OPEC members have agreed to extend the voluntary oil production cuts for another nine months, with the aim to keep the oil prices “stable,” with Russia also supporting the extension.
Bloomberg has reported that the value of the deal is around $597 million.
Dubai-based DP World has acquired Topaz Energy and Marine, a provider of marine and logistics solutions to the offshore industry, for $1.079 billion.
These are the most read articles of the week on Offshore Energy Today
Abu Dhabi’s ADNOC has closed the previously signed multi-billion-dollar pipeline infrastructure partnership deal with KKR and BlackRock, two of the world’s leading institutional investment funds.
Umm Lulu Gas Treatment Platform (ULGTP) – weighing 32,000 metric tonnes (MT) and measuring 77.7 meters x 83.5 meters – is nearly as tall as London’s Big Ben.
Saudi oil giant Saudi Aramco has signed twelve agreements potentially worth billions of dollars with major South Korean companies.
Energean has signed a detailed agreement with Israel Natural Gas Lines (INGL) for the transfer of title of the near shore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid.
Deepwater and tight oil are two of the upstream sector’s great growth themes, but are often considered to be at opposite ends of the development spectrum, according to energy intelligence group Wood Mackenzie.
McDermott defines a large contract as between $50 million and $250 million.
Offshore Energy Today’s most popular news of the past week.
Oil price rose Friday over tensions between the U.S. and Iran, following Tehran’s shooting down a U.S. drone on Thursday over what the U.S. said were international territory waters. Tehrans claims the drone violated Iran’s airspace.
Offshore Energy Today’s most popular news of the past week.
A subsidiary of offshore vessel provider Mermaid Maritime has entered into a $65 million loan facility agreement with the Export-Import Bank of Thailand (Exim).
