Kuwait Petroleum Corporation launches e-commerce platform for the oil sector

Kuwait Petroleum Corporation has introduced a new electronic commerce platform for the oil sector, aiming to enhance relationships between the corporation, its subsidiaries, and its partners both domestically and internationally. During a festival organized by the corporation in Ahmadi City, KPC’s CEO, Sheikh Nawaf Saud Al-Nasser Al-Sabah, described the platform as the initial stage of the “smart purchasing” initiative.

Iraqi PM visits Houston to discuss Iraq’s future in oil and gas

Iraqi Prime Minister  Al-Sudani visited Houston, Texas, to discuss Iraq’s future in oil and gas. He participated in a round table discussion with US firms specialized in the oil and gas industry, including Total Energies, Weatherford International, KBR, Schlumberger Limited (SLB), and Khudairi Group. Al-Sudani outlined a vision for a robust partnership with the United States, focusing on collaboration and openness across various domains of engagement. He unveiled ambitious plans to shift 40% of Iraq’s exports towards value-added oil derivatives, reduce annual gas imports, and reduce environmental impact. Iraq plans to transform its energy environment by embracing efficiency and sustainability, forming strategic collaborations with multinational companies like Total and Honeywell.

Iraqi, US companies sign agreements to capture, burn gas for power

 Iraqi and U.S. companies signed a series of agreements on Wednesday to capture natural gas traditionally flared from Iraq’s oilfields and use it to produce domestic power while reducing dependence on neighboring Iran for energy. Boosting the energy independence of Iraq, one of the world’s top oil and gas producers, and reducing reliance on Iran is a top U.S. foreign policy goal. But Iraq’s oil and gas fields have suffered years of under investment and since 2018, Washington has had to issue Iran sanctions waivers to Iraq that allow it to buy power imported from the Islamic republic

Oil prices flat as economic headwinds counter Mideast supply fears

Oil prices settled marginally lower on Tuesday after economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions with eyes on Israel and its pending response to Iran’s attack on Israeli territory over the weekend. Brent crude futures for June delivery settled 8 cents lower, or 0.1% at $90.02 a barrel. U.S. crude for May delivery fell 5 cents lower, or 0.1%, to end at $85.36.

Oil Prices Surge on Fears of an Imminent Iranian Attack

Oil prices spiked on Friday morning following reports of heightened tensions between Iran and Israel, with the possibility of an Iranian attack on Israeli soil looming within the next 24 to 48 hours. The Wall Street Journal, citing American intelligence reports, revealed this development, sending shockwaves through global oil markets. Both the West Texas Intermediate (WTI) and Brent crude oil prices experienced significant jumps, with WTI rising by $2.02 and Brent climbing by $1.78 per barrel by 9:20 a.m. ET. This sharp increase underscores the sensitivity of oil markets to geopolitical turmoil in the Middle East, a region critical to global oil supply.

Saudi Aramco Suspends Two Oil Contractors

Aramco has served notices of temporary suspension to two oilfield service contractors: Borr Drilling Limited Valaris. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension. The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. 

Saudi Aramco, Shell in final stage of Pavilion Energy talks – sources

Shell and Saudi Aramco are in negotiations to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy. The deal comes a decade after the Singapore state investment firm established Pavilion Energy to focus on LNG-related investments. The assets could fetch over $2 billion. Aramco believes the deal would position it as a global LNG player, aiming to boost production by over 60% from 2021 levels by 2030. Pavilion Energy supplies one-third of Singapore’s power and industrial gas demand with LNG and piped natural gas. The company has invested $1.3 billion in Tanzania and gained access to Europe with its 2019 purchase of Iberdrola’s LNG assets.

Saudi Arabia confirms additional gas reserves at Aramco’s Jafurah field

Saudi Arabia’s Aramco has discovered 15 trillion standard cubic feet of gas and two billion barrels of condensate at the Jafurah field, bringing the total resources at the field to 229 trillion standard cubic feet and 75 billion barrels of condensate. The field, covering 17,000km², is considered one of Aramco’s most ambitious projects and is expected to produce over 420 million standard cubic feet of ethane and 630,000 barrels of natural gas liquids and condensates daily by 2030.

Aramco announces $7.7bn Fadhili Gas Plant expansion

Saudi Arabia’s Aramco has awarded $7.7bn in engineering, procurement, and construction contracts to expand its Fadhili Gas Plant in the Eastern Province. The project aims to increase the plant’s processing capacity from 2.5bscfd to 4bscfd, boosting gas production by over 60% by 2030. The expansion is also expected to increase sulphur production by 2,300 tonnes per day. Aramco’s executive vice president of technical services, Wail Al Jaafari, said the contracts reflect the company’s goal to increase natural gas supplies, reduce greenhouse gas emissions, and free up crude oil for refining and export.

U.S. crude oil breaks $86 as tensions mount between Israel and Iran

Crude oil futures rose on Thursday due to mounting tensions in the Middle East. West Texas Intermediate crude for May delivery gained $1.16 to settle at $86.59 a barrel, while Brent for June delivery advanced $1.30 to $90.65 a barrel. Israeli embassies were put on high alert after Iran vowed retaliation over a missile strike on its Damascus consulate.  Oil prices have rallied this year, with U.S. crude adding nearly 21% and Brent up 18%. The escalating tensions between OPEC member Iran and Israel have raised fears of a conflict in the Middle East that could squeeze oil supplies. Gasoline prices averaged $3.57 per gallon nationwide. 

Iran’s oil exports reached $35 billion in last 12 months -ILNA

Iran’s oil exports reached $35.8 billion in the 12 months to March 2024, despite U.S. sanctions. Chinese purchases have maintained a positive trade balance, with total trade increasing by 2.6% to $153 billion, with $86.8 billion being Iranian exports.

Iraq signs MoU with Siemens, Shlumberger for investment in gas

Iraq has signed a memorandum of understanding (MoU) with Siemens Energy and Schlumberger to combat gas flaring and increase power generation capacity. The MoU aligns with the ministry’s plan to use associated gas for electricity production. The German Embassy supports Iraq’s efforts to increase energy production and reduce carbon emissions. Siemens Energy Iraq director Muhannad Al-Saffar emphasized the MoU’s significance as a launchpad for long-term cooperation. The partnership aims to optimize expenditures and ensure environmental protection.

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