Saudi Arabia: Consolidating power and austerity tested

Earlier this week, Saudi Arabia announced two pieces of news that the oil markets will be keeping a close eye on. In this latest episode of palace intrigue, King Salman has taken further steps to consolidate power in the Salman branch of the royal family and reversed some of the austerity measures implemented in 2016, the latter signalling tears in the fabric of the social contract with the Saudi public. King Salman’s sons, Abdulaziz bin Salman and Khaled bin Salman, will become Minister of State for Energy and Saudi Ambassador to the US respectively. Prince...

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More innovative investment from Schlumberger for Sound Energy

Sound and Schlumberger have agreed to extend their partnership under the existing Field Management Agreement. In an era where more innovative financing arrangements are being seen, Schlumberger will be granted 27.5% interest in the Meridja and Tendrara Relinquished Areas in exchange for providing services. Schlumberger will carry out the upcoming geophysical programme which will include: 2,600km of new 2D seismic covering the Paleozoic across...

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Premier sells out of Pakistan

Premier has announced the disposal of its Pakistan business for USD65.6 million to Al-Haj General Trading Co. The sale process for these assets was initiated in 2015 after an unsolicited approach and culminates with today's announcement.The Pakistan assets comprise six non-operated producing gas fields which produced c.47mmcfpd and generated c.USD41 million in 2016. Premier has been present in Pakistan since 1988 and in 1990, made the Qadirpur...

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