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Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. Saudi Aramco welcomes the new agreement signed between the Kingdom of Saudi Arabia and the State of Kuwait. The year opened with five Gulf Arab economies joining JPMorgan...

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BP focuses on deepwater, shale in historic shift south from Alaska

BP focuses on deepwater, shale in historic shift south from Alaska

BP has closed one chapter in its U.S. business, exiting Alaska decades. BP’s mergers and acquisitions (M&A) team is increasingly targeting new low carbon opportunities too. It’s developing a nationwide ultra-fast charging network is just the latest development for BP Chargemaster. The old BP discovered billions of barrels of oil on the country’s farthest frontier....

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Oman talks to Iran, other parties to restore stability to Strait of Hormuz

Oman talks to Iran, other parties to restore stability to Strait of Hormuz

Omani officials are in talks with ‘all parties’ to restore stability to the Strait of Hormuz. Oman has described Israel as a “state” in the Middle East. Oman will open an embassy in the occupied West Bank city of Ramallah. Two oil tankers have been evacuated in the Gulf of Oman. The foreign minister of...

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McDermott wins FEED contract for Sohar LNG bunkering project in Oman

McDermott wins FEED contract for Sohar LNG bunkering project in Oman

McDermott International, Inc., announced it has been awarded a sizeable contract by Total Oman E&P Development. The joint venture’s scope of work covers the onshore engineering. Qatar Petroleum has awarded the FEED contract for the North Field Expansion Project’s. McDermott has awarded a charter extension to the Bourbon and Oceanteam-owned construction. It also includes the...

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Petrofac, MFDevCo join forces to maximize recovery

Petrofac, MFDevCo join forces to maximize recovery

Petrofac has entered into a collaboration agreement with Marginal Field Development Company. Petrofac has secured its third project under a 10-year framework agreement. Petrofac has been ranked second in Oil & Gas Middle East magazine’s Top 30 EPC Contractors list for 2019. Petrofac has been appointed Well Operator by Tullow Oil for the next phase...

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Eni enters into Ras Al Khaimah with Block A offshore E&P agreement

Eni enters into Ras Al Khaimah with Block A offshore E&P agreement

Eni has signed an exploration and production sharing agreement. The installation itself was designed by the international design. Eni’s Board of Directors has resolved to submit a proposal to authorise the purchase of treasury shares for 18 months. Eni and FCA have teamed up to develop “A20”. Eni and the Italian Biogas Consortium (CIB) today...

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BP explores buying solar energy to power operations in U.S.

BP explores buying solar energy to power operations in U.S.

BP Plc may become the next oil giant to power operations with clean energy. The London-based company is in talks with a solar developer it partially owns. Bernard Looney, the 48-year-old who controls BP Plc’s massive oil and gas production. BP has renewed Veolia Middle East’s five-year contract. BP is offering a 5.6% dividend yield,...

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BP, Eni to pursue major new exploration opportunity in Oman

BP, Eni to pursue major new exploration opportunity in Oman

Eni and the state company Oman Oil Company Exploration and Production (OOCEP) have entered into an Exploration and Production Sharing Agreement (EPSA). BP has moved to pursue an exploration opportunity in Oman. European oil majors BP and Eni announced Monday they’re negotiating the final details of a new major joint exploration agreement in central Oman. BP and Eni...

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Oil keeps Oman on debt binge with $6.2 billion plan for 2019

Oil keeps Oman on debt binge with $6.2 billion plan for 2019

The Omani oil minister, Mohammed bin Hamad al-Rumhy. The loan will cover 86% of Oman’s 2,800 million rial deficit, and the remaining 400 million rials will be extracted from the country’s reserves. The Persian Gulf nation is looking to raise $6.2 billion (2.4 billion rials) internationally and at home, according to a state budget plan...

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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)...