For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.
Iraqi Kurds, who field one of the most effective ground forces fighting Islamic State (IS) militants, are urgently asking America to help ease their budget crisis made worse by slumping oil prices and 1.8 million people who have fled fighting in Iraq and Syria. Representatives from the Kurds’ semi-autonomous region of northern Iraq said without help from the US or its allies the Kurds’ fighting force, known as the peshmerga, would be hampered in their fight against IS.
Iran's crude oil exports are said to be on target to reach a nine-month high this month.
UK independent Sound Energy has confirmed it has bought a 25% stake in the Sidi Moktar project, which comprises three onshore gas permits in Morocco.
Prime Minister David Cameron has claimed the oil revenues of ISIS (Islamic State) have been lowered by as much as 25% since the UK became involved in strikes in Syria last month. The politician was giving evidence before the liaison committee in which he faced questions about his energy and climate change policy.
Tethys Oil netted 359,779 barrels of oil from its share of the production from Blocks 3 and 4 onshore in Oman in December 2015.
Gulf Keystone has revealed that Hungarian oil and gas firm MOL has relinquished the licence covering the Akri-Bijeel block in Iraq,.
Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one option is to sell shares in the company’s refining assets rather than the parent company.
Saudi Arabia’s diversification away from oil will take centre stage at the forthcoming Global Competitiveness Forum (GCF).
Saudi Arabia, one of the most tradition- bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years. Over eight days, it has executed dozens of militants, severed ties with Iran and announced numerous steps for a radical rollback of the state that may include privatizing oil giant Saudi Aramco, among the world’s largest companies.
Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.
Genel Energy has confirmed that the Taq Taq field partners have recieved a $30million export payment from the Kurdistan Regional Government in Iraq for oil exported through the Kurdistan region of Iraq-Turkey pipeline.
Russian oil company Lukoil has hit landmark figures for oil production from its West Qurna-2 field in Iraq.
Oilfield services firm AlMansoori has deployed the first of two planned production testing and stimulation ships in the Arabian Gulf.
Aberdeen-based Churchill Drilling Tools is expanding internationally with a new Dubai office to support its operations in the Middle East.
Iraq’s Kurdish region, where Genel Energy Plc and DNO ASA pump oil, delayed a target to produce 1 million barrels a day as the cost of fighting Islamic State militants saps resources.
A former employee of north-east oil and gas services giant Asco fears being jailed in Oman next week over a contract payment dispute.
Engineering services company Lamprell said it had increased its workforce by 1,500 in response to increased project construction work in the Middle East.
Commodities trader Glencore said on Thursday it recognises Libya's Tripoli-based National Oil Corporatino as the sole legal marketer of the country's oil, after securing an export deal earlier this year with the state-run company.
Engineering and construction company Drake & Scull International said it will sell non-core assets in a bid to battle faltering financials.
Tata Steel aims to broaden its market base for its energy sector products in the Middle East following a partnership agreement with International Development Company, based in the United Arab Emirates.
Increased focus on the Middle East market has led to a record number of Scottish oil and gas supply chain companies attending the Adipec conference, which begins in Abu Dhabi today.
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.