Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply.
Black Sea Oil & Gas (BSOG), owned by Carlyle International Energy Partners, could start the gas production from one of its concessions in the Black Sea in 2019, but this target depends on the approval process and the legal framework, the general director of the company, Mark Beacom, told Agerpres.
Since its establishment in Dubai in 2003, Al Suwaidi Marine has achieved a remarkable position in the boating industry. ASM is expanding to new markets and is presenting a new line of passenger boats, especially for Oil & Gas petroleum companies and touristic projects that require marine transportation.
U.S. Rep. Dave Reichert, R-Auburn, this week led a bipartisan group of more than 100 members of the House of Representatives in urging Department of Interior Secretary Ryan Zinke to reject proposals to open the Atlantic and Pacific Outer Continental Shelf Regions to new offshore drilling and oil exploration.
Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the requirements.
In the current challenging market conditions, the importance of local contents cannot be overlooked. Local contents are not only human resources, but also material and any available resources that can contribute to enhancing quality and maintaining lower prices.
Oil prices have reached a nearly two-month high triggered by a tightening in the US crude market and the possibility of new sanctions against major producer Venezuela.
Under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister, the Kingdom of Bahrain will host the 4th Middle East Process Engineering Conference & Exhibition (MEPEC), during 9-11 October 2017 at Bahrain's International Convention and Exhibition Centre.
Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut.
Senaat – Abu Dhabi, one of the UAE’s largest industrial investment holding companies, said its subsidary - National Petroleum Construction Company (NPCC) - has been ranked 5th in the annual list of Top 30 engineering, procurement and construction companies in the energy sector in the Middle East and North Africa region, as compiled by Oil & Gas Middle East Magazine.
Brent prices are likely to stay in the $50-55 range in the second half of 2017 and to average in the same range in 2018, said Barclays in its latest Oil Instant Insight. Despite the statements in the communiqué of the Opec/Non-Opec Joint Ministerial Monitoring Committee (JMMC) and Joint Technical Committee (JTC), balances still indicate a constructive market balance in the remainder of this year, it said.
The Abu Dhabi National Oil Company (ADNOC) has recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets.