As the global oil and gas industry continues to deal with uncertainty and volatility, Middle East oil and gas companies have reported soaring profits while advancing major E&P projects.
ADNOC Drilling, a subsidiary of state-owned oil company ADNOC, reported on August 9 a significant increase in its first half net profit, which grew by 34% to $379 million while revenues jumped 13% to $1.27 billion compared to the same period last year.
Also, Abu Dhabi National Energy Co, popularly known as Taqa, reported a jump in second-quarter profit of about 63% as higher oil prices drove up revenue.
Saudi state-owned company Aramco is expected to announce its financial results and dividends for the second quarter of the year on August 14.
Last week, Saudi Arabia announced its oil revenues and revealed a whopping $66.8 billion surplus for the first half of 2022.
According to the data released by the Ministry of Finance, Saudi Arabia’s total oil revenue has increased by 75% year-on-year, and 89% in Q2. The non-oil revenue is also up by 5% in the first half of 2022.
Middle East region sees more contracts for key projects
Major service providers with heavy operations in the Middle East region were awarded contracts for key projects in the region:
- State-owned QatarEnergy awarded Houston-based service provider McDermott International a FEED contract for the second-phase expansion of the North Field South LNG project.
- Italian service company Saipem was awarded three major EPC offshore contracts worth $900 million for the Quiluma & Maboqueiro fields development project off the northwest coast of Angola.
- ADNOC announced $1.17 billion contracts to hire 13 self-propelled jack-up barges. According to the company, the contracts are aimed at driving offshore operational efficiencies and supporting the expansion of its crude oil production capacity to 5 MMbbl/d by 2030.
