Wednesday, February 26, 2020

Saudi Aramco News

Saudi Aramco Launches Largest Shale Gas Development Outside US

Amin H. Nasser (Photo: Saudi Aramco)

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed capacity to…

Upstream Sector Leads O&A M&A in 2019

Graph: GlobalData

A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process.According to GlobalData's theme report, ‘M&A in Oil and Gas – 2020’, the acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the highlight of oil and gas M&A activity last year…

Saudi Aramco joins oil blockchain platform Vakt

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Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.

Aramco Sells LNG Cargo to S-Oil

Aramco Trading Co, the trading arm of oil giant Saudi Aramco, has sold a liquefied natural gas (LNG) cargo to South Korea's S-Oil Corp, as the company looks to ramp up its LNG business, four industry sources said on Wednesday.The cargo is for delivery in early March and was traded on a delivered ex-ship (DES) basis, the sources said.The cargo was sold at around $4.40 to $4.60 per million British thermal units (mmBtu), two of the sources said, though this could not immediately be confirmed.Companies typically do not comment o

Aramco Mulls Offshore Oil Expansions

Graph: GlobalData

Saudi Aramco is continuing to focus significant efforts on crude oil expansion. The major expansions at Saudi Aramco’s offshore oil fields of Marjan, Zuluf, Safaniyah and Berri are expected to comprise the majority of the company’s upstream investment over the next three years.According to GlobalData,  five major expansion projects – four crude and one natural gas – are being planned to boost output in Saudi Arabia."Although these developments will also add gas and NGL capacity…

Sempra LNG, Aramco Sign Deal

 Image: Saudi Aramco

North American energy infrastructure company Sempra Energy and Saudi Aramco's Aramco Services Company, signed an Interim Project Participation Agreement for the Port Arthur LNG export project under development in Jefferson County, Texas.According to a press release, the IPPA represents another milestone for both companies after having signed a heads of agreement in May last year for the purchase of 5 million tonnes per annum…

Oil Jumps After US Kills Iran's Soleimani

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Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked, and was up 3.7% or $2.43 a barrel by 1445 GMT at $68.68.West Texas Intermediate (WTI) crude was up $2.17 or 3.5% at $63.35 a barrel…

Gould Elected to Oxy Board of Directors

(File photo: Anadarko)

US based oil and gas company Occidental Petroleum announced on Thursday that former Schlumberger Chairman and Chief Executive Officer Andrew Gould has been elected to its Board of Directors effective March 1, 2020.Gould has more than 40 years of experience in the oil and gas industry. He started his career at Schlumberger in 1975 and served as Chairman and Chief Executive Officer of the oilfield services giant from 2003 to 2011.

Saudi Aramco IPO Proceeds Rise to $29.4 Bln

(Photo: Saudi Aramco)

The proceeds from Saudi Aramco's record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more stock, an executive at one of the banks leading the deal told Al Arabiya news channel on Monday.Wassim Al Khatib, head of investment banking at the investment arm of Saudi Arabia's biggest bank, National Commercial Bank, said the state-controlled oil giant had exercised the so-called over-allotment option.Aramco's main IPO raised $25.6 billion on Thursday."The final number of

Saudi Aramco Sets Record $25.6 Bln IPO

(Photo: Saudi Aramco)

State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.At that level…

Timeline: Saudi Aramco's Winding Road to IPO

(Photo: Saudi Aramco)

State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5, 2019 - Saudi Aramco announces the offering generated subscriptions of $106 billion by institutional investors and together with the total demand from individual Investors…

Saudi Aramco Shares to Start Trading Dec. 11

(Photo: Saudi Aramco)

Saudi Aramco shares will start trading on Dec.

Oil Steadies After Brief Slide

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Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel. Trump said a U.S.-China trade agreement might have to wait until after next November's presidential election…

Saudi Aramco IPO: $44.3 Bln in Bids So Far

(Photo: Saudi Aramco)

Saudi Aramco has received bids for its shares totalling $44.3 billion so far, lead manager Samba Capital said on Friday, putting its initial public offering on track to be over-subscribed.The state-owned oil giant plans to sell 1.5% of the company's shares for as much as 96 billion riyals ($25.6 billion), a deal which would give it a market value of $1.7 trillion.Overall demand so far totals 1.7 times the amount of shares on offer…

Saudi Aramco's IPO Reaches $8.7 bln

AdobeStock / © Lucadp

Retail subscription for Saudi Aramco's initial public offering (IPO) reached 32.57 billion Saudi riyals ($8.7 billion) on Monday, lead manager Samba Capital said.The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion. (Reporting by Marwa Rashad

India to Invite Foreign Investment in State-owned Oil Companies

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International energy firms will be invited to participate in India's privatization of state-owned oil companies, the country's Oil Minister Dharmendra Pradhan said late on Monday.Pradhan said Indian Prime Minister Narendra Modi recently met with the chief executives of energy firms in Houston, including those from Exxon Mobil Corp, BP Plc, Royal Dutch Shell, Rosneft Oil Co, Saudi Aramco and Abu Dhabi National Oil Co (Adnoc).This…

Aramco Signs 34 EPC Contracts Worth $18bn

Saudi Aramco delivers crude oil cargo at Pengerang Deepwater Terminal 2 in Malaysia. Photo: Saudi Aramco

Saudi Aramco has signed 34 engineering, procurement and construction (EPC) related contracts (worth over US$18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, during Q3 2019, according to GlobalData.The most important is ADNOC’s US$3.6bn contract for the supply of one million metric tons of casing and tubing to support exploration and production activity in United Arab Emirates…

Saudi Aramco Targets Zero Flaring

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Saudi Aramco said on Wednesday it was joining the World Bank's initiative to reduce gas flaring to zero by 2030 and said its flaring was already less than 1% of its total raw gas production in the first half of 2019.Aramco kick-started its initial public offering (IPO) this week, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing, planned for later this year.The World Bank's Zero Routine Flaring initiative aims to reduce wasteful burning of natural gas at production fields,

Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks

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Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S. crude futures also swung back into positive territory, up 94 cents at $57,14 a barrel.

Investors Still Unclear on Saudi Aramco IPO Value

AdobeStock / © Redindie

Saudi Aramco's blockbuster listing remained shrouded in mystery on Monday, a day after the company finally announced its plans, with scant details disclosed and expert valuations varying wildly from around $1.2 to $2.3 trillion.The state oil giant, the world's most profitable company, fired the starting gun on a domestic initial public offering (IPO) on Sunday after a series of false starts that had kept the investment world guessing.However potential investors…