Sunday, May 19, 2019

Saudi Aramco News

Oil&Gas Industry Records 1242 Contracts in Q1

Pic: Adnoc

The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.

Aramco Buys Shell's Stake in Saudi JV

Pic: Saudi Aramco

The Saudi Arabian Oil Company (Saudi Aramco) is  planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies,  for $631 million.Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, said: “The partnership with Shell has led to a strong record of performance and delivery of refined products. Saudi Aramco will take full ownership and integrate the refinery into its growing Downstream portfolio.

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in…

Trump, Saudi Arabia at Odds Over Oil Price

(File photo: Official White House photo by Shealah Craighead)

U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.In keeping with his iconoclastic approach to governing, Trump has kept up a public commentary on oil prices and the role of Saudi-led OPEC in messages on Twitter as well as television interviews.So far in 2018/19…

Saudi Aramco: World's Biggest Oil Producer

(Photo: Saudi Aramco)

Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday."Saudi Aramco is the largest oil producer globally by volume...

Saudi Aramco, McDermott Plan New Facility

(Photo: Saudi Aramco)

Saudi Aramco on Tuesday signed a land lease agreement with McDermott Arabia Company to establish a facility for large scale fabrication of offshore platforms and onshore/offshore modules located within the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia.“This facility will serve as a major engineering, procurement, construction and installation (EPCI) hub for not only the Kingdom, but for the [Gulf Cooperation Council] region…

Wood's Profit Beats Estimates

© Michael Flippo / Adobe Stock

Wood Plc's 2018 profit topped market expectations as the British oilfield and engineering services provider trumpeted the success of its 2017 takeover of smaller rival Amec Foster Wheeler and increased revenue synergies from the deal.Aberdeen-based Wood said on Tuesday it had secured contracts worth over $600 million following the Amec Foster deal, winning business as a combined group that neither company would have been able to do on a standalone basis.

Rising US Oil Clout on Show in Houston

© Steve Prorak / Adobe Stock

A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials, and most OPEC nations.As the United States weans itself off foreign oil imports - thanks to booming domestic production - the complex web of…

Rowan Rig Wins Repsol's Guyana Well Order

Image: Repsol en Guyana

The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days, said a press release from the provider of well drilling services to the petroleum industry.The EXL II is currently under contract with BP in Trinidad…

Petronas Q4 Profit Skids 21%

© anekoho / Adobe Stock

Malaysian state oil firm Petronas said on Friday its fourth-quarter profit slid 21 percent as costs piled up, and warned it will have to chart a way through a volatile, challenging 2019 citing market uncertainties and geopolitical risks.Petronas, Malaysia's only Fortune 500 company, said October-December profit slipped to 14.3 billion Malaysian ringgit ($3.50 billion) from 18.2 billion ringgit in the same period a year earlier…

Saudi Aramco adds Goldman Sachs as Bond Bookrunner

Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.The U.S. investment bank flew out a team of senior executives including partner Dina Powell, a veteran of the administration of U.S. President Donald Trump, to pitch for the deal, the sources said.Saudi Aramco did not respond to queries for immediate comment.

Saudi Aramco Lauches Arabian Rig Manufacturing

This artist rendition and those at the top of the page show what the facility — which will span 500,000 square meters — will look like. Image: Saudi Aramco

Saudi Aramco and National Oilwell Varco Incorporated (NOV) recently held the first Arabian Rig Manufacturing (ARM) Board of Managers meeting.ARM is a newly formed company, a joint venture (JV) between NOV (owning 70% of the JV’s shares) and Saudi Aramco. Highlights of the meeting included the appointment of senior officials and the approval of the company’s branding strategy.The JV partnership will establish a world-class onshore rig and equipment manufacturing and aftermarket facility in Ras al-Khair…

Saudi Aramco, Total in USD1bln Pact

Group photo of Saudi Aramco management and Total management

Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in the Guf kingdom.“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look…

Woodside Raises Dividend

(Photo: Woodside Petroleum)

Australia's Woodside Petroleum Ltd surprised investors with a fat dividend on Thursday after reporting a 36-percent percent rise in annual profit, underpinned by stronger oil prices.The higher-than-expected payout came after shareholders stumped up $2.5 billion to buy new shares a year ago at a time when Australia's biggest independent oil and gas producer expected oil prices to average $65 a barrel.By the end of the year…

Aramco reportedly seeks advisers for SABIC Debt Financing

Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), banking sources familiar with the matter said on Thursday.The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition, sources previously told Reuters.A request for proposals was sent on Wednesday and banks are expected to make submissions by Monday…

Russia: Japan's Mitsubishi Interested in Arctic LNG 2 Project

Photo courtesy of Total

Russia's energy ministry said on Monday that Japan's Mitsubishi Corp has expressed interest in participation in the Arctic LNG 2 project, which is due to start producing liquefied natural gas in the next decade.Novatek owns a 90 percent stake in the project, with France's Total holding the other 10 percent. Novatek intends to keep a 60 percent stake in Arctic LNG 2, offering 30 percent to other investors.Energy ministry officials have met representatives from Mitsubishi…

Boskalis Inks Pact with Saudi Aramco

Image: Boskalis

Dutch offshore services provider Royal Boskalis Westminster has been selected as a contractor on Saudi Aramco's Long Term Agreement (LTA) for Offshore Facilities program.Boskalis acquired the agreement in consortium with the United Arab Emirates-based company Lamprell."The LTA is part of an ambitious offshore investment program and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco's Offshore Maintain Potential Program…

Saudi Aramco, ADNOC to Cooperate on LNG

Saudi Aramco and ADNOC MoU signing ceremony. Photo: Saudi Aramco

The state-owned energy giants of Saudi Arabia and the United Arab Emirates, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), signed a cooperation deal to explore potential areas for mutual collaboration in the LNG value chain aimed at bolstering gas production and revenue.The Saudi Arabian national petroleum and natural gas company based in Dhahran said in a press release that it has signed a framework agreement  with…

Saudi Aramco CEO says IPO will 'certainly' happen

Saudi Aramco CEO Amin Nasser (Photo: Saudi Aramco)

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.(Reporting by Rania El Gamal; writing by Maher Chmaytelli)

Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

China's Sinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province, as well as at the Hongrun refinery in Shandong province and the West Pacific Petrochemical Corp (WEPEC) plant in Dalian…