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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.
Delek reported quarterly profit of 323 million shekels (US$87 million), up from 151 million shekels a year earlier, which excluded the sale of part of its stake in the Tamar offshore gas field.
BP expects to begin exploration with Italian oil major Eni in Libya in the first quarter of next year, CEO Bob Dudley told Reuters on Oct. 25.
Aramco has been boosting its investments in refining and petrochemicals to secure new markets for its crude as it sees growth in chemicals central to its downstream expansion strategy.
OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.
Iraq's government has named Oil Minister Jabar al-Luaibi as head of a new National Oil Company which will serve as an umbrella organization for state oil firms, an oil ministry spokesman told Reuters on Oct. 11.
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.
Qatar said Dec. 3 it was quitting OPEC in January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity.
China’s state-owned CNPC has replaced France’s Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Nov. 25.
President Donald Trump praised Saudi Arabia for helping to lower oil prices on Nov. 21 as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of dissident Saudi journalist Jamal Khashoggi.
U.S. officials said Russia facilitated the delivery of oil from Iran to Syria, and that a variety of mechanisms were used in an attempt to conceal the shipments and oil-related payments.
Iran will continue to export oil despite U.S. sanctions, which Iranian President Hassan Rouhani said on Nov 19 are part of a psychological war doomed to failure.