Offshore Middle East News

Saudi Aramco Maintains Plan to Boost Output Capacity

few minutes ago

Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday.Aramco's capital…

Saudi Aramco's Profit Plunges, Sees Signs of Recovery

1 hour ago

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75…

Vantage Posts 2Q Loss. Cuts Workforce, Salaries

Aug 06, 2020

Offshore drilling contractor Vantage Drilling reported a net loss attributable to controlling interest of approximately $31.9 million for the second quarter of 2020.For comparison, Vantage Drilling's 2Q income last year was $590 million, however…

Delek Sells $2.25B of Bonds to Finance Leviathan Gas Field

Aug 05, 2020

Israel's Delek Drilling said on Wednesday it will pay an average interest of 6.28% in a $2.25 billion international bond offering to help it finance the development of the Leviathan natural gas project off Israel's Mediterranean coast.Following a roadshow…

Ex-Unaoil manager Sentenced to Three Years in Prison over Iraq Bribery

Jul 31, 2020

A former manager of consultancy Unaoil was sentenced to three years in jail by a London court on Thursday – the second Unaoil executive to be jailed for bribing an Iraqi official to secure a $55 million oil deal after the fall of Saddam Hussein in 2003…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

LR Names Marine & Offshore President for SAMEA

Jul 28, 2020

LR has appointed Mike Holliday as Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA).In his new role, Holliday will lead LR’s Marine and Offshore operations across SAMEA, primarily based in Singapore, and be responsible…

GMS Completes 'First' Well Intervention from Self-Propelled Jack-Up Unit

Jul 28, 2020

Gulf Marine Services, a UAE-based supplier of self-propelled and self-elevating support vessels (SESVs) for the offshore energy industry, has said it has completed its first Well Intervention work scope.The company, which normally provides offshore…

One of World's Largest Oil & Gas Conferences Moves Online Due to Pandemic

Jul 27, 2020

ADIPEC, one of the world's largest oil and gas events held in Abu Dhabi, will this year take place online due to the COVID-19 pandemic.More precisely, the exhibition part of the event held annually for over 30 years will be moved for 2021, but the conferences will be held online…

China's CNOOC Acquires Stakes in Abu Dhabi's Major Offshore Blocks

Jul 27, 2020

China-based offshore oil and gas-focused company CNOOC will acquire rights in Abu Dhabi's major offshore blocks Lower Zakum, Umm Shaif and Nasr.Abu Dhabi's national oil company ADNOC said Monday it would transfer part of rights in the offshore…

Delek to Sell $2.25B of Bonds to Finance Leviathan Gas Field

Jul 27, 2020

Israel's Delek Drilling plans to raise $2.25 billion in an international bond offering to help it finance the development of the Leviathan natural gas project off Israel's Mediterranean coast.The issue, expected to be completed in coming weeks…

Israel: Tamar Offshore Gas Field to Start Paying Taxes on Profit in 2021

Jul 23, 2020

Delek Drilling said on Wednesday the partners in the Tamar natural gas site will start paying taxes on profit in early 2021, which could help Israel move forward with plans to create a sovereign wealth fund.Prime Minister Benjamin Netanyahu…

Fugro Done with Geophysical Work at Qatar's North Sea Field

Jul 21, 2020

Fugro has completed the first phase of its offshore site investigation for Qatargas’ North Field Production Sustainability’s Compression Phase.The Dutch company started the fieldwork started in March. The first phase marks the completion of the geophysical scope…

Israel Approves Eastmed Subsea Pipeline

Jul 21, 2020

The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean.The Eastmed pipeline, which has been in planning for several years…

Current News

Saudi Aramco Maintains Plan to Boost Output Capacity

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Borr Drilling Names Schorn as CEO

Saudi Aramco's Profit Plunges, Sees Signs of Recovery

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