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After oil market dropped 30% from October, the market jumped 5% with OPEC’s decision to cut oil production by 1.2 million barrels per day.
Two-day marathon meeting leads to more bullish than expected oil output cuts by OPEC and its allies.
A new land rig design offers shale drillers 2,000-hp drawworks and reduced footprint.
Companies at ADIPEC 2018 will be showcasing new products and services designed to meet industry challenges.
Efficiency and accuracy of directional drilling is improved with new proportional steering system.
It is the first of three major offshore expansions in Saudi Arabia and the company’s largest upstream development project this year.
Executives from the two companies have signed an agreement which outlines a program to develop the fields.
The existing facility, located approximately 60 km (37 miles) west of Istanbul, has been in operation since 2007 and BOTAŞ intends to expand its working gas capacity to 4.6 billion cubic meters.
The award includes the novation of substantial CRA linepipe and long lead items contracts.
The two companies also signed a product-sharing agreement for Ashrafi, Dan-Ulduzu and Aypara exploration area.
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.
Russia should not unleash an oil price war against the United States but rather stick with output cuts even at the cost of losing market share in the medium term, one of the main Russian architects of a production pact with OPEC said.
Saudi Aramco CEO Amin Nasser says his company is looking to acquire natural gas assets in the U.S. and is willing to spend "billions of dollars" there as it aims to become a global gas player.
South Sudan started pumping on Jan. 21 an additional 15,000 barrels per day (bbl/d) of crude oil from its Unity oilfields, its oil minister said.
Saudi Arabia's reserves of easily recoverable oil have long been the world's largest and despite almost 30 years of rising production have consistently remained around 261 billion barrels.
Proposed U.S. legislation known as "NOPEC" could open OPEC up to anti-trust lawsuits, which complicates plans for an OPEC+ format that would've included Russia, the country's energy minister says.
Local workers said about 10 protesters managed to briefly enter a crude separation facility before police pushed them back. An angry crowd set fire to a caravan used by police, said two policemen at the scene.
The board of directors of SeaBird Exploration Plc has appointed Hans Petter Klohs as its new CEO of the company on June 24.
Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources said.
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.
Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when U.S. sanctions on Iran were reimposed, trading and shipping sources said.
Libya aims to more than double its oil production to 2.1 million barrels per day (MMbbl/d) by 2021 provided security and stability are strengthened in the conflict-stricken country, the chairman of state oil company NOC said on Jan. 6 in Benghazi.
Taliban fighters are threatening major oil wells near the northern Afghan city of Sar-e Pul following days of fighting in which dozens of members of the security forces have been killed and wounded, officials and residents said on Jan 4.
The United States has reached an agreement in principle with Iraq to extend for 90 days an exemption to sanctions against Iran, allowing Baghdad to keep importing Iranian gas that is critical for Iraqi power production.
U.S. Energy Secretary Rick Perry said on Dec. 11 he discussed sanctions against Iran with Iraqi energy officials as Washington pressures Baghdad to stop importing Iranian gas that is crucial for its power grid.