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January 1st, 2017

Issues:

LR launches Global Subsea Inspection Service

Subsea Inspection Service launched by provides operators with greater efficiency and improved confidence in the performance of their offshore and subsea operations
 

OPEC achieves 82% of pledged oil output cut in Jan

Supply from the 11 OPEC members with production targets under the deal in January has averaged 30.01mn bpd down from 31.17mn bpd in December
 

Kufpec buys Thailand gas field stake from Shell

The move is the latest stage of the Anglo-Dutch company's push to reduce debt after buying smaller rival BG Group for $70bn, bringing its total divestments since April 2015 to 8.7bn
 

NISOC, Pasargad Energy sign oilfield agreement

The agreement is an effort to develop Rag Sefid, Parsi and Shadegan oilfields in Khuzestan Province based on a customised framework developed by NISOC
 

Global energy demand to grow by 1.3% p a: BP

The Outlook reviews long-term energy trends and develops projections for world energy markets over the next two decades
 

PDO boosts Duqm with $1.2bn pipe supply contract

The five-year deal with Japanese supplier Sumitomo further includes a new supply yard in the Duqm Special Economic Zone
 

Oman's Khazzan tight gas to start by Q4 2017

Located on a previously undeveloped desert site 350km south of Muscat, work on the Khazzan tight gas project began in 2014 and the completed development will eventually contribute roughly a third of Oman’s supply
 

Schlumberger to develop 3 Iranian oilfields

Alipour noted that negotiations were held with 33 international firms to cooperate in joint ventures and several Memoranda of Understanding have been signed
 

Algeria top gas supplier to Spain, eyes EU exports

Gas exports are expected to grow to 57bn cubic metres (bcm) after sales of 54 bcm last year
 

OMV plans to increase its Abu Dhabi investments

OMV has significant investments in Abu Dhabi and has three ongoing projects with Adnoc, including Shuweihat with Wintershall, an appraisal project for undeveloped offshore fields Occidental Petroleum and an exploration project for the Eastern Region
 

Aramco's oil reserves confirmed by external audit

Based on a figure of 265bn barrels, Aramco's fields contain about 15% of the world's proven reserves
 

South Sudan to double its oil output

The main oil firms involved in South Sudan, which produced about 245,000 bpd until fighting flared at the end of 2013, are China National Petroleum Company (CNPC), Malaysia's state-run oil and gas firm Petronas and India's ONGC Videsh
 

OMV buys Oxy's stake in Libya's Nafoura oil field

The sale, reported by industry publication International Oil Daily, was finalised late in 2016, though it remains unclear how much OMV paid
 

ONGC, Bentley add life to existing offshore assets

The analysis included dent modelling, member/joint component strengthening, additional pile modelling, and soil convergence, as well as extensive load modeling to recommend equipment removal if necessary
 

Aramco awards offshore EPCI project to Dynamic SA

The project scope of work includes engineering, procurement, fabrication, transportation, installation, demolition, hook up, testing, and pre-commissioning of various components for offshore oil facilities in the Gulf
 

Aramco shelves plan for JV with Malayan Petronas

Aramco's move to suspend plans for the Malaysian venture comes at a time when Petronas is struggling with the slump in oil prices
 

ADNOC signs agreement for oil reserve in India

The agreement with ISPRL covers the storage of 5.86mn barrels of ADNOC crude oil in underground facilities, at the Karnataka facility
 

Iran's Dana signs MoU with OMV

OMV said that both parties agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry
 

Abu Dhabi's NPCC wins Aramco contract

The contract is for 17 jackets, the steel frames supporting offshore rigs, for the Berri and Marjan offshore oilfields in the Gulf, north of the port town of Jubail
 

Saudi Aramco asks banks to pitch for IPO

The invitation was to evaluate Aramco's business and help it with measures surrounding the share sale
 

