The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform and brownfield work of integration with existing facilities. (Image source: Adobe Stock)
The Hydrocarbon business (L&T Energy Hydrocarbon – LTEH) of Larsen & Toubro (L&T) has received a Letter of Intent for a mega offshore order from a prestigious client in the Middle East
Production quotas for next year are set to be confirmed at the OPEC+ meeting on 26 November. (Image source: Adobe Stock)
Saudi Arabia’s decision on whether it will extend its voluntary 1mn bpd production cuts will ultimately determine the short-term future of global oil prices, according to analysis from Rystad Energy’s senior vice president Jorge Leon
The investment will allow Alkhorayef Petroleum to strengthen its position as a leading oilfield services company. (Image source: Adobe Stock)
Saudi Arabia’s Public Investment Fund (PIF) is to take a 25% shareholding in Saudi-based Alkhorayef Petroleum, provider and manufacturer of oil and gas production optimisation solutions
Alkhorayef Group, the parent company and current shareholder of Alkhorayef Petroleum, will retain a 75% stake.
Alkhorayef Petroleum specialises in artificial lift, wireline services and equipment, as well as early production facilities. It is the only Gulf-based manufacturer of electric submersible pumps, critical to oil and gas production. The company has achieved a diversified revenue base and a successful operational track record in 13 countries across the Gulf Cooperation Council countries, as well as in Africa and Latin America.
Muhammad Aldawood, head of Industrials and Mining sector in MENA Investments at PIF, said: “This transaction forms part of PIF’s broader efforts to deepen the manufacturing sector in Saudi Arabia and represents a milestone in strengthening the regional industrial ecosystem. This investment is expected to enable Alkhorayef Petroleum’s growth strategy in local and international markets, and further expand its manufacturing output while also focusing on innovative R&D in high-growth areas. Our investment aligns with PIF’s domestic strategy to develop key sectors and work alongside strategic economic partners in the private sector to support the delivery of Vision 2030.”
Saad Alkhorayef, chairman of Alkhorayef Petroleum and Alkhorayef Group, added, “This investment is a recognition of our achievements in the Middle East as well as across Africa and Latin America, and the strategic role Alkhorayef Petroleum plays in supporting the oil and gas sector in Saudi Arabia and other regions. The investment with PIF is a major milestone in our journey and will allow the company to strengthen its position as a leading oilfield services company and preferred long-term partner to our customers worldwide. We firmly believe that the company can become one of the world’s leading oilfield services companies, and this investment further reinforces our ambition and determination.’’
Operations and Maintenance (O&M) represented 59% of the total contracts in Q3 2023. (Image source: GlobalData)
The oil and gas industry’s overall disclosed contract value witnessed a quarter-on-quarter (QoQ) decrease of 26% in Q3 2023, according to the latest report from GlobalData, although the Middle East performed well, dominating the main contracts awarded
The Isealate Springblade Patch is a patch-thru-patch relining and repair solution designed to redefine asset protection. (Image source: Welltec)
Welltec, a leading innovator of cutting-edge technologies for energy industry applications, announced the success of the first in-field test of the Isealate Springblade Patch, a unique relining and repair solution for downhole applications
The oil and gas industry has been increasingly adopting AI technology in recent years, and this trend is expected to continue in the coming years. (Image source: Adobe Stock)
SmartMaster can be used with a range of ABB and third-party instruments. (Image source: ABB)
Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)
The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)
ARO Drilling and IMI announce first Kingdom jack up rig (Image source: ARO)
Oman LNG signed various agreements with Shell Gas to secure its gas supply until 2034. (Image source: Adobe Stock)
GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)
Michael Monica, director sales, marketing and customer care at GPT Industries signs the agreement with Mohamed Altaf, sale manager, Abdulla Fouad Energy Services. (Image source: Alain Charles Publishing)
Amin H. Nasser, CEO of Aramco. (Image source: Aramco)
The system can activate notification and hazard mitigation equipment to notify workers and safeguard facilities. (Image source: MSA Safety)
The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)
The new discoveries will bolster Aramco’s strategy to increase gas production by more than half over 2021 levels, through 2030. (Image source: Adobe Stock)
Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd.
The new technology is designed to address the challenging conditions in unconventional wells. (Image source: Adobe Stock)
Source: SafeStart
The Ampelmann A-type enabling safe offshore access in the Middle East. (Image source: Ampelmann)
Aramco has produced the first unconventional tight gas from its South Ghawar operational area ahead of schedule. (Image source: Adobe Stock)
Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd.
TotalEnergies and SONATRACH will develop gas resources in Algeria's north-east Timimoun region, (Image source: Adobe Stock).
By using analytics to augment and empower the workforce, pipeline operators can optimise operations and improve asset availability. (Image source: Adobe Stock)
The oil price is hovering around the US$90/bbl mark. (Image source: Adobe Stock)
The Craig International Qatar team. (Image source: Craig International)
The SuperFill II diverter reduces induced surge pressure. (Image source: Halliburton)
Among other services, KBR will offer proprietary equipment for NCIC's 1,200 metric tonnes per day ammonia plant. (Image source: Adobe Stock)
The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)
Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)
ADNOC Gas recorded robust financial and operational results in 2023. (Image source: Adobe Stock)
Over 4,000 km of SoluForce pipe has been installed around the world. (Image source: SoluForce)
Block 56 is targeted for commercialisation in 2024. (Image source: Canva)
The programme will optimise asset lifecycle, enhance machinery performance and improve overall reliability. (Image source: Adobe Stock)
The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)
Source: SafeStart
GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)
The company is well positioned in 2024, with a reshaped and resilient business and a strong balance sheet. (Image source: Adobe Stock)
The vessel addresses the growing demand for accurate hydrographic data. (Image source: Fugro)
The virtual inhouse seismic processing centre will allow each of the decentralised business units of Wintershall Dea globally to collaborate efficiently and directly with DUG. (Image source: Adobe Stock)
