News

A warm welcome to HFI’s August 2024 eNewsbook. Please click here for the interactive flipbook, and please click here for the static PDF. 
 
It is a pleasure to feature some of our key clients and connections – WellBoss, ADS Power Chokes, WellGear, Euro Mechanical, Intervention Rentals, GD Energy Projects, Odfjell, Workover Solutions – as recent weeks have given us the opportunity to catch up with them all and to exchange views on the key issues affecting the Middle East energy markets.
 
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 months have 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. Jafurah is the Kingdom’s largest unconventional non-oil associated gas field and is potentially the biggest shale gas development outside the US. It is anticipated that by generating 2 billion standard cubic feet per day of sales by 2030, will strengthen the Kingdom’s position as one of the top gas producers in the world.
 
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.
 
HFI continues to focus on our core area – Middle East energy sector ventures for clients with advanced energy technology and know-how and developing our key client services: Middle East/International Group Structures, Local Partner Ventures, Technology Transfer & Local Manufacturing Ventures, and Acquisitions & Divestments.
 
We have recently updated the summer editions of our Saudi Arabia Ventures Initiative (SAVI) eGuidebook and Abu Dhabi Ventures Initiative (ADVI) eGuidebook, with both markets continuing to dominate client activity and each representing over US$200 billion of energy projects in the period to 2030. 
 
I hope the features in our August eNewsbook will be of interest and please contact Sally Reeves, HFI's Client Relations Manager, to arrange a call if we can be of support in your MENA business ventures.