News

HFI was delighted to catch up last week with Phil Scott, Managing Director and Mouhraf Jabri, General Manager Middle East of the Intervention Rentals to discuss the the Middle East business expansion. Intervention Rentals is the premier independent supplier of well service related rental equipment in the UK – Intervention Rentals specialises in equipment and personnel to perform annulus top ups, echometer services, specialist pumping and subsea pumping solutions, testing for well integrity operations, leak repairs and sealant services. ​Their flow measurement division provides flow metering solutions for most gases and liquids. 

Advanced energy technology was a focus in Abu Dhabi last week when the SPE hosted a symposium on “Realising the Unconventional Potential in the Middle East—Accelerating from Resources to Commercial Production”. This symposium focused on accelerating Middle East unconventional resources to commercial production including advances in technology for drilling, completions, reservoir characterisation, machine learning and AI applications.  

The industry has made great strides through technology and continuous improvement practices to lower costs and increase production.  While most of the unconventional development to date has been confined to North America, the discovery of vast unconventional resources in the Middle East region has led to increased focus on turning these resources into commercial production.

The Energy Industries Council (“EIC”) DataStream service is currently tracking approximately 136 major energy sector projects in the UAE across upstream oil & gas, refineries, petrochemicals, nuclear and renewables, representing US$221 billion of opportunities. This is 32% of the total GCC US$690 billion market size. 

The oil & gas market is quantified at US$169 billion with the leading players including ADNOC (Abu Dhabi National Oil Company), TA’ZIZ, Borouge (Abu Dhabi Polymers Company), EmiratesLNG and Brooge Petroleum and Gas Investment Co. (BPGIC). 

The power and transmission & distribution market is quantified at US40 billion with the leading players being Nawah Energy Company, ADNOC, Emirates Water and Electricity Company (EWEC) and Hassyan Energy Company.

The energy transition market is quantified at US$12 billion with the leading players being Dubai Electricity & Water Authority (DEWA), Besix Group, Brooge Renewable Energy (BRE), Al Reyadah and Helios Industry.

HFI’s Abu Dhabi Ventures Initiative (ADVI) continues to support corporate ventures which are centred on advanced petroleum technology and energy transition ventures in UAE.