KOC declares state of emergency over oil leak

A statement by the Kuwait Oil Company did not identify the onshore field affected by the leak, which began earlier in the week
 

Saudi on alert: Cyberattacks target organisations

Experts suspect Shamoon, which paralysed Saudi Aramco operations in 2012, to be responsible
 

'Saving on expenditure in energy sector at $1.5bn'

The Sultanate's government had initiated a major exercise to cut all non-priority expenditures and waste and improve efficiency amid dwindling oil prices
 

OPEC committee agrees on measures to monitor cuts

They further agreed on a number of stipulations, such as a production data report to be presented at the OPEC secretariat in Vienna each month and the issuance of a monthly press release on the progress of the implementation of the production adjustment.
 

Nogaholding closes Bahrain LNG terminal financing

For this project, K-SURE will provide commercial and political risk cover for approximately 80% of the financing. Standard Chartered Bank, Arab Petroleum Investments Corporation (APICORP), and the Korea Development Bank acted as lead arrangers.
 

Aramco operating 220 rigs: Energy minister

Khalid al-Falih said that continuous investment in drilling enables Saudi Arabia to offset the gradual decline in output from mature fields
 

Ipic and Mubadala name board for $125bn merger

The structure of the new company, including its divisions, which span aerospace and defence, information and communications technologies, metals manufacturing, as well as energy, is expected to be detailed by the new company after the board meets
 

Proserv starts new bases in Saudi Arabia and India

Proserv is continuing to expand, setting up a new engineering centre in Chennai, India and a manufacturing and fabrication facility for surface production equipment and services in Dammam, Saudi Arabia
 

Aramco to invest $4bn to boost gas production

The projects, estimated to cost approximately $4bn, would see engineering companies expand the processing capacity at Hawiyah by 1.3bn standard cubic feet per day. Hawiyah gas plant currently processes 2.5bn scfd of gas
 

Aramco extends contract for two Noble jackup rigs

According to the contract, the charter of platform Noble Roger Lewis was extended to March 2022, while the charter of Noble Scott Marks rig was extended to July 2022
 

Al Falih says 1.5mn bpd of oil off the market now

Saudi Energy Minister said that there had been "very strong compliance" by OPEC and non-OPEC oil countries to the production cuts agreed on in December, and that the producers had gone "extra miles", with the majority exceeding their commitments
 

Japan extends UAE crude storage deal through 2019

Tokyo has given UAE free crude storage since 2009, an arrangement that had been due to expire at the end of this year and was extended to the end of 2019
 

ABB delivers E-House to UAE offshore oilfield

ABB has shipped the first batch of nine electrical houses (E-Houses) to enable reliable power supply to offshore oilfield in the UAE
 

Aramco to build oil, gas capacity to meet demand

Saudi Aramco chief executive Amin Nasser says the world will need to invest $25tn in new oil capacity over the next 25 years to meet demand
 

Aramco launches Saudi Arabia's first wind turbine

The project will power Saudi Aramco's facility in Turaif in northwestern Saudi Arabia, providing electricity directly to the bulk plant
 

McDermott Middle East appoints KSA General Manager

Dustin Whiteley joins McDermott from Halliburton, where he worked in several senior roles across the globe including USA, Indonesia, UK, Thailand and most recently as Country Manager for Saudi Arabia
 

China's oil collapse could help OPEC

OPEC's campaign to prop up oil prices is getting unlikely support from its biggest customer, according to Bloomberg.
 

