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  • Saudi Solar Power capacity picking up speed
     

    GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. 

     
  • Aramco Makes Two Major U.S. Gas Plays
     

    As part of its efforts to expand its presence in international energy markets, Aramco has signed agreements with U.S. energy companies Sempra and NextDecade to tap into the growing U.S. LNG sector. 

     
  • Fossil fuel use, emissions set new highs in 2023
     

    The Energy Institute and co-authors KPMG and Kearney released the 73rd annual edition of the Statistical Review of World Energy, presenting the full global energy data picture for 2023.

     
  • MENA’s Renewable Energy Promise
     

    Saudi Arabia and other GCC countries are in a position to become, “not just a major source of renewable energy, but also a central and indispensable player in the global energy transition, uniquely able to balance supply and demand for all types of energy, both hydrocarbons, and renewables.”

     
  • Middle East projected to surpass 100 GW of solar capacity by 2030
     

    The total solar capacity in the Middle East at the end of 2023 exceeded 16 GW and is expected to approach 23 GW by the end of 2024. Projections indicate that by 2030, the capacity will surpass 100 GW, with green hydrogen projects contributing to an annual growth rate of 30%. 

     
  • MBS’ True Legacy
     

    Writing in Al-Arabiya, Richard Wilson, SUSTG president and The 966 Co-host, points out the fundamental (rather than flashy) changes that represent Crown Prince Mohammed Bin Salman’s true legacy. 

     
  • Biden’s Oil Boom
     

    Reuters reports that during the Biden administration not only has oil production hit record highs but energy company profits, dividends, drilling permits, jobs and energy exports are all up.

     
  • OPEC and IEA Agree on Something
     

    The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth.  They agree on this however.

     
  • Saudi Arabia’s non-oil sector grew 4.6 percent in 2023 – Reports
     

    Saudi Arabia’s non-oil sector grew at a strong rate, a positive sign for the Saudi government’s Vision 2030 economic and social reform drive that puts diversification of the economy away from oil as a top goal.

     
  • Aramco produces first unconventional tight gas at South Ghawar
     

    Aramco has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. This development supports Aramco’s strategy to increase gas production by more than half, over 2021 levels, through 2030, subject to domestic demand.

     

MUST-READS

  • Middle East’s largest oil and gas discoveries: Everything you need to know

    Contrary to popular belief, the first oil well in the Middle East was not discovered in Saudi Arabia. That came later. Oil was first discovered in Persia, now known as Iran, thanks to William Knox D’Arcy, a British national, who had got a 60-year concession from the Iranian government. D’Arcy funded the operation, which started in 1903, while the drilling was done by George Bernard Reynolds—an already prominent petroleum engineer. The Masjed Soleiman field was discovered in 1908, and it reached peak production in 1928.

  • Revealed: Top 5 oil and gas contracts in March 2023

    As major national oil companies accelerate oil and gas production, the momentum for project activity in the Middle East is picking up again. Oil & Gas Middle East lists – in no particular order or ranking – the major contracts secured for diverse projects in the sector for the month of November 2022.

  • U.S. shale oil and natgas output set to rise to record highs in March -EIA

    U.S. crude oil and natural gas production from the seven biggest shale basins is expected to rise to record highs in March, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Crude production in the shale basins will rise by about 75,000 barrels per day (bpd) in March to a record 9.36 million bpd, the EIA projected.

  • U.S. shale oil and natgas output set to rise to record highs in March -EIA

    U.S. crude oil and natural gas production from the seven biggest shale basins is expected to rise to record highs in March, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Crude production in the shale basins will rise by about 75,000 barrels per day (bpd) in March to a record 9.36 million bpd, the EIA projected. Output in the Permian basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise by about 30,000 bpd in March to a record 5.68 million bpd.

  • Multi-billion oil and gas projects to create significant jobs in the Middle East

    Job creation will arise from the planned multi-billion-dollar CAPEX expenditure across both Saudi Arabia and the UAE. Both ADNOC and Aramco are also entering international partnerships, which means local projects will produce job creation for partners in Europe, Asia, and the US. Additionally, recruitment opportunities in new sub-sectors will continue to drive portfolio diversification.

  • The Strategic Importance of the Middle East and North Africa: The Strengths and Limits of MENA Oil and Gas Wealth and the Challenge of Climate Change

    The analysis begins with an overview of the key factors shaping the region’s changing strategic importance. It then focuses on the oil and gas exports, which are the key factor shaping the region’s strategic importance, its role as a group of major trading partners, its role as a key line of global communication between regions, and its role in global migration.

  • $1 Trillion of Oil and Gas Assets Risk Being Stranded by Climate Change

    But there are currently about 3,600 gigatons of CO2 in the world’s known coal, oil and gas reserves. Publicly traded companies like Exxon, Shell, bp, Chevron, Glencore and so on have about 1,060 gigatons of CO2 in their reserves, while state-owned entities own the rest. So there’s about 10 times more fossil fuel reserves than we can burn if we stick to no more than 1.5 degrees. So these companies are all trying to compete for the remaining share of the 300 gigatons. But the vast majority of the fossil fuel reserves of these companies — as much as 90% — will likely have to remain in the ground. That’s the core problem of stranded assets.

  • $1 Trillion of Oil and Gas Assets Risk Being Stranded by Climate Change

    Stranded assets are now generally accepted to be those assets that at some time prior to the end of their economic life (as assumed at the investment decision point), are no longer able to earn an economic return (i.e., meet the company’s internal rate of return), as a result of changes associated with the transition to a low-carbon economy (lower than anticipated demand/prices). Or, in simple terms, assets that turn out to be worth less than expected as a result of changes associated with the energy transition.

  • China bets on Saudi oil and gas

    Not long ago, China’s leaders wagered that Iran would become the preferred supplier of oil and gas to China, providing one of the incentives to tighten their strategic relations with Tehran. The failure to revive the JCPOA, however, and the resulting continuation of sanctions (which have inflicted serious damage on the Iranian oil and gas sector and made doing business with Iranian firms incredibly onerous) have revealed this to be a very bad bet indeed.

  • Top 5 oil and gas trends to watch for in 2023

    To understand the outlook and perspectives of organisations across the oil and gas industry in 2023, Deloitte surveyed executives globally across five specific industry segments: exploration and production, oilfield services, midstream, petroleum refining, and marketing, and integrated oil and gas and new energy companies. Based on the survey results, we have identified 5 key trends to watch for in 2023: