< Previous30 PROJECTS oilandgasmiddleeast.com JULY/AUGUST 2020 GCC OIL – JULY 2020 ProjectCountryCitySectorFacilityBudget Award Date Status Completion Date ADNOC - EMARAT - Fujairah Terminal Expansion Phase 3U.A.E.FujairahOilOil Storage Terminal40,000,0002021-Q1On Hold2024-Q4 ADNOC - Al Dhafra Petroleum - Haliba Oil Field - OverviewU.A.E.HalibaOilOil Field Development1,350,000,0002018-Q1Commissioning2023-Q4 ADNOC - Al Dhafra Petroleum - Haliba Oil Field - Phase 1U.A.E.HalibaOilOil Field Development500,000,0002018-Q1Commissioning2020-Q2 ADNOC - Al Dhafra Petroleum - Haliba Oil Field - Phase 2U.A.E.HalibaOilOil Field Development800,000,0002020-Q4FEED2023-Q4 ADNOC - Fujairah Mandous FieldU.A.E.MandousOilOil Storage Tanks2,200,000,0002017-Q4Construction2023-Q4 ADNOC - Replacement of Flowlines & Wellheads Installation - Overview U.A.E.Abu DhabiOil, PipelineOil & Gas Field1,500,000,0002020-Q1EPC ITB2023-Q1 ADNOC - Replacement of Flowlines & Wellheads Installation - Package 1 U.A.E.Abu DhabiOil, PipelineOil & Gas Field300,000,0002020-Q1EPC ITB2023-Q1 ADNOC - Replacement of Flowlines & Wellheads Installation - Package 2 U.A.E.Abu DhabiOil, PipelineOil & Gas Field400,000,0002020-Q1EPC ITB2023-Q1 ADNOC - Replacement of Flowlines & Wellheads Installation - Package 3 U.A.E.Abu DhabiOil, PipelineOil & Gas Field300,000,0002020-Q1EPC ITB2023-Q1 ADNOC - Replacement of Flowlines & Wellheads Installation - Package 4 U.A.E.Abu DhabiOil, PipelineOil & Gas Field300,000,0002020-Q1EPC ITB2023-Q1 ADNOC - Umm Shaif - Long Term Development - Phase 1U.A.E.Umm ShaifOil, OffshoreOil Field Development5,000,000,0002020-Q4EPC ITB2023-Q1 ADNOC Gas Processing - Integrated Gas Development (IGD) - Expansion (Onshore Pipeline) U.A.E.Abu DhabiOil, GasGas Production710,000,0002014-Q4Commissioning2020-Q2 ADNOC Offshore - 750 West Region - Capacity Expansion & Sulphate Reduction Plant - EPC 3 U.A.E.Abu DhabiOil, GasSulphur Recovery300,000,0002017-Q1Commissioning2020-Q2 ADNOC Offshore - Bu Haseer FieldU.A.E.Bu HaseerOil, PipelinePipeline155,000,0002016-Q2Commissioning2020-Q2 ADNOC Offshore - Umm Shaif & Zakum - Application of DOF on Brownfield Towers U.A.E.Abu DhabiOil, OffshoreOil Field Development120,000,0002020-Q1 Engineering & Procurement 2022-Q4 ADNOC Offshore - Umm Shaif Infield Pipelines ReplacementU.A.E.Abu DhabiOil, PipelineOil Field Development500,000,0002020-Q4On Hold2021-Q4 ADNOC Offshore - Upper Zakum Full Field Development - 750 Project - Surface Facilities - EPC 2 U.A.E.ZakumOil, GasOil Production3,840,000,0002013-Q2Commissioning2020-Q2 ADNOC Offshore - Zirku Facilities Capacity EnhancementU.A.E.ZirkuOilOil Field Development410,000,0002018-Q1Construction2021-Q2 ADNOC Onshore - 1.8MBPD Development - Bab Artificial Lift WellsU.A.E.Abu DhabiOilArtificial Lift100,000,0002020-Q2EPC ITB2021-Q3 ADNOC Onshore - Asab Full Field Development II - OverviewU.A.E.AsabOilOil Field Development450,000,0002019-Q1Construction2022-Q1 ADNOC Onshore - Asab Full Field Development II - Stage 1U.A.E.AsabOilOil Field Development100,000,0002019-Q1Construction2021-Q4 ADNOC Onshore - Asab Full Field Development II - Stage 2U.A.E.AsabOilOil Field Development350,000,0002020-Q2EPC ITB2022-Q1 ADNOC Onshore - Bab Integrated Facilities ProjectU.A.E.BabOilOil Field Development3,000,000,0002017-Q4Commissioning2020-Q4 ADNOC Onshore - Bab Process Control and Power System UpgradeU.A.E.BabOilWater Injection300,000,0002019-Q1Construction2021-Q3 ADNOC Onshore - Bab Sustainable