Middle East

Looking Back at the Biggest Pipeline Stories of 2023

(P&GJ) – In this final issue of P&GJ for 2023, the staff – with more than a little help from our readers – takes a look back at the sometimes chaotic year in midstream that was 2023.

Aramco Expands Big Data Unit to Drive M&A Decisions and Profit Optimization

Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximize profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters.

Record U.S. Oil Output Challenges Saudi Mastery

U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC+ partners as they cut their own production to boost prices.

Global News December 2023

Latest industry developments from around the world!

EU Keeps Eastern Mediterranean Gas Pipeline on New List of Priorities

The European Commission has maintained a proposed pipeline connecting the gas reserves in the Eastern Mediterranean to Greece via Cyprus and Crete on its new list of Projects of Common Interest (PCI) published on Tuesday.

UAE Set to Ramp Up Murban Crude Exports in Early 2024

The United Arab Emirates will ramp up exports of Abu Dhabi's flagship Murban crude early in 2024 as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.

Geopolitical Realities Dim the Prospects for an Oil Embargo on Israel Amidst Middle East Tensions

The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year.

Turkey Extends LNG Deal with Algeria for Three Years

Turkish state energy company Botas has signed a deal with Algerian state oil and gas company Sonatrach to extend their existing gas supply contract for three years, Turkey's energy minister said on Tuesday.

Kuwait-based Investment Firm Secures Minority Stake in Pipeline Inspection Provider Pipecare Group

Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.

Texas Men Convicted in Attempted Sale of Iranian Petroleum, Face 45 Years in Prison

A U.S. jury has convicted two Texas men of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering, the Justice Department said on Friday.

Iraq-Turkey Pipeline Restart Talks Exclude Industry Representation, APIKUR Says

APIKUR, which represents international companies involved in upstream oil or gas contracts in Iraq's Kurdistan region, have not been contacted by Iraqi or Kurdish officials for a deal to allow the resumption of oil flows from the Iraq-Turkey pipeline.

Global News November 2023

Latest industry developments from around the world!

Chevron Resumes Natural Gas Supply from Israel's Tamar Offshore Field

Chevron said on Monday it had resumed the supply of natural gas from the offshore Tamar field, a month after it was told by Israel to halt operations due to violence in the region.

Oil Prices Settle Up as Iraq Backs More Output Cuts from OPEC+

Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.

Investors Dump Crude Oil and Distillates as Middle East Risk Recedes

Investors dumped crude oil futures and options for the second week running as the economic outlook worsened and the risk of a wider conflict in the Middle East appeared contained.

Cyprus Responds to Chevron's Request for Aphrodite Gas Field Development Extension

Cyprus has responded to a request from international energy companies led by Chevron for an extension in talks over a modified development plan for its Aphrodite offshore gas field, its energy minister said on Monday.

U.S. House Easily Passes Bill to Harden Sanctions on Iranian Oil

The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote.

Saudi Arabia, Russia to Continue Additional Voluntary Oil Cuts

Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.

Sinopec Signs New 27-Year LNG Supply Deal with QatarEnergy

Under the agreement, the two companies will cooperate on the second phase of the Gulf Arab state's North Field expansion project, which will supply 3 million metric tons of LNG per year to Sinopec.

India’s Petronet LNG Not Seeking Additional Volumes in Qatar Deal

India's top gas importer Petronet LNG is not seeking additional volumes when it renews its long-term liquefied natural gas deal with Qatar, its Head of Finance V. K Mishra said on Monday on an analyst call.

Oil Drops After Hamas Releases U.S. Hostages

Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.

Global News October 2023

Latest industry developments from around the world!

Editor’s Notebook: ‘Peace Pipeline’ Project Appears Dead

At least for a while over the last couple of decades, the Iran-Pakistan (IP) gas pipeline was perceived by some as something that would bring at least a measure of harmony to Pakistan’s relationship with Iran. However, once again, the project has been shelved – this time apparently under U.S. pressure.

Oil on Track for Second Week of Gains on Gaza Contagion Fears

Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions.

U.S. Senators Ready Bill to Fund Office Helping Iran Oil Seizures

U.S. senators from both parties are readying legislation to help the federal government enforce oil sanctions on Iran, the office of Senator Joni Ernst, a Republican, told Reuters on Thursday.

ADNOC Gas Signs LNG Supply Deal with Japan's JERA

Abu Dhabi's ADNOC Gas and Japan's JERA Global Markets signed a two-year LNG agreement valued between $500-700 million, the companies said on Wednesday.

Mitsui Considers Stake in Qatar's North Field LNG Expansion Project

Japanese trading house Mitsui & Co is considering buying a stake in the North Field LNG expansion project in Qatar as a way to ensure a stable supply of LNG, a Mitsui spokesperson said.

Saudi Aramco Eyes Additional LNG Investments for Market Leadership

The chief executive of Saudi Arabia's oil group Aramco, Amin Nasser, said his company is looking at more investments in LNG to boost its plans to become a leading player in the seaborne gas market.

India Wants Saudi Aramco to Develop Strategic Petroleum Reserve as Ties Strengthen

India wants Saudi Arabia's Aramco to participate in its planned 6.5 million metric tons strategic petroleum reserve program as the South Asian nation intends to strengthen ties with its key oil supplier.

QatarEnergy, TotalEnergies Sign 27-Year LNG Supply Agreement

Qatar on Wednesday secured its largest and longest European gas supply deal from Doha's massive production expansion project, providing France with up to 3.5 million metric tons of LNG a year for 27 years.