‘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.
All Middle East Posts
UK Oil and Gas clinches deal to buy 50% stake in Turkish exploration targets
The firm behind the Horse Hill oil development near Gatwick Airport has agreed to take a 50% non-operated interest in a licence in Turkey.
GP Global denies terminal trouble, launches restructuring
Dubai’s GP Global has launched a financial restructuring process in response to the “global economic meltdown”.
Petropars signs South Azadegan production boost
Petropars has signed a contract to develop the South Azadegan oil field, with Petroleum Engineering and Development Co. (PEDEC).
Tanker ‘hijacked’ off UAE now in Iran, says UN agency
A US-sought oil tanker "hijacked" off the coast of the United Arab Emirates after allegedly smuggling Iranian crude oil is back in Iranian waters, a United Nations agency said.
Fiscal relief for upstream oil companies: what should governments consider?
The current collapse in the price of crude oil is the most extreme so far this century. It has already had significant impact on the oil industry, leading to some declarations of force majeure (examples include licenses and contracts in Iraq and the Gulf of Thailand). The question we address here is: what will the impact be on upstream producing countries? And more specifically, how should upstream countries react if companies approach them for fiscal concessions, citing marginal economics?
UN to discuss “floating oil bomb” offshore Yemen
The United Nations Security Council will discuss the outlook for the Safer tanker, a floating oil storage vessel off Yemen in a state of disrepair.
Aramco plans downstream shake up
Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value.
Yemen rebels send repair team to prevent leak from stricken oil tanker
Yemen’s Houthi rebels say they’ve sent a maintenance team to repair an ageing oil tanker laden with more than 1 million barrels that the United Nations and environmental groups see as a threat to marine life in the Red Sea.
Taqa to sell more shares following deal to create utility giant
Abu Dhabi’s Taqa plans to sell more shares after completing an asset-transfer deal with its parent, government-owned ADPower, that creates a utility giant in the Gulf Arab region.
GMS defies AGM vote and reappoints directors
Voting at Gulf Marine Services’ (GMS) AGM has seen three board members being rejected for reappointment by shareholders – while the company has opted to reappoint two of them anyway.
Lebanon issues warning on Israeli licence plans
Lebanese President Michel Aoun has condemned planned Israeli exploration in contested waters.
ADNOC seals $20.7bn deal on gas pipelines
A group of international investors is buying a stake in ADNOC’s gas pipeline assets, which are valued at $20.7 billion.
Oryx sharpens focus in Kurdistan, cuts African interests
Oryx Petroleum has cut operating expenses by 21% and is focused on slimmed down operations in Kurdistan for the near future.
GKP cuts workforce 40%
Gulf Keystone Petroleum (GKP) intends to cut 30% of costs this year, including a workforce reduction of 40%.
Might makes for LNG opportunities
Pandemic-driven lockdowns have taken their toll on small companies in every sector, while larger companies can take a longer view on matters, including in the LNG sector.
Aramco closes $69bn Sabic deal
Saudi Aramco has completed its purchase of a 70% stake in Saudi Basic Industries Corp. (Sabic) for $69.1 billion.
Petrofac wins Bahrain EPCC work
Petrofac has won an engineering, procurement, construction and commissioning (EPCC) contract from Bahrain’s Tatweer Petroleum.
Aramco pauses Shelf contract
Saudi Aramco has paused its contract for the High Island IV jack-up rig, owned by Shelf Drilling.
GMS rejects Seafox board bid
Gulf Marine Services (GMS) has rejected calls from former suitor Seafox International to allow voting for two of its chosen board members.
Kuwait plans to curb expat hiring
Kuwait intends to ban the practice of hiring expatriate workers at Kuwait Petroleum Corp. (KPC) and its subsidiaries.
GMS restructures debt, plans capital raise
Gulf Marine Services (GMS) has reached a deal with its banks to restructure its debt, three weeks ahead of schedule, pushing out maturities until June 2025.
IMO 2020: coming up VLSFO
Six months on from the passage of the IMO 2020 initiative – the International Maritime Organisation ruling that required the marine sector to reduce sulphur emissions by over 80% – how has the market responded to the new position, asks Andy Laven, COO of Sahara Energy Resources DMCC
Oxy eyes Middle East sales to tackle debt
Occidental Petroleum is reviewing options for its Middle Eastern assets as it seeks ways to reduce its debt pile, people familiar with the matter said.
Energean’s Karish plan slips
Work has restarted in Singapore on a vessel for Energean that is due to begin producing gas off Israel in 2021.
African rig count plummets, while Middle East holds up
Africa has been the hardest hit region in terms of rig numbers, according to Baker Hughes’ May data.
