Angola Battles to Revive Oil Exploration
On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his peers, will be cracking open the bubbly in Angola again.Without another mega-project like Total's Kaombo on the horizon and fields getting old, Africa's second-largest crude producer is facing a steep decline unless it can revive exploration in what was once one of the world's most exciting offshore prospects.Sonangol…
Saudis Will Struggle to Kick Oil Addiction: Kemp
"King Abdulaziz and the men who worked with him for the establishment of the state did not depend on oil and they established the kingdom without oil, and they ran this state without oil, and they lived in this state without oil," Saudi Deputy Crown Prince Mohammed bin Salman said in an televised interview on Monday. The deputy crown prince criticised the kingdom's subsequent "addiction" to oil which has "disrupted the development of many sectors in the past years" implying this was a relatively recent problem.
Huge Saudi Sadara Project Signs Deals for Storage, Port Services
Saudi Arabia's Sadara Basic Services, fully owned by Sadara Chemical Co, has signed agreements covering storage facilities and port services, it said on Sunday as the firm prepares to start producing petrochemicals by the end of this year. Sadara Chemical is a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and U.S. firm Dow Chemical. The partners have said the venture will go ahead on schedule despite slumping global oil and petrochemical prices.
Can American Indian Reformers Slow Oil Boom?
A change in leadership at an American Indian reservation in North Dakota wouldn't normally get a whole lot of attention. But come Tuesday, the oil industry will be watching this dusty area of the state as two reformers vie to become tribal chairman, an office with outsized power over the course of the state's booming oil industry. That's because the reservation's Three Affiliated Tribes of Mandan, Hidatsa and Arikara (MHA) Nation control roughly a third of North Dakota's oil output.
Energy, Manufacturing to Lead Obama, Modi Talks
U.S. President Barack Obama and new Indian Prime Minister Narendra Modi on Tuesday plan to discuss issues ranging from manufacturing to sanitation as the two leaders aim to deepen ties. Obama and Modi were scheduled to meet at the White House at 10:55 a.m. (1455 GMT) during Modi's first visit to the United States since taking office in May, part of a larger effort aimed at expanding security partnerships and spurring foreign investment.
DW: Local Content Key in Foreign Offshore Deals
In many of the key deepwater markets, estimated to be worth $72bn by 2018, E&P and OFS companies alike are exposed to challenging local content requirements, remarks Douglas-Westwood in their 'DW Monday'. Local content agreements are typically are motivated by a desire to stimulate industrial development, and promote technology transfer. A typical local content agreement stipulates that E&P companies must procure a minimum percentage of equipment and services from local contractors.
How Islamic State Uses Syria's Oil to Fuel Its Advances
In an oil field in northeastern Syria, a queue of trucks lines up daily to load crude sold cheaply by Islamic State militants who have hijacked parts of the country's energy industry in their bid to build a caliphate. Sales at Shadada field, described by an oil trader, are just one example of how the group, which has seized land in war-torn Syria and neighbouring Iraq, is creating its own economy through a series of pragmatic trades.
Macquarie Infrastructure Company Wholly Owns IMTT
Macquarie Infrastructure Company (MIC) informs it has successfully completed the acquisition of the 50% of International-Matex Tank Terminals (IMTT) it did not already own. MIC acquired IMTT from members of the business’ founding family, and it is now the largest component of MIC's portfolio. Headquartered in New Orleans, LA, IMTT is owns and operates marine bulk liquid storage terminals at 12 locations in the U.S. and Canada. IMTT is now the largest business in the New York City based MIC portfolio.
