Zambia talks oil with Saudi, as IMF steps in to support plans
Zambia is in talks with Saudi Arabia to secure fuel supplies, while also seeking support from the International Monetary Fund (IMF).
Saudi Arabia
OPEC+ cuts production for October
OPEC+ has agreed to cut production by 100,000 barrels per day in October, returning the targeted output to the level of August.
Seadrill sells Saudi jack-ups to ADES
Saudi Arabia’s ADES has struck a deal to buy seven jack-ups from Seadrill for $628 million in cash.
TAQA to snap up AMPS in wider MENA move
Saudi Arabia’s TAQA has struck a deal to buy Al Mansoori Petroleum Services (AMPS) for an undisclosed amount.
Iraq echoes Saudi concerns on oil market volatility, warns of OPEC action
Iraq’s SOMO has endorsed Saudi Arabia’s take on the oil market’s situation, expressing concerns around “false signals” for the market.
Adnoc L&S snaps up Zakher Marine International
Adnoc Logistics & Services is buying Zakher Marine International (ZMI), an Abu Dhabi-based owner operator of offshore support vessels (OSVs).
MENA spending on the rise, but prices to remain high
Spending on the energy sector in the Middle East and North Africa could reach $879 billion over the next five years, according to Apicorp.
GlassPoint returns with decarbonisation vision
When GlassPoint succumbed to bankruptcy in 2020 the vision of solar-powered steam production seemed to have come to a close.
Oil holds above $100 as traders weigh tight market, OPEC+ limits
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Worley takes Aramco shale gas award
Saudi Aramco has awarded Worley a contract covering project management services for the development of unconventional gas.
Saudis say oil decisions are for OPEC+ as Biden leaves kingdom
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
Biden faces oil market challenge in Saudi trip
US President Joe Biden is due to visit the Middle East this week, with the oil market watching his trip to Saudi Arabia particularly closely.
Russia muscles in on Indian oil market at expense of OPEC titans
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
Shelf Drilling wins Aramco extension to 2025
Saudi Aramco has extended its contract with Shelf Drilling for a jack-up rig in the Arabian Gulf.
Building out green grids to save Africa, and the world
Green grids and international renewable energy are the only way to save Africa – and the world – with the alternative being a “climate abyss”.
Trafigura warns high prices to continue on under-investment
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.
Oil rises to three-month high as Saudis signal demand confidence
Oil extended gains to the highest level in almost three months after Saudi Arabia signalled confidence in the demand outlook by increasing the price of its crude for Asia by more than expected.
JGC takes Zuluf work in Saudi
JGC has won work from Saudi Aramco for the Zuluf central processing facilities.
STATS Group eyes international growth after ‘excellent’ 2021
Pipeline specialist STATS Group plans to boost its international footprint following an “excellent” 2021.
Aramco posts barnstorming quarter
Saudi Aramco has posted its strongest quarterly results since going public, with net income of $39.5 billion and free cash flow of $30.6bn.
Keppel’s legacy rigs heading to Middle East in $97m deal as market tightens
Singaporean yard Keppel Offshore & Marine (Keppel O&M) will send two of its jack-up rigs to Saudi Arabia in a five-year deal worth S$135 million ($97 million) as the market for rigs continues to tighten.
Solar, hydrogen and storage: a heady mix for the Middle East
The Middle East’s oil and gas has put the region at the heart of the energy sector the last 100 years. These resources, plus plentiful sunshine, will see it continue to play a major role into the energy transition – but there will be bumps along the way.
Standard Chartered under fire over Mozambique LNG emissions
Projects backed by Standard Chartered in 2021 will emit 2.3 billion tonnes of CO2 over their lifespan, with Mozambique LNG to play a major part in this.
KBR wins seven-year deal for Satorp maintenance
KBR has won a seven-year contract to provide general maintenance services (GMS) to the Satorp complex in Saudi Arabia.
Aramco awards NESR $300mn fracking contract
National Energy Services Reunited Corp. (NESR) has won a contract in Saudi Arabia for drilling services worth $300 million.