Issue 1 2022 oilreview.me

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 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).

 Contents

Calendar

4 Executives’ calendar

Listings of events, and a preview of Middle East Energy

News

8 Developments

A round-up of the latest news from around the region

Oil Market

14 A turning point for the crude oil market?

Oil market prospects in the aftermath of the worst recession in the industry’s history

Egypt

18 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

Energy Transition

22 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 Technologies for sustainable development

A report of the World Future Energy Summit, which showcased the latest clean energy innovations

25 New global power dynamics

Green hydrogen could disrupt global trade and bilateral energy relations

Well Intervention

26 Coming together to advance well intervention

OWI ME 2022, the Middle East’s leading well intervention conference, returns to Abu Dhabi for its seventh edition

Localisation

30 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

Power

32 Putting waste gas to good use

Aggreko’s flare gas to power generation solutions

Technology

36 Remote operations centres for efficiency gains

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

Arabic

4 Analysis

Front cover image: Adobe Stock Back cover image: Aramco