Middle East News

ALLENDALE, N.J. — Leistritz Advanced Technologies Corp. has announced the installation of two Multi-phase Production Systems (MPS) in Kuwait. The project was executed by Mechanical Engineering & Contracting Co. (MECC) of Kuwait and the MPS’s are located in the Greater Burgan oil field. Each Leistritz MPS satisfied rigorous manufacturing and testing requirements and will boost up to 300,000 bpd equivalent ...

LONDON (Bloomberg) — Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that U.S. companies are drilling even more wells. Futures added 1.4% in New York after sliding 3.8% last week. Inventories are declining and reductions will accelerate in the next three to four months, Saudi Energy ...

TOKYO (Bloomberg) — As Qatar grapples with deepening diplomatic isolation, Japanese liquefied natural gas buyers are pushing the world’s largest seller for cheaper supplies. Both Jera Co., one of the biggest LNG purchasers, and Tokyo Gas haven’t decided if they’ll sign new deals with Qatar to replace current contracts that begin expiring in 2021, according to executives from both companies. ...

TEHRAN, May 08 (Shana) — Iran Oil Show opened in Tehran on May 6 and finished at May 9.

ABU DHABI (Bloomberg) — Abu Dhabi National Energy Co. is considering boosting investments in existing oil and natural gas assets that may increase production from Canada to Iraq after posting its first quarterly profit since 2015. The shares climbed the most in five weeks. “We are planning to spend $500 million into capex, and that’s going to be across the ...

LONDON and DUBAI (Bloomberg) — Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S. The kingdom’s sovereign wealth fund is set to announce plans to deploy as much as $40 billion into U.S. infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next ...

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 ...