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Oil Prices Drop after Report on UAE Debating OPEC Exit

Mar 03, 2023

Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving the Organization of the Petroleum Exporting Countries and pumping more oil.Brent crude futures fell $1.57, or 1.8%, to $83.18 a barrel by 1412 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1.52, or 1.9%, at $76.64. Oil prices this week had been boosted by strong Chinese economic data…

Wärtsilä Signs Five-year Vessel Maintenance Deal with Abu Dhabi's NPCC

Mar 13, 2023

Finland-based marine technology company Wärtsilä has signed a five-year vessel maintenance deal with Abu Dhabi-based firm National Petroleum Construction Company (NPCC).Wärtsilä said that the agreement covered seven vessels in the NPCC fleet and was designed to maximize operational uptime…

Cepsa Sells its Interests in UAE Oil Concessions to TotalEnergies

Mar 02, 2023

Spanish firm Cepsa has agreed to sell its exploration and production business in the United Arab Emirates to the French oil major TotalEnergies.The assets being sold include Cepsa’s 20% participating interest in the Satah Al Razboot, Umm Lulu…

Iran Pens $900M Offshore Gas Field Development Deal

Feb 06, 2023

Iran signed a $900 million contract on Saturday with Iranian Offshore Engineering and Construction Co (IOEC) to develop the first phase of its Kish offshore gas field in the Gulf, state television reported. Under the contract, IOEC is to launch…

UAE Names ADNOC Chief Jaber as COP28 Climate Conference President

Jan 12, 2023

The United Arab Emirates said on Thursday that Sultan al-Jaber, the head of state oil giant ADNOC, would act as president of the COP28 climate conference it is hosting this year. Jaber, also UAE's minister of industry and technology and its climate envoy…

Japan's Cosmo Energy Signs New Offshore Oil Field Deal with QatarEnergy

Dec 27, 2022

Japan's Cosmo Energy Holdings Co Ltd said on Friday it has signed a new agreement with Qatar Energy to continue its operation in the Al-Karkara and A-Structures offshore oil fields, which came into effect after the expiry of the current contract this month…

Report: Iranian Oil Workers Protest for Higher Wages

Dec 19, 2022

Groups of oil workers held protests in southern Iran on Saturday, demanding higher wages and retirement bonuses, according to videos and reports posted on social media.The reported oil workers’ protests, which Reuters could not verify, come…

Report: Offshore Oil Worker Kills Colleague on a Rig in Qatar

Dec 15, 2022

A British offshore oil worker in Qatar murdered a coworker on an offshore oil rig, hid the body, and tried to kill another coworker on Monday, the British media reported.The Mirror initially reported that all three workers are from Scotland and employees of Stapem Offshore…

Abu Dhabi's ADNOC Invites Banks to Pitch for Gas Business IPO - Sources

Dec 13, 2022

Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said…

Lebanon Extends Offshore Exploration Licensing Round Deadline Again

Dec 09, 2022

Lebanon has again extended the deadline for applications to explore for hydrocarbons in eight offshore blocks, the energy ministry said on Friday.The deadline had already been extended several times, most recently from June until Dec. 15. Lebanon’s…

ADNOC Awards Food Catering Services Deals Worth $272M

Dec 06, 2022

Abu Dhabi National Oil Company (ADNOC) has signed contracts worth over AED 1 billion (around $272,25 million) with four Abu Dhabi companies to provide food catering services to all ADNOC Group companies from 2022 to 2027.The contracts were signed…

UAE Brings Forward Oil Output Capacity Expansion to 2027

Nov 29, 2022

The board of Abu Dhabi's ADNOC has endorsed plans to bring forward the company's five million barrel per day oil production capacity expansion to 2027, the company said in a statement on Monday. ADNOC's gas processing and LNG businesses will be consolidated to create ADNOC Gas…

Saudi Aramco Signs 59 Deals Worth $11B Under iktva Program. Global Oilfield Services Majors Among Suppliers

Nov 22, 2022

Saudi Arabian national oil company Saudi Aramco saod Tuedsay it had signed signed 59 corporate procurement agreements (CPAs) with 51 local and global manufacturers, including oilfield services majors Baker Hughes, Halliburton, SLB, and TechnipFMC…

ADNOC Drilling to Buy Three New Jack-up Rigs for $320M

Nov 21, 2022

UAE-based offshore drilling contractor ADNOC Drilling said Monday it had agreed to buy three 'brand new' premium offshore jack-up drilling rigs for $320 million, 'with further acquisitions in the pipeline.'The company said the rigs would meet…

Saudi Arabia's State Fund Hires Banks for IPO of ADES, Sources say

Nov 21, 2022

Saudi Arabia's sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public…

Current News

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

NYK's First Domestic CTV Named "Rera As"

NYK's First Domestic CTV Named "Rera As"

Chevron Suspends Production at Thai Oil Field after Fatal Accident

Chevron Suspends Production at Thai Oil Field after Fatal Accident

Malaysia: Petra Energy Wins Work for Accommodation Workboat

Malaysia: Petra Energy Wins Work for Accommodation Workboat

Australia: ConocoPhillips Becomes Operator of VIC/P79 Offshore Block. Drilling to Start in 2024/2025

Australia: ConocoPhillips Becomes Operator of VIC/P79 Offshore Block. Drilling to Start in 2024/2025

Thailand Rushes to Avert Spill After Fatal Accident on Oil Storage Ship

Thailand Rushes to Avert Spill After Fatal Accident on Oil Storage Ship
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