SLB’s Profit Exceeds Forecasts Due to Steady Demand for Oilfield Services
SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …
Saudi Arabia and Kuwait Discover New Oil Field
Wafra Joint Operations has discovered a new oil field in the Neutral Zone between Saudi Arabia and Kuwait, according to the Saudi Press Agency (SPA), citing the governments of both countries. The field was discovered in the North Wafra Wara-Burgan area, located five kilometers north of the Wafra field. “This …
Saipem Will Carry Out Marine Engineering Work in Saudi Arabia Worth about $1 Billion
The work will be carried out under two contracts at the Marjan, Zulur and Safaniya oil and gas fields. Saipem has signed two contracts in Saudi Arabia as part of its current long-term agreement with Saudi Aramco. The total value of the two contracts is about $1 billion. Under the …
In Saudi Arabia New Oil and Gas Fields Were Opened
The Minister of Energy of Saudi Arabia, Prince Abdeliaziz Ben Salman, announced the opening of seven new oil and gas deposits in the eastern province of the kingdom and in the Rub-El Khali desert. According to the Minister, which is quoted by the Saudi news agency SPA, the National Oil …
Saudi Arabia Plans to Increase Oil Production Capacity in the Next Three Years
Energy Minister Prince Abdulaziz bin Salman noted that there are also plans to increase oil export capabilities. Saudi Arabia will increase its oil production capacity in the next three years, said Saudi Arabian Energy Minister Prince Abdulaziz bin Salman during a speech at the St. Petersburg International Economic Forum (SPIEF). …
Riyadh Announced Its Readiness to Increase Oil Production if Prices Rise
Saudi Arabia has told the United States that it is ready to increase oil production in early 2024 if crude oil prices are high, the Wall Street Journal reports, citing Saudi and American officials. According to the publication, this move is aimed at winning favor in the American Congress to …
Saudi Arabia Will Continue to Voluntarily Reduce Production by 1 Million Bpd Until the End of the Year
Prior to this, the voluntary reduction was initially calculated for July, and then extended to August and September Saudi Arabia has decided to continue implementing measures to voluntarily reduce oil production by 1 million barrels per day (b/d) until the end of 2023. This was reported by the Saudi Press …
Saudi Arabia in July Reduced Oil Production by 9.5%, Exports by 11.6%
In July, Saudi Arabia reduced oil production compared to the previous month by 9.5%, and exports by 11.6%, according to data on the website of the Joint Organization Data Initiative (JODI). Export volumes amounted to 6.012 million barrels per day (b/d), compared with 6.804 million b/d in June. However, it …
Saudi Arabia Extends Oil Production Cut by 1 Million b/d Until the End of the Year
Prior to this, the voluntary reduction was calculated first for July, and then extended to August and September Saudi Arabia has decided to extend the voluntary cut in oil production by 1 million barrels per day (b / d) until the end of 2023. This was reported by the Saudi …
Oilfield Service Company ADES to List 30% of Shares in IPO
Saudi Arabia Public Investment Fund (PIF) and ADES Investments Holding Ltd. and Zamil Group Investment Ltd. are planning to list a 30% stake in ADES International Holding, one of the leading providers of drilling and oil and gas production services in the Middle East and Africa. As they say in …