Saudi Aramco’s department for offshore projects has awarded a long-term agreement (LTA) to National Petroleum Construction Company (NPCC) of Abu Dhabi. The Saudi oil company said the deal was for the execution of its “world-class” offshore development program. In June 2015, four LTA contracts were a
By Ron Bousso ISTANBUL (Reuters) – While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis – a supply shortage. Over $1 trillion (£0.8
Mermaid Maritime’s joint venture company, Zamil Mermaid Offshore Services Company LLC (ZMOS), has retained its long-term offshore inspection, repair, and maintenance (IRM) services contract with a client in the Middle East. However, Mermaid said on Tuesday, the rendering service dayrates have been r
Asia Offshore Drilling Limited (AOD) has secured a drilling contract extension for a jack-up drilling rig AOD III with Saudi Aramco, off Saudi Arabia, but with a reduced dayrate. AOD is a partnership venture between Mermaid and Seadrill where Mermaid has 3.76 percent equity stake while the other 66.
International Energy Agency (IEA) has informed that OPEC oil supply was at an all-time high during September while growth in oil demand dropped to a four-year low in the third quarter of 2016. According to IEA’s newly released Oil Market Report for October, global oil supply rose by 0.6 million barr
By Olesya Astakhova ISTANBUL (Reuters) – Igor Sechin, Russia’s most influential oil executive and the head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with OPEC. His comments underline how difficult it is for Russia to get it
Sodexo, a catering and facilities management company, has expanded two facilities management services contracts with offshore drilling contractor Seadrill and oil and gas major Shell. Sodexo said on Monday that Seadrill had been a client since 2008 and in that time Sodexo has expanded operations fro
By Karolin Schaps LONDON (Reuters) – Oil eased off four-month highs on Monday as doubts that oil producers can reach a meaningful output cut deal prompted some speculators to unwind bullish bets. Global benchmark Brent crude futures <LCOc1> were down 9 cents at $51.84 a barrel at 1029 GMT, around 2
ISTANBUL (Reuters) – Saudi Arabia’s Energy Minister Khalid al-Falih said on Monday that OPEC should not crimp oil supply too tightly and said he was optimistic a global production deal to limit supplies could be reached by November. Speaking at the World Energy Congress in Istanbul, Falih said OPEC,
Recently, OPEC announced production cuts as a strategy to reduce over-supply in the market and give a much-needed boost to oil prices. Without higher oil prices, many new projects are thought to be uneconomic. Or are they? According to its report on Monday, Douglas-Westwood has recently reviewed ove
Airborne Oil & Gas (AOG), a manufacturer of thermoplastic composite pipes (TCP) for oil & gas applications, has raised €23 million ($25.7 million) in a Series C investment round from both new and existing shareholders. AOG said on Monday that Saudi Aramco Energy Ventures (SAEV) joined the shareholde
Popular news, October 3 – 9, 2016
Oilfield services provider Baker Hughes reported on Friday that the international offshore rig count for September 2016 was down by 47 rigs year over year. According to the report, the international offshore rig count for September 2016 was 221, down 7 from the 228 counted in August 2016, and down 4
Seabed Geosolutions, a joint venture between Fugro and CGG, has secured a new extension to its ongoing shallow water operations in the U.A.E. The variation order from Abu Dhabi National Oil Company (ADNOC) covers Phase-II of the Ghasha Field project offshore Ruwais. This new survey is due to start i
