Saudi Arabia News

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A New Role for Service Providers Amidst Energy Upheaval

In today’s energy industry, things are moving fast. The upheaval brought about by COVID-19 and exacerbated by the Russia-Saudi Arabia oil price war has been so profound that the International Energy Agency (IEA) has described the situation as “a once in a century event for energy demand”. This is supported by current IEA predictions which suggest a 6% drop in global energy demand in 2020 – seven times worse than the plunge in demand that followed the 2008 recession.Amid what the IEA has dubbed a “dismal” year for fossil fuels, the one bright spot is the performance

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Offshore Drilling: It’s Going to Get Worse Before It Gets Better

in the past month. Many are predicting a prolonged downturn in the oil market but there remains much uncertainty over its duration and depth. COVID-19 is having a catastrophic impact on oil demand and how long the various travel bans and lockdowns continue is anyone’s guess. In the meantime, Saudi Arabia and Russia’s fallout over oil production has released more supply into the market, and even a reconciliation there will not be enough to reverse the damage caused by the many millions of barrels a day of demand being taken out of the market. History tells us that eventually, the markets

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As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

.Extreme high prices in 2008, 2011 and 2018, and extreme lows in 1986, 1998 and 2008, lasted briefly in each case, usually just a few weeks or a couple of months.In this instance, extreme low prices have made most of the U.S. shale industry loss-making, prompting pressure from the White House on Saudi Arabia and Russia to end their volume war.The rapid accumulation of crude and fuel stocks along the supply chain threatens to overwhelm available storage capacity and bring production to a halt through a combination of ultra-low prices and capacity constraints.By the end of last week, the White House

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U.S. to send envoy to Saudi Arabia to Stabilize Oil Prices

The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50 years.Oil prices have lost more than half their value in the last two weeks as Saudi Arabia and Russia kicked off a price war and the coronavirus pandemic destroyed demand. U.S. oil now trades at less than $23 a barrel.The crash has shocked the oil industry as a pact among OPEC and non-OPEC

(Photo: TechnipFMC)

TechnipFMC Shelves Spin-off Due to Market Turmoil

spin-off remained unchanged and that it would continue preparations in order to be ready to go ahead with the move once markets recover.Crude oil markets last week posted their biggest weekly loss since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia to raise production and cut prices.TechnipFMC shares slid to an all-time low on Friday as the plunge in crude oil hit stocks of industry players, though they had rebounded by the close in line with a late surge in oil prices.(Reporting by Gus Trompiz and Bate Felix; Editing by Jan Harvey

Saipem 7000 (Photo: Saipem)

Saipem Scoops $500+ Mln EPCI Contracts

Italian oilfield services firm Saipem reports it has been awarded several engineering, procurement, construction and installation (EPCI) contracts in various countries worth over $500 million combined.The first EPCI contract has been awarded by Saudi Aramco in the Kingdom of Saudi Arabia as part of the Long-Term Agreement in force until 2021. The scope of the offshore work encompasses the design, engineering, procurement, construction and installation of a 36” carbon steel pipeline onto the existing network around the Ju’aymah area and brownfield services at the associated offshore platform.

Saipem Constellation (Photo: Saipem)

Saipem Wins Subsea Contract in Guyana

attention to safety, environment, innovation and cost efficiency are key to consolidate our position as one of the leading companies in the offshore subsea”.Furthermore, Saipem has been awarded certain variation orders for additional works linked to ongoing offshore E&C projects in Saudi Arabia, Azerbaijan and in the North Sea.The overall value of the above-mentioned contracts, together with the contract in Guyana, is worth approximately $880 million

(Photo: Tekmar Group)

Tekmar Acquires Pipeshield

mattresses, scour protection, pipeline crossings. Further this extends within the group the track record within offshore wind and a longer standing heritage from oil and gas.Pipeshield, headquartered in Lowestoft, has manufacturing operations local to its primary markets, including Aberdeen, UAE, Saudi Arabia and Singapore. The majority of Pipeshield’s production activity is undertaken at its new leased facility at Blyth in Northumberland, a major hub for offshore renewables activity in the UK.Pipeshield currently employs 25 full time staff, most of whom are technically focused, plus circa 15

(Image: Saipem)

Saipem to Build Floating Wind Farm in Saudi Arabia

Italian services company Saipem said it will design and built a 500 megawatt (MW) floating offshore wind farm in Saudi Arabia under a memorandum of understanding and exclusive agreement with Abu Dhabi based renewables solutions firm Plambeck Emirates.The project phases will commence in the coming weeks via Plambeck Saudi, a Plambeck company located in Riyadh, Saipem said.Saipem plans to start operations after finalizing financial agreements at the end of the planning phase, after which the contract will be signed for Saipem to undertake the engineering, design, construction and installation of the

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