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N-sea wins contracts worth £12m
July 30, 2019
Source: Energy Voice

N-sea wins contracts worth £12m

Subsea inspection, maintenance and repair (IMR) firm N-Sea has won three contracts in the Middle East. The combined worth of these contracts is about £12 million. The company has also been chosen for a saturation diving campaign for spool, clamp and riser installations. Headquartered in the Netherlands, apart from offering services to oil and gas, the company also serves the renewable sector.

Oil prices fall over poll indicating to a slower global growth
July 26, 2019
Source: Reuters

Oil prices fall over poll indicating to a slower global growth

Oil prices slipped in the international market on Friday, stressed by a Reuters survey showing slow global economic growth, however, the losses were checked by tensions in the Middle East. Brent crude futures were priced 0.4% lower, at $63.15 a barrel. US WTI crude was down 0.1%, to $55.97 a barrel. A Reuters poll conducted over 500 economists showed deepening risks of a global economic growth slowdown.

Oil prices push further up as US crude stockpiles drop
July 25, 2019
Source: Reuters

Oil prices push further up as US crude stockpiles drop

Oil prices advanced in the international market on Thursday, buoyed up by an unexpected drop in the U.S. crude stocks and prolonged tensions in the Middle East. Brent crude futures climbed 0.27%, to $63.35 a barrel. US WTI crude were traded 0.3% higher, at $56.06 a barrel. US crude stockpiles dipped by about 11 million barrels last week, beating analysts’ anticipations for a 4 million barrels drop.

Continued tensions in the Middle East pushes oil prices up
July 23, 2019
Source: Reuters

Continued tensions in the Middle East pushes oil prices up

Tensions in the Middle East continued to push oil prices up in the international market on Tuesday. Benchmark Brent crude futures were traded at $63.30 a barrel. US WTI futures were traded at the same rate of $56.22. Amidst the speculations on the potential disruption in supply, IEA has vowed to take immediate action so as to keep global oil markets sufficiently supplied.

Oil rises as tensions escalate in the Middle East
July 22, 2019
Source: Reuters

Oil rises as tensions escalate in the Middle East

Oil prices rose in the international market on Monday, over speculations of supply disruption due to British tanker seizure in the Strait of Hormuz. Benchmark Brent crude futures jumped by 1.4% to $63.32 a barrel. US WTI futures were priced 0.8% higher at $56.10. Both the futures recovered from the sharp downfall last week. Oil prices were also supported by the force majeure on Libya’s largest oilfield, El-Sharara.

Oil prices slip over weak Chinese economic growth
July 15, 2019
Source: Reuters

Oil prices slip over weak Chinese economic growth

Oil prices slipped in the international market on Monday, stressed by slowest Chinese economic growth in the last 27 years. Brent crude futures were traded at $66.51 a barrel. US WTI crude futures were priced at $59.93 per barrel. With local and international demand wavering due to the Sino-US trade war, the economic growth in China decelerated to 6.2% in the second quarter from the previous year.

Oil prices continue journey uphill
July 12, 2019
Source: Reuters

Oil prices continue journey uphill

Oil prices continued its journey uphill on Friday, supported by production cut due to a tropical storm in the Gulf of Mexico and growing tensions in the Middle East. Brent crude futures jumped by 0.4% to $66.81 per barrel. US WTI crude futures were priced 0.5% higher at $60.51 a barrel. The tropical storm in the Gulf has forced oil majors in the region to cut production by over 1 million bpd.

Oil prices jump as Gulf of Mexico faces tropical storm
July 11, 2019
Source: Reuters

Oil prices jump as Gulf of Mexico faces tropical storm

Oil prices jumped in the international market on Thursday, amidst tropical storm in the Gulf of Mexico and the tensions in the Middle East. Brent crude futures were priced 0.5% higher, at $67.31 a barrel. US WTI crude futures were traded 0.6% higher, at $60.77 a barrel. With a tropical storm expected to hit Gulf of Mexico on Friday, 15 production platforms and four rigs were vacated in the region.

Oil prices slips over demand outlook
July 9, 2019
Source: Reuters

Oil prices slips over demand outlook

Oil prices fell on Tuesday over global demand outlook amidst ongoing trade disputes, although the potential for conflicts in the Middle East. Brent crude futures dipped by 0.3% to $63.90 a barrel. US WTI crude futures dropped by 0.4% to $57.41 a barrel. The market has been facing demand pressure due to the U.S.-China trade war. Data released yesterday showed Japan’s core machinery orders dropping to the lowest in eight months.

