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READ THE DIGITAL MAGAZINE



IN THE SPOTLIGHT

Both onshore and offshore operations, and oilfield services did well. (Image
source: Adnoc Drilling)

Exploration & Production


ADNOC DRILLING SEES STEADY REVENUE INCREASE IN 2024

Details Created: 05 August 2024

Driven by operational expansion across all business segments, ADNOC Drilling’s
second quarter and first half 2024 revenue increased to US$935mn, surpassing
US$1.8bn, up year-on-year by 29% and 26% respectively

There was a steady revenue increase in both onshore and offshore operations, and
in oilfield services as well. 

“ADNOC Drilling has continued to deliver on its strategic initiatives and has
successfully closed the first half of the year on a strong note, achieving
multiple milestones.

“The Company’s performance for the period is a continued reflection of our
unwavering commitment to operational excellence and efficiency in every aspect
of our business. Our achievements for the period are a testament to the
relentless dedication of our people, whose efforts are central to delivering
outstanding service to our customers and maximising value for our
shareholders,”said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling.

The strong top-line translated into record EBITDA both in the quarter and the
first half. Second quarter EBITDA increased by 37% year-on-year and 8%
sequentially to US$472mn, yielding a 50% EBITDA margin. Consistency in revenue
growth and cost-cutting strategies led to US$909mn EBITDA in the first half of
the year, up 34% year-on-year and with a margin increase to 50%.

Net profit for the quarter also grew, up 29% year-on-year and 7% sequentially to
US$295mn, driven by the increase in EBITDA, while for the first half the figure
stood at US$570mn, up 28% year-on-year.

At the end of the second quarter, the fleet consisted of 140 rigs (136 owned
plus four lease-to-own land rigs), up from 137 at the end of the first quarter
due to the addition of three land rigs.

Encouraged by the positive results, the Board of Directors has approved an
interim dividend of US$394mn, +10% year-on-year under new enhanced and
progressive dividend policy, equivalent to 9.0468 fils per share.

The interim dividend distribution is expected to be in the last week of August
2024, to all shareholders of record as of August 12, 2024.

The ADIPEC 2024 Technical Conference has received record submissions. (Image
source: DMG)

Event News


RECORD SUBMISSIONS FOR ADIPEC 2024 TECHNICAL CONFERENCE

Details Created: 01 August 2024

The ADIPEC 2024 Technical Conference has received a record 5,977 submissions, a
16% increase over last year

Major growth in submissions was seen in the AI and Digital Transformation and
Energy Transition and Decarbonisation categories, and increased submissions were
received from African and Arab states.

The ADIPEC Technical Conference is a key part of ADIPEC, the world’s largest
energy event, which takes place on 4-7 November 2024 in Abu Dhabi. Organised by
SPE, the Technical Conference this year will feature 159 sessions across 12
categories, for which energy experts and engineers from around the world submit
their work to be considered for presentation.

Dr. Khaled Abdul Monem Al Kindi, senior vie president, Upper Zakum, ADNOC
Offshore and ADIPEC 2024 Technical Conference Programme chair, said,“I am
immensely proud to announce a historic milestone of 5,977 technical submissions
received this year. This unprecedented volume of contributions underscores
ADIPEC's vital role as a premier forum for innovative dialogue and exchange
within the global energy sector. I extend my heartfelt thanks to all authors –
the pioneering experts that continue to drive our industry forward, fostering
the advancements and collaborative spirit necessary to meet the evolving demands
of our world.” 


BRINGING TOGETHER THE CHANGEMAKERS

As a key part of ADIPEC’s portfolio of 10 conferences, the ADIPEC Technical
Conference brings together the brightest minds and technical experts from across
the energy value chain – the changemakers at the forefront of engineering,
technology and industry innovation.

The Energy Transition and Decarbonisation and AI and Digital Transformation saw
jumps in submissions of 38% and 32% respectively. These increases reveal the
energy industry’s growing focus on emerging digital technologies and efforts to
decarbonise in support of the energy transition, which are a major focus of
ADIPEC this year, reflected across its dynamic conference and exhibition agenda.

A significant increase was also recorded in the number of submissions from Arab
and African countries over last year, rising 50% and 28% respectively.
Double-digit growth was also recorded in submissions from the Asia & Pacific
Region, North America, and the Middle East. The ADIPEC Technical Conference also
saw experts from 25% more companies submit their work for presentation.

Christopher Hudson, president of dmg events, the organiser of ADIPEC, said,
"Decarbonisation presents many challenges and opportunities for all sectors.
ADIPEC’s focus on platforming low-carbon energy innovations to power industry,
empower lives, and accelerate global prosperity makes its Technical Conference a
critical forum to advance a sustainable, secure and equitable energy future.
This year’s record number of submissions, along with the substantial increases
in geographical and category-specific contributions, highlights the alignment of
our agenda with the industry's needs and the global commitment to be part of the
solution."

The offshore SARB field has seen a 25% increase in production. (Image source:
ADNOC)

Technology


ADNOC HIKES PRODUCTION WITH AI-ENABLED TECHNOLOGIES

Details Created: 31 July 2024

ADNOC has announced that its offshore Satah Al Razboot (SARB) field has
increased production capacity by 25% to 140,000 bpd through the implementation
of advanced digital technologies

The digital solutions implemented onsite at SARB allow the field to be operated
remotely from Zirku island, 20km away. Remote monitoring, smart well operations
and production management technologies are integrated at the remote control
centre for optimised real-time decision-making. This has enabled the accelerated
growth in field capacity with reduced costs and emissions. The field’s
digitalisation will enable the deployment of additional AI solutions to further
enhance and optimise operations. AIQ solutions DrillRep and OptiDrill process
data from rigs and wells at the field, enhancing drilling efficiency and
optimisation. By utilising daily drilling data reports and rig sensor data,
AIQ’s technology supports drilling operations with the necessary insights and
actions to optimise the drilling process.