Iran's Oil, gas revenues to hit $41bn in 2016-17

For the first nine months of the current Iranian fiscal year, oil revenues reached $24.7bn
 

Dana Gas to raise Wastani gas production in Egypt

The current production of WASCO is estimated at 195mn cubic feet of natural gas and 6,200 barrels of condensates per day
 

Oil to dominate over renewables, says Aramco CEO

World needs to invest $25 trillion in new oil capacity over next 25 years, Amin H. Nasser says at World Economic Forum in Davos
 

Bangladesh set to ink LNG deal with Qatar

The two sides will discuss issues regarding the quantity of liquefied natural gas (LNG) to be imported from Qatar and its pricing
 

Inpex, ADNOC to extend joint oilfield development

The development of the Satah and Umma Al Dalkh fields will be extended from March 8, 2018, to the end of 2042
 

Oman Shipping signs 3-year deal with Shell

The contract grants Shell access to the Very Large Crude Carriers (VLCC) operated by OCC for Crude oil cargo transportation requirements and provides OCC with the cargo base it needs to support its commercial operations
 

Nogaholding approaches banks for bond programme

Since Nogaholding's latest US dollar fund-raising exercise was an Islamic loan, a sukuk programme seemed more likely
 

Platts launches LNG price assessment for MENA

The Platts MEM will cover the spot price of cargoes delivered into Middle East ports as well as in Pakistan, where LNG imports have climbed from 5.9 bcm of gas in 2014 to 28.6 bcm in 2016
 

OPEC chief confident in commitment for cut deal

Top exporter Saudi Arabia and Kuwait said they had cut production by more than they committed to, and Iraq, OPEC's 2nd largest producer, said it too had reduced production and exports
 

Wintershall explores tie-ups in Middle East

Wintershall Middle East general manager Uwe Salge said the company has the right strategies to grow in the region
 

Aramco extends GES+ contract with SNC-Lavalin

Under the contract, SNC-Lavalin will be invited to bid on front-end engineering, detailed engineering and project management services to support the implementation of Saudi Aramco's capital and sustaining capital programmes in the Kingdom of Saudi Arabia
 

DNO makes Cretaceous oil discovery at Peshkabir

The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 170-meter interval
 

Saudi online recruitment up by 34% in oil & gas

While the November figures record an overall decline in year-on-year momentum in Saudi Arabia, the oil and gas industry continues to lead growth in online recruitment in the Kingdom
 

Schneider Electric names new cluster president

Before joining Schneider Electric in 2000, Darwish worked at Procter & Gamble Co. for seven years, serving in various functions including marketing, customer business development and organisation development
 

Scottish Plexus wins tech order for Oman oil well

The new well, Karamah-1, will be drilled from the Aban VII jackup rig over 30 days
 

Dragon Oil appoints new board member and CEO

Al Falasi takes over Abdul Jaleel Al Khalifa, who served as CEO of Dragon Oil since 2008
 

Al Mazrouei urges others to report oil output cuts

Suhail Al Mazrouei said on Wednesday that Opec and non-Opec producers who have agreed to restrict their output over the next six months need to demonstrate that they are being implemented in order for their initiative to stabilise oil prices
 

Iraq cuts oil production by 160,000 bpd: OPEC deal

Oil Minister Jabar Ali al-Luaibi said he hoped that by the end of the month production would be cut by 210,000 bpd, in line with the OPEC-agreed cap for Iraq
 

Wood Group wins multi-million dollar Aramco deal

The Aberdeen-based company has secured a five year framework agreement to continue to provide engineering and project management services to Aramco's onshore capital programmes in Saudi Arabia
 

5 Minutes With: Dick McAdam

Oil & Gas Middle East delves beneath the corporate strategy to understand what really makes the industry's leaders tick
 

The Black Swans of KSA's Vision 2030

Saudi Arabia's transformation plan has forced the socio-economic and climate change policies to be interwoven, creating significant challenges for the power sector
 

Go big or go home

Marc Heerink says Fluor's experience on multi-billion-dollar mega plants, coupled with its integrated 'OneFluor' strategy, will enable the EPC giant to maintain and grow its sizeable market share in the Middle East, regardless of the oil price
 

Oman's energy sector makes modest gains

The Sultanate is hoping for a better new year in which it seeks to drive its oil and gas industry towards profitability, indulge in more innovative EOR projects, whilst leading the economy towards structured diversification
 

