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 News

Saudi Aramco signs MoUs with Turkish firms SAUDI ENERGY GIANT Aramco has a series of MoUs deals with 18 Turkish companies to enable them to bid in energy projects. Saudi Energy Minister Khalid alFalih said the deals will generate a legal framework for many capital projects in the near future. According to Saudi Aramco, the MoUs will strengthen Saudi– Turkish business and economic cooperation, which has been growing steadily over the past decade, reflected in increased bilateral trade and investment The signing ceremony was presided by the minister of energy, industry between the two leading and mineral resources Khalid Al Falih and Turkish minister of energy economies. The agreements also and natural resources Berat Albayrak and President and CEO of Saudi have the potential to expand commercial partnerships between Aramco Amin H Nasser (back row, left to right). the two countries. The Turkish companies represent leading players in a diverse range of business activities, including power generation, airport construction and management, petroleum, and roadways. Some of the companies have an existing track record of successful investment in Saudi projects such as the Manifa Field development, the Jeddah Storm Water projects, Medina Airport, Riyadh Water Transmission System, the Jubail Railway Network, and the Yanbu Industrial City Residential Facilities.

Total to invest US$200mn in Egypt FRENCH OIL FIRM Total announced that the company is set to invest more than US$200mn in the Egyptian market within the upcoming five years. The announcement was made during Egyptian Prime Minister Sherif Ismail’s meeting with officials at the integrated oil and gas company. Ismail met with Total's senior vicepresident, Africa and Middle East, Stanislas Mittleman in the attendance of Egyptian Oil Minister Tarek El-Molla. Accoridng to cabinet spokesman Hossam Qaweesh, the officials asserted that the Egyptian market is a prominent one and considered by the company as the main gateway to expand its business in Africa. The Egyptian prime minister has emphasised that the Egyptian government is willing to provide all facilities necessary for attracting more investment to different service sectors, notably oil and energy. Ismail urged the French company to establish specialised stations all over Egypt to provide inclusive oil services for trucks, in addition to boosting the number of such stations in Upper Egypt, the spokesman added.

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Issue 7 2016

Kuwait Energy starts oil output in Basra KUWAIT ENERGY PLC has reported that it has started commercial oil production at the Faihaa-2 well in the Block 9 concession of Basra governorate in Southern Iraq. Production testing at the well started on 23 September at 52/64 inch choke size at an initial rate of 9,583 bopd from the Yamama-A formation. Production has stabilised at 5,600 barrels per day, the company said.

Production at the well has stabilised at 5,600 bpd. (Photo: Kokhanchikov/Shutterstock)

Kuwait Energy CEO Sara Akbar said, “We are proud to announce we have begun production from the Faihaa-2 well in Block 9, Iraq. This accomplishment demonstrates Kuwait Energy’s expertise, skills and our ability to execute these projects efficiently and successfully. Our strong partnerships with the Iraqi Ministry of Oil, South Oil Company (SOC) and our partners was critical in achieving this milestone.” Kuwait Energy holds a 60 per cent revenue interest in the Block 9 concession, while Dubai-based Dragon Oil owns 30 per cent and Egyptian General Petroleum Corp holds 10 per cent.

Profile for Alain Charles Publishing

Oil Review Middle East 7 2016  

Oil Review Middle East 7 2016