Demand for oil will continue to rise for the next 25 years, driven by emerging economies, particularly those from Asia, according to Omar Abdul-Hamid, the director of OPEC’s Research Division.
Drydocks World Group, a provider of maritime and offshore services to the shipping, oil, gas and energy sectors, met with experts from the global offshore energy industry that came together from around the world for the Offshore Technology Conference (OTC) from May 4th-7th in Houston, Texas.
United Arab Emirates energy firm Dana Gas posted a 73.3 per cent drop in its first-quarter net profit on Tuesday due to lower hydrocarbon prices but said it was pressing ahead with an offshore gas project in its home country.
Dubai Maritime City Authority ( DMCA ), the government authority charged with regulating, coordinating and supervising all aspects of Dubai's maritime sector, has announced its sponsorship and participation in the Middle East Offshore Journal Conference 2015.
Chairman John Barr says it is prudent to cancel the option, and instead focus resources on the STEP and Murchison assets.
Bahrain will soon be awarding the contracts for the Phase 2 expansion of the Bahrain National Gas Company (Banagas), the kingdom’s Energy Minister Dr Abdul-Hussain bin Ali Mirza has said.
Fears low oil prices will persist for years sent shares of U.S. crude producers tumbling Friday after OPEC failed to agree on a unified output cap, effectively letting its 13 members pump at will under a policy aimed in part at squeezing out U.S. rivals.
The much-awaited auction of 69 marginal oil and gas fields, which would usher in the revenue-sharing model of contracts, is likely to commence in February.
Last week, Iran’s oil minister announced a new model of contracts for foreign oil and gas companies during the two-day conference in Tehran. The new framework allows foreign investors to retain the oil fields for a longer period.
A 2.8 magnitude earthquake was recorded overnight near Cherokee. But that paled in comparison to the big one that shook much of the state on Monday.