Abdulmunim Saif Al Kindy, ADNOC Upstream executive director, said, “AI and
digitalisation are at the heart of ADNOC’s smart growth strategy to help
responsibly meet the world’s growing energy demand. By deploying
industry-leading technologies at SARB field, we have increased production
capacity while enhancing the safety, sustainability and efficiency of our
operations, strengthening ADNOC’s position as one of the world’s lowest-cost and
least carbon intensive energy producers.”

See
also https://oilreviewmiddleeast.com/technical-focus/adnoc-accelerates-deployment-of-robowell-solution

https://oilreviewmiddleeast.com/technical-focus/the-ai-revolution-in-oil-and-gas

The agreements will boost production in the Mediterranean and Suez Gulf. (Image
source: Adobe Stock)

Exploration & Production


EGYPT SIGNS AGREEMENTS TO INCREASE OIL & GAS PRODUCTION

Details Created: 29 July 2024

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has signed
agreements to boost oil and gas production with Shell Egypt and Cheiron Energy
to boost oil and gas production in the Mediterranean and Suez Gulf

The minister, Shell Egypt’s vice president and country chair Dalia El Gabry, and
Egyptian General Petroleum Corporation (EGPC) chairman Alaa El Batal have signed
an agreement between EGPC, Shell and Malaysia’s Petronas to invest US$222mn in
the 10th phase of gas production in the West Delta Deep offshore area to boost
production. It will involve the drilling of three wells to produce natural gas
and establish marine facilities to bring the wells into production.

Before the signing, Badawi and El Gabry held a meeting where the Minister
stressed the government’s commitment to working with Shell, a key player in
Egypt’s energy sector, to increase gas production in the Mediterranean, while
El-Gabry confirmed Shell’s commitment to Egypt and its plans to invest in new
exploration and production projects.

The minister also met with a delegation from Cheiron Energy and signed a
US$120mn deal with the company and KUFPEC to boost oil production in the Suez
Gulf. The agreement includes drilling nine wells in the Geisum and Tawila West
area in the Suez Gulf, including three exploration wells. It is envisaged that
the investment will increase oil and gas production in the Gulf of Suez from
21,000 bpd to 26,000 bpd.

Two Middle East countries feature in the top 5 countries with most recoverable
reserves. (Image source: Adobe Stock)

Industry


SAUDI ARABIA LEADS IN RECOVERABLE OIL RESERVES: RYSTAD ENERGY

Details Created: 29 July 2024

Saudi Arabia tops the list of countries with the most recoverable oil, with
247bn barrels, according to new research from Rystad Energy

Iraq also features in the list of the top five countries with most recoverable
oil, with 105bn barrels, coming in fifth place. The USA is second with 156bn
barrels, Russia third with 143bn barrels and Canada fourth with 122bn barrels.

However, global recoverable oil reserves could be insufficient to meet demand
unless there is a swifter transition to electric vehicles, according to Rystad
Energy’s latest research, which shows global recoverable oil reserves standing
at around 1,500 billion barrels, down around 52 billion barrels from its 2023
analysis.

The largest downward revisions are seen in Saudi Arabia, where development
priorities have shifted from offshore capacity expansions to onshore infill
drilling. The only country with any significant increase in 2024 is Argentina,
with a gain of 4bn barrels thanks to the derisking of shale projects in the Vaca
Muerta formation.

Rystad’s estimates of total recoverable oil resources have fallen by 700bn
barrels since 2019 due to reduced exploration activities. Exploration has fallen
as investors fear stranded assets due to the ongoing electrification of vehicles
and the expected decline in both oil demand and crude prices.

“The world’s remaining oil reserves are insufficient to support oil demand if
there is no transition to electric vehicles. Attempts to limit the supply of oil
will have hardly any effect on limiting global warming. Instead, the only
feasible way of keeping global temperatures rising less than 2.0 degrees Celsius
is to ensure fast electrification of road transportation,” says Per Magnus
Nysveen, head of Analysis at Rystad Energy.

Rystad Energy also reports proven oil reserves at 449bn barrels, which signifies
remaining oil reserves if no new development projects were to be approved and
all exploration activities were stopped. This is a significant upward revision
since 2023, driven by increased onshore infill drilling in Saudi Arabia.

The acquisition will strongly boost H&P's Middle East presence. (Image source:
Adobe Stock)

Industry


HELMERICH & PAYNE SET FOR MIDDLE EAST EXPANSION WITH NEW ACQUISITION

Details Created: 26 July 2024

Drilling contractor Helmerich & Payne (H&P) is to acquire global drilling
company KCA Deutag, significantly boosting its Middle East presence

The acquisition will accelerate H&P’s international growth strategy, providing
immediate and significant exposure to land operations in key markets in the
Middle East, which generated around 70% of KCA Deutag’s calendar year 2023
operating EBITDA. Through the transaction, H&P will increase its Middle East rig
count from 12 to 88 rigs, 71 of which are in Saudi Arabia, Oman and Kuwait.
Based on award activity to date, the pro forma company would be one of the
larger rig providers in the Middle East.

With KCA Deutag, H&P will have a strong geographic and operational mix across
the U.S. and international crude oil and natural gas markets, and diversified
geographical exposure in earnings and cash flow streams.
The acquisition will also strengthen cash flow and durability, given that the
Middle East rig market is expected to grow in the coming years; generate
attractive returns; and provide an opportunity to realise synergies, the company
says.


ACCELERATING INTERNATIONAL EXPANSION

President and CEO of H&P, John Lindsay, commented, 'This is a historic and
transformative transaction for the company, and we are excited about what this
means for H&P’s future, as it accelerates our international expansion
particularly in the Middle East and enhances the company’s global leadership in
onshore drilling solutions. KCA Deutag’s assets and operations will add
resilient revenues, providing greater earnings visibility and cash flow
generation. As a result, we expect to generate sizeable incremental cash flows
and are confident this transaction will deliver near- and long-term growth and
value creation for H&P shareholders.

“Our experience in the industry combined with a Middle East market poised for
continued growth should be indicative of the importance and the compelling
reasons for executing on this acquisition at this time. Acquiring KCA Deutag
gives H&P immediate scale in core Middle East markets in a way that would be
challenging to replicate organically.”

