VIDEO: Saudi Arabia unveils plans for huge oil rig theme park
Saudi Arabia has unveiled its plan for “The Rig”, a 150,000 square metre theme park using an oil and gas platform.
Saudi Arabia
Fuel shortages drive “range anxiety” woes
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.
End of Petrofac investigation will unlock ‘lucrative’ Saudi and UAE markets
An investigation into allegations of bribery at Petrofac, which wrapped up yesterday, “will unlock the lucrative” Saudi Arabia and United Arab Emirates (UAE) markets.
Aramco aims for 13mn bpd by 2027
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 teams up with Aramco for new national champion
Saipem has signed a memorandum of understanding (MoU) with Saudi Aramco, paving the way for a new national champion.
Aramco joins group building giant solar plant in Saudi Arabia
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.
Biden’s OPEC plea pits fuel price fears against climate push
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.
Ammonia: the missing link in the energy transition?
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.
Here’s who wins and who loses from the surge in commodity prices
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.
RigQuip to create 120 jobs and invest £10m in growth strategy
Aberdeen-headquartered RigQuip has announced plans to create 120 jobs and invest at least £10m in growth plans over the next five years.
The Saudi prince of oil prices vows to drill ‘every last molecule’
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 declines after OPEC+ agrees to boost production into 2022
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
OPEC+ to boost oil output after Saudi-UAE compromise deal
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.
Saudi, UAE resolve differences, but OPEC remains under pressure
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+ deal fails, leaving oil market tighter as prices surge
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
OPEC+ crisis deepens as Saudi Arabia refuses to budge
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+ standoff persists with inflationary price spike at stake
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.
OPEC+ oil deal hangs in the balance as key member rebels
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 under ‘severe pressure’ as key Saudi projects beckon
Lamprell has said it faces “severe pressure” as key projects in Saudi Arabia ramp up.
Pakistan bags $4.5bn loan for LNG and oil imports
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 says OPEC+ has a role in containing inflation
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.
Aramco closes $12.4bn pipeline sale
Saudi Aramco has closed the $12.4 billion sale of a 49% stake in its pipelines unit, to a group led by EIG.
Saudis increase oil prices for Asia customers as market tightens
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: outside OPEC+, oil growth stalls
“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.