Exploration & Production

Oil prices rose above US$50 a barrel following OPEC’s historic agreement at its November 30th meeting in Vienna to cut production for the first time since the global financial crisis eight years ago

Saudi Arabia want an OPEC stance to be decided before striking a deal with non-OPEC producing countries as Septembers export figures show KSA boosted exports by over 500,000 bpd 

Rowan Companies plc and the Saudi Arabian Oil Company have signed, through their subsidiaries, an agreement to create an equal joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia

Libyas target to raise production from 600,000 to 1.1mn bpd by the end of 2017 scuppers OPEC and their plans to cut production to deal with the low oil price