Gulf Marine Services has warned 2016 will be another difficult year as the company expects earnings to fall and debt to rise as it copes with the oil and gas downturn.
Troubled oil and gas explorer Genel Energy has received received a gross payment of $12.6 million from the Kurdistan Regional Government for oil sales during February 2016.
Saudi Arabia is telling international banks to publicly disclose financial statements for the first time as the kingdom’s regulator seeks to boost transparency.
Even as it pumps near-record quantities of oil, Saudi Arabia is getting ready for a time when the world will no longer need its biggest export.
Gulf Keystone Petroleum Ltd. fell to a seven-year low in London trading after saying its future depends on obtaining new funds and restructuring the balance sheet as bond repayments loom.
Amec Foster Wheeler said it has won a contract from Pakistan Refinery Limited for a detailed feasibility study to upgrade their refinery in Karachi.
Jupiter Energy has said production at its Akkar East wells will continue to be shut in until the oil price imprvoves.
OneSubsea, the Cameron-Schlumberger company, has been awarded a contract from BP and partner DEA, to supply subsea production systems offshore Egypt in the West Nile Delta.
Average private sector pay rise across the six countries of the Gulf Cooperation Council is set to be lower in 2016 than at any time over the past 10 years, despite the rising cost of living caused by cuts in government subsidies, according to a new survey.
Iran plans to boost crude output to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global oil market.
Saudi Arabian Oil Co. has asked consultants to bid for a role advising it on which assets to privatize and how to execute a potential share sale as the kingdom presses ahead with plans for an initial public offering, people with knowledge of the matter said.
The death sentence of Iranian billionaire Babak Zanjani can be commuted if he cooperates by returning the money he was convicted of embezzling, Justice Minister Mostafa Pour Mohammadi said.
The United Arab Emirates foresees a “correction” in crude prices by the end of the year, and the OPEC member has yet to receive an invitation to a possible meeting of oil-producing nations seeking to rein in a global supply glut, Energy Minister Suhail Al Mazrouei said.
The Monte Toledo oil tanker covered the uneventful voyage from Iran to Europe with a haul of 1 million barrels of crude in just 17 days, but its journey has been four years in the making.
Iranian billionaire Babak Zanjani, who was sentenced to death in an oil fraud case, will appeal the verdict, his lawyer said.
Abu Dhabi stocks entered a bull market, leading Mideast gauges higher, as rising oil prices added to growing bullish sentiment across global equities.
Iranian businessman Babak Zanjani was sentenced to death after being found guilty in a fraud case involving an oil fund, the state-run Iranian Students’ News Agency reported on Sunday, citing a judicial official.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet.
Iran said it expects to raise its oil exports this month to around 1.65million barrels per day on the back of higher crude shipments to Europe.
Genel Energy today confirmed its revenue had taken a 34% as it navigates a low oil price environment.
Saudi Arabia, the world’s largest crude exporter, raised the price formula for shipments of its benchmark grade to Asia for April to the highest since October, while lowering prices for all cargoes to the US. State-owned Saudi Arabian Oil Co. set the official selling price for Arab Light crude shipments to Asia at a 75 cent- discount to the regional benchmark, the company said in an e- mailed statement. That’s more expensive, by 25 cents, than March shipments. The decision is the reverse of that predicted by local traders and refiners: six surveyed had expected the exports to be made cheaper, by 50 cents.
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary.
Genel Energy today confirmed it expected a $1billion impairment charge, after its estimated reserves in the Taq Taq field took a significant hit.
The Egyptian government has given the go ahead to Eni for the development of the Zohr gas field, in the Shorouk Concession, offshore Egypt.
Umbilicals specialist JDR has been awarded contracts by McDermott Middle East for two projects in the United Arab Emirates and Qatar.