‘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
BP in sale talks on $1 billion stake in giant Oman project
BP is in early-stage discussions to sell about a 10% stake in a key gas field in Oman as part of the energy giant’s plans to cut debt, according to people familiar with the matter.
Qatar makes multi-billion dollar LNG shipbuilding splash
Qatar Petroleum (QP) has signed the largest shipbuilding contract in history to shore up its LNG growth plans, this is said to account for around 60% of global LNG shipbuilding capacity until the late 2020s.
Abu Dhabi said to near pipeline deal with GIP-backed group
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
GMS sees off Seafox, allies with Zakher
Gulf Marine Services (GMS) has announced a framework agreement with Zakher Marine International, another operator of self-propelled self-elevating support vessels (SESVs) in the Middle East.
Petrofac wins Iraqi extension
Petrofac has won a six-month contract extension for its work in Iraq with Basra Oil Co. (BOC).
Record spending cuts this year, IEA warns
The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
DNO warns of declines in North Sea, Kurdistan
DNO and Genel Energy have cut production estimates and spending this year in Kurdistan, although allowing that work could resume should prices strengthen.
JGC positive on Middle Eastern contracts
Japan’s JGC remains positive about receiving the go ahead for work in Qatar, Iraq, Oman and Mozambique.
Lamprell wins Sharjah work
Lamprell has won a contract from Sharjah National Oil Corp. (SNOC) to carry out work on the Mahani field.
ADNOC sees rebalancing signs
There are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market,” ADNOC’s CEO Sultan Ahmed al-Jaber said in comments at the company’s ‘Virtual Majlis’.
MEA banks under oil price pressure
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Genel cuts capex 50%
Genel Energy has cut capital expenditure to just over $100 million for 2020, while operating expenditure will be reduced by 10% to around $40mn.
Lamprell concerned on future
Lamprell has issued a going concern warning following some tricky contracts that have left it underwater.
QP lines up Mexico move
Qatar Petroleum (QP) has bought into three blocks offshore Mexico, in the Campeche Basin, under an agreement with Total.
DNO presses ahead with Kurdistan exploration
Norway’s DNO has tested and appraised its Baeshiqa-2 exploration well in Kurdistan and is moving to spud an exploration well on a separate prospect on the same licence.
Ithaca’s Delek under pressure to refinance loans
Delek Group’s reliance on restructuring its debt and selling its assets in order to cover its liabilities has led it to note some concerns that it would able to continue as a going concern in its annual report.
GMS rejects Seafox offer
Gulf Marine Services (GMS) has formally rejected a “wholly opportunistic” bid for the company from its largest shareholder, Seafox International.
Avoiding the pitfalls of Gulf labour market during a downturn
International oil and gas companies operating in the Gulf are well-versed in dealing with fluctuating oil prices.
Seafox tees up offer for GMS
Seafox International has expressed interest in acquiring Gulf Marine Services (GMS) and is now required to make a firm offer – or declare otherwise – by May 28.
Lebanon’s first exploration well fails
Total’s well offshore Lebanon has failed to find a reservoir in the Tamar formation, which was the exploration target.
ADNOC launches offshore power network tender
ADNOC and ADPower have launched a joint tender for a subsea power transmission network, connecting offshore production facilities to the onshore power grid.
Supply chain threatened with collapse, Woodmac warns
The upstream supply chain “faces the very real threat of collapse”, a new report from Wood Mackenzie has warned, setting the industry on the path of another crisis as demand recovers.
Dana considers demerger, sukuk payment
Dana Gas has taken a step towards splitting its upstream and midstream businesses off from each other, following approval for the plan from its shareholders at an AGM vote.
Gulf Keystone waits for conditions to improve
Gulf Keystone Petroleum does still intend to increase production to 55,000 barrels per day in Kurdistan but this is dependent on conditions improving, including the resolution of outstanding payments from the local government.
QP signs $3bn LNG carrier deal with Hudong
Qatar Petroleum (QP) has struck a deal on LNG ship construction with Hudong-Zhonghua Shipbuilding Group Co. worth more than 11 billion Qatari riyals ($3.02 billion).