Oil service company Global SCS has undertaken further expansion.
Upstream oil and gas deal activity in June saw a $4.3billion decrease in comparison with the previous month. Research and consulting firm GlobalData said work, including capital markets and mergers and acqusitions, totalled $19.3billion from 125 transactions in June, while in May the total was $23.6billion across 119 deals. Analysts said Europe, the Middle East and Africa led the global acquisitions market in terms of value last month with a 39% regional share totalling $4billion.
Weatherford said it plans to increase the number of headcount reductions within the company to 11,000. The number is up from the previous estimate of 10,000 and is expected to come from support staff within the US. The move has been made in response to what Weatherford sees as a weakening market in North America.
Iraq’s self-ruling Kurds are threatening to bypass the country’s central government and sell oil produced in the neighboring Kirkuk region in a dispute over revenue from crude sales by OPEC’s second-largest producer.
Aberdeen energy service firm Xodus Group has struck a deal worth £380,000 for work on the Zirku oil and gas processing facilities in the Persian Gulf. The contract was awarded by Abu Dhabi-based oil major Zakum Development Company (Zadco) and builds on several orders Xodus notched up in the Middle East so far this year. The new agreement will see Xodus lay on services aimed at preventing vibration induced failures on Zirku-Island-based installations over a 24-week period.
Scotland-based energy firms will expect the Middle East to become vital to their operations in terms of market share over the next few years, according to a professional services firm. KPMG surveyed more than 30 senior executives from oilfield services and energy-focused technology businesses at a seminar in Aberdeen last week which highlighted business opportunities and risks in the region. The Middle East represents an enormous market for UK-based businesses in the industry with opportunities spanning oil and gas, power generation and renewables.
The US will become one of the world’s largest oil exporters if domestic production continues to surge and policy makers lift a four-decade ban that keeps most crude from leaving the country, a government-sponsored study shows. America would be capable of sending as much as 2.4 million barrels a day overseas in 2025 if federal policy makers were to eliminate restrictions on most crude exports, an analysis by Turner, Mason & Co. for the Energy Information Administration shows. That would make the US the fourth-largest oil exporter, behind Saudi Arabia, Russia and the United Arab Emirates, based on 2013 EIA data. The report assumes domestic output rises by 7.2 million barrels a day from 2013.
A Gulf Keystone Petroleum non-executive chairman is set to retire from the board of directors. Simon Murray will step down, with Andrew Simon, senior independent director assuming the role on an interim basis. A search process for a new non-executive chairman will now begin.
Petrotechnics has appointed two new members to its Middle East business development team. Suhas Jadhal has been appointed as Petrotechnics’ new Middle East business consultant. Mr Jadhal has an undergraduate degree in Civil Engineering and MBA in Construction Management and Research, and brings with him extensive experience in implementing enterprise solutions such as SAP and Primavera to major refineries in the Middle East and North Africa. He will provide hands-on customer support from Petrotechnics Abu Dhabi office, working closely with clients to achieve operational excellence through the deployment of Proscient.
KDM Marine International have appointed a regional manager for their work in the eastern hemisphere. The company, which is part of the James Fisher Group, has appointed Faisel Chaudry as their new regional manager for the eastern hemisphere. Faisel, who has more than eight years' experience in the oil and gas and offshore renewables industries, is tasked with growing the market-leading company's presence in regions like the Middle East, India, North Africa and Asia Pacific.
Iran says it could add a million barrels to daily oil production shortly after a deal to lift sanctions is reached, reclaiming the position of OPEC’s second-largest supplier. While the timing of such a move would be at least months away because the sanctions would be rolled back slowly, industry observers largely agree that the capacity is there. Yet going further than that and adding a second million barrels -- as the government has said it plans to do -- will prove a much bigger challenge.
Egypt aims to pay its $3.1 billion debt to international oil and gas companies a year later than previously indicated, according to the Egyptian oil ministry. The ministry said: "All current operational payments hae been made on time and are on track to repay any remaining arrears before mid-2016." It is expected that the debt will be repaid by the middle of 2016, a year ahead of the previously indicated mid-2015.
More than 100 young students have already joined a new graduate programme set up by Total. As part of the Total Young Graduate Programme, which was founded in April 2014, young graduates from more than 40 countries in Africa and the Middle East will be given the opportunity to discover working life through hands-on experience over an 18-month period.
Independent project services consultancy Cambla plans to expand to the Middle East after it exceeded its turnover target by more than 45% in its first year. Established in 2013, the firm has grown significantly over the past year – increasing staff numbers and securing a string of contract extensions with North Sea oil and gas operators including Marathon Oil and Centrica to provide project services support. In the financial year ending July 31, Cambla grew its turnover to £362,000 and expects this to rise to over £500,000 next year.
The boom that adorned Gulf Arab monarchies with glittering towers, swelled their sovereign funds and kept unrest largely at bay may be over after oil prices dropped by almost 50% in the last six months. The sheikhdoms have used the oil wealth to remake their region. Landmarks include man-made islands on reclaimed land, as well as financial centers, airports and ports that turned the Arabian desert into a banking and travel hub. The money was also deployed to ward off social unrest that spread through the Middle East during the Arab Spring.
Glacier Energy Services has merged its pipeline machining and onsite service businesses into a new division as it expands across the Middle East and Asia Pacific. The firm, which has operational bases in Aberdeen, Glasgow, Newcastle and Singapore, has appointed Mark Derry, previously head of Glacier’s offshore division, to run the new unit. Glacier has also appointed Kevin Strachan as regional manager for the Middle East, based in Dubai, for the newly formed Roberts Machining Solutions.