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.
UAE
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.
Schlumberger and Halliburton win big as ADNOC dishes out $764million unified contract
ADNOC has dished out a unified drilling contract worth $763.7million, with Schlumberger and Halliburton landing sizeable shares.
Oil and dollars: why the UAE is risking a falling-out with OPEC+
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic.
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.
Petrofac warns of ‘depressed’ market while UAE suspension hits backlog
Petrofac warned today that orders were likely to remain depressed in engineering and construction (E&C) this year due to the ongoing Covid-19 pandemic.
UAE eyes first net-zero by 2050 goal among major Petrostates
The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries (OPEC) to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won't require it to sell less oil.
Aberdeen-headquartered Centurion acquires Specialist Services for ‘growth platform’ in Middle East
Centurion Group has acquired UAE-based Specialist Services Group with hopes of major growth in the Middle East and beyond.
Petrofac: Asfari takes pay cut in final year as CEO
Former Petrofac CEO Ayman Asfari took a double-digit percentage pay cut in 2020, a year blighted by Covid, loss of work and an ongoing SFO investigation.
Japan signs hydrogen cooperation deal with UAE
Japan and the UAE have signed a hydrogen cooperation deal aimed at accelerating bilateral support for an international hydrogen supply chain.
Innovo appoints acquisition manager in the UK as part of new growth phase
Innovo Engineering and Construction is pleased to announce the appointment of William Cappello to the role of UK Acquisition Manager.
UAE’s Masdar hooks up with Malaysia’s Petronas for Asia renewables
Abu Dhabi-based Masdar and Malaysia’s Petronas will work together to pursue renewable energy and green hydrogen projects across Asia and the Middle East.
ADNOC signs $2bn supply deal with Pertamina
Abu Dhabi National Oil Company (ADNOC) will supply Indonesian national oil company Pertamina with liquefied petroleum gas (LPG) and sulfur in a four-year deal worth around $2 billion.
Updated: Brent nears $50 as Opec+ agrees more moderate production increase
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
BP to invest more in Middle East’s ‘world-leading’ oil fields
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
Russia and Saudi Arabia power risks OPEC+ break-up
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
Abu Dhabi plans $122bn in oil spending to boost output
Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.
Abu Dhabi said to near pipeline deal with GIP-backed group
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
Failure of Tripoli offensive sees Libya headed for stalemate
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Sonatrach plans gradual resumption
Sonatrach workers will return to work in compliance with directives set out by the public authorities, the company said, attempting to quash rumours that this would occur on May 31.