Egypt plans to launch two new bids for oil and gas exploration in over 16 regions in the country’s south and the Red Sea by the end of 2023, according to media reports. Egypt extended the closing date for two previous bids to mid-July earlier this year, allowing more time for companies interested in exploring […]
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Kuwait Oil Company awards $60 million contract to HEISCO
Kuwait Oil Company (KOC) has awarded a $59.8 million contract to Heavy Engineering Industries & Shipbuilding Co. (HEISCO), the latter announced in a statement. The scope of work is related to water facilities upgradation at KOC’s project locations, HEISCO noted. This year, Kuwaiti EPC contractor HEISCO has secured several multi-million contracts in the Middle East […]
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Shell to keep oil production steady, CEO says
Shell will keep its oil output steady into 2030 ramp up its dividend and share buybacks as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan, Reuters reported. In a new financial framework announced ahead of an investor conference in New York, Shell said it will increase overall shareholder distribution to 30% […]
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TotalEnergies announces oil and gas discovery offshore Nigeria
TotalEnergies has discovered oil and gas at the OML 102 offshore oilfield in Nigeria, the French company has announced. The well is located in shallow waters, 60km off the south-east coast of Nigeria. Ntokon oil and gas discovery, which is located 20km from the Ofon field facilities, is due to be built using a tie-back […]
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L&T’s oil and gas unit secures about $300 million EPC offshore contract
Indian EPC giant Larsen & Toubro‘s (L&T) hydrocarbon unit announced today that it has secured an offshore contract worth $122 to $304 million approximately from a “prestigious overseas client.” The scope of work comprises engineering, procurement, construction, and installation for new offshore structures. L&T is executing several domestic and international offshore projects and is committed […]
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Saudi Aramco to supply full oil volumes to Asian refiners
Saudi Aramco has told at least five customers in North Asia they will receive full nominated volumes of crude oil in July, Reuters reported, citing several sources with knowledge of the matter said on Monday, after it pledged to cut production next month. Saudi Arabia, the world’s top oil exporter, vowed to reduce its production […]
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India’s Infinite Mining to build new oil refinery in Sharjah
India’s Infinite Mining & Energy has leased a 200,000 square feet land plot from Sharjah’s Hamriyah Free Zone Authority (HFZA) to build a multifunctional oil refinery. The new facility will have a processing capacity of 10,000 barrels/day and an annual refining capability of up to 3.6 million barrels, HFZA said in a statement. No details […]
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‘Saudi lollipop’ for oil markets: Kingdom announces OPEC production cuts
Saudi Arabia will make additional voluntary cuts of 1 million barrels a day to its oil production in an effort to increase prices following a long OPEC+ meeting in Vienna, Financial Times reported. The 1 million b/d cut will initially be for July but could be extended, Saudi Energy Minister Prince Abdulaziz said, describing it […]
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Kuwait Oil Company set to award $250 million wind energy project
Kuwait Oil Company (KOC) is set to finalise the main construction contract for a pilot wind farm to generate electricity for the oil sector by Q3 2023, according to media reports. A source quoted by Zawya said that the bid submission is currently ongoing, and the Engineering, Procurement, and Construction (EPC) contract is expected to […]
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Top 5 oil and gas contracts in the Middle East: May 2023
In case you missed the announcements, here is a list of the top five contracts secured for oil and gas projects in the region. (Editor’s note: This list is not a ranking) 1. Aramco awards EPC contract for world’s largest offshore field Aramco has awarded an engineering, procurement, construction and installation (EPCI) contract for its $1 […]