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OIL AND GAS

TechnipFMC wins significant contract from BP Angola

March 11, 2020

TechnipFMC wins significant contract from BP Angola

TechnipFMC has been awarded a 'significant' integrated engineering, procurement, construction and installation (iEPCI) contract from BP Angola for the Platina field development, located offshore Angola in Block 18 at water depths ranging from 1,200 m to 1,500 m.

The"... Continue Reading

Crude collapse to crush US petchem advantage

March 11, 2020

Crude collapse to crush US petchem advantage

The collapse in crude oil prices is wiping out much of the US petrochemical competitive advantage while global demand is being slammed by the continuing spread of the new coronavirus.

Financial markets are seizing up, throwing a wet blanket on new chemical"... Continue Reading

Coronavirus set to cause first annual decline in oil use since 2009

March 10, 2020

Coronavirus set to cause first annual decline in oil use since 2009

The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said Monday.

In its latest report -- which did not take into account an oil price war after Saudi Arabia and Russia failed to agree to continue production cuts -- the International Energy"... Continue Reading

Kuwait offers Khafji crude for April export after long output halt -sources-

March 7, 2020

Kuwait offers Khafji crude for April export after long output halt -sources-

Kuwait Petroleum Corp (KPC) has offered its first Khafji crude oil cargo from the Saudi Arabia-Kuwait Neutral Zone for export in April, five years after a dispute disrupted supply, two sources with direct knowledge of the matter said on Friday.

In a notice dated March 5 to customers and reviewed by Reuters, KPC said Khafji crude"... Continue Reading

Saudi-Kuwait neutral zone oil exports to restart from April

March 7, 2020

Saudi-Kuwait neutral zone oil exports to restart from April

Oil exports from the neutral zone between Kuwait and Saudi Arabia will resume from next month, adding more supply just as OPEC tries to cut output to stem a coronavirus-driven price rout.

Kuwait Petroleum Corp told customers that production at the Khafji field in the zone has already restarted, with exports on track from April,"... Continue Reading

Coronavirus compounds Gulf economic woes as oil prices slump

March 5, 2020

Coronavirus compounds Gulf economic woes as oil prices slump

DUBAI: Energy-rich Gulf states have scrapped or postponed dozens of events as part of measures to contain the new coronavirus, denting economies already hurt by slumping oil prices. From OPEC kingpin Saudi Arabia to the region’s most diversified economy the United Arab Emirates, sports tournaments, economic conferences and major religious events have been sacrificed in attempts to curb the spread of"... Continue Reading

Kuwait’s Oil Minister expresses positivity on oil prices recovery

March 5, 2020

Kuwait’s Oil Minister expresses positivity on oil prices recovery

VIENNA: Kuwaiti Minister of Oil and Acting Minister of Electricity and Water Dr Khaled Al-Fadhel said that there is a positive and optimistic view in the recovery of oil prices.

This came in a statement the minister made prior to his participation in the 178th Extraordinary Ministerial Conference of the Organization of Petroleum"... Continue Reading

Kuwait Oil Minister expresses positivity on oil prices recovery

March 4, 2020

Kuwait Oil Minister expresses positivity on oil prices recovery

Kuwaiti Minister of Oil and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel said Tuesday that there is a positive and optimistic view in the recovery of oil prices. This came in a statement to KUNA, by the Minister prior to his participation tomorrow in the 178th Extraordinary Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) and the eighth ministerial meeting"... Continue Reading

OPEC eyes deeper supply cuts as Russia resists

March 2, 2020

OPEC eyes deeper supply cuts as Russia resists

RIYADH: OPEC could agree on deeper oil supply cuts this week, with or without Russia’s support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks. Moscow is resisting further output curbs, arguing that reduced production by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group"... Continue Reading

Petchems unaffected by Kuwait port restrictions so far

March 1, 2020

Petchems unaffected by Kuwait port restrictions so far

The restrictions do not cover oil vessels and currently do not affect petrochemical traffic either.

Kuwait is a major Mideast Gulf petrochemical producer and regularly exports polypropylene (PP), polyethylene (PE), mono ethylene glycol (MEG) and aromatics to global markets.

Kuwait"... Continue Reading

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