Oil & Gas Qatar awards contracts for oilfield expansion By Eva Levesque February 1, 2024, 1:34 PM Reuters/Mohammed Dabbous QatarEnergy CEO and Qatari minister of energy Saad Sherida al-Kaabi. Qatar wants to increase Al Shaheen’s production capacity by 100,000 bpd Al Shaheen third phase Contracts worth $6bn 100,000 bpd boost QatarEnergy has awarded contracts worth $6 billion for the third development phase at its largest oilfield, Al Shaheen. The deals are part of the Ru’ya project, designed to increase Al Shaheen’s production capacity by about 100,000 barrels per day. The third phase is intended to produce 550 million barrels of oil over five years, with the first oil expected in 2027, QatarEnergy said in a statement. QatarEnergy signs 5-year crude supply deal with Shell Italy forced to wait as Qatar reroutes LNG vessels The big deals that shaped oil and gas in 2023 Located 80 kilometres north-east offshore of Ras Laffan, the field is operated by North Oil Company, a joint venture between QatarEnergy, with a 70 percent interest, and the French energy giant TotalEnergies retaining 30 percent. Qatar, the world’s second-biggest liquefied natural gas exporter, is a minor oil producer. Al Shaheen’s output has peaked at 300,000 bpd since 2022. The field accounts for about half of the country’s crude production, Qatar energy minister Saad Al Kaabi said in the statement. The plan’s third phase includes drilling more than 200 wells and the installation of a new centralised process complex, remote wellhead platforms and associated pipelines, QatarEnergy added.
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] 3 hours ago
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […] 1 hour ago
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] 1 hour ago
Energy Turkey to invest $20bn to promote energy efficiency Turkey intends to invest more than $20 billion in energy efficiency projects by 2030 to combat climate change and boost sustainable development, according to a news report. The first national energy efficiency action plan attracted investments of $8.5 billion between 2017 and 2023, state-run Anadolu Agency reported, citing Bilal Düzgün, head of the ministry’s energy […] 32 mins ago
