Production quotas for next year are set to be confirmed at the OPEC+ meeting on 26 November. (Image source: Adobe Stock)
Saudi Arabia’s decision on whether it will extend its voluntary 1mn bpd production cuts will ultimately determine the short-term future of global oil prices, according to analysis from Rystad Energy’s senior vice president Jorge Leon
The investment will allow Alkhorayef Petroleum to strengthen its position as a leading oilfield services company. (Image source: Adobe Stock)
Saudi Arabia’s Public Investment Fund (PIF) is to take a 25% shareholding in Saudi-based Alkhorayef Petroleum, provider and manufacturer of oil and gas production optimisation solutions
Alkhorayef Group, the parent company and current shareholder of Alkhorayef Petroleum, will retain a 75% stake.
Alkhorayef Petroleum specialises in artificial lift, wireline services and equipment, as well as early production facilities. It is the only Gulf-based manufacturer of electric submersible pumps, critical to oil and gas production. The company has achieved a diversified revenue base and a successful operational track record in 13 countries across the Gulf Cooperation Council countries, as well as in Africa and Latin America.
Muhammad Aldawood, head of Industrials and Mining sector in MENA Investments at PIF, said: “This transaction forms part of PIF’s broader efforts to deepen the manufacturing sector in Saudi Arabia and represents a milestone in strengthening the regional industrial ecosystem. This investment is expected to enable Alkhorayef Petroleum’s growth strategy in local and international markets, and further expand its manufacturing output while also focusing on innovative R&D in high-growth areas. Our investment aligns with PIF’s domestic strategy to develop key sectors and work alongside strategic economic partners in the private sector to support the delivery of Vision 2030.”
Saad Alkhorayef, chairman of Alkhorayef Petroleum and Alkhorayef Group, added, “This investment is a recognition of our achievements in the Middle East as well as across Africa and Latin America, and the strategic role Alkhorayef Petroleum plays in supporting the oil and gas sector in Saudi Arabia and other regions. The investment with PIF is a major milestone in our journey and will allow the company to strengthen its position as a leading oilfield services company and preferred long-term partner to our customers worldwide. We firmly believe that the company can become one of the world’s leading oilfield services companies, and this investment further reinforces our ambition and determination.’’
Operations and Maintenance (O&M) represented 59% of the total contracts in Q3 2023. (Image source: GlobalData)
The oil and gas industry’s overall disclosed contract value witnessed a quarter-on-quarter (QoQ) decrease of 26% in Q3 2023, according to the latest report from GlobalData, although the Middle East performed well, dominating the main contracts awarded
The Isealate Springblade Patch is a patch-thru-patch relining and repair solution designed to redefine asset protection. (Image source: Welltec)
Welltec, a leading innovator of cutting-edge technologies for energy industry applications, announced the success of the first in-field test of the Isealate Springblade Patch, a unique relining and repair solution for downhole applications
TotalEnergies is extending beyond 2024 its interest in Oman LNG by 10 years, and in Qalhat LNG, by five years. (Image source: Adobe Stock)
TotalEnergies has extended its partnership with Oman LNG, in which the company holds a 5.54% stake
SmartMaster can be used with a range of ABB and third-party instruments. (Image source: ABB)
Oman LNG signed various agreements with Shell Gas to secure its gas supply until 2034. (Image source: Adobe Stock)
Michael Monica, director sales, marketing and customer care at GPT Industries signs the agreement with Mohamed Altaf, sale manager, Abdulla Fouad Energy Services. (Image source: Alain Charles Publishing)
Amin H. Nasser, CEO of Aramco. (Image source: Aramco)
ARO Drilling and IMI announce first Kingdom jack up rig (Image source: ARO)
Global Drilling Rig Demand by Region, 2023 vs 2027. Source: Westwood Global Land Rigs
Saudi Arabia's Energy Minister has announced that OPEC+ production cuts can be extended past the first quarter of 2024 if needed. (Image source: Adobe Stock)
The partnership aims to advance science-backed decision-making in the upstream energy industry. (Image source: Adobe Stock)
The technology ensures deeper penetration into the reservoir with low fluid volumes, allowing for improved stimulation. (Image source: Adobe Stock)
Fouling leads to increased energy consumption and CO2 emissions. (Image source: Adobe Stock)
The Uni-Mini and Uni-Max USVs. (Image source: Unique Group)
Fugro and SEA-KIT have collaborated closely to push the boundaries of USV technology. (Image source: Fugro)
The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform and brownfield work of integration with existing facilities. (Image source: Adobe Stock)
Emmanuel Guilhamon with the Taurob inspection robot. (Image source: Alain Charles Publishing)
The discovery will bolster Shell’s exploration campaign. (Image source: Adobe Stock)
The new range has been launched in response to the demand for compact and lightweight lifeboats. (Image source: VIKING)
Production quotas for next year are set to be confirmed at the OPEC+ meeting on 26 November. (Image source: Adobe Stock)
SmartMaster can be used with a range of ABB and third-party instruments. (Image source: ABB)
The new discoveries will bolster Aramco’s strategy to increase gas production by more than half over 2021 levels, through 2030. (Image source: Adobe Stock)
The design features a balanced poppet construction that permits high flows at minimum power levels. (Image source: Emerson)
Aramco has produced the first unconventional tight gas from its South Ghawar operational area ahead of schedule. (Image source: Adobe Stock)
The investment will allow Alkhorayef Petroleum to strengthen its position as a leading oilfield services company. (Image source: Adobe Stock)
PythonPipe offers up to 60% reduction in installation time and at one-fifth the cost of comparative steel installation. (Image source: Baker Hughes)
ARO Drilling and IMI announce first Kingdom jack up rig (Image source: ARO)
Operations and Maintenance (O&M) represented 59% of the total contracts in Q3 2023. (Image source: GlobalData)
