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Global and Regional Markets

BP realigns senior executive team

McKay

BP has appointed Lamar McKay to the new position of Deputy Group Chief Executive. Mr McKay, currently Chief Executive of BP’s Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. He will be succeeded as Upstream Chief Executive by Bernard Looney, currently Chief Operating Officer, Production, in the Upstream segment.

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Saudi Aramco, partners to develop maritime complex in Saudi Arabia

Offshore default

Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired memorandum of understanding (MOU) on developing a maritime complex that would provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels in Saudi Arabia. The proposal is a major step in the development of Saudi Arabia’s maritime sector and part of a wider undertaking aimed at developing an energy goods and services sector, while contributing to the kingdom’s economic growth and job creation.

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Global oil slump puts Africa’s drilling potential on hold

The Ensco DS-8 is contracted to Total until November 2020 for operations in Angola. Total expects to decrease its rig count in Africa from 12 in 2015 to fewer than 10 in 2016.

Although significant potential remains for increased drilling activity in Africa, the global oil price slump has left this market stagnant for now. Exploration activity throughout the continent was largely on hiatus in 2015, and if oil prices remain low through 2016, this trend is almost certain to continue. The drop in exploration activity is a result of reactionary budget cuts, as operator profit margins have become increasingly strained due to the still-falling oil prices. Such was the case for Total, an operator that spends a third of its total investments on the African continent. “The impact of the low-priced oil environment currently is that we have started the project of strong cuts and reduction of costs,” Benoît Ludot, Vice President Drilling & Completion for Total Exploration-Production, said.

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