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Middle East News

 

Saudi Minister Commits to Output Cuts

Sep 09, 2019

Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih on Sunday…

Oil Slips on Doubts About U.S.-China Deal, OPEC Outlook

Jan 15, 2020

Oil prices slipped on Wednesday on concerns that the U.S./China Phase 1 trade deal may not provide much of a demand boost because the United States intends to keep tariffs on Chinese goods until a second phase deal. Prices were also under pressure…

Oil Hits $70 a Barrel

Jan 06, 2020

Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70…

Wellpro Announces New Hires

Nov 11, 2019

Well intervention company Wellpro Group announced two new appointments as it eyes further expansion in the Eastern Hemisphere.Mark Fraser has taken up the role of Regional Manager in the Middle East, while Martin Webster has been appointed Regional Manager in Asia…

Saudi Aramco Pursues IPO Planning Despite Attack

Sep 17, 2019

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilitiesReuters has reported it could take months for Aramco…

Oil Soars 10%

Sep 16, 2019

Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially…

Vallourec Tallies $900 Mln ADNOC Contract

Sep 10, 2019

France-based Vallourec said it has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) for the supply of tubing and casing, over a five year period, with a possible two-year extension, for an amount of $900 million.The award, which…

Russia: Saudi Oil C-Suite Changes Won't Impact Cooperation

Sep 04, 2019

Changes in the management of its oil ministry by Saudi Arabia will not impact cooperation between Russia and the Middle East kingdom, Russian Energy Minister Alexander Novak stated today, adding that he plans to meet his Saudi counterpart Khalid…

ADNOC Inks $600 Mln Deal with GIC

Sep 04, 2019

Abbu Dhabi National Oil Co (ADNOC) said on Wednesday it signed a $600 million pipeline infrastructure investment agreement with Singapore's sovereign wealth fund GIC.The deal follows previous investments by BlackRock, KKR and the Abu Dhabi Retirement…

Saudi Aramco Asks Banks to Pitch for IPO Roles

Aug 19, 2019

Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said.Aramco's planned IPO, which could potentially raise $100 billion…

NSER Wins $600mln Contracts in S. Arabia

Aug 06, 2019

National Energy Services Reunited (NESR), a provider of integrated energy services in the Middle East and North Africa (MENA) and Asia Pacific regions, has been awarded contracts worth US$660 million by Saudi Aramco for coiled tubing, stimulation and cementing services for a five year period…

BP and Eni Ink Exploration Deal in Oman

Jul 31, 2019

Supermajors BP and Eni on Wednesday signed an exploration and production sharing agreement (EPSA) for Block 77 in central Oman with the Ministry of Oil and Gas of the Sultanate of Oman.Block 77 covers a total area of over 2,700 square kilometers…

ADNOC, Pertamina Ink Development Pact

Jul 24, 2019

The Abu Dhabi National Oil Company (ADNOC) signed an agreement on Wednesday with Indonesia's state-owned energy company PT Pertamina for oil and gas collaboration in both countries and globally, ADNOC said in a statement.The comprehensive strategic…

Qatargas Delivers First Q-Flex LNG Cargo

Jul 23, 2019

The world’s largest liquefied natural gas (LNG) producer Qatargas Operating Company Limited (Qatargas) has delivered the first LNG cargo onboard a Q-Flex vessel to Greece’s Revithoussa LNG terminal.Doha-based global energy operator said in a…

Sparrows Secures Vendor Approval from Aramco

Jul 16, 2019

Aberdeen-based equipment and integrated engineering services company Sparrows Group said it has bolstered its position in Saudi Arabia after securing vendor approval status from national oil company Saudi Aramco.The approval allows recently formed local entity…

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