Monday 26 September 2016

UAE backs output freeze to support oil markets

The United Arab Emirates said on Monday it would back a global freeze in oil output to bolster prices, while some Opec delegates predicted a meeting of producing countries in Algeria this week could still yield a deal to restrain supply. Oil prices have more than halved from 2014


GlassPoint showcases solar solutions for oil production

GlassPoint Solar, a leading supplier of solar solutions to the oil and gas industry, is showcasing its proven solar steam generating technology at the Society of Petroleum Engineers Annual Technical Conference and Exhibition (SPE ATCE), taking place this week in Dubai at the World Trade Center,


GCC oil industry 'must focus on sustainability'

GCC oil companies must have an immediate focus on economic sustainability if they are to maintain the value of the region’s natural resources into the future, a senior oil official in Oman has said. Oil companies across the region must challenge the way they work if they ar


Oil rises amid volatility as Opec meets

Oil rallied on Monday as the world's largest producers gathered in Algeria to discuss ways to support the market, with nervous trade driving volatility to its highest since exporters met in April. Scepticism about any deal being reached has prompted money managers to cut thei


Aramco CEO says studies several foreign exchanges for 2018 listing

Saudi Aramco continues to look at several overseas exchanges including New York, Hong Kong and London for a listing in 2018 of a part of the state-owned oil company, CEO Amin Nasser said.   "This thing will happen in 2018," he told reporters on the sid


Kuwait's KPC has cut costs to adapt to weak market

Kuwait Petroleum Corporation has adapted to weak oil prices with a massive cost cutting programme, its chief executive, Nizar Al Adsani, said.   But Kuwait was fully committed to its international role as a reliable producer, he said at a conference in Dubai. --


Saudi Aramco recruiting steadily, has not laid off staff

Saudi Aramco was "recruiting steadily" and hadn't laid off staff, Mohammed Al Qahtani, the oil giant's senior vice president of upstream said.   "We are steady in our plans, we are the only company that weathered through this environment u


Libya's Agoco says boosts oil output to more than 260,000 bpd

Libya's Arabian Gulf Oil Company (Agoco) has raised its production to 261,000 barrels per day (bpd), 50,000 bpd higher than its output last week, spokesman Omran Al Zwai said.   Agoco, a subsidiary of the National Oil Corporation (NOC) that opera


Saudi Aramco plans to spend $334bn in next 10 years

Saudi Aramco is forecast to spend about $334 billion on various sectors including materials and services such as infrastructure and projects to maintain oil capacity by 2025, an Aramco official said on Monday. Abdulaziz Al Albdulkarim, the vice president for Procurement and Suppl


Agility, Maersk join to slash CO2 emissions

Agility, a leading global logistics provider, has signed an agreement with Maersk Line, the world’s largest container ship operator, to cut CO2 emissions by 15 per cent per container transported on Agility shipments by 2020. The agreement is part of Maersk’s Carbon Pa

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