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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Iraq and Saudi Arabia top the list of the 5 largest oil deals during the past month

    Rocky
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    Iraq and Saudi Arabia top the list of the 5 largest oil deals during the past month Empty Iraq and Saudi Arabia top the list of the 5 largest oil deals during the past month

    Post by Rocky Thu 05 Sep 2024, 4:26 am

    [size=35][size=35]Iraq and Saudi Arabia top the list of the 5 largest oil deals during the past month[/size]
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    Alsumaria News - Economy

    The Kingdom of Saudi Arabia, along with some Gulf countries and Iraq, topped the list of the 5 largest oil deals in August (2024), which varied between sales and acquisition deals, as well as the purchase of giant oil tankers, according to the monthly report issued by the Washington-based specialized energy platform.


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    Global demand for oil is expected to continue to rise in the coming months, according to the expectations of many institutions, as many countries depend on it to generate electricity, through refining it and producing derivatives used in many aspects of life.



    Last August, the global price of a barrel of oil witnessed a state of confusion, as it rose to $84 per barrel, then fell to $78, before settling at $80 per barrel for Brent crude until the end of the month. The

    list of the 5 largest oil deals last August included Arab countries, led by Saudi Arabia with two deals, then the Sultanate of Oman and Iraq, while the list witnessed one Western participation. The

    Saudi Addis Deal in Kuwait
    The Saudi Addis Company topped the list of the 5 largest oil deals last August, after a deal to operate 6 land drilling rigs in Kuwait, with a total value of about 2.42 billion riyals (0.64 billion US dollars).

    According to the deal, the details of which were reviewed by the specialized energy platform and signed on August 12, the work on the rig contracts will begin during the second and third quarters of next year (2025), as the contract period is 5 years, renewable "optionally" for one year.

    It is noteworthy that the share of the Saudi company Addis Oilfield Services Company rose following the signing of the deal, which strengthened the Kingdom's presence in the list of the five largest oil deals in August, by more than 1.5% during the day of the signing, after the details of the deal with the Kuwait Oil Company were announced.

    Addis Holding Company owns about 36 land drilling rigs in the Middle East and Africa region, including about 14 land drilling rigs in Saudi Arabia, with a market share of up to 7%, while 12 land drilling rigs are located in Kuwait, with a market share of 9%.

    9 giant oil tankers
    Saudi Arabia strengthened its presence at the top of the list of the five largest oil deals in August 2024, through a deal worth one billion dollars, which will add 9 giant tankers to its marine fleet, through the National Shipping Company of Saudi Arabia "Bahri".

    Under the deal, signed on August 20, the Kingdom will purchase nine giant oil tankers, worth nearly 3.75 billion Saudi riyals ($1 billion), from Capital Maritime & Trading, according to data reviewed by the Washington-based energy platform. The deal

    will help accelerate Bahri’s fleet modernization plans, enhance its position among the world’s largest owners of giant oil tankers, and enable it to dispose of outdated ships in the future, in addition to increasing the competitiveness of the Saudi oil tanker fleet, which will maximize its revenues and profitability.

    13 oil contracts in Iraq
    Iraq was among the top 5 oil deals in August (2024), with the Ministry of Oil signing 13 contracts to develop a number of oil fields and discoveries, as part of the country’s steps to increase production to 8 million barrels per day in the coming years.

    The agreement, which was initialled on August 14, 2024, included the development of exploration blocks of oil fields that were awarded to companies during the fifth and sixth supplementary licensing rounds, which were held in the first half of 2024.

     
    Under the signed contracts, Iraq's oil production is expected to increase by about 750,000 barrels per day, in addition to investing about 850 million standard cubic feet per day of gas, according to what the specialized energy platform (based in Washington) has reviewed.

    Fuel storage in the Sultanate of Oman
    The oil sector in the Sultanate of Oman received a strong boost, seizing an advanced position in the list of the five largest oil deals in August 2024, through the establishment of a huge strategic project, implemented by OQ Company in Dhofar Governorate, with investments of 47 million Omani riyals ($124 million).

    The project witnessed the laying of the foundation stone on August 26, as it includes strategic fuel tanks in Dhofar Governorate, in addition to a warehouse, a control room, an administration building, a maintenance workshop, a pump area, a tank filling area, and fire and safety facilities. The

    storage capacity of the fuel storage station in the Sultanate of Oman is scheduled to reach more than 110,000 cubic meters (692,000 barrels) of petroleum derivatives; Guaranteeing Dhofar a 30-day supply of fuel, facilitating the handling of energy crises, according to a statement reviewed by the specialized energy platform.

    The German Wintershall Dea deal
    Wintershall Dea contributed to pushing Germany and Britain together to the list of the 5 largest oil deals in August 2024, through a huge acquisition deal, as the British company Harbour Energy plans to continue acquiring the German company, after it expressed its approval of the deal.

    Under the deal - the specialized energy platform (based in Washington) published its details - 3 Arab countries are scheduled to fall within the scope of the acquisition deal; as Wintershall Dea's assets also extend to European countries and countries in North and South America.

    Harbour Energy aims to purchase oil and gas assets belonging to Wintershall Dea for $11.2 billion, and the deal is expected to close in September, according to Reuters on August 27, 2024.
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