FacilitiesU.A.E.BabOilArtificial Lift500,000,0002019-Q4 Engineering & Procurement 2021-Q2 ADNOC Onshore - Bab TH - F Peripheral DevelopmentU.A.E.Abu DhabiOil, GasNitrogen400,000,0002020-Q4On Hold2022-Q2 ADNOC Onshore - Bu Hasa Tie - in Wells (Call-Off)U.A.E.Bu HasaOilOil Field Development200,000,0002020-Q3EPC ITB2025-Q1 ADNOC Onshore - Buhasa Integrated Facilities ProjectU.A.E.Bu HasaOilOil Production3,000,000,0002018-Q4Construction2024-Q1 ADNOC Onshore - Buhasa Wellhead Remote MonitoringU.A.E.Abu DhabiOilOil Field Development100,000,0002019-Q1Construction2022-Q1 ADNOC Onshore - Fujairah MOT - Hydraulic Pressure Recovery System Turbine U.A.E.FujairahOilOil Field Development800,000,0002020-Q4On Hold2023-Q1 ADNOC Onshore - Jebel Dhanna Replacement of Main Oil Lines (MOL) 1.2 & 3.5 U.A.E.Jebel DhannaOilPipeline225,000,0002020-Q3EPC ITB2023-Q3 ADNOC Onshore - Qusahwira Field Development - Phase 2U.A.E.Abu DhabiOilOil Field Development600,000,0002019-Q2Construction2023-Q3 ADNOC Onshore - Rumaitha, Shanayel and Northeast Bab Tie InU.A.E.Abu DhabiOilOil Field Development350,000,0002018-Q4Construction2022-Q1 ADNOC Onshore - South East Asset - Tie - in Project (A,B, C & D)U.A.E.AsabOilOil Field Development650,000,0002015-Q3Construction2023-Q4 ADNOC Refining - Ruwais Complex Upgrade - New RefineryU.A.E.RuwaisOil, PetrochemicalsPetrochemical Plant45,000,000,0002021-Q2Pre-FEED2024-Q4 ADNOC Refining - Ruwais LPG RecoveryU.A.E.Abu DhabiOil, RefiningCrude Oil Distillation Unit40,000,0002020-Q2EPC ITB2022-Q1 ADNOC Sour Gas - Dalma Field - Offshore PackageU.A.E.DalmaOil, OffshoreOil Field Development750,000,0002020-Q1EPC ITB2022-Q231 PROJECTS oilandgasmiddleeast.com JULY/AUGUST 2020 ProjectCountryCitySectorFacilityBudgetAward DateStatus Completion Date ADNOC Sour Gas - Dalma Field - Onshore PackageU.A.E.DalmaOil, GasOil Field Development1,100,000,0002020-Q1EPC ITB2022-Q3 ADNOC Sour Gas - Dalma Field - OverviewU.A.E.DalmaOilOil Field Development2,000,000,0002020-Q1EPC ITB2022-Q3 ADNOC Sour Gas - Hail and Ghasha Megaproject - OverviewU.A.E.Abu DhabiOilOil & Gas Field14,000,000,0002020-Q2 Engineering & Procurement 2025-Q1 ADNOC Sour Gas - Hail and Ghasha Megaproject - Package 1U.A.E.HailOilOil & Gas Field4,000,000,0002020-Q4EPC ITB2025-Q1 ADNOC Sour Gas - Hail and Ghasha Megaproject - Package 2U.A.E.GhashaOilOil & Gas Field2,000,000,0002020-Q4EPC ITB2025-Q1 ADNOC Sour Gas - Hail and Ghasha Megaproject - Package 3U.A.E.GhashaOilOil & Gas Field2,000,000,0002020-Q4EPC ITB2025-Q1 ADNOC Sour Gas - Hail and Ghasha Megaproject - Package 4U.A.E.GhashaOilOil & Gas Field6,000,000,0002020-Q4EPC ITB2025-Q1 ADNOC Sour Gas - Hail and Ghasha Megaproject - Package 5U.A.E.GhashaOilOil & Gas Field150,000,0002020-Q1 Engineering & Procurement 2021-Q2 ADOC - Hail Oil Field - Water Injection SystemU.A.E.HailOilWater Injection200,000,0002020-Q2FEED2021-Q3 ADPC - Fujairah Port Expansion - Container TerminalU.A.E.FujairahOil, InfrastructureOil Storage Terminal60,000,0002018-Q4Construction2020-Q4 ADPC - Fujairah Port Expansion - OverviewU.A.E.FujairahOil, InfrastructureOil Storage Terminal160,000,0002017-Q3Construction2020-Q4 Al Yasat Petroleum - Belbazem Oil FieldU.A.E.Abu DhabiOil, OffshoreOil Field Development1,000,000,0002020-Q2EPC ITB2024-Q1 Bapco - Bapco Modernization Program (BMP) - OverviewBahrainSitraOil, RefiningPetroleum Oil Refinery6,000,000,0002018-Q1Construction2023-Q3 Bapco - Bapco Modernization Program (BMP) - Residue Conversion Unit BahrainSitraOil, RefiningPetroleum