‘Rethink everything’ to crack Middle East energy markets
Viewed from a challenging UK environment, the Middle East - with its enormous natural resources and supportive regimes - can seem like a utopia. The reality is different.
Middle East
Oil & Gas Middle East
UK oil and gas firm looks to Middle East amid North Sea uncertainty
For many North Sea oil and gas supply chain firms, attending the annual ADIPEC conference in the Middle East has been a key part of efforts to expand internationally.
Abu Dhabi deals for North Sea firms TWMA and Osso
Aberdeen drilling waste management firm TWMA has extended a contract in United Arab Emirates (UAE) in a deal worth $70 million (£54.3m).
All Middle East Posts
Saudi oil capacity U-turn shows threat from rival supply
Saudi Arabia’s reversal of plans to bolster its oil production capacity has raised questions about the future of demand, but it points to another long-running risk to the kingdom’s energy petroleum revenue — rival suppliers.
Wood secured $850 million in Middle East contract throughout 2023
Aberdeen-based consulting and engineering firm Wood has announced that it secured $850 million in Middle East contracts throughout 2023.
Local sales, cost cutting and patience: Kurdistan producers hang on
“We continue to see progress,” said Genel CFO Luke Clements. “It’s painfully slow. But it’s not like we’re close and then it all blows up. It’s just small steps, but with good progress.”
Stay away from KRG producers, analyst warns investors
“We have cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales,” said Weir.
Brent oil price climbs to $80 on US-UK airstrikes on Houthi rebels
Oil held gains after the US and UK made a fresh round of strikes against Iran-backed Houthi rebels in Yemen, fanning tensions in the Middle East and offsetting concerns global supplies remain ample.
TAQA exits Iraq with ShaMaran, HKN deal
The two companies already work together on the adjacent Sarsang block, where HKN is operator. “We look forward to working together at Atrush to realise significant synergies on both blocks.”
Energean on track, despite security concerns
“As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region." Energean plans to spend $400-500 million this year.
Time to light up Adnoc’s offshore operations
The project “highlights our commitment to providing our customers with innovative solutions for reliable and low carbon energy”, Buffon said.
Qatar pauses gas shipments via Red Sea after US airstrikes
Qatar appears to have paused sending liquefied natural gas tankers through the Bab el-Mandeb Strait after US-led airstrikes on Houthi targets in Yemen raised risks in the vital waterway.
Oil up and ships warned to stay away after strikes on Yemen
“The American and British enemy bears full responsibility for its criminal aggression against our Yemeni people, and it will not go unanswered and unpunished,” the statement continued. It said it would target sites on land and at sea, in defence of Yemen.
Iran seizes tanker US prosecuted for sanctions busting
This was in “retaliation for oil theft by the American regime, and [the vessel is] being transferred to the ports of the Islamic Republic for delivery to judicial authorities”.
Adnoc Drilling JV takes US drilling company stake
Adnoc Drilling and Alpha Dhabi set out their plans for the joint venture in November 2023. The company will acquire and invest in “tech-enabled oilfield services”. It aims to spend $1.5 billion.
Global offshore rig market could reach 96% utilisation in 2024
Westwood expects offshore rig dayrates to continue their upward trajectory across the board in 2024 as supply tightens.
UAE state-owned oil firm ADNOC invests in UK carbon capture firm Storegga
Carbon capture firm Storegga is a partner in the Acorn and Trudvang CCS projects
Houthis scale up Red Sea attacks with drone boat
The USV mobilisation this morning is the first such reported incident using this technology. Previously the Houthis have used unmanned aerial vehicles, small boats and missiles.
Saipem completes Saudi gas pipeline work
Saipem won the work in 2018, as one of a batch of contracts worth $800 million.
Opinion: Decom Mission gathering pace alongside energy transition
The energy industry continues to develop at pace, and that’s reflected by Decom Mission activity and that of our members.
International waterway woes pile up price pressures
“Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand,” Bank of America Global Research analysts said.
Adnoc signs first Ruwais LNG sale
“This landmark LNG agreement from our ongoing Ruwais LNG project enhances Adnoc’s position as a reliable and responsible global energy provider and creates new opportunities for value-creation across our gas value chain as natural gas demand continues to increase,” said Rashid Khalfan Al Mazrouei, Adnoc senior vice president of marketing.
UPDATED: BP to pause all tanker transits through the Red Sea
Oil and gas giant BP said it will pause all shipments through the Red Sea following an escalation of attacks on merchant shipping by Houthi militants.
Adnoc strikes for Fertiglobe stake with $3.62bn deal
Fertiglobe is now the “world’s largest seaborne exporter of ammonia and urea fertilisers. Today’s agreement reinforces Adnoc’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximising value for the company’s shareholders.”
Adnoc weighs takeover of $5bn chemical producer OCI
OCI said in November it had hired advisers to explore asset monetization opportunities in an attempt to reduce its holding company discount. It said at the time it was in “active discussions” on “attractive value propositions.”
Houthis hit Norwegian tanker with missile, but no casualties
US Central Command reported the Strinda was attacked at 4 pm EST on December 11. It reported an anti-ship cruise missile struck the vessel while passing through Bab-el-Mandeb.
North-east man remains in Qatar jail a year after man found dead on oil platform
Prosecutors in Qatar allege that an Aberdeenshire man murdered a colleague and seriously assaulted another - and the court process is yet to conclude.
The great drilling rig migration: jacking up and shipping out
Now that rates are rising, Middle Eastern demand is slowing – but Southeast Asia has been touted as the next step.
