Middle East

Trafigura Charters Supertanker to Load Diesel from Middle East

Global commodities trader Trafigura loaded diesel onto a supertanker in the Middle East this week, taking advantage of lower freight rates for crude tankers to send more fuel to the West, according to shipping data and several trade sources.

Vallourec Extends Abu Dhabi Oil Contract, Secures New Order

Vallourec has signed a two-year extension to its contract with the National Oil Company of Abu Dhabi, originally worth around $900 million.

Global News June 2024

Latest industry developments from around the world!

OPEC Sees No Peak in Long-Term Oil Demand, Secretary General Says

OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.

NextDecade, Saudi Aramco Ink 20-Year LNG Supply Deal

U.S. liquefied natural gas provider NextDecade has signed a non-binding agreement with Saudi Aramco to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday.

ADNOC Awards $5.5 Billion of Contracts for Ruwais LNG Plant

ADNOC has awarded contracts worth $5.5 billion to build its Ruwais project which will more than double the United Arab Emirates LNG output, the Abu Dhabi Media Office said on Wednesday.

Wood Completes FEED for Aramco's Carbon Capture Hub in Saudi Arabia

Wood has finalized the front-end engineering and design (FEED) for Aramco's Accelerated Carbon Capture and Sequestration project in Saudi Arabia.

Rosneft's Sechin Criticizes Increase in Spare Oil Output Capacity in Middle East, West

He said that combined spare oil production capacity of Saudi Arabia, United Arab Emirates, Kuwait and Iraq stood at 5.6 million barrels per day, or 13% of OPEC+ current output.

Sinopec Unit Secures $1.1 Billion Deal to Build Gas Pipelines for Saudi Aramco

A Sinopec service unit said on Thursday it has signed a $1.10 billion deal to build natural gas pipelines for Saudi state oil company Aramco.

Iraq Calls For Urgent Meeting To Resume Iraq-Turkey Oil Pipeline Exports

Traffic via the Iraq-Turkey oil pipeline (ITP), which once handled about 0.5% of global oil supply has been halted, stuck in legal and financial limbo, since March 2023, and talks to resume the exports have stalled.

U.S. LNG Export Pause Creates Opportunities for Middle East Producers, Says Woodside CEO

A moratorium on new U.S. LNG export projects could open up opportunities for producers in the Middle East and Russia, but Western sanctions are curbing Moscow's ambitions to expand its global gas trade, a senior industry official said.

Saudi Crown Prince Assures Japan of Stable Oil Supply Amid Postponed Visit

The crown prince told Kishida that "Saudi Arabia remains committed to the stable supply of crude oil to Japan and that Saudi Arabia would like to cooperate with Japan in other areas including the field of clean energy," it said.

Saudi Aramco Signs MOUs with U.S. Firms for Lower-Carbon Energy Solutions

Saudi Aramco signed three memorandums of understanding (MOU) with U.S. companies Aeroseal, Spiritus and Rondo, the state-owned oil giant said on Friday.

QatarEnergy CEO: Qatar to Sign More Long-Term LNG Contracts This Year

Qatar has not had difficulty securing long-term liquefied natural gas contracts and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad al-Kaabi said at an economic forum on Wednesday.

Saudi Arabia to Reduce Crude Oil Supply to China by 5.8 Million Barrels in June, Sources Say

The supply cuts come after the world's top exporter Saudi Aramco hiked official selling prices (OSPs) for most of its crude to Asia to the highest in five months despite weak refining margins.

Germany's EnBW Signs 15-Year LNG Supply Deal with ADNOC

German utility company EnBW said it has signed a 15-year LNG contract with ADNOC, as Europe boosts LNG imports after Russia's invasion of Ukraine curtailed westbound pipeline gas shipments.

Iran, Pakistan Seek Ways to Complete Long-Delayed 1,180-Mile Gas Pipeline Project

Iran and Pakistan are looking at ways to complete the long-delayed gas pipeline project between the two countries, Iran's Consul General to Pakistan, Hassan Nourian, said on Monday.

U.S. Oil Executive Censure Puts Spotlight on Shale-OPEC Meetings

A U.S. regulator's censure of a top U.S. oil executive over private meetings with the Organization of the Petroleum Exporting Countries (OPEC) group of oil producers has put a spotlight on dinners attended by dozens of shale executives.

OPEC Secretary General: 'End of Oil Not in Sight', Urges Focus on Emissions Reduction

The end of oil is not in sight, OPEC's top official said, as the pace of energy demand growth means that alternatives cannot replace it at the needed scale, and the focus should be on cutting emissions not oil use.

Four Killed in Drone Attack on Northern Iraq's Khor Mor Gas Field

Four expatriate workers were killed in a drone attack targeting the Khor Mor gas field in Iraq's Kurdistan region on Friday, an advisor to the Iraqi Kurdish prime minister told Reuters.

Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project

Oilfield services provider Baker Hughes said on Tuesday it has received an order to supply equipment for the third phase of oil giant Aramco's gas network expansion project in Saudi Arabia.

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.