Author: Rigs & Barge World
Oman’s energy ministery has dubbed state firm OQ Alternative Energy (OQAE) the “national champion for renewable energy.” Its purpose is distinct from state offtaker Nama Power and Water Procurement (Nama PWP), which is working with international consortia to develop projects to raise renewable capacity from 1.55GW to 5.1GW by 2030 (MEES, 23 May). Instead, OQAE is working with upstream oil and gas firms, industrial companies, and green hydrogen developers to provide renewable power capacity for their operations. “OQ Alternative Energy has been tasked with two main roles. First, we are the national champion for developing renewable projects in the country…
On 11 December, Dana Gas announced that its North El-Basant 1 exploration well in Egypt’s onshore Nile Delta had yielded a new gas discovery. The Abu Dhabi-listed firm says that the initial well results indicate estimated reserves of 15-25 bcf, with expected production of 8mn cfd once the well is connected to Egypt’s gas network. Egypt is suffering from substantial gas shortages despite production of 4.20bn cfd last quarter, and while new discoveries are welcome, this is not going to make much of an impact on its balances (MEES, 17 October). (CONTINUED – 252 WORDS) Read this article for free…
Iraq’s economy is driven by revenues from crude oil exports to global markets, and these are sputtering this year as prices have fallen due to economic uncertainty. MEES calculates that crude export revenues are set to fall by $11bn this year to a four-year low of $84bn. Realized export prices are set to average $9.3/B below last year’s $76.92/B. This is a far cry from 2022 when the disruption caused by Russia’s invasion of Ukraine drove up oil prices, resulting in record export revenues of $116bn (see chart 1). The steady downwards drift of oil prices since then has caused…
Qatar’s fiscal balance and trade revenues have suffered from oil prices dropping below $70/B this year amid global trade wars and the unwinding of Opec+ production cuts. This has generated a $700mn deficit over the first nine months of the year making a full-year deficit of around $1bn likely by MEES estimates. This will be the first deficit since Qatar posted a $2.2bn deficit in 2020, and another deficit is likely next year. The recently released 2026 budget has a $6bn deficit, although this is based on a conservative $55/B oil price assumption and the eventual deficit will likely be…
An announcement by Saudi Arabia’s Ministry of Finance last week indicating that the Jafurah Basin unconventional gas project had started up always appeared suspect, especially given the lack of confirmation from Aramco itself (MEES, 5 December). And that caution was justified, with Aramco’s EVP for Gas Abdulkarim al-Ghamdi this week telling the Middle East Gas Conference that commissioning is underway and that the project is on schedule to start up by year-end. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess…
The bearish sentiment in the crude oil markets continues unabated, despite the substantial drawdowns in US crude oil inventories. According to the American Petroleum Institute (API), US crude inventories fell by 4.8 million barrels and 2.48 million barrels respectively, during the last two weeks.As of 16:50 GMT on Friday, the prices of WTI and Brent were $57.53 and $62.19 respectively. In this context, forecasts by both investment banks and the EIA (US Energy Information Administration) that oil prices will likely remain below $60 a barrel in 2026 hardly serve as a catalyst to shore up battered investor sentiment.To capitalize on…
Yemen’s UAE-backed secessionist Southern Transitional Council’s (STC) military offensive continues to reshape the embattled country’s political landscape. After the group removed Saudi-backed government and tribal forces and took control of two oil and gas producing blocks in Yemen (MEES, 5 December) earlier in the month, on 7 December it further strengthened its position by taking over the Al-Aqlah fields in Block S-2 in Shabwa. Until earlier this year, S-2 was operated by Austria’s OMV, but the firm walked away effective 1 June (MEES, 30 May). Production at S-2 has been shut in since March 2023 due to the Houthi embargo…
Eni has confirmed a significant natural gas discovery at the Konta-1 exploration well in the Muara Bakau Production Sharing Contract (PSC), located approximately 50 kilometers offshore East Kalimantan in Indonesia’s Kutei Basin. Early estimates place the gas initially in place at around 600 billion cubic feet (bcf), with the potential to exceed 1 trillion cubic feet (tcf) once additional reservoir segments are assessed. Drilled to a depth of 4,575 meters in 570 meters of water, the well intersected four Miocene-age sandstone reservoirs with strong petrophysical characteristics. A drill stem test on one reservoir delivered flow rates of up to 31…
Intensive talks continue at Israel’s energy ministry as the partners of the 22.3tcf Leviathan gas field, led by operator Chevron (39.66%), lobby for a permit to export an additional 130bcm of gas to Egypt. Receiving the export permit from Energy Minister Eli Cohen is a key condition of the giant $35bn deal first announced in August to send more gas to Egypt (MEES, 8 August). The partners missed their self-imposed 30 November deadline but have given themselves another month to convince the minister to approve their application. (CONTINUED – 1771 WORDS) Read this article for free Gain access to over…
Natural Gas Vehicles Company (CARGAS) is planning to expand into several Arab and African countries by establishing centers specialized in converting gasoline‑fueled vehicles to natural gas, said Khaled Raslan, the company’s Chairman and Managing Director. The announcement came during a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Raslan with other company leaders to discuss ways to expand operations beyond Egypt and strengthen CARGAS’s presence in Arab and African markets. Raslan outlined the company’s operational objectives as the oldest Egyptian firm specializing in vehicle conversions to natural gas. He revealed plans to expand operations and develop stations…