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Muscat has signed a contract to delivery 1m t/yr of liquified natural gas (LNG) to United Kingdom-based energy major BP. The agreement was signed by Oman LNG on 21 November and will run for nine years, starting in 2026.

Economic slump: The economy shrank by 4.5% year on year in Q3 2023, a sharp change from the 1.2% expansion reported in Q2 23. It was the first decline in real GDP since the start of Q1 21 and was entirely due to a slump in the oil and gas sector, where activity contracted by 17.3% yr/yr due to voluntary production cuts.

Russia's Lukoil signed a supplementary agreement with Iraq’s Basra Oil Company to extend its development and production contract on the West Qurna-2 oil field by ten years to 2045.

Saudi Power Procurement Company (SPPC) signed power purchase agreements (PPAs) covering a total of 1.5GW of solar photovoltaic power, under round four of the National Renewable Energy Programme.

Even before the new Gaza war shattered comfortable assumptions about regional security, the global economic climate had been hostile, as shown in analysis of the International Monetary Fund's new reports on the global outlook and regional economic performance.

Emirati Sheikh Ahmed Dalmook Juma Al-Maktoum has been involved in a number of business deals around Africa. During the Covid pandemic, he was connected to efforts to sell Russia's Sputnik V coronavirus vaccine in several countries in Africa and Asia. 

A Dubai-based company backed by a well-connected but relatively low-profile member of Dubai's ruling Al-Maktoum family has been signing deals across Africa to generate carbon credits – while generating some controversy in the process.

Qatar Airways chief executive Akbar Al-Baker announced his retirement after 27 years at the helm – during which time the national carrier has been transformed beyond recognition. He will be replaced by Hamad International Airport chief operating officer Badr Mohammed Al-Meer.

The European Court of Human Rights (ECHR) has upheld the conviction of France's TotalEnergies and Switzerland-based Vitol for bribing Iraqi officials during the United Nations-run Oil-for-Food (OfF) programme between October 2000 and March 2003.

Iran has discovered its largest-ever dry gas field at Lamerd, in the south of Shiraz province, petroleum minister Javad Owji announced during a visit to provincial capital Fars. The discovery is estimated to contain reserves of 623bcm of natural gas.

QatarEnergy has signed a series of long-term agreements with European partners on the North Field expansion projects in recent weeks. Separately, QatarEnergy's agents were also in London agreeing LNG deliveries with brokers. 

A plan by Abu Dhabi National Oil Company (Adnoc) and British major BP to jointly buy a 50% stake in Israel's NewMed Energy, the largest shareholder in the offshore Leviathan gas field, may yet collapse after a panel set up by NewMed to review their $2bn offer recommended a higher price tag.

Italian major Eni has withdrawn from Block 1, relinquishing a licence it gained in 2019 and casting fresh doubt on Bahrain's ability to exploit its offshore resources. 

QatarEnergy has been awarded the East Port Said exploration block as part of the Egyptian Natural Gas Holding Company's 2022 international bid round. It has also applied for offshore oil and gas blocks 8 and 10 in Lebanon, in a consortium with Eni and TotalEnergies.

Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani laid the foundation stone of the North Field Expansion Project in Ras Laffan early October. The project will raise Qatar's liquefied natural gas (LNG) production capacity from 77m t/yr to 126m t/yr by 2026.