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 Aramco Signs $25 Billion in Contracts to Expand Its Gas Projects
The company also noted that it will spend $8.8 billion to launch the third phase of the national Master Gas System. Saudi oil company Saudi Aramco has signed contracts worth more than $25 billion as part of its gas project development program. This is stated in a statement by Saudi …
Westwood Energy Predicts Stagnation in the Drilling Market
Westwood Energy predicts a decline in global demand for onshore drilling rigs. On average, oilmen will use 4,413 rigs this year, which is 6% lower than the forecast made by experts at the end of last year. The drop is due to stagnant oil prices and high costs of servicing …
Saudi Aramco Will Take Part in the Development of a Gas Field in Iraq
Saudi Aramco will participate in the development of the Akkaz gas field in western Iraq’s Anbar province to produce 400 million cubic feet of gas per day, Iraqi Oil Minister Hayan Abdel Ghani announced on Thursday while attending an Iraqi-Saudi coordination council. The ministry’s press service quoted him as saying. …
Saudi Aramco 1Q 2023 Profit Down 19% To $31.9 Billion
Saudi Aramco’s average hydrocarbon production was 12.8 mmboe/d (-1% YoY). Net profit of Saudi Aramco in the 1st quarter of 2023 amounted to 31.9 billion US dollars against 39.5 billion for the same period in 2022, down 19% (YoY). The information follows from the company’s reporting. In the reporting period, …
Rystad Energy: Oil Rises on Omicron’s Mild Symptoms, Saudi Aramco’s January Pricing
Traders are brushing off the initial panic over the Omicron variant today, correcting prices upwards as the symptoms of the new strain of Covid-19 seem to be milder than what the market reaction last week initially indicated. The oil market seems to now be convinced that higher price levels are warranted …
World Oil Demand in 2022 will Exceed 100 Million Barrels Per Day
Global oil demand in 2022 will be above 100 million barrels per day. This was stated by the executive director of Saudi Aramco, Amin al-Nasser. “The demand for oil will exceed the level of 100 million barrels per day next year,” RIA Novosti quotes al-Nasser. The International Energy Agency (IEA) estimates …
OPEC, Russia Seen Gaining more Power with Shell Dutch Ruling
Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and boardroom mean Royal Dutch Shell (RDSa.L), ExxonMobil (XOM.N) and Chevron (CVX.N) are all under pressure to cut carbon emissions faster. That’s good news for the …
Welltec Signs Long-Form Contract with Saudi Aramco
Welltec® is pleased to announce the agreement of a Long-Form Contract (LFC) with Saudi Aramco. Following an extensive approval process, the deal will see Welltec deliver Completion products and services across the Saudi Aramco portfolio in any environment. “Welltec began installing WAB® * metal expandable packers for Saudi Aramco in …