Petrofac and Daelim secured a $2.1 billion contract in Oman. The upgraded facility is expected to boost current production by over 70%. Oman Oil awarded the engineering, procurement, and construction contract last month.

Ahead of the UAE’s hosting of  the COP28 climate summit, a record amount of green debt has been raised by issuers in the UAE and Saudi Arabia. This surge of sales occurs as the largely oil-dependent GCC nations seek to enhance their environmental image by highlighting their green initiatives prior to the climate summit.

Minister of State for Energy Affairs and President/CEO of QatarEnergy, Saad bin Sherida Al Kaabi, praised the consistent success of Qatar’s petrochemical industry since the inception of Qatar Petrochemical Company (QAPCO) fifty years ago. Speaking at the 17th Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum, he highlighted Qatar Fertiliser Company’s (QAFCO) contributions and the partnership between QatarEnergy and Chevron Phillips.

OPEC+ agreed to continue voluntary output cuts of approximately 2.2 million barrels per day (bpd) for next year. The group discussed 2024 output due to forecasts of a potential market surplus, with Saudi Arabia’s 1 million bpd cut set to end soon. The agreement extends Saudi Arabia and Russia’s voluntary cuts of 1.3 million bpd. The International Energy Agency predicts slowed 2024 demand growth.

The UAE’s development bank, Emirates Development Bank (EDB), is allocating 1.3 billion dirhams ($350 million) to support renewable energy projects in emerging economies. This financial endorsement follows a collaborative partnership agreement between EDB and the International Renewable Energy Agency (IRENA), and reinforces the longstanding partnership between the UAE and IRENA in advancing sustainable energy initiatives.

Tatweer Petroleum is set to award the Engineering, Procurement, and Construction (EPC) contract for Non-Associated Gas (NAG) Compressor Facilities (NCF) Stations and Remote Gas Dehydration Units (GDU) at Awali Field in Q1 2024. The project is part of Tatweer Petroleum’s Long-Term Field Development, aiming to install gas facilities and maintain gas deliverability at Awali field. It encompasses EPC work and operational enhancements, set to be completed by Q4 2029.

Iraqi Oil Minister Hayan Abdel-Ghani stated that he expects a resolution with the Kurdistan Regional Government and international oil firms working in the area to restart oil production within the next three days. While visiting Erbil, Abdel-Ghani mentioned that Iraq has established an understanding with Turkiye regarding the restart of northern oil exports through the Iraq-Turkiye pipeline.

With Iran and Iraq spearheading the group’s increased production, OPEC+ witnessed a rise of 180,000 b/d in crude oil output in October, according to S&P Global Commodity Insights’ latest Platts survey. This development intensified supply pressures amid a downturn in market sentiment. Production is now at a five-year high, increasing significantly since sanctions pressure eased after Russia’s invasion of Ukraine. But a further escalation of the conflict in Palestine could bring renewed sanctions enforcement, if Iran is found to be complicit, analysts have said.

Kuwait, an OPEC member, generated approximately $320 million daily from hydrocarbon exports in the fiscal year 2022-2023, due to a significant surge in oil prices, according to official data released on Thursday. During that fiscal year, which concluded on March 31, the Finance Ministry report indicated that the average price of Kuwait’s crude soared to nearly $97 per barrel, marking one of its highest levels, as reported by the Kuwaiti daily Alqabas.

The Ministry of Energy and Minerals (MEM) in Muscat signed a cooperation memorandum involving Petroleum Development Oman, Shell Oman, OQ Gas Networks, and Occidental, focusing on carbon capture, utilization, storage, and blue hydrogen development within Oman. This memorandum signing aligns with the government’s initiatives utilizing carbon capture and blue hydrogen technologies to meet the Sultanate’s energy transition strategy objectives. It also reaffirms Oman’s dedication to achieving zero carbon neutrality by 2050.

Energy giant Saudi Aramco reported a 23% year-on-year decrease in profits for the third quarter, attributed to reduced oil prices and production cuts.The decline from $42.43 billion in the previous year to $32.58 billion mainly signifies the effects of reduced crude oil prices and the quantity of oil sold, as stated in the firm’s statement to the Saudi stock exchange. The week prior, the national statistics authority revealed a 4.5 percent decline in GDP for the third quarter compared to the previous year, marked by a 17.3 percent decrease in oil-related activities and a 3.6 percent growth in non-oil activities.

QatarEnergy has announced the signing of a partnership deal with China Petrochemical Corporation (Sinopec) regarding the North Field South (NFS) expansion project. Under the terms of the partnership deal, QatarEnergy will allocate a 5% stake to Sinopec within a joint venture entity that holds LNG production capacity of approximately 6 million tons per annum (MTPA) as part of the NFS project. The current partnership marks the second collaboration between QatarEnergy and Sinopec, following a previous agreement signed in Doha last April. This earlier agreement marked Sinopec’s entry as a shareholder in a joint venture company of the North Field East (NFE) project, which stands as one of the most pivotal projects within the global LNG industry.