Page 12 - MEOG Week 35 2022

MEOG NEWS IN BRIEF MEOG

Paisie, president of Stratas Advisors. crude supply to market, defined to exclude facilities that might be required for customers,
Russia’s supplies to Asia as well as to some movements to, but not sales from, storage. producers and traders of Oman’s crude oil. In
African states are growing, as buyers snap up Saudi and Kuwaiti data includes the Neutral addition, OTTCO will also provide all services
discounted oil shunned by Western countries. Zone. related to the operations and maintenance of
Low spare production capacity leave little Venezuelan data includes upgraded the facilities and assets.
option for raising output, said Carsten Fritsch, synthetic oil. Nigerian crude output includes Oman Tank Terminal Company is
senior commodity analyst at Commerzbank. the Agbami and Egina streams and excludes an existing company in the OQ group of
Top oil exporter Saudi Arabia last week Akpo condensate. Companies, established and an independent
said that the OPEC+ group of oil-producing REUTERS service provider for developing and operating
nations may need to reduce output to balance commercially liquid bulk terminals in the
the market, leaving traders anxious ahead the Pact signed for Omani oil Sultanate of Oman with its landmark project
group’s meeting on Sept. 5. being the Crude Oil Terminal at Ras Markaz
“The wild card is Iran nuclear deal, but pipeline project which has been selected for its strategic
it will likely have a knee jerk reaction on oil location and suitability in receiving giant oil
price rather than a sustained one,” said DBS The Ministry of Energy and Minerals and tankers, as well as its proximity to the world
Bank analyst Suvro Sarkar. Oman Tank Terminal Company (OTTCO), maritime routes. The company is currently
Iran has received Washington’s response to a subsidiary of OQ Group, signed today a completing the first phase of the terminal and
an EU-drafted final offer for saving Tehran’s framework agreement for cooperation to is expected to commission its trial operation
2015 nuclear deal with major powers. develop, build and operate a new pipeline that later in the year.
If the deal is implemented, analysts see Iran will be connected to transfer, store and export TIMES OF OMAN
adding as much as 2 million bpd to the market Oman’s crude oil from the Ras Markaz crude
in 6-12 months. oil storage terminal in the Special Economic
REUTERS Zone at Duqm (Sezad). SERVICES
The agreement was signed at the Ministry
OPEC oil output rises by of Energy and Minerals by Salim bin Nasser ADNOC awards $1.83bn
Al Aufi, Minister of Energy and Minerals,
690,000 bpd in August Talal bin Hamed Al Awfi, OQ Group deals for drilling-related
CEO and Hilal bin Ali Al-Kharusi, CEO
The following table shows crude output by Commercial and Downstream at OQ and services
the Organization of the Petroleum Exporting Chairman of the OTTCO Board of Directors
Countries (OPEC) in millions of barrels per in the presence of Ard Van Hoof, CEO of Abu Dhabi National Oil Company (ADNOC)
day (bpd) in August and July, according to a OTTCO and other senior officials from the announced today, the award of five framework
Reuters survey published on Wednesday. ministry. agreements valued at $1.83 billion (AED6.72
As of August 2022, OPEC and allies, a The agreement enables expansion in the billion) for Directional Drilling and Logging
group known as OPEC+, have on paper energy sector by meeting the expected growth While Drilling (LWD) to support its efforts to
unwound all of the record output cuts made in Sezad and the energy industry in the expand production capacity of its low carbon
in 2020. In practice, they are struggling to Sultanate of Oman. It will also support Oman’s oil and gas resources to help meet the world’s
achieve their planned monthly production crude oil as a benchmark and for the Ras growing demand for energy.
increases. Markaz Terminal to become a regional hub The framework agreements are the
In August, the 10 OPEC members bound in alignment with OQ and OTTCO’s growth largest of such awards in the oil and gas
by the deal have a target to produce 26.689 strategy. industry and were awarded to Al Ghaith
million barrels per day, up about 413,000 bpd The terminal will provide crude oil Oilfield Supplies and Services Company,
from July’s target. handling, storage, import and export services Al Mansoori Directional Drilling Services
According to the survey, they increased for refineries and petrochemicals downstream (Al Mansoori), Schlumberger Middle East
output by 300,000 bpd to 25.28 million bpd, projects in Sezad and to serve the market S.A (Schlumberger), Haliburton Worldwide
or 1.4 million bpd less than planned. needs of customers and other stakeholders. Limited Abu Dhabi (Haliburton) and
July output was revised down by 90,000 OTTCO will conduct detailed studies Weatherford Bin Hamoodah Company LLC
bpd. and move forward with the execution and (Weatherford), following a competitive tender
The Reuters survey aims to assess implementation of this project. It will provide process.

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