Friday, February 23, 2018

Middle East News

Ardiseis, CGG Complete Highest-Density Seismic Survey

Ardiseis, subsidiary of the Arabian Geophysical and Surveying Company (ARGAS), the Middle East’s seismic acquisition specialist, and its technology partner, CGG, have announced the successful completion of the world’s highest-density broadband seismic survey ever acquired onshore or offshore. The ultra-high density of the data recorded on the West-Kalabsha survey on behalf of Apache Corporation (Apache) heralds a step-change…

SPE Awards DNV GL For Its Contribution To Asset Integrity

Moss_Daemi, DNV GL's Divisional Director for Middle East, North Africa and India

DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi. "It is a great honor and a privilege to have been given this SPE award for the best ‘Company Contribution to Asset Integrity in the Middle East’. Asset integrity is in the DNA of DNV GL…

Platts Launches Middle East Fuel Assessments

Oil price agency Platts will launch new assessments for fuels including gasoline and diesel in the Middle East that could lead to the region becoming a major price hub as exports from new Gulf refineries surge. Platts, a unit of S&P Global Inc, will begin publishing independent prices for Middle East gasoline, middle distillates including diesel and jet fuel, and fuel oil from Oct. 3, the company said in a note to subscribers on Tuesday.

Kemp: Producers Look Away from Middle East

Following four decades of war, sanctions, nationalisation and unrest, oil and gas producers are gradually adjusting to rely less on the Middle East. The countries around the Persian Gulf and on the Arabian Peninsula still contain the greatest concentration of giant and super-giant fields anywhere in the world and have some of the most attractive oil and gas geology. But the increasingly hostile political environment above ground…

Inflation Buiilds, Oil Slides

© xtock/Adobe Stock

Oil fell for a third day on Wednesday, dropping nearly 1 percent on concerns about rising U.S. production and another drop in financial markets after U.S. consumer prices rose more than expected. Brent crude futures fell 55 cents to $62.17 a barrel by 1350 GMT. The price has lost 11 percent since hitting a high above $71 in January and has now wiped out all its 2018 gains. U.S. West Texas Intermediate crude futures dropped 77 cents to $58.42 a barrel. U.S.

LUX Assure Strengthens Middle East Ties

LUX Assure CEO Charles Cruickshank

Oil and gas asset integrity and corrosion management firm LUX Assure has grown its presence in the Middle East with the appointment of two regional agents as well as a new business development manager. The chemical monitoring specialist has partnered with Middle East Oilfield Services (MEOFS), a Kuwait-based technology services company that will act as a sales agent both promoting and assisting with deployments in Kuwait. MEOFS works in Kuwait as a technology service provider to the upstream and downstream sectors.

STATS Expands In Canada and Middle East

Photo courtesy of STATS

Oil and gas pipeline engineering specialist STATS Group has invested more than CAD $1.8 million (£1 million) in a double pronged expansion in North America and the Middle East. In Canada, the isolation and integrity testing business has upscaled to an Edmonton facility twice the size of its previous premises and has recently opened a project support office in Calgary. The company has been operating in Western Canada for seven years and the extended Calgary facility includes 15…

Daemi Appointed Director at DNV GL Oil & Gas

Moss Daemi

DNV GL Oil & Gas has appointed Moss Daemi as the Director of its Middle East, India and North Africa Division. “We established our presence in the MENA region over 40 years ago and will continue to support the oil and gas industry here to make it safer and more reliable and at the same time to enhance its performance,” saidPekka Paasivaara, CEO of DNV GL Oil & Gas. The Middle East, India and North Africa region, which accounts for over half the world’s proven oil reserves and more than one third of the world’s gas reserves…

LUX Assure Expands in the Middle East

Oil and gas management firm LUX Assure said it has further increased its presence in the Middle East by signing a sales agreement with Muscat-based Black Gold. Black Gold offers business and technical advice, as well as cutting edge technology to the oil and gas sector. Acting as a sales agent for LUX Assure, the company will aid in promoting deployments of LUX’s chemical monitoring technologies in Oman. LUX Assure CEO Charles Cruickshank said…

Middle East Export Losses to Reach $300 billion

Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund said on Wednesday. Economies that are particularly dependent on oil exports, including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 percent decline in petroleum prices, the IMF said in an update to its outlook for the Middle East and Central Asia.

