Saudi Aramco Increases Investment in Tech Research
Saudi Aramco has doubled its scientific employee base to 1,300, and has greatly increased its patented technologies over the past five years.
News / International
Petrofac Wins $600M Algeria EPC contract
Oil field services company Petrofac has received a provisional letter of award for a $600 million engineering, procurement and construction (EPC) contract in Algeria.
Oman’s Musandam Expects 2018 IPO Date
Musandam Power Company, a majority-owned subsidiary of the Oman Oil Company, plans to launch its initial public offering (IPO) before 2019.
Wintershall’s Libya Production Falls to 10,000 b/d
German company Wintershall is currently producing less than 10,000 barrels per day (b/d) of crude from its Libyan operations, compared with 60,000 b/d earlier this year.
Iranian Company Agrees to Well Drilling and Repair in Iraq
The National Iranian Drilling Company (NIDC) signed a memorandum of understanding with an Iraqi company to conduct drilling and oil well repair at the Basra and Az Zubeir oilfields.
Iraq, China Joint Venture Deal by November
Iraq’s state oil marketer SOMO is closing in on a deal with China’s state-run Zhenhua Oil for a joint venture to help boost Iraqi oil sales to China, the world’s top oil importer.
OPEC Supply Cuts: Oil Production 9% Lower than Agreed
Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee.
Saudi Arabia Grants Aramco 40-Year Concession Agreement
The Saudi government has offered state-owned oil company Saudi Aramco a 40-year concession term for the kingdom's oil reserves, replacing its current evergreen contract which permits it indefinite exclusive rights to the resources.
Ras Al Khaimah to Build Six New Power Stations by 2020
UAE emirate Ras Al Khaimah will build six new power stations in residential areas by 2020 at a cost of $133 million.
OPEC to Agree Oil Supply Monitoring Mechanism: Kuwait Minister
OPEC and non-OPEC petroleum producing countries will agree to introduce a mechanism for monitoring crude oil production before the end of 2018, Kuwaiti Oil Minister Bakheet Al-Rashidi stated.