Adept wellheads key to sector's total wellness

Efficient wellheads and equipment that reduce risks as well as maintenance costs in the prevailing market conditions, besides helping operators optimise production efforts, remain a core requirement of the regional upstream industry
 

Lebanon to restart oil, gas licensing round

In its first sitting since being formed in December, Lebanon's new cabinet passed two decrees on Wednesday defining the blocks and specifying conditions for production and exploration tenders and contracts
 

Cover Story: Ringmaster of gaskets

Sealing equipment provider Flexitallic is consolidating its position as a leading supplier of gaskets to the oil and gas industry by offering innovative and effective products, and eyeing regional and global expansion
 

Life Lessons: Soaring to great heights

Chris Fleming, CEO of Cyberhawk Innovations, reminisces about his journey in the oil and gas industry and how he was led into the fantastic world of UAVs
 

Interesting state of affairs in global oil and gas

A number of factors including the growing cost of production in some regions among others, the role of OPEC in coordinating the scope of production all around the globe and the volatility of the US dollar
 

Securing the critical infrastructure holds key

The cyber defences used in the MENA region to ward off attacks are outdated and ineffective, remaining highly vulnerable to hackers, Mohammed Abukhater writes
 

Digitalised future for the GCC

Joint study by Siemens and Strategy& finds the GCC is well-placed to embrace the disruptive potential of digitalisation
 

The year 2017 we've all been yearning for

With the landmark deal between OPEC and non-OPEC producers boosting oil prices, optimism has been rekindled
 

Iran eyes to increase gas export by over 7 times

The gas demand for power sector is expected to increase by only 15 bcm/y to around 70 bcm/y, while the industrial sector would double the gas consumption to above 80 bcm/y by 2020
 

China's Iranian crude oil imports to hit record

Chinese firms were expected to lift between 3mn to 4mn barrels more Iranian oil each quarter in 2017 than last year
 

The bad news continues for offshore oil and gas

Offshore drilling has been one of the worst hit sectors during the oil price slump, with exploration expenditure having significantly dropped over the past two years and expected to continue to fall this year
 

Aramco explores Feb output cuts of 3% to 7%

Saudi Energy Minister Khalid al-Falih said that January oil production could fall below the kingdom's agreed ceiling
 

Geopolitics to impact global energy in 2017

This year marks the most volatile political risk environment in the postwar period, at least as important to global markets as the economic recession of 2008
 

QP obtains license to prospect in Morocco

Qatar Petroleum has obtained the licensing to prospect for oil and gas in Morocco's southern costs, according to Moroccan news outlet Hespress.
 

Iran sells millions of barrels after OPEC cuts

In the past three months, Tehran has sold almost half the oil it had held in floating storage, which had tied up many of its tankers as it struggled to offload stocks in an oversupplied global market
 

Bahrain LNG set to start work on giant terminal

On completion, the terminal will have a capacity of 800mn standard cubic feet per day (mcf/d) and be operated under a 20 year agreement
 

ADNOC plans oilfield maintenance to cut output

Field maintenance is expected to reduce Murban crude exports in March and shipments for Das crude in April
 

Egypt's power sector seizes 60% of natural gas

The rise in natural gas consumption of all Egyptian sectors within the last years was the main factor behind government's decision to liberalise gas market
 

Iraq begins reducing oil output in line with OPEC

Iraq is reviewing several options to implement the reduction, including cuts from Kirkuk oilfield, southern fields being developed by oil majors or other state-run areas, Luaibi told Reuters last month.
 

Schlumberger acquires Peak Well Systems

The addition of Peak's mechanical and remedial solutions for cased-hole well intervention strengthens the Schlumberger Production Services portfolio
 

Special Report: Securing Big Data

Leo Simonovich, director of Global Cyber Strategy and Product Development at Siemens talks about why companies need to strengthen their cyber defence
 

Report: Coping with 'big' changes in the sector

With more than 2.5 quintillion bytes of data produced from internet users per day, Big Data can help organisations make better informed business and technical decisions
 

Report: The 'smart' way to integrate operations

Intergraph's Francois Haynes describes how the company's 'SmartPlant Fusion' engineering information management system is helping EPC contractors and operators alike capture, organise, link and visualise data.
 

