LONDON (Bloomberg) — The boss of Saudi Arabia’s state oil company defended petroleum as the mainstay of the global economy, countering theories that demand will peak within years with his own forecast that consumption will keep growing for decades. “The global economy is forecast to double in size by 2050,” so overall demand for energy will be higher, Saudi Arabian ...

DOHA — Qatar Petroleum and Exxon Mobil signed an exploration and production sharing contract with the government of the Republic of Cyprus for offshore Block 10. Before the signing ceremony, the Republic of Cyprus President, Nicos Anastasiades received at the presidential palace in Nicosia, Saad Sherida Al-Kaabi, the president and CEO of Qatar Petroleum along with Andrew Swiger, senior VP ...

MUMBAI (Bloomberg) — The overseas arm of India’s biggest oil and gas explorer intends to spend more than $3 billion on Iran’s Farzad-B natural gas block. ONGC Videsh last month submitted a revised plan to the Iranian government for the block, which the company will be able to develop within five years, Managing Director N.K. Verma told reporters in Mumbai ...

DUBAI (Bloomberg) — Shares in Abu Dhabi National Energy Co. soared for a second day amid investor speculation the government will step in after the oil company known as Taqa reported a record $5.2-billion loss. The stock climbed 9.6% to 0.57 dirham, closing at the highest since Nov. 13, after adding 13% on Sunday. Trading volumes exceeded 15 million shares ...

LONDON (Bloomberg) — Saudi Arabia is to tweak the benchmark it uses to sell its crude in Europe, in a concession to refiners in the region that have long complained about their ability to hedge using the current measure. Saudi Arabian Oil Co., as the country’s state-owned company is formally known, will sell crude into Europe, Africa and Latin America ...

PARIS, France – CGG has been awarded a multi-year integrated geoscience study by Kuwait Gulf Oil Company (KGOC) to identify resource growth potential in the onshore partitioned zone (PZ). The geoscience study will be conducted by CGG GeoConsulting and, importantly, involve KGOC geoscience experts embedded in the project team. The combined team will work together to integrate recently acquired and processed ...

LONDON (Bloomberg) — Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. The kingdom may have to settle for less. A lot less. Industry executives, analysts and investors told Bloomberg their analysis — based on oil reserves and cash flow ...

TEHRAN, Feb. 21 (Shana) – The petroleum ministers of Iran and Iraq have signed a memorandum of understanding (MoU) for cooperation in various oil and gas-related grounds. The document concerns development of joint oil and gas fields by the two OPEC-member Asian countries, exchange of technical and engineering services, export of goods and cooperation in petroleum industry-related grounds. Iranian Minister ...

TEHRAN, Feb. 20 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh left Tehran for Baghdad on Monday as the head of a delegation to Iraq . The visit is being made as a follow-up on last month’s visit of another Iranian delegation to neighboring Iraq for discussing details of two memoranda of understanding (MoUs) between the oil ministers of the ...

HOUSTON — Saudi Aramco and Baker Hughes announced today the first installation of the TransCoil rigless-deployed electrical submersible pumping (ESP) system, which is designed to help operators bring wells on production faster and lower the costs associated with installing and replacing ESPs. Because they can eliminate the need for a rig in fields where rig availability is a concern or ...