The role of gas in the transition from high carbon to renewable energy was discussed at Gastech, a global summit at the forefront of the international gas, LNG and energy industries and GPEX in Barcelona, Spain.

Day Two of Gastech began with a thought-provoking keynote address from Lorenzo Simonelli, president & CEO, Baker Hughes, a GE company who addressed the importance of innovation in driving market growth.

This was followed by a lively Ministerial panel discussion involving senior government"...

Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles.

Brent crude futures LCOc1 had dropped 22 cents, or 0.28 percent, to $78.81 per barrel by 0042 GMT, chipping away at Tuesday’s 1.26 percent gain.

U.S. West Texas Intermediate (WTI) crude CLc1 fell 0.20 percent, or 14 cents, to $69.71"...

With the Mena governments going aggressive to develop infrastructure to meet the needs of rapidly expanding populations and to meet their economic diversification commitments, an estimated $3.5trillion of projects have been planned across the region, with the GCC accounting for almost two third of this.

Construction, which covers private real estate and public buildings, represents the biggest segment of the Mena projects market. About $662bn worth"...

Bloomberg US news agency reported on Sunday that Iran’s oil exports had declined nearly to one third since US President Donald Trump announced the reimposition of sanctions on Tehran following his withdrawal from the nuclear weapons deal in May.

Bloomberg’s report explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.

According"...

The United Arab Emirates Brooge Petroleum & Gas Investment Co. plans to float 40 per cent of its capital on the London Stock Exchange in October, BPGIC Vice-Chairman Housam Elemri said on Sunday.

BPGIC is looking to raise $400 million (Dh1.47 billion) from Emirati and foreign investors in the IPO, to be conducted in a single tranche, he told Reuters in Dubai.

The IPO"...

Saudi Aramco has awarded today (September 11) a contract to China Harbour Engineering Arabia for the construction of two drilling islands under the company’s Berri Increment Program (BIP).

The objective of the BIP is to produce an additional 250,000 barrels per day of Arabian Light crude oil from the Berri Oil Field to reach 500,000 barrels per day to maintain Saudi Aramco’s maximum sustained capacity by early 2023.

A signing ceremony to mark the contract award was held in Dhahran today."...

US Energy Secretary Rick Perry will meet counterparts from Saudi Arabia and Russia starting on Monday, sources familiar with the matter said, as the Trump administration encourages oil-producing countries to keep output up two months before it is due to renew sanctions on Iran’s crude exports.

Perry will meet Khalid al-Falih, Saudi Arabia’s energy minister, and other officials from the kingdom, the world’s largest oil exporter,"...

Oil prices dipped on Thursday as emerging market turbulence weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods. US sanctions against Iran, however, prevented prices from falling further as they are expected to tighten the market after being implemented from November, traders said.
US West Texas Intermediate (WTI) crude futures were at $68.59 per barrel at 0645 GMT, down 13 cents, or 0.2 per cent, from their last settlement.
Brent crude"...

Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia.
Further to an agreement announced on May 2018, Gazprom Neft has now completed its sale of a 49-per cent interest in Gazpromneft-Vostok LLC, operator of 13 fields, to Mubadala Petroleum and RDIF. Following the completion of this transaction Gazprom"...

Oil prices fell on Wednesday as a tropical storm hitting the US Gulf coast weakened and had a lower impact on production than initially expected.
US West Texas Intermediate (WTI) crude futures were at $69.14 per barrel at 06:42 GMT, down 73 cents, or 1 per cent, from their last settlement. International Brent crude futures fell 60 cents, or 0.8 per cent, to $77.57 a barrel.
Prices had jumped the previous day as dozens of US oil and gas platforms in the Gulf of Mexico were shut in anticipation of damage from tropical"...