In exchange, BP has got a 10 per cent stake in Abu Dhabi Company for Onshore Petroleum Operations
ADNOC struck a $2.2bn deal with BP for a 10 per cent stake in the ADCO concession on Saturday
The new wind turbine will generate 2.75 megawatts of power at its peak
The country said any additional supplies will compensate for a cut from other fields
The new ventures will focus on boosting Saudi Arabia’s domestic capabilities in the oil industry
OPEC last month finalised a plan to cut output by about 1.20 million bpd from January 1
The organisation’s final report of the year said the new OPEC/non-OPEC deal would end the current oil glut
The move is one of the first visible indicators that oil markets could be physically tighter in 2017
The transition will take around 12 months to complete
The first phase of the Hassyan clean coal project comprises four units of 600MW net power
Marzouq has previously served as head of the country’s stock exchange
The market’s focus will now switch to compliance with the agreement
Most energy professionals expect OPEC output will decline but stand well above the deal’s target
The deal was announced days after Russia and OPEC agreed to coordinated output cuts to support oil prices
Analysts said the deals showed major oil companies were prepared to keep doing business with Iran
Japan has a similar storage deal with Abu Dhabi National Oil Co for the same volume of crude
Minister added that the oil market could correct within six months
The closure of the Neutral Zone’s fields has become a political sticking point between the two countries
The cut by OPEC is likely to be largely offset by increases in US production
Volumes beat a previous record of just over 600,000 reached in September
OPEC and Russia said they will cut output by 1.5 million barrels per day
Non-OPEC Russia will join output cuts for the first time in 15 years
Petrol and diesel prices have been reduced from November
The 14-country group accounts for a third of global oil production
OPEC aims to reach a global output-limiting deal when it meets on Wednesday
The company has not specified how long the shutdown might last
The 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park is slated to be operational by 2020
The company plans to integrate its petrochemical and refining business
Khalid al-Falih said that he believed the oil market would balance itself in 2017