Iraq's Basra Oil Co is preparing to tender for a water injection project vital to increase its oil production capacity if talks with Exxon Mobil fail, the head of the oil ministry's licensing and contracts office said. 'We cannot wait for…
Monday U.S. holiday pulls WTI's Friday gain into Tuesday. Brent crude oil prices eased on Tuesday, pulled down by a stronger dollar and a bout of profit-taking, while U.S. futures gained, bringing the discount between the two key futures contracts to a six-month low…
Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears…
U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970…
Brent reaches $71.20, highest since December 2014; U.S. crude inventories fall for a record 10th straight week. Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U…
Bechtel and TechnipFMC have been awarded front end engineering and design (FEED) contracts for Abu Dhabi National Oil Company's (ADNOC) offshore ultra-sour gas project in the United Arab Emirates (UAE). The project comprises the Hail…
Rig operator Rowan Companies has purchased two LeTourneau Super 116E jackup rigs, the P-59 and P-60, which were both delivered new into service in 2013, in a public auction from a subsidiary of Petrobras for US$38.5 million per unit. As previously reported in May 2017…
Saudi Aramco and partners Lamprell, the National Shipping Company of Saudi Arabia, and Hyundai Heavy Industries, announced on 30 December, 2017, the official launch of their International Maritime Industries (IMI) joint venture. When fully operational in 2022…
Believing that major spending cuts are over, Wood Mackenzie expects global upstream capital expenditures to grow slightly in 2018 to a total of US$400 billion. The downturn resulted in nearly $1 trillion being taken out of company spending from 2015 to 2020…
The Israeli Petroleum Commissioner has awarded Energean Oil & Gas five offshore exploration licenses covering Blocks 12, 21, 22, 23, 31, which were available for bidding in Israel’s first offshore bidding round. Each license has an initial exploration period of three years…
Norwegian seismic firm Magseis and its BGP have been awarded an extension to an ongoing contract with BGP Arabia and Saudi Aramco to acquire additional ocean bottom seismic data in the Red Sea. The new survey is expected to run for more than seven months and will start in January 2018…
Azerbaijan's SOCAR and US engineering house KBR's joint venture has been awarded a front end engineering and design (FEED) contract for topsides on Total's Absheron Early Production Project. The platform will be at SOCAR's Oil Rocks facility…
McDermott International has received a fifth contract award under an existing agreement from Saudi Aramco for work on the Safaniya field onshore and offshore Saudi Arabia. Under the engineering, procurement, construction and installation (EPCI) contract…
Noble Energy has chosen Gate Energy to provide facility commissioning for the Leviathan platform offshore Israel. The scope includes topside commissioning planning, onshore commissioning execution and offshore commissioning services of the production platform…
Saudi Aramco today (9 November) announced several contract awards, including three for fields in the Arabian Gulf offshore Saudi Arabia. The company has awarded Jacobs Engineering an engineering and project management services contract for the offshore Zuluf field development program…