The competition will become even stronger if sanctions on Iran are lifted in coming months.
Western sanctions imposed in 2012 on Iran for its nuclear programme have cost the country its market share in OPEC.
The project will deliver 2060 megawatts of electricity to SEC under a 20-year agreement
In August 2012 Aramco suffered an attack on 30,000 computers.
The three-year contract includes engineering, procurement, construction, start-up and commissioning services at a refinery in Sohar.
The deal will cover maintenance work on 12 gas units at new power plants in Riyadh.
The GCC’s oil and gas producers need to have innovative strategic plans as competition intensifies.
Saudi’s deputy foreign minister said that protectionist policies in the petrochemicals sector can drastically impact the global economy.
The North American shale oil surge has helped arrest the rise in crude prices over the last year.
The volume of oil burned for power production in the Kingdom fell to 689,750 bpd from June to September 2013, from 763,250 bpd during the same period in 2012.
Five years on from the great global race for Iraqi oil, the torn country is battling crumbling infrastructure and political tensions. Will Iraq ever reach its potential?
OPEC forecast demand for its oil in 2014 will average 29.57 million barrels per day.
But by 2020 the oilfields of Texas and North Dakota will be past their prime and the Middle East will regain its dominance.
The terminal will be able to supply the UAE with around 1.2 billion cubic feet (bcf) per day of gas.
Vast majority of staff at Abu Dhabi’s Barakah facility set to be nationals.
Gulf countries are seeing a steep energy demand owing to a growing population and subsidised resources.
The project will allow the UAE to preserve its natural gas for domestic electricity generation.
London Mayor Boris Johnson hopes to attract greater Kuwaiti investments to the UK.
Mohammed bin Hamad Al Rumhy said a signal needs to be sent to ‘the pockets of the public’.
The sale of the stake in Noordgastransport B.V. (NGT) to pension fund PensionDanmark A/S is expected to close in 2013.
OPEC expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group.
Kuwait is currently producing 2.9 million barrels per day of oil and had the capacity to produce 3.2 million bpd.
Ivory Coast announced plans in March to build a regasification and storage unit.
Alba’s income was boosted by a seven per cent increase in sales to 183.3 million dinars, with strong demand from Saudi Arabia.
The energy firm reported a net profit of 146 million dirhams for Q3, compared with a loss of Dhs288 million in the corresponding period of 2012.
The Middle East, along with other rapid growth markets, will provide expansion opportunities for MENA’s oil and gas companies.
Gross revenues for the third quarter were Dhs623 million, up 21 per cent from Dhs512 million a year ago.
Saudi Arabia has become the biggest fuel supplier to Egypt, sending gasoline and gasoil as well as cooking and heating gases like propane and butane.
OPEC’s supply averaged 29.90 million barrels per day, down from a revised 30.01 million bpd in September.
Profit fell to SAR2.853 billion in the three months ended Sept. 30