PTTEP to acquire Partex
June 24, 2019
Source: Muscat Daily

PTTEP to acquire Partex

PTT Exploration and Production Public Co Ltd (PTTEP) has decided to acquire Partex Holding BV. The acquisition will be worth approximately US$622mn. This decision will help PTTEP expand in Oman and open the gates for future investment opportunities in the Middle East. "This acquisition will allow us to create a new business partnership with both national oil companies of Oman and the UAE,” said PTTEP's CEO.

Oil prices rise over US-China trade hopes
June 19, 2019
Source: Reuters

Oil prices rise over US-China trade hopes

Oil prices rose in the international market on Wednesday after US President Trump tweeted about preparations to meet Chinese President in Japan, next week at the G20 summit. Brent crude futures climbed to $62.17 a barrel. US West Texas Intermediate crude rose to $54.02 a barrel. Oil prices were also affected by the rising tensions between the US and Iran, after the attack on oil tankers last week.

Market tumble on Tuesday
June 18, 2019
Source: Reuters

Market tumble on Tuesday

Oil prices slipped on Tuesday over the signs of global economic downturn due to escalating US-China trade tension. Brent dropped by 0.3% and was traded at $60.78 a barrel. WTI went down by 0.2% and was traded at $51.92 a barrel. However, the losses from the drop in prices were restricted due to the tanker attack in Middle East last week.

US assures safe navigations, oil prices jump
June 17, 2019
Source: Reuters

US assures safe navigations, oil prices jump

After the US Secretary of State, Mike Pompeo assured to take necessary steps for safe navigation in the Middle East, oil prices went up. Brent increased by 0.4% and was traded at $62.27 a barrel. WTI climbed 0.3% and was traded at $52.68 a barrel. Mike said, "We don’t want war. We’ve done what we can to deter this".

"That’s something we reject"- Iraq on Exxon's evacuation process
May 20, 2019
Source: World Oil

"That’s something we reject"- Iraq on Exxon's evacuation process

ExxonMobil decided to pull out its staff from Iraq as a “precautionary and temporary” measure. Energy Minister of the Middle East nation has termed this decision as “unacceptable and unwarranted”. He further argued that “This withdrawal may send the wrong message about the situation in Iraq, and that’s something we reject”. He has also sent a letter to Exxon officials asking for clarification and enquiring the workers to return.

Oil prices increase over fear of supply disruptions
May 16, 2019
Source: Reuters

Oil prices increase over fear of supply disruptions

Fear of supply disruptions due to the risks of conflict in the Middle East helped the oil prices surge high on Thursday. Brent crude increased by 0.5% and was traded at $72.16 a barrel. WTI went up by 0.6% and was traded at $62.41 per barrel. OPEC led restrictions are now having a profound effect when US sanctions on OPEC members are increasing the supply losses.

CERAWeek 2019 Day 2- “Localization is key to globalization”
March 14, 2019
Source: World Oil

CERAWeek 2019 Day 2- “Localization is key to globalization”

During Day 2 of CERAWeek 2019, diversification, transformation and globalisation were some of the most talked about topics. Chevron's Chairman and CEO continued with the leadership dialogue and talked about the company's goals in the Permian Basin. The special feature of CERAWeek, Innovation Agora was all about energy innovation, emerging technologies and solutions. Pompeo talked about MESA and encouraged other countries to align with the US.

Mammoet join hands with Astro
Jan. 24, 2019

Mammoet join hands with Astro

In an attempt to expand its oil and gas transport solutions in Middle East, Netherlands-based Mammoet has joined hands with Dubai-based Astro Offshore. Mammoet, which provides engineered heavy lifting and transport services, is looking to grow its capability to provide onshore and offshore transport solutions for oil and gas construction projects in the Middle East. Astro Offshore provides services throughout Middle East, Asia and Africa.

Oil Plus secures big deals in ME & India
Sept. 6, 2018
Source: Energy Voice

Oil Plus secures big deals in ME & India

Newbury-based Oil Plus has secured £625,000 worth of deals in regions of Middle East and India. Oil Plus will provide Al Khafji Joint Operations (KJO) with five-month water injection compatibility studies and engineering work. Aramco Gulf Operations Company and Kuwait Gulf Oil Company jointly operate KJO. The firm is also looking to increase its technical headcount, and has plans to recruit some more people for the team.

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