Middle East Bucking Market Trends -Douglas-Westwood

The Middle East has been a relative bright spot for upstream activity during the oil price downturn. International land rig contractors, such as Saipem, are actively focusing their strategy and drilling campaigns on the region in the attempt to limit the negative impact of low oil prices. Looking at drilling activity, it is clear why the Middle East is a good prospect for contractors hit by the falling rig count. Between 2014 and 2015…

Middle East Economic Slowdown Will Cut Oil Demand Growth: Kemp

The Middle East was the fastest growing region for oil consumption except China over the last decade as young populations and booming economies simulated a surge in fuel demand. The Middle East is not only one of the world's most important producers and exporters of oil; in recent years it has become one of the most important and fast-growing consumers. In an example of the destabilising positive feedback loops in the oil market…

Saipem Wins Engineering, Drilling Deals Worth $2 billion

Italian oil services firm Saipem said on Monday it had won around $2 billion worth of engineering, construction and drilling contracts in the Middle East and Latin America. Saudi Arabia's state-run oil company Aramco awarded Saipem engineering and construction contracts to expand output from three onshore fields. New facilities will allow 300,000 additional barrels to be processed from the Khurais field, while fresh infrastructure will reinstate production of 200,000 barrels from the Abu Jifan and Mazalij fields, Saipem said.

Fulkrum Hires Hillcock

Tommy Hillcock (Photo: Fulkrum Technical Services)

Fulkrum Technical Services, a technical consultancy which provides QA/QC and inspection services to the oil and gas sector, has announced the appointment of Tommy Hillock as Regional Manager for the Middle East and Caspian. As Regional Manager for Fulkrum, Hillcock will be based in Abu Dhabi and responsible for all company operations across the Middle East and Caspian regions. He is building his team in Abu Dhabi, which should be complete by the end of October…

McDermott bags Middle East pipelay contract

Linh Austin Vice President, Middle East and Caspian Photo McDermott

McDermott International, Inc. was awarded an offshore pipelay contract in the Middle East. The pipelay contract includes the engineering, procurement and installation of two oil pipelines offshore. Work on this contract is expected to be completed by the end of the second quarter in 2018. “This contract marks another example where our clients in the Middle East recognize our integrated customer-driven solutions that are consistently delivered with outstanding safety and within cost and schedule…

Fugro Extends Contract with McDermott

Fugro logo

Fugro has been awarded a three-year extension to its existing contracts with McDermott Middle East, Inc. The contract covers the provision of survey, positioning, remotely operated vehicle (ROV) and diving services in the United Arab Emirates, Qatar, India and Saudi Arabia. Engineering and construction company McDermott currently operates two major work barges in the region as well as a large number of other support vessels.

Fuji Oil Buys Oct Mideast Crude at Deep Discount

Japanese oil refiner Fuji Oil Co Ltd bought two cargoes of Middle East crude via a tender at deep discounts amid soft demand in Asia, traders said on Tuesday. The company bought 500,000 barrels of Banoco Arab Medium from Statoil and the same volume of Qatar Land from Itochu, they said. Both grades were priced at 75 cents a barrel below their official selling prices (OSPs), they added. Most Middle East crude for October loading are trading at wide discounts as refiners cut output on weak margins.

CEVA launches City of Energy in Middle East

City_of_energy

CEVA Logistics, one of the world’s leading global supply chain management companies, today announced the official opening of the City of Energy in the United Arab Emirates. The hub, which covers an area of 27,000 sqm of warehouse space and 10,000 sqm of yard space, is strategically located in Jebel Ali Free Zone in Dubai and is fully dedicated to the warehousing and handling of oil and gas products for the Energy sector. The cutting-edge logistics platform is unique in the Middle East…

New Methanol Projects to Change Chemical Shipping Patterns

Methanol seaborne trades in 1H15 and future new routes (in million tonnes). Source: Drewry's Chemical Forecaster

New US and Middle East methanol production capacity being added over the next two years will have serious implications for chemical shipping trade flow patterns, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Methanol is one of the top five seaborne chemical commodities accounting for 35 percent of the world seaborne chemical and vegoil trade in 2014. Despite being the largest producer…

Saudis No Longer Top Crude Supplier to India, China

Africa supplied 26 pct of May India imports vs April's 15.5 pct, Middle East oil share fell to 54 pct from 61 percent. Saudi Arabia lost its spot last month as India's top oil supplier to Nigeria for the first time in at least four years, according to ship tracking data compiled by Reuters, as the world's top crude exporter  struggles to maintain market share in Asia. The OPEC kingpin also fell behind Russia and Angola as the biggest crude supplier to China last month, official data showed this week.