Despite the oil price skimming $50, 144 new oil and gas companies were launched in the emirates in the past year.
Saudi Arabia’s Minister of Petroleum and Mineral Resources, said the Kingdom’s energy subsidies were safe despite depressed market conditions.
Circle Oil has discovered gas at its latest exploration well in Morocco - marking a succesful culmination to its 2015 drilling campaign.
The United Arab Emirates (UAE) was the world's sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia.
Genel Energy continued its receipt of payments for oil exported through the Kurdistan region of the Iraq-Turkey pipeline.
Genel Energy said it had reached a turning point as it marked the beginning of stabilised payments for its oil by the Kurdistan Regional Government in northern Iraq.
Kuwait Energy has confirmed oil production has begun at its Faihaa-1 well in Iraq, just 11 months since making the discovery.
The world is awash in crude, but big oil companies are lining up to develop new fields in Iran even as they slash spending and abandon exploration elsewhere. One thing explains this paradox: cost.
Gulf Keystone, which operates the world class Shaikan field in the Kurdistan Region of Iraq, has received a payment of $15 million (US$12 million net to Gulf Keystone) for crude oil exports.
Oilfield services company Petrofac has been awarded a multi-million dollar technical training contract with Shell Iraq, achieving their fourth win with a major operator in the country.
Aberdeen-based Rigfit Offshore (UK), the specialist accommodation outfitting arm of Global Energy Group can now press ahead and expand into the Middle East as a result of taking over Seven Seas International.
Saudi Arabia’s net foreign assets dropped to the lowest level in almost three years in August, as the world’s largest crude exporter grappled with oil prices below $50 a barrel. Net foreign assets held by the central bank fell for a seventh month in a row to $654.5 billion, compared with $661 billion in July, the Saudi Arabian Monetary Agency said in its monthly report.
ShaMaran Petroleum is to contest a default notice from TAQA following a dispute over payments for an operating agreement in Iraq.
Nostra Terra and Independent Resources have agreed to pool resources for a joint venture to pursue new projects in North Africa.
Gulf Keystone said production from the Shaikan field in the Kurdistan region of Iraq has now surpassed 15 million barrels.
Completions systems specialist Tendeka has won two new contracts in the Middle East worth up to $10million.
Sound oil has signed a two-month exclusivity agreement with Maghreb Petroleum Exploration to buy a subsidiary of the Moroccan Sidi Moktar licences. The Sidi Moktar licence covers 3000km2 onshore in the Essaouira basin which contains multiple gas discoveries. Sound said it is carrying out due diligence and it will issue further updates in due course.
San Leon Energy has spudded the El Aaiun-4 well onshore in Morocco.
The Tunisian authorities have approved an application from Circle Oil to renew the exploration permit on its Mahdia block.
Irish oil and gas producer Petroceltic has invited bids from contractors to begin work on its flagship gas plant in Alergia,
A search is underway to find a new chief executive for rig designer and builder Lamprell after James Moffat announced his retirement.
Iran has selected 45 oil and gas projects to show international companies at a conference in London in December when new oil contract models will be discussed ahead of exploration auctions to double the country’s crude output.
A senior official working for Iraq’s North Oil Company (NOC) has been shot dead – just a month after his predecessor at the state-run firm was killed. The chief engineer, Saad Ali Hussain, had been driving to his office in the city of Kirkuk when he was attacked.
Disputes over attempts to probe Tehran’s alleged work on nuclear weapons are unexpectedly persisting, threatening plans to wrap up an Iran nuclear deal. Diplomats say at least two other issues still need final agreement. These are Iranian demands that a UN arms embargo be lifted and any UN Security Council resolution approving the deal no longer describes Iran’s nuclear activities as illegal. With few signs that Iranian or US negotiators are prepared to give ground, the high-stakes game of brinksmanship looks set to force a fourth extension of talks since the current round began 17 days ago.
US-operator Gulf Keystone has leveraged record daily production from its Iraqi assets.