The CEOs of oil giants Chevron and Saudi Aramco are optimistic about the future of oil and gas. Their biggest worry, however, is the return of jobs to the oil sector in the long-term.
Saudi Aramco’s profits plummeted last year, but it stuck to a promised $75 billion annual dividend, most of which goes to the Saudi government.
Lamprell has been awarded an engineering, procurement, construction and installation (EPCI) contract on Feb. 24 by Saudi Aramco as part of their long-term agreement program (LTA) with Lamprell.
Here’s a snapshot of recent energy deals including a series of transactions in the Duvernay Shale as both Shell and Ovintiv exit the play plus Continental Resources reveals itself as the buyer of Samson Resources’ Powder River Basin position.
Known for his elegant manner and trademark goatee, Sheikh Zaki Yamani’s 24-year tenure running the oil affairs of the world’s biggest producer made him a global celebrity during the inflationary “oil shocks” of the 1970s.
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
Egypt is in the process of launching the Egypt Upstream Gateway, a digital subsurface platform that will act as an up-to-date repository of the country’s subsurface data, says H.E. Eng. Tarek El-Molla, Egypt’s minister of petroleum and mineral resource.
Here’s a snapshot of recent energy deals including Northern Oil and Gas’ expansion into the Marcellus Shale with a $250 million acquisition from India’s Reliance plus Japanese trading house Sumitomo’s U.S. shale exit.
Energy services firm Kentech expects the acquisition of SNC-Lavalin’s oil and gas business to accelerate its revenue growth to $1 billion on a pro forma basis by the end of 2021.
The expansion, which will take Qatar’s LNG production capacity to 110 mtpa from 77 million mtpa, is the largest single LNG project ever to be sanctioned, according to consultancy Wood Mackenzie.