Saipem stacks up more drilling in West Africa, Middle East
Saipem has won three new drilling contracts in the Middle East, and two in West Africa, with a total value of $800 million.
Saudi Arabia
Keppel O&M takes jack-up haircut, agrees to Saudi deal
Keppel Offshore & Marine (O&M) has signed up to provide two more jack-up rigs to ADES Saudi, under a contract worth $155 million for the builder.
Weatherford’s integrated option draws in Saudi, Omani work
Weatherford has signed drilling contracts with Saudi Aramco and Petroleum Development Oman (PDO), for three years and five years respectively.
ACWA signs up with IDC on green hydrogen possibilities
ACWA Power has signed up to work on green hydrogen plans in South Africa, which may be worth up to $10 billion.
Saudi defends OPEC cut as business, not politics
Saudi Arabia has defended the OPEC+ decision to cut production, saying a US request to push back the move would have had a negative economic impact.
Arabian Drilling draws $43 billion in orders for Riyadh IPO
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, drew $43 billion in orders for its initial public offering, underscoring the strong investor appetite for Middle Eastern share sales.
OPEC slashes production, Biden talks tough
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
Shell, Aramco heads warn of gas, oil supply squeeze
The lack of fungibility of the gas market is set to pose a major challenge for Europe in the near term, the heads of Saudi Aramco and Shell agreed today.
Saudi oil driller’s IPO covered within hours in bearish market
Arabian Drilling Co., a Saudi Arabian oilfield-services company partly owned by Schlumberger NV, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as 2.67 billion riyals ($710 million).
Zambia talks oil with Saudi, as IMF steps in to support plans
Zambia is in talks with Saudi Arabia to secure fuel supplies, while also seeking support from the International Monetary Fund (IMF).
OPEC+ cuts production for October
OPEC+ has agreed to cut production by 100,000 barrels per day in October, returning the targeted output to the level of August.
Seadrill sells Saudi jack-ups to ADES
Saudi Arabia’s ADES has struck a deal to buy seven jack-ups from Seadrill for $628 million in cash.
TAQA to snap up AMPS in wider MENA move
Saudi Arabia’s TAQA has struck a deal to buy Al Mansoori Petroleum Services (AMPS) for an undisclosed amount.
Iraq echoes Saudi concerns on oil market volatility, warns of OPEC action
Iraq’s SOMO has endorsed Saudi Arabia’s take on the oil market’s situation, expressing concerns around “false signals” for the market.
Adnoc L&S snaps up Zakher Marine International
Adnoc Logistics & Services is buying Zakher Marine International (ZMI), an Abu Dhabi-based owner operator of offshore support vessels (OSVs).
MENA spending on the rise, but prices to remain high
Spending on the energy sector in the Middle East and North Africa could reach $879 billion over the next five years, according to Apicorp.
GlassPoint returns with decarbonisation vision
When GlassPoint succumbed to bankruptcy in 2020 the vision of solar-powered steam production seemed to have come to a close.
Oil holds above $100 as traders weigh tight market, OPEC+ limits
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Worley takes Aramco shale gas award
Saudi Aramco has awarded Worley a contract covering project management services for the development of unconventional gas.
Saudis say oil decisions are for OPEC+ as Biden leaves kingdom
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
Biden faces oil market challenge in Saudi trip
US President Joe Biden is due to visit the Middle East this week, with the oil market watching his trip to Saudi Arabia particularly closely.
Russia muscles in on Indian oil market at expense of OPEC titans
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
Shelf Drilling wins Aramco extension to 2025
Saudi Aramco has extended its contract with Shelf Drilling for a jack-up rig in the Arabian Gulf.
Building out green grids to save Africa, and the world
Green grids and international renewable energy are the only way to save Africa – and the world – with the alternative being a “climate abyss”.
Trafigura warns high prices to continue on under-investment
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.