ADNOC Drilling Expands Fleet with $75 Million Purchase of Six Hybrid Power Land Rigs
UAE-based drilling company ADNOC Drilling said this week it had signed a $75 million deal to buy six newbuild hybrid power land rigs.The six newbuild hybrid power rigs will be built by Honghua Golden Coast and will progressively enter the fleet from the second quarter of 2024, with partial revenue and EBITDA…
UAE Interested in Turkish Energy Investments
The United Arab Emirates is eyeing investments in Turkey's energy sector, ports and railways, Foreign Minister Abdullah bin Zayed Al Nahyan said on Friday.Speaking at a joint press conference with Turkish counterpart Mevlut Cavusoglu in Istanbul, Al Nahyan said the UAE was especially interested in renewable energy investments in Turkey.(Reuters - Reporting by Ece Toksabay; Editing b
FSRU: Nakilat, Karpowership sign MoU
Nakilat and Karpowership signed a Memorandum of Understanding (MoU) to collaborate in the LNG-to-power market and jointly own and operate Floating Storage Regasification Units (FSRUs)."This fits very well with Nakilat’s long-term growth plan to expand and diversify our shipping portfolio and strengthens our position as a global leader in the energy transportation sector…
CNPC Pulls Staff from Iraq Oilfield
China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has withdrawn about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil because of tensions in the region, a company source familiar with the matter said.CNPC made the move on Sunday after last week's killing of Iranian general Qassem Soleimani in a U.S.
Bahri Profits Up in Q3
The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million)…
10,000th LNG Loading by Qatargas
The world's largest liquefied natural gas company Qatargas announced that Qatargas Ras Laffan Terminal Operations (RLTO) has safely loaded the 10,000th cargo shipment of non-LNG product in Ras Laffan Industrial City (RLIC).Since starting operations in 2006, the dedicated teams at Qatargas have efficiently and…
N-KOM Building Offshore Living Quarters in Qatar
Nakilat-Keppel Offshore & Marine (N-KOM) held a steel cutting ceremony for a new offshore accommodation platform under construction at the Erhama bin Jaber Al Jalahma Shipyard in Qatar.Chief Executive Officer of Nakilat, Eng. Abdullah Al Sulaiti, said, “This ceremony marks a milestone not only for N-KOM but also for Qatar…
Yanbu South Terminal Boost Export Capacity
The oil giant Saudi Aramco has competed the rehabilitation and upgrade project of the Yanbu South Terminal (YST), which adds an extra three million barrels per day of crude oil to its West Coast export capacity.Yanbu South Terminal, which is located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive…
Fuel Shortage Hits Sudan as Dollar Crisis Hampers Imports
Vehicles queued for hours at gas stations in Sudan's capital on Tuesday as a fuel shortage caused by the government's difficulty in importing it due to a foreign currency crisis hit home.Once an exporter of oil, Sudan was forced to begin importing it after the south seceded in 2011, taking with it three-quarters…
MISC Berhad Names FSO Benchamas 2
MISC Berhad held the naming and delivery ceremony of its new Floating, Storage & Offloading (FSO) facility for Chevron Offshore (Thailand) Limited (COTL), the FSO Benchamas 2. The project marks MISC’s maiden foray into Thailand’s offshore oil and gas sector as well as its first partnership with COTL in the offshore space.
Nakilat, Maran Ventures JV adds two vessels
Nakilat has expanded its joint venture partnership with Greek shipping company Maran Ventures Inc., to include two additional LNG vessels. Maran Nakilat Co. Ltd. was first established in 2005 with four jointly-owned LNG vessels, and was further expanded on several occasions. This new agreement increases the…
Oil Rises on Saudi Purge, Tighter Markets
Saudi crown prince cements power with high-level arrests; U.S. rig count falls to lowest level since May 2016. Oil prices hit their highest since July 2015 on Monday as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent…
OPEC Must Think About Exit Strategy: Kemp
Smoothly exiting from the current output pact, and perhaps replacing it with another agreement, has become the most important policy question for the Organization of the Petroleum Exporting Countries and its allies. Under the current “declaration of cooperation”, issued in December 2016, OPEC with Russia and some non-OPEC countries have pledged to limit their output.
Saudi Expanded Gasline to Complete by Year End
Saudi Aramco will complete the first phase of an expansion of the main gas pipeline across Saudi Arabia by the end of this year, part of an effort to meet the kingdom's rising gas demand. The Master Gas System (MGS) was built in the mid-1970s to gather and process associated gas from oil wells for domestic industry.
Nakilat, Höegh LNG Ink MoU on FSRU project
Nakilat signed a Memorandum of Understanding (MoU) with Höegh LNG, exploring collaboration for Floating Storage and Regasification Unit (FSRU) business as part of its diversification strategy for opportunities and solutions to delivering LNG to the global markets, with FSRU being a leading-edge technology for the liquefied natural gas (LNG) market.
Egypt Weans Itself off Foreign Gas
Egypt seeking to defer up to 25 LNG cargoes this year-trade; talks with trade houses and producers ongoing. Egypt is holding talks with its liquefied natural gas (LNG) suppliers to defer contracted shipments this year and aims to cut back on purchases in 2018, as surging domestic gas production squeezes out demand for costly foreign imports.
Partners Mull Potential Petrochemical Plant in Texas
Saudi Basic Industries Corp (SABIC) said on Wednesday it had agreed with an affiliate of Exxon Mobil to potentially build a petrochemical complex in Texas. In a statement to the Saudi Tadawul stock exchange, SABIC said both companies were carrying out further studies, including technical and commercial estimations, before making an investment decision sometime in 2018.
Putin Awards Medals to Buyers of Rosneft Stake
Russian President Vladimir Putin awarded state medals to executives with the Qatari investment fund, Swiss-based commodities trading firm Glencore and Italian bank Intesa Sanpaolo, according to a decree published on Monday. The Qatar Investment Authority and Glencore bought a 19.5 stake in Russian oil giant Rosneft for more than 10 billion euros in December…
Commencement Ceremony for FSO Benchamas 2 Project
MISC Berhad has celebrated the commencement of FSO Benchamas 2 conversion, in a ceremony at MMHE West Yard, Pasir Gudang. In attendance were the vessel charterer, conversion contractors and the vessel operator which included the guest-of-honor, the President of Chevron Offshore (Thailand) Limited (“COTL”), Mr.
Saudi Arabia Debating Shape of Aramco Ahead of IPO
Saudi Arabia is considering two options for the shape of Saudi Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources said. The listing of Aramco <IPO-ARMO.SE>, expected to be the world's biggest initial public offer and raise tens of billions of dollars…
