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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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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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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
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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)
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A United States-led taskforce has been launched to protect commercial shipping in the Red Sea, after Houthi rebels launched more than 100 drone and ballistic missile attacks over the past month. However, most Gulf countries have declined to join, with just Bahrain signing up to date.

Yemen | Bahrain
Issue 1182 - 12 December 2023

Oman manages squeeze on oil output

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For all its public emphasis on post-carbon development, Oman remains dependent on oil and gas revenues – and National Center for Statistics and Information (NCSI) data suggest it has marshalled that income well, despite Opec+ production cuts. The pain of those cuts has been cushioned by record condensate production, which is classed as ‘liquids’ from gas output.

Oman
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A showcase mega-event has its downsides, even while the climate  talks place the UAE at the centre of the global stage.

Saudi Arabia | United Arab Emirates (UAE)
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Risk grades: Abu Dhabi A1, Dubai A2. RAK’s Russian links: A delegation from the Ural region of Russia visited Ras Al-Khaimah in early November, comprising business owners involved in real estate, engineering services, IT development, food production and investment.

United Arab Emirates (UAE)
Issue 1181 - 24 November 2023

More Saudi Aramco gas finds

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Saudi Arabia's energy minister Prince Abdelaziz Bin Salman Bin Abdelaziz  announced in November that Saudi Aramco had discovered two natural gas fields in the Empty Quarter, at the Al-Hiran and Al-Mahakik fields.

Saudi Arabia
Issue 1181 - 24 November 2023

Oman signs LNG supply deal with BP

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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.

Oman