Construction Begins on Saudi Aramco's Shipyard Joint Venture
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said. The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project.
ADNOC to Build Huge Refining & Chemical Plant
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to build the world's largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC's chief executive officer said on Tuesday. Speaking at the CERAWeek conference in Houston, Sultan al-Jaber, head of ADNOC, said downstream investments like refining and chemicals represent the company's biggest future opportunity. The company plans on tripling petrochemical production to 14.4 million tonnes annually by 2025, he said.
Eni Establishes Long-term Presence in UAE
Eni signed in Abu Dhabi two Concession Agreements for the acquisition of a 5 percent stake in the Lower Zakum offshore oil field and of a 10 percent stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr, for a total participation fee of about $875 millionr and a duration of 40 years. The signing ceremony was attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the United Arab Emirates Armed Forces…
OPEC Sees Oil Supply Surge From Rivals
OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a collapse in Venezuelan production. In a monthly report on Wednesday, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day (bpd) this year. That was the fourth consecutive rise from 870,000 bpd forecast in November. "For 2018, higher growth is expected on the back of the projected increase in U.S.
Venezuela's Output Running 1.5 mln bpd Short
Venezuela's oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said on Monday. The United Arab Emirates oil minister said on Sunday that OPEC last year discussed member Venezuela's falling production and offered technical aid to help restore the South American country's output. Venezuela's oil production fell 13 percent in 2017 to a 28-year low of about 2.072 million bpd.
UK Urges Gulf States to Ease Blockade Against Qatar
Britain on Monday urged Gulf states including Saudi Arabia to ease a blockade of Qatar and to find an immediate solution to the impasse through mediation. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. This has disrupted imports of food and other materials and caused many foreign banks to scale back business with Qatar. "I am also concerned by some of the strong actions which Saudi Arabia…
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field
Iran's Oil Minister said on Wednesday Qatar's regional isolation will not affect Tehran's plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV reported. "We will continue our work as planned. There is no problem," Bijan Zanganeh said. In a heightened crisis between Arab states, Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on Monday and closed their airspace to commercial flights, saying it was funding militant groups. (Writing by Parisa Hafezi)
Oil Falls as U.S. Shale Growth Gathers Pace
IEA sees U.S. gaining market share from OPEC, predicts robust oil demand in next 5 years. Oil prices edged lower towards $64 per barrel on Monday on predictions of a major spike in U.S. oil output in the next five years. International benchmark Brent crude was down 8 cents, having shelved morning gains of around 0.6 percent, at $64.29 a barrel by 1237 GMT. The contract was well below this year's highs of over $71 per barrel that it hit in January. U.S. West Texas Intermediate (WTI) crude was flat at $61.24 per barrel, having lost earlier gains of 0.7 percent.
U.S. Energy Chief Discussed LNG Exports with Saudi
U.S. Energy Secretary Rick Perry said on Wednesday that he has held discussions with Saudi Arabian officials on possible exports of liquefied natural gas (LNG) from the United States into the kingdom. Perry was speaking at an industry conference in Abu Dhabi, part of his first official visit to Saudi Arabia, the United Arab Emirates and Qatar this week. Perry has met with Saudi Crown Prince Mohammad bin Salman and Energy Minister Khalid al-Falih and visited state oil giant Saudi Aramco during his trip. Reporting by Stanley Carvalho
Saudi Aramco Signs $4.5 bln Oil, Gas Deals
Saudi Aramco on Thursday signed agreements worth $4.5 billion with firms from Europe, the United States, China and the United Arab Emirates for oil and gas projects in the kingdom. The companies are Spain's Tecnicas Reunidas, Italy's Saipem , China Petroleum Pipeline, U.S. McDermott, Jacobs Engineering and National Petroleum Construction of Abu Dhabi. The signing took place at the company's headquarters in Dhahran. Reporting by Reem Shamseddine
Oil Agreement Will Help to Balance Market -UAE
The extension of a global oil output cut deal will help to bring balance to the oil market and encourage investments in the oil sector, the United Arab Emirates energy minister said on Friday. The agreement "will help motivate balance of the market," Suhail bin Mohammed al-Mazroui said according to a statement on state news agency WAM. The Organization of the Petroleum Exporting Countries and some non-OPEC producers on Thursday agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018.
Oil Price Will Force Producers to Freeze Output -UAE
Oil prices are not suitable and will force producers to freeze their output, the United Arab Emirates' energy minister Suhail bin Mohammed al-Mazrouei said on Thursday, adding investments in high-cost production would also be restrained. "Current prices are not suitable ... and will force producers to hold production levels and limit investments in the higher cost oil (production)," state news agency WAM quoted him as saying. (Reporting by Rania El Gamal; Writing by Sylvia Westall; Editing by Mark Potter)
UAE to Attend Oil Producers Meeting
The United Arab Emirates will take part in an upcoming meeting in Doha between OPEC and non-OPEC oil producers, the Gulf state's energy minister said on Thursday. "We received an invitation to participate in the Doha meeting between OPEC and non-OPEC and we confirmed our participation," Suhail bin Mohammed al-Mazrouei wrote on his Twitter account. The meeting in Qatar on April 17 will bring together oil producers to discuss a global pact to freeze production to support prices. Reporting by Sylvia Westall
Oil Market Still Not Close to Rebalancing -UAE
Oil markets are still not close to rebalancing due to a severe glut and a further price correction is possible, United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said on Wednesday. (Reporting by OPEC Newsroom; Editing by Dale Hudson)
Fugro Extends Contract with McDermott
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. The agreement continues a long and successful relationship that dates back more than 35 years…
UAE's National Drilling Co. Inks Deal for 14 Rigs
The UAE's National Drilling Company has signed contracts worth $543 million to acquire 14 new rigs, state news agency WAM said on Sunday. One offshore and one onshore rig will be manufactured in the United Arab Emirates (UAE) as part of the deals, WAM said. The new contracts are a reflection of the firm's plans for growth and a result of growing demand from its customers, it said. (Reporting by Maha El Dahan; editing by Jason Neely)
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar's LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels.
Damen Bags Jack-up Pontoon Contract
Damen Shipyards Sharjah (DSS) in the United Arab Emirates has won a contract to build a shallow draught, self-propelled Jack-up Pontoon 3526 for the UAE-based contractor Aqua Diving Services Ltd. Once delivered, it will be used primarily to deliver offshore support services, including the provision of accommodation facilities for personnel as well as operating as a work platform with crane facilities. Aqua Diving Services (ADS) has specifically designed…
Statoil Awards Hull Cleaning Contract to GAC
GAC EnvironHull has signed a contract with the international energy company Statoil to provide underwater hull cleaning services for its vessels operating in Scandinavia, the Middle East and the Far East. From the second quarter of 2015, GAC EnvironHull, part of global shipping, logistics and marine services provider GAC Group, is using its HullWiper technology to remove fouling from the Statoil fleet of long term chartered vessels to enhance efficiency and reduce fuel consumption, while also preserving and protecting the maritime environment.
NewLead Fixes Tanker
NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The net charter-out rate is $10,500 for the initial six months and $10,750 for the remaining optional periods. The charter commenced on July 22, 2015.