(Oil & Gas 360) – What will happen to Syria now that the Assad family’s brutal dictatorship is over is a big question in the foreign policy establishment. A bigger question is: What is Syria? The boundaries of Syria, Iraq, Jordan, and other parts of the Middle East were established after World War I by the British and French colonial powers
(World Oil) – ADNOC Logistics & Services Plc. has announced that its Integrated Logistics business segment expanded significantly in 2024, with 20 offshore assets acquired and hire contracts secured for 19 jackup barge (JUB) deployments. As part of the segment’s expansion strategy, ADNOC L&S acquired and deployed nine offshore support vessels (OSVs) including a passenger ferry, crew boats, anchor
(World Oil) – Saudi Aramco is moving closer to building a giant carbon capture and storage project at its main refining and chemicals hub at Jubail, on the kingdom’s Gulf coast. The oil producer signed a shareholders’ agreement with partners Linde Plc and SLB to develop the facility, which aims to capture and store 9 million tons of carbon dioxide
(Oil Price) – The U.S. Treasury Department announced a new wave of sanctions on Iran’s energy sector, focusing on oil exports and financial networks that enable Tehran to bypass existing restrictions. These measures are aimed at addressing the country’s continued “destabilizing behavior” in the Middle East, according to a new statement made Tuesday by the U.S. Treasury Department. In Tuesday’s statement,
( Oil Price) – A fuel oil smuggling network in Iraq has generated some $1 billion in profits for Iran, Reuters has reported, citing unnamed sources. According to the sources, $1 billion is the size of the annual profits from the operation, which began after Mohammed Shia al-Sudani became Prime Minister of Iraq. The smuggling mechanism essentially involves diverting fuel oil from
(World Oil) – Fulkrum, a global provider of inspection, expediting, auditing, and technical staffing services, announces the launch of its new entity in Iraq. This significant milestone comes as Fulkrum secures a multi-million USD contract to provide surveillance services for a major gas hub development project in the region. The new entity, registered in Basra, enhances Fulkrum’s presence in Iraq
(Oil & Gas 360)- It was Thanksgiving Day 2014 when the U.S. oil industry was confronted with its biggest challenge in decades following Saudi Arabia’s attempt to leverage an oil glut of the time to preserve market share while squeezing American oil producers with their higher cost structure. The ploy worked…for a while. Not only did oil prices fall more
(Oil Price) – Egypt is currently in talks with U.S. and other foreign companies to purchase long-term volumes of liquefied natural gas (LNG) instead of relying on the more costly spot market, according to an exclusive Reuters report, as the country’s gas production continues to decline. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from
(Oil Price) – Saudi Arabia’s crude oil exports increased by 80,000 barrels per day (bpd) to 5.75 million bpd in September—the highest in three months, the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. The September crude exports were the highest since June, likely due to the lower direct crude burning for power generation as the hottest months in
(Oil Price) – QatarEnergy has signed an agreement to buy a 23% working interest in a concession agreement offshore Egypt from the block’s operator Chevron, the state firm of Qatar said on Monday. QatarEnergy will acquire 23% of the North El-Dabaa (H4) Block in the Mediterranean from Chevron, which will retain a 40% interest in the concession. The other partners on the block
(World Oil) – Saudi Aramco’s venture arm has earmarked $100 million to invest in artificial intelligence startups as it looks to accelerate Saudi Arabia’s push to become a more competitive force in global AI. Wa’ed Ventures has appointed an advisory board made up of former employees from companies including Meta Platforms Inc. and Amazon.com Inc. to explore early-stage investments in
(CNBC) – U.S. crude oil sold off steeply Monday, putting the benchmark on pace for its worst day in more than two years after Iranian energy facilities were not damaged during an Israeli attack over the weekend. Futures for global crude benchmark Brent slid 5.94% to $71.53 per barrel at 9:26 am ET, while U.S. West Texas Intermediate futures dropped 6.26% to $67.29 per barrel. U.S.
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