China and Saudi Arabia signed a number of agreements, including on energy and investments, after their leaders met in Riyadh on Thursday at a summit that showcased deep and growing ties beyond oil.
The King Abdullah Petroleum Studies and Research Center (KAPSARC), a leading Riyadh-based advisory think tank, has signed a memorandum of understanding (MoU) with the Economics & Technology Research Institute (ETRI), a research institute affiliated with the China National Petroleum Corporation (CNPC), to foster cross-regional cooperation in energy research.
Saudi Aramco has discovered two new unconventional gas fields in the country’s hydrocarbon-rich east.
Saipem has won three new drilling contracts in the Middle East, and two in West Africa, with a total value of $800 million.
Keppel Offshore & Marine (O&M) has signed up to provide two more jack-up rigs to ADES Saudi, under a contract worth $155 million for the builder.
Weatherford has signed drilling contracts with Saudi Aramco and Petroleum Development Oman (PDO), for three years and five years respectively.
ACWA Power has signed up to work on green hydrogen plans in South Africa, which may be worth up to $10 billion.
Saudi Arabia has defended the OPEC+ decision to cut production, saying a US request to push back the move would have had a negative economic impact.
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, drew $43 billion in orders for its initial public offering, underscoring the strong investor appetite for Middle Eastern share sales.
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
The lack of fungibility of the gas market is set to pose a major challenge for Europe in the near term, the heads of Saudi Aramco and Shell agreed today.
Arabian Drilling Co., a Saudi Arabian oilfield-services company partly owned by Schlumberger NV, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as 2.67 billion riyals ($710 million).
Zambia is in talks with Saudi Arabia to secure fuel supplies, while also seeking support from the International Monetary Fund (IMF).
OPEC+ has agreed to cut production by 100,000 barrels per day in October, returning the targeted output to the level of August.
Saudi Arabia’s ADES has struck a deal to buy seven jack-ups from Seadrill for $628 million in cash.
Saudi Arabia’s TAQA has struck a deal to buy Al Mansoori Petroleum Services (AMPS) for an undisclosed amount.
Iraq’s SOMO has endorsed Saudi Arabia’s take on the oil market’s situation, expressing concerns around “false signals” for the market.
Adnoc Logistics & Services is buying Zakher Marine International (ZMI), an Abu Dhabi-based owner operator of offshore support vessels (OSVs).
Spending on the energy sector in the Middle East and North Africa could reach $879 billion over the next five years, according to Apicorp.
When GlassPoint succumbed to bankruptcy in 2020 the vision of solar-powered steam production seemed to have come to a close.
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Saudi Aramco has awarded Worley a contract covering project management services for the development of unconventional gas.
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.
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.
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.