Aker Solutions bags £65m Adnoc deal
Aker Solutions has won a £65 million order from Adnoc to deliver subsea umbilicals for the Dalma gas development project located offshore UAE in the Persian Gulf.
UAE
Petrofac JV selected for offshore UAE project FEED
A joint venture involving UK energy service giant Petrofac will carry out early design work on an offshore oil project in the Middle East.
Updated: Crews evacuated as oil tankers targeted near Strait of Hormuz
Two oil tankers near the strategic Strait of Hormuz have reportedly been attacked, leaving one ablaze and adrift as sailors were evacuated from both vessels and the US navy rushed to assist amid heightened tensions between Washington and Tehran.
Oil price could shoot ‘violently upwards’ after Middle East tanker attacks, Rystad says
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
Saudi Arabia says two oil tankers sabotaged
Saudi Arabia has said two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused "significant damage" to the vessels, one of them as it was en route to pick up Saudi oil to take to the US.
Petrofac wins contracts worth £23m-plus in Middle East
Petrofac has secured a number of new awards and contract extensions, with a combined value of more than £23 million, to provide training solutions for key National Oil Company and International Oil Company clients in Oman, the UAE and Iraq.
Opec agrees 1million barrel output hike
Opec has agreed to increase global oil production by nearly 1million barrels per day.
Opec oil capacity ‘buffer’ to offsetting Iran sanctions, UAE predicts
OPEC has enough spare production capacity to cushion oil markets if the U.S. re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
UAE completes first of four Korean-built nuclear reactors
The United Arab Emirates, with help from Korea Electric Power Corp., finished building the Arab world’s first commercial nuclear reactor, a milestone in the oil-rich U.A.E.’s effort to curb its reliance on fossil fuels and develop cleaner sources of energy.
Total in £1.04bn deal for UAE concessions
French energy giant Total will stump up £1.04billion for stakes in two UAE concessions.
UAE says Opec committed to supply cuts through 2018
OPEC will stick with production cuts for the rest of the year as the group makes headway toward its goal of clearing an oversupply of crude, United Arab Emirates Energy Minister Suhail Al Mazrouei said Thursday.
Fife power-connectors firm plugs in £1m UAE deal
A Fife services company has secured a £1 million contract to provide its power connectors to one of the biggest electricity and water authorities in the United Arab Emirates.
Exclusive: US astronaut tells oil industry humanity’s future depends on Stem
The “future of humanity” depends on generating enthusiasm for Stem subjects among kids, a US astronaut said at a major oil industry event.
OPEC members express concern over Libya’s near million barrel output
Libya’s oil output is rising again after disruptions ended at its biggest field, with production reaching about 950,000 barrels a day even as OPEC and its allied suppliers step up efforts to contain a global glut.
UAE needs Qatari gas to keep Dubai’s lights on
When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E.
Kuwait says Saudi Arabia to UAE complying with oil cuts
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said.
Opec deal unlikely to lead to major market rebalancing, researchers say
Analysts have poured cold water on the idea that the recent output deal from Opec and non-Opec countries will lead to a major rebalancing of the oil market.
U.A.E. sees oil market correcting itself ahead of OPEC meeting
The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates said Tuesday on arrival in Vienna ahead of an OPEC meeting this week.
UAE stocks lead mideast slump as banks post decline in profit
Equity markets in the United Arab Emirates extended declines on speculation recent gains were overdone after earnings fell at some of the country’s biggest banks.
Petrol prices jump again in oil-rich UAE
Motorists in the oil rich United Arab Emirates face the second petrol price hike at the pumps for the second month running.
UAE drivers hit by double digit price hike – to 27p per litre
Motorists in the United Arab Emirates are bracing themselves for a major price hike to fuel prices - with petrol "soaring" to 28 pence per litre.
Gulf Marine predicts earnings will fall in 2016
Gulf Marine Services has warned 2016 will be another difficult year as the company expects earnings to fall and debt to rise as it copes with the oil and gas downturn.
Gulf pay rises lowest in a decade
Average private sector pay rise across the six countries of the Gulf Cooperation Council is set to be lower in 2016 than at any time over the past 10 years, despite the rising cost of living caused by cuts in government subsidies, according to a new survey.
JDR wins Middle East umbilical contracts
Umbilicals specialist JDR has been awarded contracts by McDermott Middle East for two projects in the United Arab Emirates and Qatar.
Saudi growth at 14-year low as oil prices tumble
Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.