CEO of KCA Deutag, Joseph Elkhoury, added, “We look forward to joining H&P,
combining the strengths of our people together with our geographical footprint,
to create an organisation with an unrivalled global network, service capability
and technology offering. The size, scale and financial strength of the combined
organisation will provide a stable foundation for long-term growth and
diversification to safeguard a sustainable and prosperous future for our
people.”

The global energy supply chain is facing challenges.(Image source: Adobe Stock)

Industry


EIC REPORT HIGHLIGHTS SUPPLY CHAIN CHALLENGES

Details Created: 25 July 2024

The UK-based Energy Industries Council (EIC) has released its eighth annual
Survive and Thrive report, which finds that ongoing geographic and policy
uncertainties are posing challenges for the global energy supply chain

The report notes that only 7% of companies are venturing into new markets, high
costs and insufficient government support being major deterrents. Clear policies
and trade agreements are essential for making new market entries more feasible,
according to the views of supply chain businesses shared in the report. Another
obstacle is payment delays, which create severe cash flow issues, hindering
investment in new technologies and expansion efforts, the report finds.

Developing client-facing services and solutions has emerged as the most popular
growth strategy this year, with 82% of supply chain companies now working
directly with operators, increasingly sidestepping the traditional model of
contracting via tier 1 EPC contractors. This shift allows companies to forge
deeper relationships with end-user clients and increases the chances of having
their technology pre-specified.


SHIFT TO UNCERTAINTY

“2024 sees a shift from boom times to an environment filled with uncertainty, as
companies grapple with increased policy and geopolitical challenges,” Stuart
Broadley, CEO of the EIC, commented.

“While opportunities abound, the lack of clarity on financial incentives and
regulations makes navigating these waters increasingly complex. While activity
across the energy supply chain remains high, companies are facing significant
hurdles due to policy uncertainties.

“Government support, with fewer exclusions around oil and gas, is crucial for
companies to navigate new territories, many of which have important hydrocarbons
activities that are also in transition. Our members are asking for more
engagement from trade missions and embassies to provide necessary market access
and early clarity on new market challenges such as local content needs.”

“Clear and consistent policies, financial incentives, and an understanding of
the entire and largely integrated supply chain's needs are crucial. Policymakers
should de-silo energy policy, ensure an overarching target with contributions
from all stakeholders, and recognise the impact of increased taxes on operators.
Upgrading capabilities to meet net-zero demands, reassessing local content
regulations, and providing a clear roadmap for energy projects are essential
steps to support and nurture the energy supply chain.”

1  of  7 Previous Next

SLB continues to benefit from elevated activity in the Middle East & Asia,
particularly in gas. (Image source: Adobe Stock)

Industry


SLB RECORDS STRONG GROWTH IN MIDDLE EAST & ASIA

Details Created: 22 July 2024

SLB has recorded a strong performance in the Middle East & Asia in its second
quarter results, with year-on-year revenue from the region increasing by 24%,
compared with the 13% growth in total revenue

Revenue in the Middle East & Asia of US$3.27bn increased 6% sequentially due to
increased sales of production systems and increased intervention and evaluation
activity in Saudi Arabia. Higher digital revenue across the area and increased
drilling in Iraq, United Arab Emirates, China, and East Asia also contributed to
the sequential growth. The year on year 24% increase in revenue was due to
higher drilling, intervention, and evaluation activity as well as increased
sales of production systems in Saudi Arabia. Higher drilling in United Arab
Emirates, Egypt, East Asia, Indonesia, and China, as well as the acquired Aker
subsea business in Australia, also contributed to the year-on-year growth.

The company’s total revenue of US$9.14bn increased 5% sequentially and 13% year
on year, with digital & integration and reservoir performance divisions both
seeing 11% year-on-year growth, well construction 1% year-on-year growth, and
production systems 31% year-on-year growth.

SLB CEO Olivier Le Peuch commented, “We achieved solid second-quarter results,
with broad-based international revenue growth and margin expansion across all
divisions. Our Core business continued to build on its positive momentum and our
digital business accelerated, resulting in our highest quarterly international
revenue since 2014. These results demonstrate SLB’s strong position in key,
resilient markets, as we continue to benefit from elevated activity in the
Middle East & Asia, particularly in gas, and our clients’ increased investments
in deepwater basins, exploration, and digital.

“Sequentially, revenue grew 5%, led by the Middle East & Asia, which increased
6%. The increase in this area was driven by capacity expansions, gas development
projects, and production and recovery, with a majority of GeoUnits in the area
achieving record revenue. We also continued to benefit from our enhanced
offshore exposure, particularly in deepwater basins across Latin America, Europe
& Africa, and in the US Gulf of Mexico.”


MIDDLE EAST CONTRACTS

In the Kingdom of Saudi Arabia, Saudi Aramco awarded SLB a long-term contract
for unconventional gas directional drilling services and drilling bits, in
support of Aramco’s strategic goal to increase gas production by more than 60%
by 2030, compared to 2021 levels. SLB will provide innovative fit-for-basin
technologies, services, and best-in-class practices developed in collaboration
with Aramco.

In Qatar, a customer awarded SLB a five-year contract for directional drilling,
measurement-while-drilling, and logging-while-drilling services. The contract
will extend the deployment of the GeoSphere HD high-definition reservoir
mapping-while-drilling service and the GeoSphere 360 3D reservoir
mapping-while-drilling service for proactive steering, waterfront
identification, and acquisition of valuable information for subsurface
modelling.

In the decarbonisation space, SLB and Abu Dhabi National Oil Company (ADNOC)
Onshore successfully deployed the EcoShield low-carbon geopolymer cement-free
system, paving the way to decarbonise cementing operations. This operation
achieved an estimated 85% reduction in CO2 emissions compared with conventional
conductor casing cement. ADNOC and SLB are looking to expand technology
application in surface casing jobs and beyond.

