Lamprell sees lower revenue

DUBAI: Oil-rig builder Lamprell said it would continue to maintain a tight rein on costs as it stuck to its guidance of lower 2017 revenue.

The company, which mainly focuses on contracts around the UAE, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range.

Lamprell also said it expected full-year 2016 revenue to be about $700 million, lower than the $871.1 million it reported in 2015.

Libya oil production down

LONDON: Libya’s oil production has fallen by 60,000 barrels per day (bpd) after an electrical fault at the Sarir oilfield, the head of the National Oil Corp said.

The fault caused a fire at a substation, NOC head Mustafa Sanalla said at a Chatham House conference in London. Production was around 700,000 bpd before the incident, he said.

Sanalla also said the Sharara oilfield, which resumed production in December after a prolonged shutdown, was producing 153,000 bpd. He added that the El Feel oilfield remained offline.

Saudi Aramco operating 220 rigs

KHOBAR: Saudi Aramco is operating about 220 drilling rigs thanks to continued investment in capacity despite low oil prices, Saudi Arabia’s energy minister told Sky News Arabia in a programme broadcast.

Khalid Al-Falih, who is also chairman of Aramco, said that continuous investment in drilling enables Saudi Arabia to offset the gradual decline in output from mature fields and that the kingdom is maintaining production capacity at 12.5 million barrels per day.

"We have not reduced the number of drilling rigs during the crisis. Around 220 rigs are in operation," he said.

Sadara hit by network disruption

KHOBAR: Saudi Arabia’s Sadara Chemical Co said it experienced a network disruption and was working to resolve the issue.

The company made its statement on its official Twitter account after the Saudi telecommunications regulator said several websites in the kingdom had been targeted.