Page 14 - MEOG Week 38 2021

MEOG NEWS IN BRIEF MEOG

on the domestic stock exchange. producing 160,000 b/d of oil, with around I visited Yadavaran Field, the first phase
The original plan was to sell 7.5pc 60% of that production coming from the two of which was developed by this company,
of ADNOC drilling in the initial public offshore developments within the Cheleken and I was informed about the details of the
offering (IPO) at an offer price of $0.626, contract area in the Turkmenistan’s sector of development of the first phase of this field,”
corresponding to $751mn. but in light the Caspian Sea. Owji said.
of “significant investor demand and the “When the [Covid-19] pandemic occurred, The minister added that Iran is ready to
considerable oversubscription”, ADNOC has Dragon had to cut spending and operating co-operate fully with Chinese companies to
decided to raise the share capital on offer to expenditures by 35%, however, [we] managed develop oil industry projects in the upstream
11pc. to pass the period without major layoffs,” Al and downstream sectors, adding: “We expect
The offer price remains unchanged, Jarwan said. the administration to have many partnerships
which means ADNOC will now be able to “We have been a pioneer in adopting and agreements between Iran and China.”
make more than $1.1bn to help fund Abu digital solutions and new energy innovation, Sinopec continues to have an operation in
Dhabi’s energy expansion and transition and therefore we have managed to maintain Iran; its office is based in the uptown area of
plans. subscriptions are due to close on 26 our financial resilience while forging ahead Tehran.
September, and ADNOC drilling is expected with our overseas projects,” he added. An oil industry expert speaking with bne
to list on the Abu Dhabi securities exchange Dragon Oil recently renewed its IntelliNews who didn’t want to give their
on 3 October. development contract in Turkmenistan for name said Sinopec along with other Chinese
The offer price values the drilling unit an additional 10 years until 2035, Al Jarwan oil majors has been exporting roughly 1mn
at $10bn. ADNOC, which accounts for the noted. barrels per day (bpd) from Iran in recent
bulk of the UAE’s oil production, will own BNE months despite a ban by the US.
a majority 84pc stake. us oil service firm China is one of eight countries which
Baker Hughes already has a 5pc share. us received a 180-day waiver from the US in
rig owner and designer Helmerich & Payne OIL 2018 that shielded continued imports of a
agreed earlier this month to be a long-term specified volume of Iranian oil; however,
shareholder in ADNOC drilling with a Iran eyes $145bn in FDI in that expired despite the continued exports of
$100mn cornerstone investment in the IPO. Iranian crude.
the sale of a minority share in the drilling oil industry with China’s Under the waiver, China was allowed
unit will support Abu Dhabi’s goal to boost to buy 360,000 bpd of oil from the Islamic
crude production capacity to 5mn b/d by help Republic for 180 days, the news agency quoted
2030 from just over 4mn b/d now, help the two sources familiar with the matter as saying
UAE reach its 2030 gas self-sufficiency target Iranian Petroleum Minister Javad Owji has last week.
and unlock new unconventional oil and gas said his ministry plans to attract $145bn in BNE
resources. foreign and local direct investment in the
ARGUS industry over the next four to eight years,
saying the 13th administration is determined GAS
Dragon Oil on track to to bolster cooperation with Chinese NIGC CEO appointed
companies, SHANA reported on September
double oil output 21. The comments came after a meeting with Iranian Minister of Petroleum Javad Owji

UAE producer Dragon Oil remains on Zhong Guidong, president of China Sinopec’s issued a decree appointing Majid Ghegeni as
track to nearly double its oil output from office in Iran, on September 21 following Iran’s his deputy for gas affairs and the CEO of the
international assets, which include assets in accession into the Shanghai Cooperation National Iranian Gas Co. (NIGC).
Turkmenistan, to around 300,000 barrels per Organisation (SCO), unlocking financial In the decree, Mr. Owji tasked Chegeni
day (b/d) by 2026, despite the coronavirus- investment from countries like China and with a number of matter including:
related setback in 2020, Upstream reported other members despite ongoing US sanctions Ensuring maximum and optimal natural
on September 21, citing Dragon Oil’s CEO Ali levied against the industry. gas supply required by the domestic, power
Rashid Al Jarwan. “Last week, during my visit to the plants, industries, etc. sectors;
Al Jarwan said the firm was currently operational areas of Khuzestan Province, Performing effective measures in order

P14 www. NEWSBASE .com Week 38 22•September•2021