In Oman, ARA Petroleum Exploration and Production (ARA), part of the wider
Zubair Corporation, awarded SLB a five-year contract to enhance ARA's reservoir
engineering capabilities. Advanced wellbore imaging in the Techlog wellbore
software will increase subsurface understanding, Petrel subsurface software
machine learning will improve modelling, and Intersect high-resolution reservoir
simulator will deliver precise forecasting.

Ediz Eren, regional VP Middle East, Rockwell Automation. (Image source: Rockwell
Automation)

Technology


EMBRACING THE DIGITAL REVOLUTION FOR GROWTH AND COMPETITIVENESS

Details Created: 18 July 2024

Ediz Eren, regional VP Middle East for Rockwell Automation, discusses how the
region is witnessing a remarkable shift towards digital transformation, driven
by ambitious visions for economic diversification and modernisation

In recent years, the Middle East has been experiencing a significant shift
towards digital transformation across various industries. Traditionally known
for its oil and gas sector dominance, the region is now diversifying its economy
and embracing technology-driven innovations to foster growth and competitiveness

A key driver of digital transformation in the Middle East is the region's vision
for economic diversification and modernisation. Governments across the region
have launched ambitious initiatives to foster innovation, entrepreneurship, and
technological advancement. These initiatives include investment in digital
infrastructure, development of smart cities, and promotion of emerging
technologies such as artificial intelligence, blockchain, and the Internet of
Things (IoT).

Like other global economies, the COVID-19 pandemic has accelerated the adoption
of digital technologies in the region, as organisations have had to adapt
rapidly to remote work, digital communication, and online services. This has led
to a greater appreciation for the benefits of digitalisation, including
increased efficiency, flexibility, and resilience. Organisations invest in cloud
computing, big data analytics, cybersecurity, and digital platforms to enhance
customer experiences, streamline operations, and drive innovation.

Saudi Arabia, for example, is aggressively advancing its manufacturing sector
through digitalisation, aiming to expand from 10,000 to 36,000 facilities by
2030 as part of its Vision 2030. Rockwell Automation, a key supporter, recently
launched its Digital Center of Excellence in Dammam, strengthening its
commitment to the Kingdom. The Center focuses on process industries such as oil
and gas, mining, and water, accelerating Saudi Arabia's digital transformation
and optimising maintenance operations.


IT IS NOT ALL ABOUT TECHNOLOGY


While Rockwell has a suite of solutions that cover the entire lifecycle of a
manufacturing facility, a successful digital transformation requires more than
that. A vital component often overlooked is the people involved in the facility,
who frequently feel threatened by adopting automation and data-driven processes.

As digitalisation, automation, and robotics increase in manufacturing companies,
workers express growing concerns about potential job displacement, loss of
autonomy, and the need for upskilling. One primary apprehension among workers is
the fear of job loss due to automation replacing traditional manual tasks. This
concern is compounded by the perception that machines are increasingly capable
of performing tasks previously carried out by humans. This shift can lead to
feelings of disengagement and decreased job satisfaction among workers.

The increasing reliance on digitalisation also raises concerns about the need
for continuous upskilling and reskilling. Many workers feel unequipped to
navigate the rapidly evolving technological landscape, leading to anxiety about
job security and future employability. Addressing these concerns requires
proactive measures from manufacturing companies, including investment in
training programmes, transparent communication about the role of technology in
the workplace, and efforts to involve workers in the digitalisation process to
mitigate fears and foster a culture of collaboration and adaptation.


THE IMPORTANCE OF EFFECTIVE CHANGE MANAGEMENT

Change management is pivotal in successfully implementing digital transformation
initiatives within manufacturing companies. Change management helps create
awareness and understanding among employees about the need for digital
transformation and its benefits to the organisation. Clear communication about
the transformation's goals, objectives, and expected outcomes helps to alleviate
uncertainty and build buy-in from employees at all levels.

It serves as a guiding framework for navigating the complexities of digital
transformation, ensuring that organisational goals are achieved and employees
are equipped to thrive in a rapidly evolving manufacturing landscape.

Some organisations look to pilot projects to provide a controlled environment to
test new technologies, processes, and strategies before implementing them on a
larger scale. These small-scale initiatives allow organisations to assess
feasibility, identify potential challenges, and refine their approach,
ultimately minimising risks and maximising the success of broader transformation
efforts. However, as, by definition, they are small, they have a limited role in
wider workforce acceptance.

Their prime benefit is their ability to demonstrate tangible value and ROI to
stakeholders within the organisation. By focusing on specific use cases or areas
of improvement, pilot projects can showcase the potential impact of digital
solutions on productivity, efficiency, quality, or cost savings. This empirical
evidence is essential for garnering support and securing buy-in from
decision-makers and frontline employees.

The region is witnessing a remarkable shift towards digital transformation,
driven by ambitious visions for economic diversification and modernisation.
Governments are spearheading initiatives to foster innovation and technological
advancement. Overall, digital transformation presents challenges and
opportunities for the Middle East, highlighting the importance of proactive
strategies and strong partners to address workforce concerns and maximise the
benefits of technological innovation.

Intersec Saudi Arabia draws thousands of safety and security professionals from
across the GCC. (Image source: Messe Frankfurt)

Event News


INTERSEC SAUDI ARABIA GEARS UP FOR BIGGEST EVER EDITION

Details Created: 17 July 2024

Intersec Saudi Arabia, the Kingdom's leading trade fair for safety, security,
and fire protection, will return for a sixth edition from 1st-3rd October at the
Riyadh International Convention and Exhibition Center (RICEC)

Organised by 1st Arabia and licensed by Messe Frankfurt, the event is held under
the patronage of the High Commission for Industrial Security and in association
with the Ministry of Interior and Saudi Civil Defense.

Intersec Saudi Arabia draws thousands of security and safety professionals from
around the GCC each year to procure, learn and develop their knowledge of a
rapidly growing industry. A record-breaking 15,336 visitors attended the 2023
event, and 17,000 visitors are expected at the upcoming edition. The exhibition
space for Intersec Saudi Arabia 2024 has increased by 34% from 2023, covering a
total area of 23,000 sq m across five halls and one outdoor showcase.

