Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.
CGG will continue to work in Saudi Arabia, she said, and with TAQA. The company will provide “high-end subsurface imaging and seismic acquisition systems”, Zurquiyah noted.
“Decarbonising production here is critical for those key demand centres of India and China,” KBR’s Blackburn said. The Middle East, given the region’s productive capacity, will be “the ones that lead the way, for sure”.
“This collaboration is more than just a stepping stone – it is a leap towards a new horizon."
Aberdeen-based oilfield equipment specialist OSSO will form a new partnership with a Saudi company after it more than doubled its revenues in the Middle East.
Oil supply cuts by Saudi Arabia and Russia will create a “significant supply shortfall” and threaten a renewed surge in price volatility, the International Energy Agency warned.
The IPO will “support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally”, said chairman Ayman Abbas.
OPEC+ signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets.
In addition to these big ticket plans, the Total board approved the payment of 40% of cash flow to shareholders. The dividend increased 7.25% year on year, while another 2 billion euros was approved for buybacks.
Saudi Arabia issued big price increases for its crude to Europe and the Mediterranean, while also unexpectedly lifting the cost of barrels to Asia, a move that risks stifling demand for the kingdom’s barrels.
At FID, Total said it aimed to start commercial operations in 2027.
Air Products is also working on receiving facilities in Europe. In November 2022 it set out plans, with Mabanaft, to build a green ammonia import facility in Hamburg. This project should start up in 2026.
By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted.
Saudi Arabia’s plans for another multibillion-dollar offering of Aramco stock are gaining fresh momentum, with any deal set to be one of world’s largest share sales in recent years, people with knowledge of the matter said.
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
Saudi Arabia-based energy services group TAQA has completed its takeover of Al Mansoori Petroleum Services (AMPS) as it eyes regional expansion.
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.