Oil & Gas Middle East sat down with Miguel Sanchez, vice president, international operations at Nabors, to discuss his firm’s growth in the Middle East
Can you explain Nabors’ relationship and history with the Middle East region? Nabors® has over 35 years of experience in the Middle East. We began operations in Saudi Arabia and Yemen in 1990. Since 1999, we have worked in countries including Algeria, Bahrain, Kuwait, Oman, Iraq, Kurdistan, Jordan, and Qatar. Nabors has an extensive and […]
Upgrades to onshore rigs are enabling streamlined operations to deliver better economics and establish safer conditions for oilfield workers
The oil and gas industry is always looking for ways to improve operations and reduce risks, a goal that has led to investment in process automation. One of the most promising areas for improvement is in drilling operations, and Nabors has taken up the challenge with the development of an advanced rig operating system that […]
Kamal Al-Sawi, President, Kuwait Energy Egypt discusses the role that the North African country can play as an energy hub on the sidelines of EGYPS 2022
Can you talk to me about Kuwait Energy Egypt’s role inside the Egyptian energy ecosystem as the country seeks its aspirations of becoming a regional energy hub? From the investment and the commercial side of business we are actually very active in our investment in Egypt since inception. We were one of the first companies […]
Oil demand for 2022 is expected to average around 100 million barrels per day, and in some months even surpass 2019 levels
Brent crude oil traded up to $87.83 on Monday, the highest price for the commodity since October 2014, as supply outages push the price for black gold higher. “Current oil prices reflect a tightening market, as supply outages are not being offset by any negative effect of the Omicron variant in oil demand,” Rystad Energy’s […]
Jonathan Fisher QC writes that Petrofac's real punishment has been served in the Middle East, not in London
The recent fine imposed on Petrofac by a criminal court in London for corrupt dealings is intended to send a clear message to the business community. But the real punishment suffered by the company has been inflicted by the impact of its conduct on its commercial dealings. Instead of benignly acquiescing in the receipt of […]
Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 77% to $131 million
Dana Gas’s 9M 2021 collections from the Kurdistan Region of Iraq (KRI) and Egypt have increased 102% year-on-year to $256 million (AED 938mm) from $127 million (AED 466mm) in the same period the previous year. Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG […]
Oil prices are declining today as the market prices in some uncertainty ahead of next week’s OPEC+ meeting and the surprise US crude stocks build of the past week
Oil prices are poised to close the week in a bearish track as traders were surprised by a build of crude stocks in the US and are pricing in reports that OPEC+ may consider an option to hike output more than planned in its coming meeting. Building inventories triggered an alarm for markets, especially at […]
Algeria, Iran, Iraq and Libya were counted among the biggest gas flarers globally
Gas flaring – the combustion of unwanted natural gas produced during oil recovery – is losing many oil-producing countries up to $82bn*, according to GlobalData. The data and analytics company notes that, even though technological solutions exist to avoid gas flaring, many countries persist with the activity, including developed countries such as the US and […]
Former Petrofac employees made payments to influence the award of projects worth billions of dollars across the Middle East, the UK SFO says
Petrofac has reached a plea agreement with the UK Serious Fraud Office (SFO) and will plead guilty to seven bribery offences in relation to payments made for contracts across the Middle East. The SFO charged Petrofac with seven offences of failing to prevent bribery, as former employees who offered or made payments in relation to […]
Total project cost of $630 million to increase production capacity by 50% to 690 million scf/day from April 2023
Pearl Petroleum Company Limited, the consortium led by Dana Gas and Crescent Petroleum of the UAE, has signed a $250 million financing agreement with the U.S. International Development Finance Corporation (DFC) to support the gas expansion works currently under way at the Khor Mor gas plant in the Kurdistan Region of Iraq (KRI). DFC is […]
