‘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
Lamprell names former McDermott exec as new CEO
UAE-based fabrication firm Lamprell has named former McDermott executive Ian Prescott as its new CEO.
TPAO makes billion barrel oil find
The company expects the new discovery will produce 100,000 bpd, doubling Turkey’s current production.
Adnoc switches LNG expansion site
The Al Ruwais facility would use electric-drive trains, running on renewables and nuclear power. As a result, Adnoc said, it will be “one of the lowest carbon intensity LNG facilities in the world”.
US calls on Iran to release oil tanker seized in Gulf of Oman
The US called for the immediate release of an oil tanker it says Iran seized in international waters on Thursday.
Gulf Keystone halves capex on Kurdistan export woes
The region owes Gulf Keystone $102mn, for supplies from October 2022 to January 2023. Kurdistan paid $66mn for August and September 2022 sales.
Boskalis signs on to tackle FSO Safer disaster
The work should take about two months, it said. Once the FSO Safer is clean and empty, it will be towed to a green shipping yard.
Sinopec signs up for stake in mega Qatari LNG project
The company took the final investment decision (FID) on NFE in February 2021. Adding the NFE and NFS volumes should boost Qatari capacity from 77mn tpy to 126mn tpy.
International offshore oil calls once more
Nigeria’s emissions are 16 kg of CO2 per barrel and Angola’s 17 kg, while on the shelf they rise to an average of 33 kg.
TotalEnergies brings in QatarEnergy to unlock Iraq deal
Plans took a long time to progress because of a difference of opinions over terms and shareholding. Iraq had pushed for a higher stake in the project. Initially, its interest was to be held by the Iraq National Oil Co. (INOC), this was abolished in September 2022.
OPEC+ makes shock million-barrel oil production cut causing new inflation risk
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
DNO shuts production down in Kurdistan
“It is unfortunate it has come to this given the likely impact of a continuing supply disruption on oil prices and at a fragile time in global financial markets,” said DNO executive chairman Bijan Mossavar-Rahmani.
BP, Adnoc make take private offer for NewMed
BP said the offer was in line with its "stated strategy and financial frame including current guidance for capital expenditure".
Kurdistan operators confirm shutdown on Iraq-Turkey ruling
Iraq’s Ministry of Oil has said it would discuss how to export “Iraqi oil through the Turkish port of Ceyhan” with the authorities in Kurdistan and Turkey.
Genel pursues options beyond Kurdistan
“The business is now determined to add new revenue streams that build a stronger business”, said CEO Paul Weir.
Saudi Aramco posts blowout annual profit and raises dividend
Saudi Aramco unexpectedly increased its dividend and said it would hike spending as it looks to deploy an avalanche of cash generated by last year’s surge in oil and gas prices.
Abu Dhabi bank first out of the blocks to target emissions
FAB is aiming to reduce scope one to three emissions in the oil and gas sector by 7 to 15% by 2030, from a 2021 baseline.
UN signs up Euronav to take crude from ailing Yemeni disaster
The UN has raised $95 million for the work, of which it has received $75mn. Work in the emergency phase is budgeted at $129mn.
Accelerating acquisitions, Adnoc Drilling orders hybrid land rigs
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Cepsa sells down Abu Dhabi interests to Total
Cepsa said the sale was intended to allow it to focus on its Positive Motion strategy. This will make Cepsa a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal, it said.
Adnoc Gas opens book to public, aims to raise $2 billion
The offer runs until March 1. It covers around 4% of the shares in the company. It will raise $1.9 to 2 billion. The price values Adnoc Gas at $47 to 50.8bn.
NewMed invests in plan for Israeli LNG exports
The Israeli company has also talked about building a third gathering line at Leviathan, with a final investment decision (FID) due early this year.
QE continues to consolidate control, taking over LNG marketing
QE currently manages the marketing and sale of all Qatar's exported products, bar LNG and Helium.
Gulf IPO rush resumes as Adnoc tees up largest deal of 2023
The United Arab Emirates’ national oil company plans to raise $2 billion or more by listing its natural gas business in what could the largest initial public offering so far this year.
Borr reactivating last rig in its fleet as drilling optimism mounts
Increasing EBITDA and reducing leverage “could enable a global refinancing of the company in 2024”, Schorn said. This “should ultimately accommodate dividend payments to shareholders".
Germany receives first Middle Eastern LNG, from Adnoc
Alebri said the delivery “demonstrates how the UAE is continuing to work closely with our strategic partners in responsibly providing secure, sustainable and affordable energy supplies”.