’s IPO.
Total CEO Patrick Pouyanne and BP’s Group Chief Executive Bob Dudley shared insights on how their companies found opportunities in in the downturn.
Most of the shared oil and gas fields are located in the Arabian Gulf, which is considered one the world’s shallowest seas with depths rarely exceeding 100 m.
With round one under its belt, Mexico is ready to unleash more of its coveted resources to foreign investors with another deepwater auction set for this year.
Aiming to maintain market share, Qatar Petroleum lifted its self-imposed moratorium on the world’s largest natural gas field after more than a decade.
Iraq’s state-run North Oil Co. (NYSE: NOG) signed an agreement with BP (NYSE: BP) on May 7 to triple output from the Kirkuk fields in the north of the country.
Saudi Arabia would supply Sudan’s energy needs for five years on credit under an agreement being discussed by both governments.
In November, SABIC and state-run Aramco signed a deal to build a chemicals complex to convert 45% of crude oil to chemicals directly.
Austrian oil and gas group OMV said it will take a 20% interest in two oil fields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.
The MoU signed in London between the two companies was during the official visit of Saudi Crown Prince Mohammed bin Salman to Britain, and would include gas upstream and liquefaction projects.
Industry sources told Reuters last year that Aramco was operating about 212 oil and gas rigs, a level it had kept steady since 2015. That number did not include rigs used to drill water wells.
Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.
Contract is in scope of Jereh Oilfield Services Group, the Chinese licensing partner. Ben Van Bilderbeek, CEO, said POS-GRIP’s safety and time savings were evaluated against traditional slip and seal systems.
Installation of two jackets in the Bul-Hanine Field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017. The total weight of all four structures combined is 3,495 tons.
All terms and conditions of the contract remain in full force and effect for the rest of the five-year term of the contract, according to Hercules offshore.
Total signed a deal with Tehran in July 2017 to develop phase 11 of Iran's South Pars Field with an initial investment of $1 billion.
Asked about the objective of the alliance, UAE's energy minister said the aim was to build on progress made since the oil cut deal began on sharing information and building trust.
Remarks by Saudi Arabia Energy Minister Khalid al-Falih suggest big changes in the supply cut agreement between OPEC, Russia and several other non-OPEC producers look unlikely for now.
The deal could take the shape of a joint venture in which Qatar could partner or invest in future wells with ExxonMobil's unit XTO Energy, the Wall Street Journal said.
The Iraqi oil ministry signed a two-year contract with Anton Oilfield Services and Petrofac Ltd. on April 5 to operate the giant Majnoon oil field.
Saudi Aramco said on April 29 it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.
UTEC has been awarded geophysical survey contracts in Saudi Arabia in conjunction with it’s in Kingdom partner, Zamil Offshore, the company said January 2018.
Kuwait replaced its oil, finance and defense ministers in a cabinet reshuffle on Dec. 11, state news agency KUNA reported.
Kareem Hattab, who will oversee E&P, previously served as director-general of the state-owned Iraqi Oil Exploration Co., the spokesman, Asim Jihad, told Reuters.
The area where the workers were kidnapped is close to South Waziristan, part of the lawless Federally Administered Tribal Areas bordering Afghanistan, Reuters reported.
Oil recovered some ground on April 16, but prices were still down on the day as investor concern waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.
OPEC Secretary General Mohammad Barkindo said during an Azeri TV station Real TV interview on March 19 he hoped a global deal to reduce oil production would help restore stability to global oil markets in the course of the year.
The move has been years in the making and revives a company originally established in the 1960s and merged into the oil ministry in 1987.
El Feel was shut after guards withdrew from the field to push demands over pay and other benefits earlier this week.
Global oil producers are in agreement that they should continue cooperating on production after their deal on supply cuts expires at the end of this year, Saudi Arabia’s energy minister Khalid al-Falih said on Jan. 21.