Bilal Al Barmawi, CEO and founder of 1st Arabia Trade Shows & Conferences, said,
“Intersec Saudi Arabia is tailored specifically to the needs of the Kingdom. The
event is regarded as the largest and most important exhibition and conference
for the security, safety, and fire protection industries in Saudi Arabia.”

Intersec Saudi Arabia is expected to host over 350 exhibitors from 27 countries
and will feature country pavilions for China, the Czech Republic and the UK.
Saudi-based exhibitors account for 29% of the participating companies, which are
categorised across five product sectors – Commercial and Perimeter Security,
Cybersecurity, Homeland Security and Policing, Fire and Rescue, and Safety and
Health.


TWO PIVOTAL SUMMITS

The annual conference programme for Intersec Saudi Arabia will include the
Future Security and Safety Summit and the Fire Protection and Technology Summit,
with both of these summits reflecting the specific needs of the Saudi market.

Riham Sedik, show manager – Intersec Saudi Arabia, Messe Frankfurt Middle East,
said, “We are proud to feature two pivotal summits that will unite industry
pioneers to address current and emerging security threats at national and
corporate levels while also bringing together leading fire and emergency service
professionals to discuss the latest challenges, opportunities, and advancements
in fire safety and technology."

The summits will run throughout the three-day event and have been developed to
bring together the industry's best and brightest minds, offering significant
value to attendees and high-quality, valuable educational opportunities to
attendees.

Key themes for the Future Security and Safety Summit include ‘Moving Beyond
Security – How to React to AI’s Transformative Potential’ and ‘Boosting
International Security Co-operation’. Meanwhile, the Fire Protection and
Technology Summit will explore ‘Robotics and Automation for Fire Suppression’
and ‘Fire Challenges due to Climate Change’ among other vital industry topics.

The Premium Club will once again return to Intersec Saudi Arabia, providing
unrivalled opportunities for professionals in safety, security, and fire
protection to network. The programme is designed to encourage key buyers to
connect with exhibitors away from the show floor, offering a seamless purchasing
process.

You can find out further information about Intersec Saudi Arabia here

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TOP STORIES

View as: Grid List


EXPLORATION & PRODUCTION

Both onshore and offshore operations, and oilfield services did well. (Image
source: Adnoc Drilling)

Exploration & Production


ADNOC DRILLING SEES STEADY REVENUE INCREASE IN 2024

Details 05 August 2024 Created: 05 August 2024

Driven by operational expansion across all business segments, ADNOC Drilling’s
second quarter and first half 2024 revenue increased to US$935mn, surpassing
US$1.8bn, up year-on-year by 29% and 26% respectively

There was a steady revenue increase in both onshore and offshore operations, and
in oilfield services as well. 

“ADNOC Drilling has continued to deliver on its strategic initiatives and has
successfully closed the first half of the year on a strong note, achieving
multiple milestones.

“The Company’s performance for the period is a continued reflection of our
unwavering commitment to operational excellence and efficiency in every aspect
of our business. Our achievements for the period are a testament to the
relentless dedication of our people, whose efforts are central to delivering
outstanding service to our customers and maximising value for our
shareholders,”said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling.

The strong top-line translated into record EBITDA both in the quarter and the
first half. Second quarter EBITDA increased by 37% year-on-year and 8%
sequentially to US$472mn, yielding a 50% EBITDA margin. Consistency in revenue
growth and cost-cutting strategies led to US$909mn EBITDA in the first half of
the year, up 34% year-on-year and with a margin increase to 50%.

Net profit for the quarter also grew, up 29% year-on-year and 7% sequentially to
US$295mn, driven by the increase in EBITDA, while for the first half the figure
stood at US$570mn, up 28% year-on-year.

At the end of the second quarter, the fleet consisted of 140 rigs (136 owned
plus four lease-to-own land rigs), up from 137 at the end of the first quarter
due to the addition of three land rigs.

Encouraged by the positive results, the Board of Directors has approved an
interim dividend of US$394mn, +10% year-on-year under new enhanced and
progressive dividend policy, equivalent to 9.0468 fils per share.

The interim dividend distribution is expected to be in the last week of August
2024, to all shareholders of record as of August 12, 2024.

The agreements will boost production in the Mediterranean and Suez Gulf. (Image
source: Adobe Stock)

Exploration & Production Details 29 July 2024 Created: 29 July 2024


EGYPT SIGNS AGREEMENTS TO INCREASE OIL & GAS PRODUCTION

The value of the two offshore projects together amounts to US$500mn. (Image
source: Adobe Stock)

Exploration & Production Details 15 July 2024 Created: 15 July 2024


SAIPEM SCOOPS SAUDI CONTRACTS WORTH US$500MN


INDUSTRY

Expanding networks are offering big opportunities in the region. (Image source:
Adobe Stock)

Industry


BIG OPPORTUNITIES FROM PIPELINE DEVELOPMENT

Details 09 August 2024 Created: 09 August 2024

Expanding pipeline networks in the Middle East are offering fertile
opportunities for contractors and technology providers

Data from Global Energy Monitor’s Global Oil Infrastructure Tracker shows the
Middle East leading the continuing global expansion of crude oil transmission
pipelines, as countries maintain and expanding their production and export
facilities. Around 7,073 km of crude oil pipelines are under development
(proposed and under construction) in the region, at an estimated capex of
US$49.7bn, with Iraq and Iran topping the list.

Data in the Global Gas Infrastructure Tracker shows that 8,169 km of gas
pipelines are under development in the Middle East at a cost of US$67.9bn, with
Iran and Saudi Arabia leading the ranking. In Iran, new pipelines will help to
meet high domestic demand from its industrial petrochemicals and residential
sectors, while in Saudi Arabia and other Gulf states gas pipelines will support
a shift to gas as a result of energy transition strategies and plans to develop
global gas businesses.


GAS PIPELINE NETWORKS

Saudi Arabia’s Jafurah unconventional gas development for example involves a
network of around 1,500 km of main transfer pipelines, flowlines and gas
gathering pipelines; while contracts have recently been awarded for the Phase 3
expansion of the Master Gas System, which involves the installation of around
4,000 km pipelines. Sinopec and L&T Energy Hydrocarbon (LTEH) are among the
beneficiaries, with the LTEH contract reported to be the largest cross-country
pipeline EPC project awarded to the company to date.

