The Iraqi Drilling Company (IDC) accelerated the pace of operations in its project to drill 15 oil wells in the Rumaila field, in cooperation with Haliburton and BECL. IDC is a state-owned company working under the supervision of Iraq’s Ministry of Oil. It operates dozens of drilling rigs across the country.
ADNOC Drilling Company has appointed Abdulla Ateya Al Messabi as its new Chief Executive Officer (CEO) succeeding current CEO Abdulrahman Abdulla Al Seiari who is retiring at the end of the year.
The International Energy Agency (IEA) stated in a report that any disruption to transit flows in the Strait of Hormuz (SoH) would have significant consequences for global oil and LNG markets. The report, issued in December 2023, notes that prolonged disruption will trigger a sharp surge in oil prices and lead to swift, widespread supply shortages. Moreover, worldwide LNG supply could fall by approximately 295 mmcm/d.
SoH is a narrow, strategically vital waterway located between the Persian Gulf and the Gulf of Oman, separating Iran to the north and Oman and the UAE to the south. It serves as a crucial route linking oil and gas producers in the Middle East Gulf with global export markets.
Petrofac, a leading international service provider to the energy industry, has been awarded an Engineering, Procurement and Construction Management Services (EPCM) contract by ADNOC Gas to expand gas production facilities on Das Island. The project is valued at $1.2 billion.
ExxonMobil Corporation and the State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Memorandum of Understanding (MoU) to partner on enhancing Azerbaijan’s oil and gas resources. The agreement was signed by SOCAR President Rovshan Najaf and ExxonMobil Vice President John Ardill.
Global oil demand will continue rising in the next 25 years to reach 120 million barrels per day, which is 24 per cent higher than its current level, according to Haitham El-Ghais, the secretary-general of the Organization of Petroleum Exporting Countries (OPEC).
Nigeria and Saudi Arabia’s state oil giant, Aramco, are facing challenges in finalising a landmark $5 billion oil-backed loan, according to Reuters. The falling crude prices have raised concerns among banks expected to support the arrangement. Oil-backed loans allow a company or a country to acquire a loan in exchange for future oil production or returns
The Italian energy giant Eni and Argentina’s leading energy company YPF have signed a key agreement to advance the Argentina LNG (ARGLNG) project. The agreement was signed during a meeting between Argentine President Javier Milei and Italian Prime Minister Giorgia Meloni.
Shell announced approving the final investment decision to develop the Aphrodite gas project offshore Trinidad and Tobago, Reuters reported citing the company. The project is set to start production in 202, with expected peak production of 18,400 barrels of oil equivalent per day (boe/d).
Baker Hughes, a leading American energy technology company, announced that it entered an agreement with Cactus Inc., a U.S.-based manufacturer of pressure control equipment, to establish a joint venture (JV) that provides surface pressure control (SPC) services. SPC services include oilfield services and equipment used to safely manage and contain pressure during drilling, well intervention, completion, and production operations at the surface.