Report: Regional Big Data growing in magnitude

According to a report published in 2016, the Big Data, Business Intelligence and Analytics market in the Middle East is expected to grow from $5.09bn in 2015 to $12.38bn by 2020, at a CAGR of 19.4%
 

Special Report: There's something Big in the works

Big Data is making big promises to not just the oil and gas sector, by helping it manage its mammoth data and optimise operations, but also proving to be a boon for ICT companies
 

Saudi Aramco renews deal with WorleyParsons

The contract involves project management and design engineering services across a variety of onshore, green and brownfield projects
 

Qatar, Glencore finalise deal with Rosneft

The deal's success suggests the lure of taking a share in one of the world's biggest oil companies outweighs the risks associated with Western sanctions imposed on Russia
 

Aramco, McDermott sign offshore EPCI contract

McDermott is currently executing EPCI work for Saudi Aramco on nine jackets offshore Saudi Arabia, which are expected to be delivered in the third quarter of 2017
 

Kuwait's KPC committed to OPEC oil output cut

KPC said in a statement it had notified its clients of the production cuts from the start of January, saying they will be in effect for the whole of the first quarter of 2017
 

Adgas awards TÜV Certificate of Recognition

TÜV Rheinland Middle East's involvement with Adgas primarily focuses on maintaining plant integrity, creating base line inspection data and certifying all lifting appliances on Das Island
 

Expansion to boost Al Hosn sour gas plant capacity

The plan to expand the Al Hosn plant is part of ADNOC's "2030 Strategy."
 

Egypt's bill of importing natural gas hit $250mn

The Egyptian government would continue importing natural gas until reaching self sufficiency within the coming two years
 

Morocco picks advisers for LNG import plan

The HSBC contract is worth $7mn while Ashurst will earn around $2mn
 

UAE's ADNOC seeks more 'strategic' partnerships

Company says it will target expansion in refining, petrochemical and fertilisers sector
 

KSA to raise February term crude prices to Asia

The official selling price (OSP) for flagship Arab Light crude could rise by at least 50 cents a barrel for February
 

Nortech establish JV in Abu Dhabi

Dhabi Nortech provides Engineering Design (Engineering House) and Project Management Consultant (PMC) solutions for UAE's oil & gas, process, petrochemical, chemical, infrastructure and energy sectors
 

Aramco grants EPC contracts to L&T Hydrocarbon

The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia
 

Libya's oil production rises to 685,000 bpd

National output remains far below the more than 1.6mn bpd that Libya was producing before its 2011 uprising
 

Iran certifies 29 IOCs to bid for energy projects

The list included Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries
 

Siemens ships 1st gas turbine to Zirku Island

The offshore project is being implemented in seven stages and primarily involves the reclamation and construction of two artificial islands to facilitate drilling works for the extraction of crude oil from the field
 

Oman begins oil output cut under OPEC deal

The deal, however, could be marred by the defiance of producers and hikes in production by independent producers, both of which could render the agreement unworkable
 

Takreer awards two contracts to Amec and Axens

Takreer plans to expand production of gasoline to 9.4 mtpa, by 2022 with the new gasoline and aromatics project adding 4.2 mtpa of gasoline supply and 1.6 mtpa of aromatics
 

Iran, Daelim sign $2bn construction deal

The project is to add facilities that will be used to produce high value-added products to the oil refinery in Isfahan, located 400km south of Tehran, the capital of Iran
 

Saudi Aramco, SASO sign cooperation deal

The agreement outlined that Saudi Aramco will lead the relevant technical team responsible for establishing standards for petroleum products
 



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