Middle East oil and gas operators will need to be vigilant about the risk of cyberattacks as the Israel-Gaza conflict continues, security experts warn, or else risk energy supply disruption globally.
The energy sector is poised for a moderately lower start, pressured by low conviction weakness in the underlying commodities and in the broader equity futures. Equity sentiment steadied this morning following the recent run up in the benchmark indices as the markets assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.
The Middle East also stands out as the only region where upstream oil and gas investments have exceeded pre-pandemic levels.
Kenera has secured a contract to deliver five top drives and five iron roughnecks to Arabian Drilling for new build rigs to operate on a major project in Saudi Arabia.
Iran is calling for an oil embargo on Israel over the latest deadly air strikes on the Gaza Strip amid growing tensions in the Middle East just as U.S. President Joe Biden arrived in Israel.
Global gas demand is projected to rise in the next decade, thus influencing a 12.5% surge in production between 2023 and 2030.
The global oil and gas industry’s contract value increased from $35.4 billion in Q1 2023 to $56.7 billion in Q2 2023 driven by major contracts in the Middle East, according to a new report by GlobalData.
US giant Occidental Petroleum has drilled a near-field exploration well in Oman’s onshore Block 65, delivering an impressive 6000 barrels of oil equivalent per day on a production test, said chief executive Vicki Hollub.
The OPEC+ voluntary production cuts, on paper promising curtailments amounting to 1.66 million b/d, should have been the main story for May