Exploration & Production

Proserv secures multiple Middle Eastern contract awards

Proserv Mid EastEnergy services company Proserv has been awarded a series of contracts worth a combined value of more than US$11mn for its production control new-build and after-market services in the Middle East

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Equatorial Guinea and Arabian Energy work together on Bioko oil and petroleum facility

800px Gulf of Guinea EnglishThe Bioko Oil Terminal could become the largest oil and petroleum storage facility in West Africa following the signing of an agreement between the government of Equatorial Guinea and Arabian Energy


Both parties have agreed to collaborate on the development, implementation, construction and financing of the petroleum tank farm in Equatorial Guinea, following the signing in Saudi Arabia on 11 May. The project is worth US$500mn and is slated to include 22 storage tanks and a total capacity of 1.2mn cubic metres. It will be built in two phases, with the first consisting of creating the infrastructure for refined production, and the second for developing capacity for storage, handling and blending of products such as diesel, jet fuel, gasoline and naphtha. Shared terminal infrastructure is expected to be on a "first come, first served" basis. The aim is for the facility to be an African centre for the distribution of petroleum prodicts and crude oil, stimulate job creation in the region, reduce the reliance on oil imports and attract investment.

The Equatorial Guinean government is ambitious about the potential of the facility. "The Bioko Oil Terminal is a first-of-its-kind storage facility for West Africa and would bring to the region energy security and transport economies of scale and efficiencies like we have never seen before," said Gabriel Mbaga Obiang Lima, Equatorial Guinea's mines and hydrocarbons minister.

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IEA report shows OPEC crude production rises in Q1 2017

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OPEC crude production rose by 65k bpd in April to 31.78 mn bpd as higher output from Nigeria and Saudi Arabia more than made up for lower flows from Libya and Iran

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Oil price rises 2 per cent as Saudi and Russia agree to extend supply cutbacks

Ad Petrol Stations Gasoline Prices Oil Price Refuel 577348The oil price increased to US$52 per barrel after Saudi Arabia and Russia agree to cut back oil supply until 2018

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Oil Review Middle East weekly digest - 7th - 11th May 2017

public domain commons for ORME 307Here is a brief overview of the week's new on Oil Review Middle East, from 7th - 11th May 2017

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