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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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McDermott financing lifeline faces possible bondholder hurdle

McDermott financing lifeline faces possible bondholder hurdle

McDermott’s bondholders could make it difficult for the embattled energy-industry contractor. McDermott’s Lummus Technology is the master licensor of multiple licensed units. New facility underscores strong lender support for McDermott. The company said last week that it received an initial $550 million term loan. It awarded for FEED design competition by POSCO INTERNATIONAL Corporation. $100...

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Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Saudi Aramco will kick off its much-anticipated initial public offering next month. Aramco’s Exploration admin area introduces an additional innovative approach. More than 600 upcoming Saudi Arabia construction projects worth $130 billion (SR500 billion) were presented. The oil giant recovers faster than expected from the biggest terror attacks in its history. A new collaboration between...

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Aramco lining up banks as IPO is coming “very soon”, per the CEO

Aramco lining up banks as IPO is coming “very soon”, per the CEO

State oil giant Saudi Aramco said it’s lining up banks for its long-awaited initial public offering as the sale is now imminent. The launch of NIC will play an important role in advancing nonmetallic solutions across industries. Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi....

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Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group, has bolstered its position in Saudi Arabia after securing vendor approval status. Sparrows Group has been awarded their first contract for the provision of rigging loft maintenance services. Sparrows Group has appointed Deladi Petroleum Services Sdn Bhd. Sparrows Group has selected Thai service and supply company J. S. Technical Services Co., Ltd. Sparrows...

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Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes, a GE company signed a memorandum of understanding. Saudi Aramco is advancing its global chemicals growth strategy. Saudi Aramco and its affiliates signed 12 agreements with major South Korean...

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Saudi Aramco to restart preparations for giant IPO

Saudi Aramco to restart preparations for giant IPO

Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes, a GE company (BHGE) signed a memorandum of understanding. Saudi Aramco is advancing its global chemicals growth strategy. Saudi Aramco and its affiliates signed 12 agreements....

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BHGE wins subsea connect award from Beach Energy

BHGE wins subsea connect award from Beach Energy

Beach Energy awarded Baker Hughes, a GE company a contract to supply subsea production systems. BHGE to provide turbomachinery equipment for four FLNG compression trains for BP. It Provides superior performance and reduces risks in narrow pressure windows. It Orders of $5.7 billion for the quarter, down 17% sequentially and up 9% year-over-year. BHGE announced...

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Aramco sells first LNG as oil giant expands into liquid gas market

Aramco sells first LNG as oil giant expands into liquid gas market

Aramo is the world’s biggest oil exporter. The Saudi Arabian Oil Company (Saudi Aramco) is to acquire Shell Saudi Arabia Refining Limited’s 50% share. More than 600 upcoming Saudi Arabia construction projects worth $130 billion. Aramco announced that company have reached an agreement for subsidiary. Saudi Arabian Oil Company announced that it has priced an...

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Nigeria plans to double crude oil production, triple refining in bid for self-reliance

Nigeria plans to double crude oil production, triple refining in bid for self-reliance

Nigeria plans to almost double oil production and triple its refining capacity by 2025. Nigeria and Saudi Arabia has over the decades enjoyed a robust bilateral relationship with the Nigerian delegation. The Saudi Energy Minister communicated the blessings of the King of Saudi Arabia. The Nigerian National Petroleum Corporation (NNPC) says it has no plans...

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