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Subscriber

Abu Dhabi National Oil Company’s decision to buy a 10% stake in Mozambique’s offshore Area 4 concession from Portugal’s Galp, at a cost of some $1.15bn, further positions the Emirate as a growing investor in African gas.

United Arab Emirates (UAE)
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A second natural gas discovery within six months has made the UAE company into the ‘sweetheart’ of the Indonesian exploration sector, but there will be challenges in balancing local expectations with Mubadala’s own objectives.

United Arab Emirates (UAE)
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Sheikh Hamad Bin Khalifa Al-Nahyan has reportedly struck a multi-billion dollar deal with the under-pressure South Sudanese government, although questions remain about the ultimate source of funds accessed by the Abu Dhabi junior royal who previously raised his profile, in the wake of the Abraham Accords, by taking a stake in controversial Israeli football club Beitar Jerusalem, which soon collapsed.

United Arab Emirates (UAE)
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Output at the offshore Belbazem block,  which consists of the Belbazem, Umm Al-Salsal and Umm Al-Dholouis fields, is due to ramp up to 45,000 b/d, helping Abu Dhabi National Oil Company on its way to reaching its target of 5m b/d production capacity by 2027.

United Arab Emirates (UAE)
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Four export deals have been signed by Oman LNG since mid-April, covering more than 4m t/yr of liquefied natural gas supplies and taking the total deal flow so far this year to 4.6m t/yr.

Oman
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Opec+ market discipline has fed into a rise in Brent crude prices to around $90/bbl, which is welcomed in Gulf capitals as an essential element in easing pressure on governments’ huge investment spending. Those higher oil prices are also driven by fears the Gaza war could spread into a much wider regional conflict that Gulf powers have been working to avoid

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QatarEnergy has launched the North Field West project to produce 16m t/yr of liquefied natural gas and take total output to 142m t/yr before the end of the decade, almost double the existing production of 77m t/yr, which has already given Qatar a dominant role in the global LNG market

Qatar
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Saudi Aramco has increased the amount of proven gas reserves in the kingdom’s largest non-associated gas field by 15tcf, taking the total estimated resources at Jafurah to 229tcf

Saudi Arabia
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Prime Minister Mohammed Al-Sudani’s government is looking for a new international partner to take on Shell’s 49% stake in the 1.8m t/yr Nebras petrochemicals project in Basra province, after the European major pulled out of the much-delayed scheme

Iraq
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In a $66.5m deal with Houston-headquartered Vaalco Energy, Saudi-Ethiopian businessman Mohammed Hussein Ali Al-Amoudi is selling Svenska Petroleum Exploration, his Sweden-based oil company that has been up for sale since bankruptcy proceedings were launched against Al-Amoudi’s Petroswede in early 2023

Saudi Arabia
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The Saudi government has told Saudi Aramco to scrap a plan to increase its maximum production capacity to 13m b/d, as first announced in March 2020. It is not clear how much progress Aramco had made in pursuing the goal.

Saudi Arabia
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The US and UK have announced sanctions on four senior Houthi figures linked to the campaign against commercial shipping in the Red Sea and Gulf of Aden. GSN’s latest map of the Yemen/Red Sea conflict zone shows a conflict zone where more than 30 ships have been targeted by Houthi missiles and drones since mid-November, forcing hundreds more vessels to divert around the southern tip of Africa – adding costs and delays to global trade.

Yemen
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US major ExxonMobil has sold its interests in the West Qurna-1 oil field to the state-owned Basra Oil Company and Indonesia’s Pertamina, leaving China National Petroleum Corporation’s PetroChina arm as the biggest shareholder in this once widely-coveted asset.

Iraq
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Slowing economic growth: The economy posted year-on-year growth of 2.5% in Q3 2023, according to data released by the Information and eGovernment Authority on 26 December. The expansion was led by the non-oil sector, which grew by 4.5%, offsetting a 6.8% decline in the oil sector. 

Bahrain
Subscriber

Abu Dhabi’s Mubadala Energy has announced a discovery from its first deep-water well, saying the find could ‘de-risk multi-trillion cubic feet’ of gas resources in the Indonesian permit.

United Arab Emirates (UAE)