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Nasdaq-listed Brooge Holdings in late February said its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company (BPGIC) had ended a project with Nigeria’s Sahara Energy Resources to build a modular refinery at BPGIC’s terminal in Fujairah. BPGIC said the decision was due to “differing perspectives and visions” – and it quickly entered into a new refinery agreement with its Phase I and II offtake customer, Al Brooge International Advisory (BIA), for a 25,000b/d capacity refinery. Under the agreement, BIA will build and BPGIC operate the refinery.

United Arab Emirates (UAE)
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Saudi Aramco has been given regulatory approval to develop the Al-Jafurah shale gas field in Eastern Province, the kingdom’s largest non-associated gas field. The resource covers an area of 170km by 100km; Aramco said it was believed to hold some 200trn cubic feet of rich raw gas (without defining whether these reserves were proven or otherwise, and what percentage of that gas it expects could be recovered). If exploited, these reserves could be used as feedstock for the petrochemicals industry, thereby helping with economic diversification efforts, and/or displace crude and fuel oil from power generation.

Saudi Arabia
Issue 906 - 06 August 2011

A piece of Africa in the Middle East

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The new entrants to the Kurdistan Regional Government (KRG) area reflect the comfort felt by many Africa-focused international oil companies operating in the Kurdish environment, a feature not replicated elsewhere in the Middle East. One of the reasons for this is that KRG natural resources minister Ashti Hawrami spent much of his oil industry career working in Africa.

Iraq
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London-based oil and gas services company TechnipFMC has agreed to pay a $296m fine for violations of the United States Foreign Corrupt Practice Act (FCPA), in part because of bribes paid to Iraqi officials by a predecessor company, FMC Technologies over a decade ago.TechnipFMC on 25 June said it would pay a total $301.3m to resolve anti-corruption investigations with Brazilian and US authorities, the Department of Justice and Securities and Exchange Commission.

Iran
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Iraq’s oil sector resurgence has drawn fire from fellow Organisation for Petroleum Exporting Countries (Opec) members for eroding quota discipline and pushing prices down. A fall in Saudi supply following the attack on Abqaiq may give Baghdad some breathing space to keep pumping, but that will not last long if Riyadh manages to restore capacity by the end of the month, as it has said it will.

Iraq
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Straitened economic times and the fall in oil prices are putting a strain on the development of Syria’s oil and gas sector. IOCs are cutting back on investment and licensing rounds have proved disappointing. But recent changes in the Ministry of Petroleum’s organisational structure show the government is thinking seriously about making its prospects more attractive to investors.

Syria
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There are positive signs – but no yet conclusive evidence – that speed is picking up in Oman’s efforts to rebalance its economy, supporting the creation of a more diverse business environment in which a new generation of entrepreneurs can operate more easily. The shift away from hydrocarbons dependency could, ironically, be helped by higher oil prices, after three bleak years in which budget and fiscal targets have been missed.

Oman
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Only the most bullish analysts think the trends that pushed crude oil prices upwards in February – when Brent gained 18% (rising to $62/bbl), the largest monthly increase since May 2009 – are more that a short-term boost. Brent crude fell by more than 3% on 2 March, to around $60/bbl, on a range of news (suggestions that Iran could reach a nuclear deal, Libyan crude output rising and the dollar strengthening). But fundamentals are likely to hold down prices during 2015, led by record high global stocks and continued Saudi determination to see off challenges to its market share.

Saudi Arabia
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The risks previously associated with doing business in Kurdistan – offending the federal government and discoveries being shut in by Baghdad’s refusal to recognise PSCs – has sparked significant new interest from large IOCs

Iraq
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United States: In 2008, Saudi Arabia and the US signed a memorandum of understanding (MoU) to co-operate on developing environmentally sustainable, safe and secure civilian nuclear energy, but negotiations on a so-called 123 agreement have not been concluded. Failure to complete them and have them ratified by the US Senate would prevent US nuclear companies from significant transfers of nuclear material, equipment or components to Saudi Arabia.

Saudi Arabia
Issue 854 - 30 May 2009

Into Baghdad: the BIAP run

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Baghdad International Airport (BIAP) is used to VIP visitors from the US president to other foreign leaders and ministers, down to the ordinary dignitaries and senior businessmen. Even so, security is always a concern in an airport perched on the edge of Baghdad's 'Wild West'. The first and last step of the process at BIAP is landing and take-off, which present fairly manageable risks. Even so, the ride looks scary from the perspective of risk-averse IOCs.

Iraq
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Financing has been confirmed for the Bahrain LNG project, with a syndicate of nine international and regional banks providing a 20-year, $741m loan. The project, which will have a capacity of 800 mcf/d and is due for completion in early 2019, is owned by the local Oil and Gas Holding Company (Nogaholding) and a consortium of Teekay LNG Partners, Gulf Investment Corporation and Samsung C&T.

Bahrain
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The proposed merger of the regional assets of Norway’s DNO and Ras Al-Khaimah’s RAK Petroleum will create a focused upstream exploration company combining aggressive expansion with increased local expertise The strategic rationale behind the merger of DNO International and RAK Petroleum is to create an enlarged company that will be easier to list on the London Stock Exchange. It will also diversify DNO’s operations. “We will be growing our base in the Mena region, and diversifying within the Mena region,” spokesman Tom Bratlie told GSN.

United Arab Emirates (UAE)
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Natural gas discoveries in Sharjah and Dubai were announced in late January and early February, offering a chance for the UAE to move closer to its aim of energy self-sufficiency. (The Emirates currently import gas from Qatar via the Dolphin pipeline, which is something of an embarrassment given the trade embargo the UAE has imposed on Qatar in all other areas.) The discoveries provide a welcome boost to the economies of the two relatively energy-poor emirates.

United Arab Emirates (UAE)
Issue 932 - 21 September 2012

Qatar Airways makes loss

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Qatar Airways announced a small net loss in the year to April 2012, on the back of high oil prices. The ambitious and fast-growing carrier is not listed on a stock market, and does not regularly disclose its results.

Qatar