The GCC nations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. The gulf region could save 354 million barrels of oil equivalent from adopting renewable energy by 2030, according to a 2019 study from the Abu Dhabi-based International Renewable Energy Agency.

overall real GDP growth in the GCC is estimated to drop to 0.8% this year compared with 2% last year.

Federal lawyers on Tuesday formally asked a judge in New Orleans to approve a record-breaking $20 billion-plus settlement agreement announced last July by the Department of Justice and five Gulf Coast states to resolve years of legal fighting about the 2010 Gulf oil spill.

Weatherford achieved a new world record by landing a 1,180-ton (2,360,700-lb) casing string at a total depth of 26,805 ft (8,170 m). The job was performed on a deepwater rig in the Gulf of Mexico this fall.

BP reached a $20.8 billion civil settlement with the U.S. Department of Justice and five Gulf states on Monday to resolve civil claims tied to the April 2010 Deepwater Horizon accident.

The U.S. Supreme Court refused to hear an appeal from oil majors BP and Anadarko Petroleum leaving intact a lower court ruling that makes the firms potentially liable for billions of dollars in fines for the disastrous oil spill in the Gulf of Mexico in 2010.

Exxon Mobil Corporation began production in the deepwater Gulf of Mexico at Hadrian South with facilities tied back to the nearby Lucius project, reducing additional infrastructure requirements.

Oil production in federal Gulf of Mexico expected to continue increasing

Judge rejects BP attempt to lessen fines for Gulf oil spill

Ultra-deepwater pipeline flows first gas in Gulf of Mexico