Aramco feels the squeeze
No company has been immune from the headwinds facing the global oil industry, even Saudi Aramco.
Middle East
Turkey resumes East Med exploration
Turkey has issued a new navigational warning – navtex – on waters also claimed by Greece.
Delek refinances Leviathan debt
Delek Drilling has raised $2.25 billion through a bond issue to refinance debt taken out for its Leviathan project.
Genel takes losses but posts dividend
Genel Energy reported an operating loss of $340 million for the first half of the year, but still generated $6.5mn of free cash flow.
Air Products wins Qatargas expansion work
Qatargas has chosen Air Products to supply process units to the major LNG expansion programme, which will become operational in 2025.
Adnoc, Wanhua form LPG shipping venture
Adnoc Logistics & Shipping has launched a joint venture with Wanhua Chemical Group focused on the transportation of LPG and products.
US oil company strikes deal with SDF for Syria work
The Syrian Ministry of Foreign Affairs and Expatriates has condemned “in the strongest terms” a reported deal between a US oil company and the Syrian Democratic Forces (SDF).
Aberdeen oil man gets three years in prison for bribery
An Aberdeen oil chief convicted of paying £400,000 in bribes to win contacts in war-torn Iraq has been sentenced to three years in prison.
Adnoc considers stake sale in $5billion of properties
Abu Dhabi National Oil Co.(Adnoc) is exploring the possibility of selling a stake in its real estate portfolio, the latest effort by the state-owned energy producer to raise funds and attract foreign investors.
GMS delivers cantilever workover
Gulf Marine Services (GMS) has used its cantilever workover system for the first time, on a live well, reducing the time required for vessel moves.
UAE approves Cnooc’s offshore entry
Abu Dhabi has approved the transfer of rights, from China National Petroleum Corp. (CNPC) to Cnooc Ltd, in the Lower Zakum and Umm Shaif and Nasr offshore concessions.
US trial a major step forward for oil well technology developed in Aberdeen
Cavitas Energy’s mission to develop a downhole device aimed at improving the economic feasibility of heavy and enhanced oil recovery has taken a major leap forward.
UK Oil and Gas clinches deal to buy 50% stake in Turkish exploration targets
The firm behind the Horse Hill oil development near Gatwick Airport has agreed to take a 50% non-operated interest in a licence in Turkey.
GP Global denies terminal trouble, launches restructuring
Dubai’s GP Global has launched a financial restructuring process in response to the “global economic meltdown”.
Petropars signs South Azadegan production boost
Petropars has signed a contract to develop the South Azadegan oil field, with Petroleum Engineering and Development Co. (PEDEC).
Tanker ‘hijacked’ off UAE now in Iran, says UN agency
A US-sought oil tanker "hijacked" off the coast of the United Arab Emirates after allegedly smuggling Iranian crude oil is back in Iranian waters, a United Nations agency said.
Fiscal relief for upstream oil companies: what should governments consider?
The current collapse in the price of crude oil is the most extreme so far this century. It has already had significant impact on the oil industry, leading to some declarations of force majeure (examples include licenses and contracts in Iraq and the Gulf of Thailand). The question we address here is: what will the impact be on upstream producing countries? And more specifically, how should upstream countries react if companies approach them for fiscal concessions, citing marginal economics?
UN to discuss “floating oil bomb” offshore Yemen
The United Nations Security Council will discuss the outlook for the Safer tanker, a floating oil storage vessel off Yemen in a state of disrepair.
Aramco plans downstream shake up
Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value.
Yemen rebels send repair team to prevent leak from stricken oil tanker
Yemen’s Houthi rebels say they’ve sent a maintenance team to repair an ageing oil tanker laden with more than 1 million barrels that the United Nations and environmental groups see as a threat to marine life in the Red Sea.
Taqa to sell more shares following deal to create utility giant
Abu Dhabi’s Taqa plans to sell more shares after completing an asset-transfer deal with its parent, government-owned ADPower, that creates a utility giant in the Gulf Arab region.
GMS defies AGM vote and reappoints directors
Voting at Gulf Marine Services’ (GMS) AGM has seen three board members being rejected for reappointment by shareholders – while the company has opted to reappoint two of them anyway.
Lebanon issues warning on Israeli licence plans
Lebanese President Michel Aoun has condemned planned Israeli exploration in contested waters.
ADNOC seals $20.7bn deal on gas pipelines
A group of international investors is buying a stake in ADNOC’s gas pipeline assets, which are valued at $20.7 billion.
Oryx sharpens focus in Kurdistan, cuts African interests
Oryx Petroleum has cut operating expenses by 21% and is focused on slimmed down operations in Kurdistan for the near future.