The transaction agreement covers the acquisition of all issued and outstanding shares of Shelf Drilling and was approved with 99.6% of votes cast in favour.
Saudi Arabia’s grand Vision 2030 ambitions may be colliding with a colder fiscal reality. Fitch Ratings warned Friday that Riyadh faces rising financial risks as oil prices soften and government spending balloons, threatening the kingdom’s plans for fiscal consolidation.
Perma-Pipe International Holdings Inc. said it had received technical and commercial approval from Saudi Arabian Oil Co. (Aramco) allowing it to expand its business opportunities in the kingdom through a direct pathway to the oil and gas sector.
Saudi Arabia has once again reduced the price of crude oil it sells to Asia, with the premium for the flagship Arab Light at $2.20 a barrel over the Dubai/Oman benchmark for cargos to be delivered in October.
OPEC+ leader Saudi Arabia wants the group to consider reviving more oil production ahead of its scheduled return at the end of next year amid a push to reclaim market share, people familiar with the matter said.
In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
“With this transaction, we reinforce our position as a market leader in shallow-water offshore drilling, offering superior services to our client base alongside enhanced scale, asset quality and operational reach,’ said ADES CEO Mohamed Farouk. “The transaction is supported by Shelf Drilling’s USD 1.5 billion firm backlog and provides access to key regions with solid growth prospects.”
Saudi energy developer and investor ACWA Power has signed multiple agreements and MoUs with European companies to establish a green hydrogen and renewable energy export corridor from Saudi Arabia to Europe, the company announced on Sunday.
Saudi Arabia raised crude output far above its OPEC+ quota last month, joining other producers in a rush to export oil out of the Persian Gulf as Israel went to war with Iran, according to the International Energy Agency.
Goldman Sachs, meanwhile, was quick to predict another oversized OPEC+ output hike in September, at 500,000 barrels daily. The bank issued the prediction on Sunday, saying “Saturday’s announcement to accelerate supply hikes increases our confidence that the shift, which we started flagging last summer, to a more long-run equilibrium focused on normalizing spare capacity and market share, supporting internal cohesion, and strategically disciplining US shale supply, is continuing.”