In the UAE, ADNOC Gas awarded contracts to expand the natural gas pipeline
network in 2023, and recently awarded contracts to NMDC Energy P.J. S.C and
Galfar Engineering Contracting W.L.L. Emirates for the next phase of the
ESTIDAMA project, which will extend the UAE’s natural gas pipeline network
operated by ADNOC Gas from approximately 3,200 km to more than 3,500 km,
enabling the transportation of higher volumes of natural gas to customers in the
Northern Emirates.

Find out more in the latest issue of Oil Review Middle
East, https://oilreviewmiddleeast.com/magazines/orme_2024_07_31/spread/?page=22

PIcture of oil workers with a laptop

Industry Details 08 August 2024 Created: 08 August 2024


MOBILITY IN THE OIL AND GAS WORKFORCE

ADNOC has signed several agreements with international partners for LNG supply.
(Image source: ADNOC)

Industry Details 08 August 2024 Created: 08 August 2024


ADNOC SIGNS LNG SUPPLY AGREEMENT WITH OSAKA GAS


PETROCHEMICALS

The new process will improve efficiency and reduce carbon footprint. (Image
source: Honeywell)

Petrochemicals


HONEYWELL LAUNCHES NEW OLEFIN PRODUCTION PROCESS

Details 09 May 2024 Created: 09 May 2024

Honeywell has launched a new process to improve the efficiency and
sustainability of light olefin production

The naphtha to ethane and propane (NEP) technology generates a tunable amount of
ethane and propane from naphtha and/or LPG feedstocks, generating more
high-value ethylene and propylene with reduced production of lower-value
by-products compared to a traditional mixed-feed steam cracking unit and
resulting in net cash margin increases. An NEP-based olefins complex also
reduces CO2 intensity per metric ton of light olefins produced by 5 to 50%
versus a traditional mixed-feed steam cracker.


MORE EFFICIENT PRODUCTION

“The petrochemical industry faces strong competition and challenges in obtaining
raw materials globally,” said Matt Spalding, vice president and general manager
of Honeywell Energy and Sustainability Solutions in MENA. “Our technology helps
to enable more efficient production of ethylene and propylene, two chemicals
which are in high demand, while also helping our customers lower their carbon
emissions.”

The new solution is a part of Honeywell’s Integrated Olefin Suite technology
portfolio to enhance the production of light olefins.

The programme will optimise asset lifecycle, enhance machinery performance and
improve overall reliability. (Image source: Adobe Stock)

Petrochemicals Details 28 March 2024 Created: 28 March 2024


KBR WINS ASSET CONDITION MONITORING CONTRACT FROM PETRO RABIGH

TotalEnergies will support the refinery with its global oil and feedstock supply
capacity. (Image source: Adobe Stock)

Petrochemicals Details 04 March 2024 Created: 04 March 2024


TOTALENERGIES EXTENDS SUPPORT TO BAPCO ENERGIES ON SITRA REFINERY


TECHNOLOGY

The offshore SARB field has seen a 25% increase in production. (Image source:
ADNOC)

Technology


ADNOC HIKES PRODUCTION WITH AI-ENABLED TECHNOLOGIES

Details 31 July 2024 Created: 31 July 2024

ADNOC has announced that its offshore Satah Al Razboot (SARB) field has
increased production capacity by 25% to 140,000 bpd through the implementation
of advanced digital technologies

The digital solutions implemented onsite at SARB allow the field to be operated
remotely from Zirku island, 20km away. Remote monitoring, smart well operations
and production management technologies are integrated at the remote control
centre for optimised real-time decision-making. This has enabled the accelerated
growth in field capacity with reduced costs and emissions. The field’s
digitalisation will enable the deployment of additional AI solutions to further
enhance and optimise operations. AIQ solutions DrillRep and OptiDrill process
data from rigs and wells at the field, enhancing drilling efficiency and
optimisation. By utilising daily drilling data reports and rig sensor data,
AIQ’s technology supports drilling operations with the necessary insights and
actions to optimise the drilling process.

Abdulmunim Saif Al Kindy, ADNOC Upstream executive director, said, “AI and
digitalisation are at the heart of ADNOC’s smart growth strategy to help
responsibly meet the world’s growing energy demand. By deploying
industry-leading technologies at SARB field, we have increased production
capacity while enhancing the safety, sustainability and efficiency of our
operations, strengthening ADNOC’s position as one of the world’s lowest-cost and
least carbon intensive energy producers.”

See
also https://oilreviewmiddleeast.com/technical-focus/adnoc-accelerates-deployment-of-robowell-solution

https://oilreviewmiddleeast.com/technical-focus/the-ai-revolution-in-oil-and-gas

Ediz Eren, regional VP Middle East, Rockwell Automation. (Image source: Rockwell
Automation)

Technology Details 18 July 2024 Created: 18 July 2024


EMBRACING THE DIGITAL REVOLUTION FOR GROWTH AND COMPETITIVENESS

The service provides automated, continuous visualisation of the subsurface.
(Image source: Halliburton)

Technology Details 17 July 2024 Created: 17 July 2024


HALLIBURTON LAUNCHES SENSORI FRACTURE MONITORING SERVICE


WEBINAR


Webinar


RECORD NUMBERS ATTEND OIL REVIEW MIDDLE EAST WEBINAR ON ADVANCED SURVEILLANCE
FOR OIL AND GAS REMOTE FACILITIES

Details 29 February 2024 Created: 29 February 2024

More than 175 people, including senior representatives of the region's leading
oil and gas companies, attended a very topical and engaging live webinar hosted
by Oil Review Middle East entitled “Beyond Boundaries: Advanced Surveillance for
Oil and Gas Remote Facilities”

The webinar discussed how leveraging data can drive operational excellence in
both projects and operations phases. (Image source: Adobe Stock)

