Saudi Arabia makes rare, bullish call on oil in its 2019 budget

Saudi Arabia makes rare, bullish call on oil in its 2019 budget

Despite falling oil prices, Saudi Arabia will continue paying its citizens cost-of-living allowances, the country’s King Salman announced during the unveiling of its 2019 budget on Tuesday. Saudi Arabia’s government expects to earn more from oil next year, an optimism that defies most price forecasts for crude and contrasts with the kingdom’s history of making conservative financial assumptions. The budget will boost spending even as Saudi Arabia endeavors to close its budget deficit, indicating Riyadh’s priority to spur growth in an economy hurt by lower oil prices. State spending will increase by more than 7 percent next year to 1.106 trillion riyals...

Sonangol and BP agree to advance BP’s activities in Angola

Sonangol and BP agree to advance BP’s activities in Angola

BP and Sonangol have signed an agreement to advance the development of the Platina field in deepwater Block 18, offshore Angola, through making a final investment decision. The Platina field was discovered in 1999 and is in water depths of 1,300m. Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. It is planned to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO). A final investment decision on the project is expected during the second quarter of next year,...

Petrofac secures contract with Petroleum Development Oman

Petrofac secures contract with Petroleum Development Oman

Petrofac was awarded an Engineering, Procurement and Construction Management (EPCM) Support Services contract worth around $115 million for the development of the Qarn Alam Co-Generation Project in Oman, the company announced Monday. Petrofac has secured a $265m contract from Petroleum Development Oman (PDO) for the development of the third phase of the Marmul field (MPP3) in southern Oman. Once the MPP3 project is completed, it is expected to expand PDO’s enhanced oil recovery programme for heavy crude. Petrofac in Oman and the second to be secured under a landmark 10-year framework agreement with Petroleum Development Oman (PDO), signed in 2017 to...

Eni approves the investment plan for Merakes development project in Indonesia

Eni approves the investment plan for Merakes development project in Indonesia

Eni announces the approval of the Plan of Development (POD) for the Merakes field located in the East Sepinggan PSC in the Makassar Strait, offshore East Kalimantan, Indonesia. The gas production will be shipped to the Bontang LNG plant using also all the other existing facilities of Jangkrik field as well as the East Kalimantan transportation network. This new production will contribute also to the life extension of the plant. The Minister of Energy has granted the approval and Mineral Resources of the Republic of Indonesia, just 3 months after the submission of the plan and less than eleven months...

Weir Oil & Gas awarded contract with Expro for repair of Powerchoke products

Weir Oil & Gas awarded contract with Expro for repair of Powerchoke products

Weir Oil & Gas Pressure Control said it has been awarded its first three-year contract to provide in-country wellhead equipment and services to Abu Dhabi National Oil Company (ADNOC) Onshore from its API 6A manufacturing plant in Dubai. Weir Oil & Gas Dubai has announced it has signed a contract with Expro to provide authorized repairs, specifically for Expro’s PowerChokes product range. The hardware and services agreement will see Weir Oil & Gas engineers delivering Wellhead production to include 1,100 total surface landing systems specifically manufactured in the UAE’s first and only API 6A Wellhead manufacturing plant. “Expro is delighted...

ExxonMobil and Sonangol sign MoU for Namibe Basin

ExxonMobil and Sonangol sign MoU for Namibe Basin

Angola’s state oil company Sonangol and Exxon Mobil on Friday signed a memorandum of understanding for oil exploration in the country’s Namibe basin. Sonangol is negotiating contracts for new blocks with oil majors and Angola plans to hold an auction next year, the first tender for exploration rights since 2011. The two firms said. Angola, Africa’s second-largest crude producer, is facing a steep output decline unless it can revive exploration in what was once one of the world’s most exciting offshore prospects. Carlos Saturnino and Andre Kostelnik, chairman of the board of directors of Sonangol E.P. and general manager of...

Saudis are said to target U.S. with sharp oil export cut

Saudis are said to target U.S. with sharp oil export cut

Saudi Arabia aims to create 1.2 million jobs by 2022 by focusing on the retail sector in order to reduce unemployment to 9 percent, a senior labor ministry official told Reuters. After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories. Oil traders only get official figures on a monthly basis, or not at all in the case of stockpiles in big consumers such as China and India. Saudi Arabia has shipped 860,000 bpd of crude to...

Petroleum Services Association of Canada delivers message to Ottawa

Petroleum Services Association of Canada delivers message to Ottawa

The Petroleum Services Association of Canada (PSAC) is the national trade association representing the service, supply, and manufacturing sectors within the upstream, or exploration and production sector, of the petroleum industry businesses. The products and services provided by PSAC members include cementing, drilling, drilling fluids, environmental services, equipment rentals, industry supplies, manufacturing, perforating, pipelines, production testing, safety equipment and services, snubbing, trucking, well servicing, wireline, and more. Its members range from independent contractors to large, multi-national service companies with locations in Western Canada and around the world. “Rigs and equipment fled south to the U.S. or elsewhere in the world and...

Total reduces its stake in Ichthys LNG, Australia for $1.6 billion

Total reduces its stake in Ichthys LNG, Australia for $1.6 billion

French energy major Total has signed a deal to divest a 4 percent stake in the Ichthys liquefied natural gas (LNG) export project in Australia to Inpex for $1.6 billion. The transaction is part of our constant portfolio review to optimize our capital allocation. Total has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of $1.6 billion. Japan’s Inpex is the operator of the giant LNG export project that started shipping the fuel in October. The transaction, which is subject to Australian regulatory approvals, reduces...

Wood. reports 2018 pre-close trading update

Wood. reports 2018 pre-close trading update

“In the first half we have seen continued momentum in trading, cost and revenue synergy delivery. Increased activity in the first half has been led by minerals processing and automation & control. Our full year outlook is unchanged. We are continuing to see early signs of recovery in our core oil & gas market and good contract awards in broader industrial sectors. We remain on track to deliver growth in 2018”, said Robin Watson, Chief Executive. H1 trading performance and outlook:-  In the first half, continued trading momentum has resulted in higher activity delivering revenue growth across our business. We anticipate...