Author Archives: Carla Sertin
Posted inProducts & Services

Saudi Arabia’s SISCO reports $14.6 million H1 net income

by Carla Sertin

Q2 and 1H revenues increased 13.4% and 30.1% y-o-y respectively, excluding accounting construction revenue

Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced its financial results for the 6-month period ended 30 June 2021. First half revenue, excluding accounting construction revenue, increased by 30.1% year-on-year to SAR 498.1 million, and […]

Posted inDRILLING & PRODUCTION

Oil and gas: a risky business

by Ian Thom, director, Middle East Upstream Research, Wood Mackenzie

How can investors evaluate the changing oil and gas risk landscape? And what does it mean for valuations?

Oil and gas faces an existential crisis as global efforts to reduce carbon emissions gather strength and pace. In this new paradigm, definition and assessment of risk is critical. Risk has been inherent in oil and gas investment since the first wells were drilled. But the risks facing the industry are in many ways greater […]

Posted inExploration & Production

Wood secures 30 hydrogen awards in H1 2021

by Carla Sertin

The contract awards span green, blue and bio-hydrogen projects

Wood, the global consulting and engineering company, has secured over 30 separate hydrogen awards in the first half of 2021.  The company anticipates continued growth in this space, with circa $600m worth of potential hydrogen projects coming to market in the medium term.   The contract awards span green, blue and bio-hydrogen projects and further strengthen […]

Posted inExploration & Production

Russian oil supply to hit new record in July 2022 and peak in 2023

by Carla Sertin

Russia’s current monthly oil and condensate production record was set in December 2018 with 11.5 million bpd

The OPEC+ coalition’s recent agreement to steadily raise oil production is paving the way for Russia to slowly shrug off Covid-19 curtailments. The country is on track to set a new monthly crude and condensate output record of 11.6 million barrels per day (bpd) already in July 2022, a Rystad Energy analysis reveals. Russia’s oil […]

Posted inThe Middle East Energy Awards, Events

Nominate yourself for the Middle East Energy Awards now!

by Carla Sertin

The Middle East Energy Awards will return on 24 November in the UAE, and nominations are now officially open. The awards brings together industry leaders from across the energy sector to recognise excellence in the past year.Covering the upstream, downstream and utilities sector, including renewables, the awards include a wide range of categories to ensure […]

Posted inProducts & Services

ISAGCA releases position paper on automation cybersecurity requirements in public policy

by Carla Sertin

The ISA Global Cybersecurity Alliance (ISAGCA) announced the release of a position paper detailing the automation cybersecurity public policy views of the organization and its fifty industry-leading companies. Recent discussions have surfaced in the United States and other world governments about how to best secure automation and control systems that affect our everyday lives, especially […]

Posted inDRILLING & PRODUCTION

Offshore acreage dominates global licensing rounds that are due to close in H2 2021

by Carla Sertin

Over 35% of the acreage available in licensing rounds that are either open or scheduled to close in H2 2021 are located in shallow water

Over 35% of the acreage available in licensing rounds that are either open or scheduled to close in H2 2021 are located in shallow water, while ultra-deep water and deepwater acreage account for 24% and 19%, respectively, according to GlobalData, a leading data and analytics company. The company’s report, ‘H2 2021 Global Bid Round Outlook – […]

Posted inDRILLING & PRODUCTION

TAQA Group reports AED2.9 billion H1 net income

by Carla Sertin

It represents a 42% year-on-year increase adjusted for one-offs charges in H1 2020

Abu Dhabi National Energy Company PJSC (“TAQA”, the “Company” or the “Group”), one of the largest listed integrated utilities in the region, reported consolidated financial results for the period ended June 30, 2021. TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in […]

Posted inDRILLING & PRODUCTION

Is CCS the upstream sector’s silver bullet?

by Carla Sertin

Carbon capture moves into the mainstream, but significant hurdles remain

We may only be halfway through 2021, but it is already shaping up to be a breakthrough year for carbon capture and sequestration (CCS) to emerge as a viable tool for upstream companies to decarbonise operations. Although the concept has been around for decades, CCS is moving into the mainstream. All the industry’s largest companies […]

Posted inProducts & Services

ADNOC Distribution reports AED 1.15 billion H1 net profit

by Carla Sertin

Received no objection certificates from General Authority for Competition in Saudi Arabia to acquire 35 stations as announced in December 2020 and February 2021

ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), today reported that its first half 2021 EBITDA stood at AED 1.53 billion, with net profit of AED 1.15 billion. For the second quarter, EBITDA was AED 712 million with net profit […]

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