Saudi Arabia has unveiled its plan for “The Rig”, a 150,000 square metre theme park using an oil and gas platform.
UK drivers face “range anxiety” as a result of fuel shortages, while a cold winter could push Brent prices to $100 per barrel, BofA Securities has warned.
An investigation into allegations of bribery at Petrofac, which wrapped up yesterday, “will unlock the lucrative” Saudi Arabia and United Arab Emirates (UAE) markets.
Saudi Arabia will push ahead with plans to increase oil production capacity to 13 million barrels per day by 2027.
Updated: Petrofac charged with seven separate offences of failing to prevent bribery, intends to plead guilty
Energy services giant Petrofac has been charged with seven separate offences of failing to prevent bribery between 2011 and 2017.
Saipem has signed a memorandum of understanding (MoU) with Saudi Aramco, paving the way for a new national champion.
Saudi Aramco is joining a group led by ACWA Power to build a nearly $1 billion solar power plant in the kingdom as the world’s largest oil-exporting nation expands renewable energy supply.
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Plans for ammonia exports are taking shape around the world, as companies compete to secure the most attractive opportunities to fuel future zero carbon aspirations.
The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Aberdeen-headquartered RigQuip has announced plans to create 120 jobs and invest at least £10m in growth plans over the next five years.
Prince Abdulaziz bin Salman is the most powerful man in petroleum. The Saudi oil minister navigates unruly OPEC+ nations, huge swings in prices — and the end of fossil fuels.
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
The United Arab Emirates and Saudi Arabia appear to have reached a compromise that will allow OPEC to continue in its moderation of the oil market.
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
Lamprell has said it faces “severe pressure” as key projects in Saudi Arabia ramp up.
State-owned Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG will receive a $4.5 billion loan to fund imports of crude, petroleum products, urea and LNG over 2021-2023.
Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.
Saudi Aramco has closed the $12.4 billion sale of a 49% stake in its pipelines unit, to a group led by EIG.
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.