S01 ORME 1 2022 Start_Layout 1 31/01/2022 08:48 Page 3
Editor’s note HOW THE TABLES have turned! At the time of writing, oil prices are at a seven-year high, primarily driven by tensions and uncertainty in the Middle East and Eastern Europe. How will the oil markets play out this year? Our article on p14 examines all the upside and downside risks, concluding that robust demand and tighter supply could make oil an expensive commodity. Meanwhile, the drive for cleaner energy continues unabated in the drive for net zero emissions. The latest clean energy technologies were showcased at the World Future Energy Summit, which highlighted in particular the critical role hydrogen is set to play in the energy transition (p24). Our feature on Egypt examines developments in the country’s buoyant oil and gas sector, as the country advances its energy hub ambitions (p18). We also assess prospects for the tanker market (p39) and progress being made in Aramco’s localisation objectives (p30). While our technology section looks at the benefits of remote operations centres (p36) and collaboration to reduce data barriers (p34).
Serving the world of business
Editor: Louise Waters - louise.waters@alaincharles.com Editorial and Design team: Mariam Ahmad, Prashanth AP Fyna Ashwath, Miriam Brtkova, Praveen CP, Robert Daniels Shivani Dhruv, Matthew Hayhoe, Lucia Mathurin, Unique Pattnaik, Tulana Nayak, Prince Kariappa, Rahul Puthenveedu, Deblina Roy Publisher: Nick Fordham Sales Manager: Richard Rozelaar richard.rozelaar@alaincharles.com Magazine Sales Manager: Tanmay Mishra +91 98800 75908 tanmay.mishra@alaincharles.com
Contents
International Representatives
Calendar
Well Intervention
Nigeria
4
26
USA
Bola Olowo +234 8034349299 bola.olowo@alaincharles.com Michael Tomashefsky +1 203 226 2882 +1 203 226 7447 michael.tomashefsky@alaincharles.com
Executives’ calendar Listings of events, and a preview of Middle East Energy
OWI ME 2022, the Middle East’s leading well intervention conference, returns to Abu Dhabi for its seventh edition
News
Head Office: Alain Charles Publishing Ltd University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, United Kingdom +44 (0) 20 7834 7676 +44 (0) 20 7973 0076
8
Middle East Regional Office: Alain Charles Middle East FZ-LLC Office L2-112, Loft Office 2, Entrance B, P.O. Box 502207, Dubai Media City, UAE +971 4 448 9260, +971 4 448 9261
Oil Market
Developments A round-up of the latest news from around the region
14
Localisation 30
Power 32
Chairman: Derek Fordham
Egypt
Printed by: Buxton Press
18
Printed in: January 2022
Egypt progresses its regional energy hub ambitions Egypt’s extraordinary upstream successes of recent years means that it is once again starting to refocus attention on export opportunities
© Oil Review Middle East ISSN: 1464-9314
Technology 36
By unifying business operations into a single interface, oil and gas companies can improve their efficiency, agility and reliability, in turn raising profitability
Shipping 39
Dismal outlook for the tanker market Surplus supply and high bunker costs are eroding tanker owners’ earnings
Technologies for sustainable development A report of the World Future Energy Summit, which showcased the latest clean energy innovations
25
Remote operations centres for efficiency gains
Decarbonising ammonia production In the race to develop low and zero-carbon ammonia solutions, fertiliser companies across the region are blazing a trail with the production of blue and green ammonia
24
Putting waste gas to good use Aggreko’s flare gas to power generation solutions
Energy Transition 22
Paving the way to economic success Progress in Aramco’s localisation initiatives was highlighted at the In-Kingdom Total Value Add (iktva) Forum and Exhibition
A turning point for the crude oil market? Oil market prospects in the aftermath of the worst recession in the industry’s history
Production: Srinidhi Chikkars, Dinesh Dhayalan and Eugenia Nelly Mendes production@alaincharles.com Subscriptions: circulation@alaincharles.com
Coming together to advance well intervention
Arabic 4
Analysis
New global power dynamics Green hydrogen could disrupt global trade and bilateral energy relations
Front cover image: Adobe Stock Back cover image: Aramco
www.oilreview.me email: orme@alaincharles.com Issue 1 2022
oilreview.me
3
