Page 17 - MEOG Week 32.indd

MEOG NEWS IN BRIEF MEOG

platforms with three or four-legged jackets of oils and bypass US sanctions. pipeline network after the sale, according to
supporting conductors, risers and associated While a June report by Chinese customs the people.
topsides facilities. says that no Iranian oil was imported that Abu Dhabi, the capital of the United Arab
Occidental floated two earlier tenders in month, a source told Radio Farda that the oil Emirates, has been opening up its energy
2017 for the fifth phase of ISND, involving was delivered as Indonesian oil. industry as it tries to generate additional
subsea and platform packages that were later A recent congressional report estimated sources of funding. The pipeline deals will
cancelled. that Iranian oil exports had dropped 90% bring in cash at a time when the emirate is
The Idd El-Shargi field was discovered in since 2018, falling from 2.5 million barrels grappling with this year’s plunge in crude
1960 and lies 85 kilometres off the east coast a day to 227,000 barrels a day, according to prices.
of Doha. NBC News. TankerTrackers findings show The June deal saw Adnoc sell a stake worth
It is one of Qatar’s largest offshore oilfields that exports have instead fallen by about 76%. more than $10 billion in its gas pipelines to
and consists of the larger North Dome and the The Islamic Republic’s crude production a group of six investors including Global
smaller South Dome. has halved to around 2 million barrels per Infrastructure Partners, Brookfield Asset
UPSTREAM day (bpd), but Iran has stated that it intends Management Inc. and Singapore’s sovereign
to continue to develop its oil industry despite wealth fund. The 38 pipelines involved in the
Iran exporting over twice as sanctions. deal span almost 1,000 km (621 miles).
Adnoc has over the last four years begun
JERUSALEM POST
much oil as US estimated restructuring some businesses, selling shares
in a retail unit and adding new international
Despite harsh US sanctions, Iran is continuing GAS partners.
to export over 600,000 barrels a day, over “Since embarking on our co-investment
twice as much oil as a recent Congressional Abu Dhabi seeks local and partnership strategy, Adnoc continues
report estimated, according to NBC News. to attract world-class partners and leading
The NBC report, based on data from investors for $21bn pipeline institutional investors,” the company said in
TankerTrackers.com, a company that tracks an emailed statement Tuesday. “The recent gas
oil exports, brought up the case of the Indian Abu Dhabi is considering bringing local pipeline infrastructure transaction offered an
tanker Gissel. The tanker left Pakistan in April investors into its natural-gas pipeline network, attractive and stable investment proposition
and seemed to begin a standard journey up according to people familiar with the matter, that continues to garner significant
the Persian Gulf. Tracking data then showed just months after raising cash from foreign interest from the business and investment
the ship making a U-turn near the Straits of funds. community.”
Hormuz and coming to a stop in the Gulf of State-owned Abu Dhabi National Oil Adnoc has also brought international
Oman. Co. is discussing moving its 51% holding in investors into its refining and oil-field
However, satellite images showed that the pipelines into a special-purpose vehicle, servicing arms. KKR & Co. and BlackRock
the ship was not at the marked location. according to the people. It would then sell Inc. last year agreed to invest $4 billion in
TankerTrackers used satellite imagery to find about 20% of the vehicle to one or more local Adnoc’s oil pipelines and were later followed
Gissel off the coast of Lavan Island, over 100 funds, giving them an indirect interest in the by Singapore’s GIC Pte.
miles away from the marked location. underlying assets, the people said, asking not Saudi Aramco has also asked advisers
While off the coast of Lavan Island, the to be identified because the information is to study a sale of part of its pipeline unit,
Gissel met up with an Iranian oil tanker, private. Bloomberg News reported in March. That’s
which transferred an estimated one million The company plans to do any deal at the after the state oil producer completed an
barrels of crude oil to the Gissel. The Gissel same valuation as a transaction in June, when initial public offering on the local stock
continued on to deliver the oil to China. it sold a stake in the pipelines to international exchange last year.
TankerTrackers has found that similar investors, valuing the asset at nearly $21 BLOOMBERG
maneuvers have been used by Iran many billion including debt, the people said. Adnoc
times to transfer and export millions of barrels would retain operational control of the

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