OPEC Secretary General Mohammad Barkindo has praised Russia’s commitment to the oil production cuts Opec and Non-Opec had agreed in December 2016. Asked about Russia’s level of compliance the OPEC Secretary General this week confirmed Russia had said from the start that it wouldn’t immediately be ab
By Jane Chung SEOUL (Reuters) – Oil prices climbed on Thursday after sharp losses the session before, buoyed by strong compliance with touted international production cuts, although a surge in U.S. crude inventories continued to drag. The Organization of the Petroleum Exporting Countries (OPEC) and
Australian subsea services provider Neptune has appointed a new Regional Manager for the Middle East. Neptune said on Thursday that Frank Crighton would be the company’s Middle East regional head and that he joins the company with 20 years of industry experience. The company added Crighton has a bac
Despite what you may have heard, conventional oil and gas exploration is not dead, and on the contrary, this might even be the perfect time for the exploration players to invest. This was a main takeaway from a session titled „The future of exploration,“ held during the CERAWeek by IHS Markit on Wed
U.S. energy major Noble Energy has shared an image on social media channels on Tuesday of the first steel cutting ceremony for the Leviathan natural gas project offshore Israel. Noble Energy operates Leviathan with a 39.66 percent working interest. Other interest owners are Delek Drilling with 22.67
McDermott revealed on Wednesday it plans to construct offshore production solutions in Saudi Arabia. McDermott signed a memorandum of understanding with Saudi Aramco for a long-term land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, currently being developed by Saudi Aramco. Wi
Saudi Arabia’s oil minister Khalid Al-Falih has made it clear that the times of OPEC cutting production to stabilize oil prices without the contribution of the non-OPEC nations are gone. Speaking at the CERAWeek conference organized by IHS Markit, Al-Falih expressed optimism about the market fundame
The international offshore rig count for February 2017 was down both sequentially and year over year, which is the third time in a row, according to Baker Hughes’ monthly rig count reports. The report by the oilfield services provider shows that the international offshore rig count for February 2017
Despite difficulties posed by international sanctions and the downturn in the past two to three years, the Russian hydrocarbons industry has demonstrated positive results, helped by a very liberal investment regime that incentivizes greenfield developments and further production of brownfields. The
The announcement on the 28th February of Emas Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015, according to Douglas-Westwood’s latest DW Monday report. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Hark
Marine seismic acquisition company Polarcus has elected ex-Ophir chairman Nicholas Smith as its new board member. Polarcus said on Monday that Smith was elected at the company’s Extraordinary General Meeting and that his term of office expires at the company’s 2017 Annual General Meeting at which ti
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Egyptian company Petrobel has extended a contract for Saipem’s jack-up rig for work offshore Egypt. According to data from VesselsValue, Petrobel extended the contract for the Saipem-owned Perro Negro 4 jack-up drilling rig by two additional years last Friday. The contract started on Wednesday, Marc
The Middle East is the only region to buck the downward trend in offshore supply vessels (OSVs) over the last two years, according to new analysis released on Wednesday by IHS Markit, an information and analytics group. Demand in the region has remained steadfast since the decline in the price of oi
