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2016-11-01 18:55:00

SAUDI & NABORS AGREEMENT

SAUDI & NABORS AGREEMENT

OGJ wrote, Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.
Aramco has sought to localize industry hubs in order to foster economic diversification and job creation, the companies said. "This JV is one of the anchor projects that has grown out of this strategy, which supports the wider development and localization of industries such as rig and rig equipment manufacturing and casting and forging," they said.
Aramco and Nabors each will contribute land rigs to the JV in the first years of operation along with capital commitments toward future onshore drilling rigs, which will be manufactured in Saudi Arabia.

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Earlier:

SAUDI: 

SAUDI'S OIL RECORD 

RUSSIA & SAUDI COOPERATION 

SAUDI'S DIFFICULT DECICIONS 

SAUDI - IRAN COMPROMISE 

SAUDI'S INVESTMENT: $334 BLN

 

NABORS: 

NABORS NET LOSS $694 MLN

NABORS NET LOSS $583 MLN 

NABORS NET LOSS $398.3 MLN 

NABORS NET LOSS $372.7 MLN 

NABORS LOSS $296 MLN 

NABORS LOSS $ 41.9  MLN

 

 

Tags: SAUDI, NABORS

Chronicle:

SAUDI & NABORS AGREEMENT
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

SAUDI & NABORS AGREEMENT
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

SAUDI & NABORS AGREEMENT
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

SAUDI & NABORS AGREEMENT
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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