Taqa has seen its third quarter 2015 results negatively impacted by a drop in oil prices. The Abu Dhabi-based company recorded a net loss of AED 416 million ($113,3 million), compared to a profit of AED 107 million ($29.13 million) during the third quarter of 2014. Explaining the loss, Taqa said tha
An extended period of lower oil prices would benefit consumers, but would trigger energy-security concerns by heightening reliance on a small number of low-cost producers, or risk a sharp rebound in price if investment falls short, says the International Energy Agency (IEA) in the 2015 edition of it
During the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Tuesday, the Abu Dhabi National Oil Company (ADNOC) and the German E&P company Wintershall signed a Memorandum of Understanding (MoU) regarding future cooperation in research and development. According to Wintershall’
McDermott International, Inc. has been awarded a large brownfield contract offshore Qatar, by RasGas Company Limited (RasGas). The contract is for the engineering, procurement, construction and installation (EPCI) of a flow assurance and looping project consisting of 74 miles of 6- and 8-inch pipeli
The Japan Bank for International Cooperation (JBIC) and Abu Dhabi National Oil Company (ADNOC) on Monday signed a memorandum of understanding (MOU) in order to further strengthen the partnership between Japan and ADNOC. JBIC has signed with ADNOC a succession of MOUs in the oil and gas sector, as we
Popular news, November 2 – 8, 2015
Baker Hughes has reported that the international offshore rig count for October 2015 has declined year over year and gone up a bit when compared to September rig count. Baker Hughes’ international rig count covers rigs from Latin America, Europe, Africa, Middle East and Asia Pacific. According to Ba
UK oil and gas major BP has signed a Heads of Agreement (HoA) with the Egyptian Ministry of Petroleum, regarding the acceleration of the development of the recent Atoll gas discovery in the East Nile Delta, offshore Egypt. The Atoll discovery in the North Damietta Offshore Concession was announced i
After assessing the third quarter results from the major oil and gas companies, Wood Mackenzie, an energy intelligence group, has identified four key themes to look out for in 2016. Wood Mackenzie says the latest round of earnings results offered the industry an early glimpse at what lies ahead in 2
Atlantic Navigation Holdings, a provider of marine logistics services in the Middle East, has signed a shipbuilding agreement with a shipyard in China for a new liftboat. The total cost of the order is approximately $56 million, which is inclusive of vendor-supplied equipment, retrofit and mobilisat
A memorandum of understanding between Singapore’s Sembcorp Marine, Saudi Arabian Oil Company (Aramco), and the National Shipping Company of Saudi Arabia (Bahri) to develop a “world-class” maritime yard in Saudi Arabia has expired. Bahri, one of the largest shipping companies in the world, revealed o
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The oil sector is slipping into the red after years of fat profits as the steep slump in oil prices shows little sign of ending, with this quarter shaping up to be the worst since the downturn started.
The Prime Minister of Israel, Benjamin Netanyahu, and the Minister of Infrastructure, Energy and Water, Yuval Steinitz, met Eni’s Chief Executive Officer, Claudio Descalzi, on Thursday in Jerusalem. Eni’s CEO presented the importance of synergies in joint development of natural gas in the eastern Me
