ADNOC SIGNS DH 120 M
Adnoc has signed a Dh120 million deal for a new oil rig, to be built in the UAE by the American company National Oilwell Varco, is to serve Adnoc's main onshore operator, which is working to increase output to 1.8 million barrels per day (bpd) in 2017 from around 1.5 million bpd today.
Adnoc is planning to expand the number of oil producing rigs, onshore and offshore, from 40 rigs today, to 88 rigs to cope with the increased demand for oil, and to meet Abu Dhabi's target of increasing production to 3.5 million barrels per day by 2020, according to Adnoc officials.
The agreement was signed yesterday in Abu Dhabi by National Oilwell Varco and National Drilling Company (NDC), Adnoc's rig subsidiary.
"NDC is committed to sustainable progress and continuous growth," Abdalla Saeed Al Suwaidi, the chief executive, said in a press release published by the state news agency Wam.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.