Webinar Details 29 January 2024 Created: 29 January 2024


HARNESSING DIGITAL TOOLS FOR SUSTAINABLE INDUSTRIAL EVOLUTION

Webinar Details 26 October 2023 Created: 26 October 2023


GPT INDUSTRIES WEBINAR: COMBATTING FLANGE FACE CORROSION IN THE MIDDLE EAST


ENERGY TRANSITION

The range covers every application of the hydrogen value chain. (Image source:
Trelleborg)

Energy Transition


TRELLEBORG LAUNCHES HYDROGEN SEALING SOLUTIONS

Details 07 August 2024 Created: 07 August 2024

Trelleborg Sealing Solutions has launched the full H2Pro range of more than 20
sealing compounds for every application of the hydrogen value chain, from
production to transport and storage and end-use

Proven to withstand challenging application environments, the materials are
suitable for high pressures, low temperatures, and resist permeation, making
them better able to withstand rapid gas decompression (RGD), while also
demonstrating excellent wear and extrusion properties.

James Simpson, global segment director energy, said, “As the smallest and
lightest molecule, hydrogen has the potential to drive the energy transition,
but it is difficult and complex to seal.

“The lack of relevant industry standards to validate our materials against was a
major challenge when developing the H2Pro range. Some in the nascent hydrogen
industry rely on standards used typically for high-pressure gasses in the oil
and gas sector, but these are often unsuitable for replicating real-world
hydrogen application conditions.

“Trelleborg has developed proprietary testing protocols that replicate
real-world hydrogen applications, providing customers with confidence in
products to make the energy transition reliable, efficient and economic.”

Trelleborg's proprietary test standards cover hydrogen permeation, endurance
validation and hydrogen compatibility, including the ability to withstand rapid
gas compression (RGD). Occurring when hydrogen permeates into a seal under
pressure, RGD can cause seals to blister and crack when pressure is rapidly
relieved.

Aviation is a key focus for Masdar's green hydrogen business. (Image source:
Masdar)

Energy Transition Details 01 August 2024 Created: 01 August 2024


MASDAR AND TOTALENERGIES TO COLLABORATE ON SAF PROJECT

The facility will utilise KBR's leading ammonia synthesis loop technology to
deliver cost-competitive and low-carbon intensity ammonia. (Image source: KBR)

Energy Transition Details 22 July 2024 Created: 22 July 2024


KBR AWARDED ENERGY TRANSITION PROJECTS

 * Most read
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The agreements will boost production in the Mediterranean and Suez Gulf. (Image
source: Adobe Stock)

Exploration & Production Details 2024-07-29


EGYPT SIGNS AGREEMENTS TO INCREASE OIL & GAS PRODUCTION

The offshore SARB field has seen a 25% increase in production. (Image source:
ADNOC)

Technology Details 2024-07-31


ADNOC HIKES PRODUCTION WITH AI-ENABLED TECHNOLOGIES

Gas Details 2023-07-18


NEW IEA REPORT URGES CLOSER DIALOGUE BETWEEN GAS PRODUCERS AND CONSUMERS

Expanding networks are offering big opportunities in the region. (Image source:
Adobe Stock)

Industry Details 2024-08-09


BIG OPPORTUNITIES FROM PIPELINE DEVELOPMENT

PIcture of oil workers with a laptop

Industry Details 2024-08-08


MOBILITY IN THE OIL AND GAS WORKFORCE

(L-R): MYCRANE's Piet Kraaijeveld, Andrei Geikalo, Aleksandr Geikalo. (Image
source: ADIPEC)

Industry Details 2023-10-04


SAUDI ARABIA WELCOMES MYCRANE PLATFORM

By using analytics to augment and empower the workforce, pipeline operators can
optimise operations and improve asset availability. (Image source: Adobe Stock)

Technology Details 2024-04-09


OPTIMISING PIPELINE OPERATIONS

The expansion is expected to increase the plant’s processing capacity from 2.5
to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)

Exploration & Production Details 2024-04-02


ARAMCO AWARDS EPC CONTRACTS FOR FADHILI GAS PLANT EXPANSION

Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)

Technology Details 2024-04-02


NEW FWI TECHNOLOGY FROM DUG REPLACES TRADITIONAL PROCESSING AND IMAGING
WORKFLOWS

The new range has been launched in response to the demand for compact and
lightweight lifeboats. (Image source: VIKING)

Health & Safety Details 2023-11-22


VIKING LIFE-SAVING EQUIPMENT LAUNCHES NEW RANGE OF SPACE-SAVING LIFEBOATS

The use of blockchain in the oil and gas sector is set to increase
substantially. (Image source: Adobe Stock)

Technology Details 2024-03-28


GLOBALDATA HIGHLIGHTS TRANSFORMATIVE POTENTIAL OF BLOCKCHAIN FOR OIL AND GAS

HE Abdulsalam bin Mohammed Al Murshidi, the president of Oman Investment
Authority (OIA)

Petrochemicals Details 2024-02-06


DUQM REFINERY SET TO CHANGE THE GULF ENERGY LANDSCAPE

TotalEnergies will support the refinery with its global oil and feedstock supply
capacity. (Image source: Adobe Stock)

Petrochemicals Details 2024-03-04


TOTALENERGIES EXTENDS SUPPORT TO BAPCO ENERGIES ON SITRA REFINERY

The programme is designed to strengthen leadership and safety culture in the oil
and gas industry> (Image source: Adobe Stock)

Health & Safety Details 2024-01-05


SAFETY LEADERSHIP ACADEMY FOR OIL AND GAS INDUSTRY LAUNCHED

Block 56 is targeted for commercialisation in 2024. (Image source: Canva)

Exploration & Production Details 2024-03-29


TETHYS OIL TO EXPAND EXPLORATION IN OMAN

TotalEnergies and SONATRACH will develop gas resources in Algeria's north-east
Timimoun region, (Image source: Adobe Stock).

