Middle East

Projects April 2024

U.S. regulators approve Mexico Pacific’s Saguaro Connector pipeline; EU approves $4.9 billion German state funds for hydrogen projects; Tallgrass, Bridger begin open season for Pony Express expansion; and more!

Global News April 2024

Latest industry developments from around the world!

Oman LNG Inks 10-Year Supply Deal with TotalEnergies for 800,000 Tons Annually

Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas (LNG), the companies said on Monday.

Iran-Pakistan Gas Pipeline Remains Stalled Under Cloud of Sanctions

Iranian President Ebrahim Raisi's visit to Pakistan this week put the spotlight on a major gas pipeline deal between the two neighbors which has faced delays due to geopolitical issues and international sanctions.

Editor’s Notebook: Few Winners in Iraq-Turkey Pipeline Fallout

Increasingly frustrated by impasses regionally, the eight member companies of the Association of the Petroleum Industry of Kurdistan (APIKUR) have gone so far as requesting that two U.S. lawmakers exert pressure on Iraq to reopen the Iraqi-Türkiye pipeline.

Mitsui Yet to Decide on ADNOC LNG Project Partnership Despite Nikkei Report

Japan's Mitsui & Co. said on Tuesday nothing has been decided on an LNG project in the United Arab Emirates, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Company (ADNOC) on it.

Saudi Aramco in Talks for 10% Stake in China's Hengli Petrochemical

The potential deal "aligns with Aramco's strategy to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements," the company said.

Technip Energies Secures Contract for TotalEnergies and OQ's Marsa LNG Project in Oman

Technip Energies, has been awarded a substantial contract by TotalEnergies and OQ for the Marsa LNG bunkering project located in Sohar, Oman.

SLB Profit Rises 14% on Strong International Drilling Demand Amid North American Weakness

Top oilfield services firm SLB reported a 14% rise in first-quarter profit on Friday, in line with analysts' estimates, as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America.

Iraq Plans Oil, Gas Contract Bids on April 27

Iraq will hold a bidding round for oil and gas exploration contracts on April 27, the oil ministry said on Thursday.

Biden Unlikely to Tighten Iran Oil Sanctions Following Israel Attack, Analysts Say

Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.

Oil Prices Dip as Market Reacts to Iran's Attack on Israel

Oil prices fell at Asia's open on Monday, as market participants dialed back risk premiums following Iran's attack on Israel late on Saturday, which the Israeli government said caused limited damage.

IEA Trims Oil Demand Forecast on Weakness in Wealthier Countries

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.

ADNOC Explored Potential Takeover of BP, Sources Say

The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters.

Iraq to Restart Kirkuk-Ceyhan Pipeline as Kurdish Talks Stall

The reopening of the Kirkuk-Ceyhan pipeline, which has been shut for a decade, would provide a rival route to a pipeline from the Kurdistan region that has been shut for a year as talks between Baghdad and the KRG on resuming exports have stalled.

Lunate Acquires 40% Stake in ADNOC Pipeline Assets from BlackRock and KKR

Abu Dhabi investor Lunate said on Wednesday it had bought a 40% stake from private equity firms BlackRock and KKR in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines.

Mitsubishi Invests in EIG's LNG Company MidOcean Energy

Japanese trading house Mitsubishi has agreed to invest in MidOcean Energy, an LNG company owned by U.S. investment firm EIG, MidOcean said on Tuesday without giving details of the deal.

ADNOC Cuts Upper Zakum Oil Exports Sharply After Diverting Supply to Refinery

Exports of Upper Zakum crude from the United Arab Emirates fell sharply in March after ADNOC diverted more supply to its own refinery and boosted shipments of its lighter Murban oil, according to traders, analysts and shipping data.

QatarEnergy Signs Charter Deals for 25 LNG Vessels with Nakilat

QatarEnergy has entered time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25 conventional-size LNG vessels.

PetroVietnam Gas Signs Deal with QatarEnergy for LNG Purchase

PetroVietnam Gas said on Wednesday it has signed a contract with QatarEnergy to buy 70,000 metric tons of liquefied natural gas for delivery on April 12-13.

U.S. Opposes Pakistan-Iran Gas Pipeline Project, Warns of Sanctions

The U.S. said on Tuesday it does not support a Pakistan-Iran gas pipeline project from going forward and cautioned about the risk of sanctions in doing business with Tehran.

Sudan War Causes Stoppages on South Sudan Oil Pipeline, Officials Say

The main pipeline carrying oil from South Sudan through Sudan for export has been suffering stoppages since last month due to problems linked to the war between Sudan's army and the Rapid Support Forces (RSF), according to three Sudanese officials.

Iraq, Oil Firms Trade Blame Over Shut Turkey Pipeline

Foreign oil firms operating in Iraq's Kurdistan region are partly to blame for the delay in resuming crude exports after failing to submit contracts for revision, Iraq's oil ministry said.

CEO: Other Nations Will Fill LNG Gap if U.S. Retreats, Baker Hughes Affirms

If the U.S. pulls back from permitting new LNG export plants, demand for the fuel will still be met from projects in Qatar, Argentina and Africa, the CEO of Baker Hughes, the world's largest provider of equipment for the LNG sector, said on Thursday.

Saudi Aramco CEO Foresees Prolonged Oil Demand Growth Amidst Shipping Disruptions

Global oil demand will not peak for some time, so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday.

U.S. Export Credit Agency Approves $500 Million Support for Bahrain Oil Project

The U.S. export credit agency on Thursday voted to approve a $500 million loan guarantee for an oil and gas drilling project in Bahrain, testing a U.S. climate pledge to stop backing projects that expand the use of fossil fuels.

IEA Forecasts Non-OPEC+ to Lead 2024 Oil Production Growth, Offset Output Cuts

Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday.

Israel's NewMed Delays $2 Billion BP, ADNOC Buy-In Offer Amid Regional Uncertainty

A $2 billion offer by Abu Dhabi's national oil company and BP to buy a 50% stake in Israeli gas producer NewMed has been put on hold due to uncertainty in the region, NewMed said on Wednesday.

CarbonCapture Raises $80 Million from Saudi Aramco, Others for Carbon Removal Technology

Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, said it had raised $80 million from investors that include Saudi oil giant Saudi Aramco.

Venezuela Rushes to Strengthen Iran Relationship as U.S. Sanctions Loom

Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps that had boosted crude exports and helped stem domestic fuel shortages.