Saturday 21 October 2017

Saudi Aramco plans to set up new construction unit

State oil giant Saudi Aramco plans to set up a new construction company with local and international partners to build non-oil infrastructure in Saudi Arabia, reported Reuters, citing senior industry sources. Saudi Arabia's main sovereign wealth fund, the Public Inve


Saudi firms eyeing solar to blunt rising power price risk

More and more Saudi companies are turning to solar electricity to hedge the risk of rising power prices if energy subsidies are cut, reported Bloomberg citing one of the kingdom’s biggest plant developers. “Everybody is very convinced that electricity prices


US crude oil production set to increase in H2

United States Energy Information Administration (EIA) forecasts that US crude oil production will average 9.4 million barrels per day (bpd) in the second half of 2017, 340,000 bpd more than in the first half of 2017.   Production in 2018 is expected to average 9


Imdaad to showcase green energy solutions at Wetex

Imdaad, a Dubai-based FM solutions provider, will showcase its line-up of sustainable energy solutions, including power monitoring and savings services Water, Energy, Technology, and Environment Exhibition (Wetex) in Dubai, UAE. Taking place under the theme ‘At the forefron


Rowan-Aramco JV kicks off drilling ops

US-based Rowan Companies, a global provider of contract drilling services, has announced that ARO Drilling, a 50/50 joint venture with the Saudi Arabian Oil Company (Saudi Aramco), has commenced operations. Tom Burke, president and chief executive officer, said: "We are extr


Saudi Aramco unveils new water conservation strategy

State-run oil giant Saudi Aramco is showcasing its water preservation and conservation solutions and initiatives at the ongoing Water Arabia Conference and Exhibition in Al Khobar, Saudi Arabia. As the diamond sponsor, it will be playing a key role at the expo being held under th


UL to set up smart grid testing facility in Saudi Arabia

Global safety science company UL said it has joined hands with Saudi-based GCC Electrical Testing Laboratory (GCC Labs) to develop a state-of-the-art  renewables and smart grid testing facility at its custom-built facility in Dammam, Saudi Arabia. It will be a first-of-its-k


Petrofac wins Iraq project management contract

Petrofac, a leading international service provider to the oil and gas processing and production industry, has been awarded a $30-million contract to undertake project management consultancy (PMC) services for the Halfaya Contract Area in southern Iraq. The contract award was anno


Emerson agrees to acquire Paradigm for $510m

Emerson has agreed to acquire Paradigm, a leading provider of software solutions for the oil and gas industry, for a purchase price of $510 million, reflecting a multiple of 13 times expected 2017 EBITDA.    Paradigm, joined with Emerson’s existing Ro


Oil gains as US stockpiles decline, Opec cuts weigh

Oil extended gains on Thursday as signs of declining US stockpiles and ongoing supply cuts led by Opec pointed to healthy demand while investors weighed potential disruptions to supply because of global geopolitical tensions. Futures in New York rose as much as 0.6 per cent on We

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