Sunday 29 March 2015

Mideast OFS spend to recover as oil prices rise

Middle East and Asia, the onshore dominated regions, is set to see a recovery in expenditure as oil prices rise, due to the sensitivity of onshore driving activity to changes in oil price, according to a recent forecast. The Douglas-Westwood’s (DW) new World Oilfield Servic


Gazprom to conduct seismic survey in SE Iraq

Gazprom Neft, the fourth largest oil producer in Russia, will conduct a 2D seismic survey on the south-eastern section of the Halabja block in Iraq covering about 870 linear km by the end of the year, a report said. Gazprom Neft recently completed a survey spanning 225 linear km


Bapco refinery achieves RRC milestone

Bahrain Petroleum Company (Bapco) has announced the achievement of 90 days without a reset of the refinery reliability clock (RRC). The clock is key performance indicator that measures the number of days since a major processing unit of the refinery experienced an unplanned shutd


GPIC takes part in GCC petroleum media forum

The Gulf Petrochemical Industries Company (GPIC) took part in the second Gulf Co-operation Council (GCC) Petroleum Media Forum in the Saudi Arabian capital, Riyadh. The three-day event, on the theme, 'GCC Petroleum Media - Topics and Challenges', was held under the auspi


Oil prices dip as inventory build drags

Crude futures dipped slightly on Wednesday as ballooning US storage volumes continued to pressure prices although relatively healthy demand figures from Europe supported prices. Brent oil futures were trading at $55.09 a barrel at 0354 GMT, down two cents, while US WTI crude was


Jordan signs $10bn nuke energy deal with Russia

Jordan signed an agreement with Russia on Tuesday worth $10 billion that sets the legal basis for building the kingdom's first nuclear power plant with a total capacity of 2,000 megawatt. Jordan imports nearly 98 per cent of its energy from oil products and crude and is strug


Nexen to close down crude oil trading division

Nexen Energy, a wholly owned subsidiary of China's CNOOC, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said. The Calgary-based company, which was acquired by state-controlled CNOOC in 2013 for $15.1 billion,


Schlumberger sees prudence as new normal for US shale oil

The US shale oil industry may have forever abandoned its heavy-spending ways in the face of sliding crude prices, Schlumberger, the world's No 1 oilfield services provider, said Spending cuts already announced by producers - to the tune of 25 to 60 per cent - have dropped the


Libya's state oil firm NOC operating independently

Libya's state oil firm NOC based in the Tripoli is operating independently, said a minister of a rival government of the North African that controls the capital city. Last week, the internationally recognised government based in the east said it wanted oil buyers to pay thoug


Shah gas project to achieve full capacity in Q2

The Shah gas project which began operations this year in the United Arab Emirates will achieve full production in the second quarter, earlier than expected, a top company official said on Tuesday. "Initial production from the field started in January and currently we are in

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