Saudi Arabia’s energy minister has revealed the Kingdom’s plans to build its first nuclear power station, a news report said.
Maersk Oil today confirmed it had signed a memorandum of understanding to explore business opportunities in Iran, a news report said.
The average oil price that Saudi Arabia needs to balance its budget will fall this year by only half as much as forecast six months ago, according to the International Monetary Fund.
The pace of the fight to retake Mosul from the Islamic State group has slowed as Iraqi forces advancing to the east and south of the city began pushing towards larger villages and encountering civilian populations.
Saudi Aramco’s chief has said a new “road map” is needed to help smooth the transition from fossil fuels to green energy.
Penspen has won deal in Middle East.
Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
The Tawke field partners have been paid, Genel Energy confirmed today.
Saudi Arabia’s central bank directed local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees.
Acteon Group, the parent of subsea service firms operating globally from locations including Aberdeen, took a financial pounding in 2015 and it has predicted more turnover woe this year.
Genel Energy has said it has received a share of $23.37million from the Kurdisatn Regional Government for oil sales during July this year.
Norwegian oil and gas consultancy Add Energy has kept up its recent run of contract wins after netting a £120,000 deal with an unspecified Omani gas operator.
A fire has broken out at a petrochemical refinery in Iran.
Gulf Keystone Petroleum made $112million worth of payments to government last year.
Iran has begun building its second nuclear power plant with Russian help, the first such project since last year’s landmark nuclear deal with world powers.
Iran has said it expects to complete a pipeline and a terminal to export a new grade of crude by the end of the year.
For the second time in 15 months, Saudi Arabia is loosening rules on foreigners investing in its almost $400 billion Tadawul Stock Exchange. The goal is to lure funds from overseas as the kingdom overhauls its economy to cut its dependence on oil revenue. Greater access for international investors may boost the chances of Saudi stocks being included in major emerging-markets equity indexes, potentially luring billions of dollars more.
Fluenta said it has won a contract to supply flare gas metres to the Kuwait Oil Company (KOC).
Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.
Iraq's foreign ministry has called on Saudi Arabia to replace its current ambassador in Baghdad.
China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as oil’s collapse overpowered the boost from cheaper crude used to make fuels and chemicals.
Iran is growing frustrated that the easing of EU sanctions earlier this year has not brought more benefits, a lawyer said yesterday.
Iran's oil minister has confirmed he will attend an OPEC meeting in Algeria next month.
It's possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it's also possible that they are ramping up production to take the sting out of a freeze. This is a delicate balancing act that the Saudis need to play very carefully.
The Saudi cabinet has reportedly agreed to enter its ministers into talks over energy cooperation agreements with China and Japan.