Friday, June 22, 2018

Middle East News

Platts Launches Middle East LNG Price Marker

Commodity pricing agency S&P Global Platts will begin assessing prices for liquefied natural gas (LNG) delivered to the Middle East and Pakistan, reflecting growing imports into a region better known as an exporter, the company said on Monday. Demand for LNG in Dubai, Egypt, Jordan, Kuwait and Pakistan has grown close to tenfold since 2010 to 20.8 million tonnes per annum in 2016, with Egypt taking about one-third of those imports, according to Platts, a unit of S&P Global Inc.

S.Korean Refiners Step Up U.S. Spot Crude Purchases

File Image: the rapidly expanding U.S. crude oil port of Corpus Christi, Texas (CREDIT: Port of Corpus Christi)

S.Korean refiners step up spot crude purchases; Mideast crude make up 77.7 pct of imports, lowest since 2004. South Korea's purchases of sweet crudes from the United States and Africa are growing as its refiners snap up spot cargoes to replace more expensive Middle East grades, multiple sources from the country's oil industry said on Friday. South Korea's four refiners – SK Energy, GS Caltex, S-Oil and Hyundai Oilbank - typically…

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…

Genoil Appoints Middle East VP

Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, announced the appointment of Raushan Telyashev as Vice President of Genoil Middle East. Raushan Telyashev has a wealth of experience in the oil and gas industry. Prior to joining Genoil, Mr. Telyashev worked at Lukoil where he was Deputy Head of the Department of Construction, in charge of the execution of projects, and General Director of their Design and Research Institute.

Lokring Northern Targets Middle East for Expansion

Ross Millar and Tom Brown of Lokring Northern providing Lokring training in Qatar (Photo: Lokring Northern)

Lokring Northern (UK), a provider of weld equivalent fluid and gas transfer connectors, has advanced its strategic growth plans with expansion into the Middle East. With an initial focus on Bahrain, Qatar, Saudi Arabia, Oman and the UAE, Lokring Northern is currently servicing the region with a significant amount of technical, on-the-ground support, with a view to providing a permanent presence within the next 18 months. Commenting on the company’s expansion into the region…

Proserv Secures Multiple Middle East Contracts

Photo: Proserv

Energy services company Proserv said it has been awarded a series of contracts worth a combined value of more than $11 million for its production control new-build and after-market services in the Middle East. In the UAE, Proserv will engineer and manufacture wellhead control panels, hydraulic power units (HPUs) and chemical injection systems to national oil companies, service companies and engineering, procurement and construction (EPC) companies, estimated to be worth around $10 million.

Middle East Oil Producers Turn to Crude Trading to Boost Incomes

Middle East oil producers are venturing into trading crude as three years of weak oil prices has encouraged them to find new sources of income beyond the business of exporting their output. OPEC kingpin Saudi Arabia, the world's biggest oil exporter, is among those making the shift. A subsidiary of state-owned Saudi Aramco plans to start trading non-Saudi crude, according to sources familiar with the issue. Other members of the…

Tendeka Wins Lower Completion Contract in Middle East

Scott Watters, Chief Operating Officer with Tendeka (Photo: Tendeka)

Tendeka has been awarded a project to supply the Kuwait Oil Company (KOC) with its Inflow Control Device (ICD) technology which will enhance production through more effective reservoir management. The multimillion-pound deal will involve Tendeka installing Advanced ICD equipment in 55 horizontal wells over two years in Northern Kuwait. Tendeka will perform reservoir simulations for each well, working closely with KOC to ensure optimum reservoir performance.

Oil Steady as U.S. Rig count, Middle East Issues Support

File Image (CREDIT: AdobeStock / (c) Shamtor)

U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S. rigs drilling for new oil fell by seven to 736 in the week to Oct. 20, the lowest level since June, energy services firm Baker Hughes said on Friday.

Proserv to Offer KLAW Products in the Middle East

Photo: Proserv

Proserv said it has formed a strategic partnership with KLAW Products to offer an enhanced field safety service preventing offshore spills in the Middle East. KLAW Products, an oilfield equipment provider, supplies breakaway couplings and emergency release systems for the safe transfer of hazardous and non-hazardous material. The agreement will see Proserv offering KLAW’s products across the region while also delivering in-country technical support.

