Gulf Marine Services (GMS), a UAE-based provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, has announced the award of two contract extensions in the GCC region.  The award of these contract extensions reflects continued highly favourable market conditions and the quality of the company’s fleet, reaffirming GMS’s leading […]
oil and gas
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Iraq approves record $153 billion budget for projects and hiring
Iraqi government on Monday approved a 2023 budget of a whopping $153 billion that sets out record spending on a growing public wage bill and development projects to improve services and rebuild infrastructure ruined by neglect and war. The budget is based on an oil price of $70 per barrel and projects oil exports at […]
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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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Sheikh Hamdan announces new Dubai AI center as part of $100 billion tech push
Dubai has launched the Dubai Centre for Artificial Intelligence (DCAI), as part of its efforts to establish itself as a leading hub in the $111 billion AI sector. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Future Foundation, announced the launch of the DCAI at Emirates […]
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Aramco to partner with Turkish contractors for $50 billion projects in Saudi Arabia
Saudi Aramco has engaged in discussions with numerous Turkish contractors to explore potential projects worth $50 billion in Saudi Arabia, according to a Bloomberg report last week Representatives from around 80 construction companies met with Aramco executives in Ankara to discuss pre-qualification for upcoming projects scheduled until 2025, Erdal Eren, head of the Turkish Contractors […]
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Eni, Libya sign decarbonisation deal
Italian major Eni has entered into a memorandum of understanding (MOU) with the Libyan government to collaborate on reducing greenhouse gas emissions and promoting sustainable energy initiatives in the country. The MOU aligns with Eni’s strategic objectives and Libya’s vision for accelerating decarbonization and transitioning to cleaner energy sources. Under the terms of the MOU, […]
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EPC contractors submit bids for ADNOC’s $30 billion Upper Zakum megaproject
Contractors have submitted technical bids for the EPC works of surface facilities and subsea pipeline packages on the Upper Zakum expansion project, according to data from DMS Projects. Although the complete list of bidders is yet to be announced, Petrofac has confirmed its technical bid submission. EPC contracts are expected to be awarded in Q4 […]
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ADNOC, Aramco, Kent experts outline how Metaverse is transforming the industry
Mark Zuckerberg’s keynote speech in 2021 might have shot the term Metaverse into the mainstream, but it wasn’t a new idea, nor the first time it was discussed. Science fiction writer Neil Stevenson first coined it in his 1992 novel Snow Crash as a place where the characters could go to escape a dreary totalitarian […]
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UAE’s Masdar to build the world’s largest $10 billion wind farm in Egypt
Abu Dhabi Future Energy Co, also known as Masdar, along with Infinity Power, Africa’s largest renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused investment platform, signed an agreement with Egypt’s New and Renewable Energy Authority to secure land to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, set to be […]
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ADNOC Onshore awards major EPC contract to Chinese contractor
Chinese contractor China Petroleum Engineering and Construction (CPECC) has won a major contract from ADNOC Onshore, the onshore unit of ADNOC, to upscale production of its mature fields. CPECC said the award covers engineering, procurement, construction and management of what is called Project Swing, involving retooling the existing facilities at the giant Bab field, Northeast […]
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