SAUDI WILL INCREASE
Saudi Aramco will increase its spending on research and development in 2015, despite the falling price of oil.
Speaking at a company reception at International Petroleum (IP) Week held in London, Salah Al-Hareky of Saudi Petroleum Overseas Ltd. (SPOL), Saudi Aramco's London-based crude marketing arm, "We are going beyond reliability and responsibility, extending our focus in areas such as innovation," said Al-Hareky.
"We believe innovation is the key to making our resources more accessible, useful, sustainable and competitive."
The Saudi Aramco reception, themed 'Enabling Opportunity', underlined the commitment to remain on track to achieve long-term goals. The evening was an opportunity for Saudi Aramco to host stakeholders and give attendees a platform to discuss opportunities within the sector.
"In 2014 alone, we hired thousands of new employees and pledged to invest billions over the next decade across the value chain," said Salah Al-Hareky.
"The numbers emphasise our desire to continue pursuing the right investment opportunities, even in times of uncertainty when convention dictates consolidation rather than expansion."
|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.