Wael Sawan created history when he took office as Shell’s first CEO of Middle East origin earlier this year. And he wants to leverage his affiliation with the region to strengthen relationships with the Middle East nations. “My vision here is one of continued investment,” Sawan told Oil & Gas Middle East in an exclusive […]
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Bahrain’s Tatweer Petroleum eyes EPC contractors for $200 million gas project
Bahrain’s Tatweer Petroleum is expected to award the EPC contract for its Bahrain Oil Field Associated Gas Compression Stations Project Phase 7 in the second quarter of 2023, according to Zawya Projects. The scope of work, according to Bahrain’s tender board, includes the design, procurement, fabrication, installation, testing, pre-commissioning, commissioning, and start-up of three compression […]
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Ghana wants to double oil production by end of 2023
Ghana, which is one of Africa’s fastest-growing oil and gas markets, is seeking to double its crude oil production by the end of this year, African Energy Chamber said in a statement. The country is seeking to double production from around 180,000 barrels per day (bpd) to 420,000 bpd, supported by commercial discoveries in the […]
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African banks invest $16 billion in oil and gas projects
The African Export-Import Bank (Afreximbank) and the African Finance Corp (AFC) have invested about $16 billion in oil and gas projects across Africa, the Guardian reported. This was disclosed at the recent African Refiners and Distribution Association conference in South Africa, where stakeholders urged companies to keep funds within the continent to finance the over […]
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APICORP reports $164 million net comprehensive income on the back of ‘strategic priorities’
Arab Petroleum Investments Corp (APICORP), the Dammam-based multilateral financial institution focused on energy in MENA, witnessed a 40% YoY surge in net comprehensive income to $164 million in 2022. Despite a volatile macroeconomic backdrop that included a decline in global equity prices, APICORP reported a strong financial performance, which, according to Chairman of APICORP Aabed […]
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Saudi Arabia, Russia confirm oil production cuts until end of 2023
Saudi Arabia and Russia reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023 during a high-level meeting held in Riyadh on Thursday, Saudi Gazette reported. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on […]
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Offshore is back: Middle East projects to drive over $200 billion investments
The offshore oil and gas sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up, Rystad Energy reported. One of the leading global drivers is the sizable expansion of offshore activities in the Middle East. For the first time, offshore upstream […]
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Oman ramps up oil production, data shows
Oil production in the Sultanate of Oman increased by 3.6%, reaching 33.23 million barrels by the end of January 2023. Crude oil production recorded 25.9 million barrels, while the production of condensate oil reached about 7.45 million barrels, according to preliminary data issued by the National Center for Statistics and Information. China topped the list […]
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Aramco reports record net income of $161.1 billion on higher oil prices
Saudi energy giant Aramco today announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The exceptional financial performance was underpinned by stronger […]
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Shelf Drilling secures long-term rig contract offshore Nigeria
Dubai-headquartered offshore drilling contractor Shelf Drilling has secured a long-term contract for one of its jack-up rigs with an undisclosed company for operations offshore Nigeria. Shelf Drilling announced on March 9 that it had won a two-year contract for the Shelf Drilling Scepter jack-up rig for operations offshore Nigeria. While the contract value for the firm period, […]
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