OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil…
Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0…
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited…
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock…
Qatar Petroleum said it has awarded the front end engineering and design (FEED) contract for the North Field Expansion Project’s offshore pipelines and topsides facilities to McDermott Middle East Inc.The scope of work awarded includes engineering…
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE)…
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest…
One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.Dmitriev…
Iran and Iraq have reached an agreement for joint development of the Naft Shahr and Khorramshahr joint oil fields, Iranian Minister of Petroleum Bijan Zangeneh said.Speaking on Sunday, on during a visit to the Energy Industries Engineering and Design (EIED…
Lebanon announced on Friday five offshore blocks to be included in its coming bidding round for energy exploration and production licences, including four along disputed maritime borders.Offshore energy development has been a central ambition for successive governments in cash-strapped Lebanon…
Israel's energy minister said on Sunday that Brazilian state-run oil firm Petrobras will take part in a tender to explore for oil and gas off Israel's shore, Reuters reports.'It was agreed that Petrobras ... will take part in a process of oil and gas exploration in Israel…
Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday.'Saudi Aramco is the largest oil producer globally by volume…
Saudi Aramco on Tuesday signed a land lease agreement with McDermott Arabia Company to establish a facility for large scale fabrication of offshore platforms and onshore/offshore modules located within the King Salman International Complex for Maritime Industries in Ras Al-Khair…
Iraqi Kurdistan-focused oil producer Genel Energy Plc posted a full-year operating loss of $254.6 million because of write-downs of about $424 million for its Miran PSC field assets.The company also on Wednesday reported full-year production of 33…
well completion solutions provider Reactive Downhole Tools announced MOnday it has appointed Niall Urquhart as VP Eastern Hemisphere.Urquhart brings to the position more than 10 years of experience in the oil and gas sector, including project engineer for Baker Hughes…
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