News

The summer weeks have offered up a great opportunity to catch up with some key HF clients and connections including WellBoss, ADS Power Chokes, WellGear, Euro Mechanical, Intervention Rentals, GD Energy Products, Odfjell, Technology and Workover Solutions and to discuss some of the key themes impacting on the Middle East energy market.

Across the GCC, the Energy Industries Council (EIC) DataStream project database is now tracking 490 energy projects with a total value of US$722bn in the GCC in the period to 2030. EIC is launching its Technology Showcase in Abu Dhabi on 3 September and will issue its next Datastream update on 10 September.

The summer has seen no slowdown in important news in the Middle East energy sector. Saudi aramco has announced US$56bn of profits during H1 2024, more than NVIDIA, Meta and Tesla  combined. Aramco has also announced US$25bn of contract awards for Jafurah gas field. The project will require extraction methods such as those used in the shale gas industry and is potentially the biggest shale gas development outside the US with an anticipated 2 billion standard cubic feet per day by 2030.

Kuwait has announced a huge offshore oil and gas discovery in the Al-Nokhatha offshore field, with KPC disclosing an estimated 3.2 billion barrels of oil equivalent and 5.1 trillion cubic feet of gas reserves. This means that Kuwait will now join Saudi Arabia, Qatar and Abu Dhabi as a major offshore market for the supply chain in the GCC.

On the M&A scene, Helmerich & Payne's acquisition of KCA Deutag for almost US$2 billion will have a major impact on drilling sector in the region, given KCA Deutag's strong Middle East presence.

All these themes are captured in the latest HFI August NewsBook published yesterday and please contact sally.reeves@hfi-consulting.com to receive a copy of the NewsBook.