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The Saudi authorities have convinced all four foreign ventures to continue drilling for gas in the Rub Al-Khali (Empty Quarter) until at least 2012, despite mainly disappointing results from the 26 wells drilled so far, industry publication Petroleum Intelligence Weekly (PIW) reported.

Saudi Arabia
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Abu Dhabi-based renewable energy developer Masdar has been selected to lead the consortium that will develop phase three of Dubai Electricity and Water Authority (Dewa)’s Sheikh Mohammed Bin Rashid Al-Maktoum solar project. Dewa in May said it had received a low bid of $0.0299/kWh – a global record low price for a solar photovoltaic (PV) scheme. Masdar has announced that it will develop the project, structured on an independent power producer (IPP) model, at a world record low tariff, in consortium with GranSolar (Spain) and Fotowatio Renewable Ventures (also Spain, owned by Saudi Arabia’s Abdul Latif Jameel).

United Arab Emirates (UAE)
Issue 1048 - 16 November 2017

Oman/Qatar: QP takes stake in block

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Qatar Petroleum (QP) signed an agreement on 14 November to acquire a 30% stake in Oman’s offshore Block 52. The other shareholders in the exploration and production-sharing agreement are Italian major Eni (55%) and Oman Oil Company (15%). The agreement was signed by QP chief executive Saad Sherida Al-Kaabi in in Muscat in the presence of Omani oil and gas minister Mohammed Bin Hamad Al-Rumhi. Block 52 covers an area of more than 90,000 km2 and is located in water depths ranging from 10 meters to over 2,000 meters.

Oman | Qatar
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Several high-level sources in the country’s energy sector have told GSN that heavy crude is the lifeline to Kuwait Petroleum Company (KPC)’s energy future, as production at other fields has reached maturity over the past decade. However, developing this area of activity comes with some significant challenges which are proving hard to surmount.The task is made even harder by the fact that Kuwait has also been facing challenges in several other key fields. Maintenance and the installation of new equipment at the Burgan field has reduced production in that key resource to 1.7m b/d.

Kuwait
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Minister of petroleum and mineral resources Ali Al-Naimi visited China and South Korea in late April, where he stuck to his mantra that Saudi Arabia will focus on its market share. China, which imports roughly 1m b/d of Saudi crude, remains a key market for Saudi Arabia. But in the past year, improving Sino-Russian relations have seen the Saudis lose valuable ground to Russia, a trend Riyadh is anxious to curtail. Saudi oil accounted for about 16% of Chinese oil imports in 2014, compared to 19% the previous year, while Russian imports were up to 11% in 2014 from around 9% in 2013.

Saudi Arabia
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ExxonMobil’s audacious six-block deal with the Kurdistan Regional Government (KRG) has plunged a dagger into the already uneasy peace between Arabs and Kurds, giving an immediate public relations boost to the headline-chasing KRG natural resources minister Ashti Hawrami and pouring further misery onto Baghdad’s embattled deputy prime minister for energy affairs Hussein Al-Shahristani.

Iraq
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The government is cutting spending by SR569bn ($151.7bn) between now and 2022, but Riyadh will still struggle to hit its goal of a balanced budget by 2023; this is due to sharp falls in expected oil revenues, according to analysts.The sharp cut in spending was first outlined in finance minister Mohammed Al-Jadaan’s 31 October pre-budget statement. This painted a distinctly mixed picture: output grew by 1.1% in H1 2019 – when the non-oil economy grew by 2.5% – but Jadaan predicted a slowdown in H2 19.

Saudi Arabia
Issue 871 - 12 February 2010

Aramco awarded Jizan refinery contract

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State giant Saudi Aramco has been awarded the contract to build and finance a planned $10bn oil refinery at the Red Sea port of Jizan in the underdeveloped Jizan province on the Yemen border.

Saudi Arabia
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On 23 May, the Kurdistan Regional Government (KRG) issued a bold statement saying it had completed its first sales of crude oil via Turkey, defying Baghdad’s insistence that all crude must be sold via the State Organisation for Marketing of Oil (SOMO). The KRG and the federal government have been tussling over the issue for months and, since December – with negotiations ongoing – the KRG had been exporting crude to the Turkish port of Ceyhan and storing it there, saying it would sell it once political agreement was reached.

Iraq
Issue 1034 - 23 March 2017

Saudi Arabia: Oil shipments to Egypt

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Riyadh has resumed crude oil exports to Egypt, marking the end of a very public spat between the two countries. The shipments were suspended in October as differences emerged on a number of fronts, including Egyptian support for a Russian resolution at the United Nations Security Council on the Syrian conflict.

Saudi Arabia
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Federal Iraq and the Kurdistan Regional Government run very different oil sectors, and it is the latter that is currently exciting investors. But without political compromise – unlikely given the increasingly sour relations between the two regions – there can be no stable oil revenues for majors looking to develop Kurdish concessions

Iraq
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Abu Dhabi Crown Prince and Deputy Commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al-Nahyan (MBZ) on 18 April talked to US President Donald Trump. According to the White House readout of the call, the two spoke about the UAE’s “contributions to the global energy markets as a reliable supplier of oil” and the “crippling” impact of US oil sanctions against Iran. Trump was building support ahead of his decision to drop waivers for Iran’s leading oil buyers.

United Arab Emirates (UAE)
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The massive attack launched on the critical Saudi Aramco oil processing facilities at Khurais and Abqaiq early on 14 September was not just another drone strike by the Houthis – as the Yemeni movement claimed – but in all likelihood was launched from Iran, reflecting the extent that the Islamic Republic has emerged as a significant military power. As well as placing unexpected new pressures on the global oil market, it pitched Crown Prince Mohammed Bin Salman (MBS) and the Saudi leadership into yet another crisis.

Saudi Arabia
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The spate of cuts to petrol subsidies in the GCC states will lead to savings of around 1% of GDP, according to Moody’s Investors Service. That will help governments to reduce their ballooning budget deficits, but not by much: Oman and Bahrain are still both expected to run fiscal deficits of 17% or more this year, while Saudi Arabia’s is forecast to be around 15% and Kuwait, Qatar and the UAE are expected to come in at 9%-10%. The UAE was first to announce fuel subsidy cuts, last July. Since then most of its neighbours have followed suit – except Kuwait, which is expected to follow in March.

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On 10 March, energy minister Mohammad Bin Saleh Al-Sada announced the discovery of a new gas field in Block 4 North. A report on the state news agency said the block contained 2.5tcf of gas; the minister described the quantities as commercial and “more than reasonable”.

Qatar