Saudi Aramco announced that it would not reduce its new investment in oil and gas production capacity despite the financial strain caused by low oil prices.
UAE-based Dana Gas announced a $7.6m loss in the third quarter of 2015. The company operates mostly in Egypt and Iraq.
The UAE’s Dana Gas reported third quarter gross revenue of $93m as compared to $174m and an overall net loss of $9m.
Saudi Arabia is moving ahead with the expansion of its giant Khurais oilfield but the project would move slower than originally planned because of budgetary reasons.
Abu Dhabi National Oil Company (ADNOC) is looking to take advantage of market conditions and bring down the operating cost of its projects by 25%.