Oil Demand Likely Up in Sweltering Middle East

Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighbouring countries across the Middle East. There is not enough statistical data to draw a direct connection between the two but it is likely most if not all the extra oil production was burned in the kingdom's power plants to meet electricity demand. Saudi Arabia's power generators rely heavily on burning unrefined crude as well as residual fuel oil and diesel to meet electricity demand.

Oil Steadies, Middle East Tensions Rise

© jdoms / Adobe Stock

Oil eased slightly on Wednesday as Chinese crude imports fell to a one-year low, but losses were partly offset by investor caution over rising political tensions in the Middle East. Traders said they were closely watching escalating tensions in the Middle East, especially between regional rivals Saudi Arabia and Iran. Brent futures were at $63.49 a barrel at 1305 GMT, down 20 cents, while U.S. West Texas Intermediate (WTI) futures eased 13 cents to $57.07 a barrel.

Tanker Outlook Dented by Middle East Refineries

Refinery throughput growth by region ('000 bpd) (Source: Drewry’s Tanker Forecaster report)

A steep rise in refinery capacity in the Middle East, the world’s crude oil production hub, will diminish oil trade growth and with it prospects for tanker shipping, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. The global crude oil trade, which surged last year on the back of strong growth in oil demand and stocking activity, is expected to continue to expand strongly over the next 18 months supported by an anticipated rise in U.S. imports. But once U.S.

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.

AISUS Bags Contract in the Middle East

AISUS - Stuart Lawson credit AISUS

Offshore inspection company AISUS  announced its first major contract win in the Middle East with North Oil Company (NOC). The six-figure agreement marks a  milestone for the firm and provides the foundation on which the company plans to build its growing business in the Middle East. The project, which is currently underway, will see AISUS carry out two caisson inspection programmes across two assets located in the Al Shaheen oilfield, off the north-east coast of Qatar. Further projects are planned for later in 2018.

Oil Nears Six-week Highs on Middle East Tension

Saudi Crown Prince visits Washington as U.S., Saudi Arabia expected to put pressure on Iran. Oil rose for a second day on Wednesday, nearing its highest in six weeks after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reaches a peak this month…

Allianz Middle East Ship Management, MCS Join Forces

Damen Fast Crew Supplier 2610 Photo Damen

Allianz Middle East Ship Management and Maritime Craft Services (MCS)have taken delivery of a Damen Fast Crew Supplier 2610. Demonstrating the cooperative relationship between the two companies, the new vessel will offer safe and cost efficient crew transfer services for up to 50 passengers to and from the Abu Dhabi oil fields.The two companies welcomed guests on board the new vessel in a festive celebration during this year’s Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Oil Plus bags $1.5 mi Middle East Deals

 Clarke Shepherd, global business development director at Oil Plus. Photo courtesy Oil Plus

Oil Plus has secured contracts worth more than $1.5m over the past three months and has significantly expanded its footprint in the Middle East. The company has also reported a strong start to the year with sales up by 285% compared to the last quarter of 2017. Due to the surge of new business, the Newbury-based company, which employs in excess of 30 people, plans to recruit another eight over the next 12 months. The contracts will see Oil Plus deliver reservoir souring modelling…

Oil Prices Rise as Middle East Producers Confirm Supply Cuts

Oil prices rose on Tuesday, supported by strong demand in Asia and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs organized by OPEC and other exporters. Gains were modest, with the market pressured as investors closed positions to take profits on strong gains the day before. Traders said there was significant profit-taking after oil shot to mid-2015 highs earlier this week, boosted by the deal reached…

Cyberhawk soars in Middle East market with oil and gas

Courtesy Cyberhawk

World leader in Unmanned Aerial Vehicle (UAV) inspection and survey, Cyberhawk Innovations, has reported another impressive year in the international oil and gas sector. Most recently, the company has secured a three year framework with Dubai Petroleum for UAV inspections across all of its offshore assets. The agreement, which has the option to renew on a yearly basis for two years, was awarded to Cyberhawk following the successful completion of work for Dubai Petroleum in 2015.