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.
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.