Azerbaijan, Kazakhstan and Turkmenistan offer attractive proposition to companies affected by oil sector slowdown
Since its establishment in Dubai in 2003, Al Suwaidi Marine has achieved a remarkable position in the boating industry. ASM is expanding to new markets and is presenting a new line of passenger boats, especially for Oil & Gas petroleum companies and touristic projects that require marine transportation.
U.S. Rep. Dave Reichert, R-Auburn, this week led a bipartisan group of more than 100 members of the House of Representatives in urging Department of Interior Secretary Ryan Zinke to reject proposals to open the Atlantic and Pacific Outer Continental Shelf Regions to new offshore drilling and oil exploration.
Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the requirements.
DNO ASA, the Norwegian oil and gas operator, today announced expanded investments, including a doubling of its planned 2017 wells at the Tawke field in the Kurdistan region of Iraq, on the back of strong first quarter results. The company reported quarterly net profit of US$15 million, reversing a net loss of US$31 million in the previous quarter. Revenues were up 83 percent to US$77 million on operated production averaging 115,900 barrels of oil equivalent per day.
2016 witnessed a decline in Offshore Supply Vessel (OSV) activity in all regions of the world except the Middle East. Stronger results expected in 2017, as oil prices head towards $60 per barrel. The Middle East was the only global market to witness an increase in demand in Offshore Supply Vessel (OSV) activity in 2016 of 2.6%, indicating that regional government investment continues to support the sector’s performance since the fall of oil prices in 2014.
Senaat – Abu Dhabi, one of the UAE’s largest industrial investment holding companies, said its subsidary - National Petroleum Construction Company (NPCC) - has been ranked 5th in the annual list of Top 30 engineering, procurement and construction companies in the energy sector in the Middle East and North Africa region, as compiled by Oil & Gas Middle East Magazine.
Brent prices are likely to stay in the $50-55 range in the second half of 2017 and to average in the same range in 2018, said Barclays in its latest Oil Instant Insight. Despite the statements in the communiqué of the Opec/Non-Opec Joint Ministerial Monitoring Committee (JMMC) and Joint Technical Committee (JTC), balances still indicate a constructive market balance in the remainder of this year, it said.
The Abu Dhabi National Oil Company (ADNOC) has recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets.
The Gulf region, the world’s fastest growing demand centre for natural gas, will need to create greater incentives to drive investment in new gas supply by removing all government subsidies that fix domestic gas prices at very low levels, a Gulf Intelligence research paper notes.
Iran's oil minister said there will be no ambiguities in payments and financial transactions pertaining to the gas deal with French energy company Total.
World energy leaders will converge in the UAE capital for the Abu Dhabi International Petroleum Exhibition and Conference, Adipec 2017, to discuss an unprecedented number of opportunities for strategic dialogue, along with a record number of expert submissions on a wide range of industry challenges and trends.
Lebanon, a country that unlike many of its neighbors has faced high energy prices for a generation, wants to become a natural gas exporter by the end of this decade.