Exploration & Production Details 2024-04-09


TOTALENERGIES AND SONATRACH SIGN MOU TO DEVELOP GAS RESOURCES

Over 4,000 km of SoluForce pipe has been installed around the world. (Image
source: SoluForce)

Technology Details 2024-04-01


SOLUFORCE PIPELINES: REACHING THE NEXT LEVEL OF REUSABILITY

Among other services, KBR will offer proprietary equipment for NCIC's 1,200
metric tonnes per day ammonia plant. (Image source: Adobe Stock)

Industry Details 2024-04-03


KBR TO PROVIDE AMMONIA TECHNOLOGY FOR EL NASR'S FERTILISER COMPLEX IN EGYPT

The programme will optimise asset lifecycle, enhance machinery performance and
improve overall reliability. (Image source: Adobe Stock)

Petrochemicals Details 2024-03-28


KBR WINS ASSET CONDITION MONITORING CONTRACT FROM PETRO RABIGH

The system can activate notification and hazard mitigation equipment to notify
workers and safeguard facilities. (Image source: MSA Safety)

Health & Safety Details 2024-01-12


MSA SAFETY LAUNCHES SENTRY IO CONTROLLER


LATEST NEWS

rThe article explores the importance of incorporating human factors into all
risk assessments. (Image source: Canva)

Health & Safety Details 2028-06-30


THE THIRD DIMENSION OF RISK ASSESSMENT

Expanding networks are offering big opportunities in the region. (Image source:
Adobe Stock)

Industry Details 2024-08-09


BIG OPPORTUNITIES FROM PIPELINE DEVELOPMENT

PIcture of oil workers with a laptop

Industry Details 2024-08-08


MOBILITY IN THE OIL AND GAS WORKFORCE

ADNOC has signed several agreements with international partners for LNG supply.
(Image source: ADNOC)

Industry Details 2024-08-08


ADNOC SIGNS LNG SUPPLY AGREEMENT WITH OSAKA GAS

Aramco's gas expansion is one of the factors behind the increase in capital
expenditure. (Image source: Aramco)

Industry Details 2024-08-07


ARAMCO REPORTS STRONG PERFORMANCE AND CAPEX GROWTH

Both onshore and offshore operations, and oilfield services did well. (Image
source: Adnoc Drilling)

Exploration & Production Details 2024-08-05


ADNOC DRILLING SEES STEADY REVENUE INCREASE IN 2024

The offshore SARB field has seen a 25% increase in production. (Image source:
ADNOC)

Technology Details 2024-07-31


ADNOC HIKES PRODUCTION WITH AI-ENABLED TECHNOLOGIES

Matt Overcasher and Steve Manypenny, field technicians with Columbia Gas of
Ohio, received the Community Hero award. (Image source: Blackline Safety)

Health & Safety Details 2024-07-30


BLACKLINE SAFETY LAUNCHES SAFETY AWARDS PROGRAMME

The agreements will boost production in the Mediterranean and Suez Gulf. (Image
source: Adobe Stock)

Exploration & Production Details 2024-07-29


EGYPT SIGNS AGREEMENTS TO INCREASE OIL & GAS PRODUCTION

Two Middle East countries feature in the top 5 countries with most recoverable
reserves. (Image source: Adobe Stock)

Industry Details 2024-07-29


SAUDI ARABIA LEADS IN RECOVERABLE OIL RESERVES: RYSTAD ENERGY

The acquisition will strongly boost H&P's Middle East presence. (Image source:
Adobe Stock)

Industry Details 2024-07-26


HELMERICH & PAYNE SET FOR MIDDLE EAST EXPANSION WITH NEW ACQUISITION

The global energy supply chain is facing challenges.(Image source: Adobe Stock)

Industry Details 2024-07-25


EIC REPORT HIGHLIGHTS SUPPLY CHAIN CHALLENGES

STRYDE has won 11 new contracts. (Image source: STRYDE)

Industry Details 2024-07-24


STRYDE WINS SEISMIC PROCESSING CONTRACTS

SLB continues to benefit from elevated activity in the Middle East & Asia,
particularly in gas. (Image source: Adobe Stock)

Industry Details 2024-07-22


SLB RECORDS STRONG GROWTH IN MIDDLE EAST & ASIA

Ediz Eren, regional VP Middle East, Rockwell Automation. (Image source: Rockwell
Automation)

Technology Details 2024-07-18


EMBRACING THE DIGITAL REVOLUTION FOR GROWTH AND COMPETITIVENESS

The service provides automated, continuous visualisation of the subsurface.
(Image source: Halliburton)

Technology Details 2024-07-17


HALLIBURTON LAUNCHES SENSORI FRACTURE MONITORING SERVICE

HSE GOM will bring together leaders from the offshore community to share
insights and best practices for enhancing safety. (Image source: Adobe Stock)

Health & Safety Details 2024-07-16


LEADING LIGHTS OF THE OFFSHORE HSE COMMUNITY TO CONVENE AT HSE GOM

The collaboration will provide and implement advanced technologies to optimise
operations, enhance safety measures and minimise environmental impact across the
entire value chain. (Image source: Adobe Stock)

Industry Details 2024-07-16


TAQA AND WELLSX PARTNER TO OPTIMISE OIL AND GAS OPERATIONS

The value of the two offshore projects together amounts to US$500mn. (Image
source: Adobe Stock)

Exploration & Production Details 2024-07-15


SAIPEM SCOOPS SAUDI CONTRACTS WORTH US$500MN

ESTIDAMA will extend the UAE’s natural gas pipeline network operated by ADNOC
Gas from approximately 3,200 km to more than 3,500 km. (Image source: Adobe
Stock)

Exploration & Production Details 2024-07-15


ADNOC GAS AWARDS CONTRACTS FOR GAS PIPELINE EXPANSION



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Crew Hawk wirelessly monitors hazardous working environments in real-time,
tracking individuals and equipment. (Image source: Salunda)

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SALUNDA WINS MIDDLE EAST CONTRACT FOR MONITORING SOLUTION

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rThe article explores the importance of incorporating human factors into all
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The partnership will enable HMi Elements to tap into Cobic-Ex’s global network.
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HMI ELEMENTS EXPANDS GLOBAL DISTRIBUTION NETWORK THROUGH NEW PARTNERSHIP

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