Oil Refinery800,000,0002018-Q1Construction2021-Q3 Bapco - Offshore Blocks Exploration and ProductionBahrainVariousOil, Gas, OffshoreOil & Gas Field80,000,0002018-Q2 Engineering & Procurement 2022-Q1 BPGIC - Fujairah Oil Terminal - Marine Bunkering (Modular Refinery)U.A.E.FujairahOilRefinery200,000,0002019-Q3 Engineering & Procurement 2021-Q1 BPGIC - Fujairah Oil Terminal - OverviewU.A.E.FujairahOilOil Storage Terminal561,000,0002015-Q2Construction2021-Q1 BPGIC - Fujairah Oil Terminal - Phase 2U.A.E.FujairahOilOil Storage Terminal161,000,0002018-Q3Construction2020-Q3 BPGIC - Fujairah Oil Terminal - Phase 3U.A.E.FujairahOilOil Storage Terminal2021-Q1FEED2022-Q2 DRPIC - Duqm Refinery & Petrochemical Complex - Duqm Refinery - Main Process Units OmanDuqmOil, RefiningPetroleum Oil Refinery4,000,000,0002017-Q3Construction2022-Q3 DRPIC - Duqm Refinery & Petrochemical Complex - Duqm Refinery - Offsites and Utilities OmanDuqmOil, RefiningPetroleum Oil Refinery2,000,000,0002017-Q3Construction2022-Q3 DRPIC - Duqm Refinery & Petrochemical Complex - Duqm Refinery - Overview OmanDuqmOil, RefiningPetroleum Oil Refinery7,700,000,0002017-Q3Construction2022-Q3 DRPIC - Duqm Refinery & Petrochemical Complex - Duqm Refinery - Package 3 OmanDuqmOil, RefiningPetroleum Oil Refinery800,000,0002017-Q3Construction2022-Q3 Duqm Petroleum Terminal Company - Duqm Liquid Jetty (IP7)OmanDuqmOilOil Storage Terminal600,000,0002017-Q1Construction2021-Q1 ENI - Block 47 Onshore Exploration and ProductionOmanNorthern OmanOilExploration40,000,0002019-Q1 Engineering & Procurement 2023-Q1 Florexx International Investments - Biofuels RefineryOmanSoharOilBiofuels800,000,0002021-Q3On Hold2024-Q3 Fujairah Oil Terminal (FOT) - Fujairah Oil Terminal ModificationsU.A.E.FujairahOil Very Large Crude Carriers (VLCCs) 200,000,0002021-Q1On Hold2024-Q4 GTI Fujairah FZC - Fujairah Oil Storage Terminal - Phase 3U.A.E.FujairahOil, GasOil Storage Tanks100,000,0002020-Q4On Hold2023-Q4 Gulf Petrochem - Fujairah Oil Storage Terminal Facility - Phase 2U.A.E.FujairahOilOil Storage Tanks300,000,0002020-Q4On Hold2025-Q1 Hydrocarbon Finder - Block 7 Onshore Exploration and ProductionOmanAl WustaOilExploration160,000,0002016-Q1Construction2023-Q1 IL&FS Prime Terminals FZC - Fujairah Oil Terminals - Phase 2U.A.E.FujairahOilOil Storage Terminal80,000,0002020-Q4On Hold2022-Q2 KIPIC - Al Zour New Refinery - OverviewKuwaitAl ZourOil, RefiningPetroleum Oil Refinery19,000,000,0002015-Q3Construction2020-Q4 KIPIC - Al Zour New Refinery - Package 2 (Support Process Plant)KuwaitAl ZourOil, RefiningPetroleum Oil Refinery3,000,000,0002015-Q3Construction2020-Q4 KIPIC - Al Zour New Refinery - Package 3 (Utilities and Offsites)KuwaitAl ZourOil, RefiningOffsites & Utilities2,100,000,0002015-Q3Construction2020-Q2 KIPIC - Al Zour New Refinery - Package 4 (Tankage)KuwaitAl ZourOil, RefiningOil Storage Tanks1,600,000,0002015-Q3Construction2020-Q4 KIPIC - Al Zour New Refinery - Package 5 (Marine Facilities)KuwaitAl ZourOil, RefiningPetroleum Oil Refinery850,000,0002015-Q3Construction2020-Q4 KNPC - Clean Fuels Project - Mina Abdulla Refinery - Package 1KuwaitMina AbdullahOil, RefiningPetroleum Oil Refinery4,000,000,0002014-Q1Commissioning2020-Q3 KNPC - Clean Fuels Project - Mina Abdulla Refinery - Package 2KuwaitMina AbdullahOil, RefiningPetroleum Oil Refinery4,000,000,0002014-Q1Commissioning2020-Q332 PROJECTS oilandgasmiddleeast.com JULY/AUGUST 2020 KNPC - Clean Fuels Project - Package 1 - Mina Abdulla Refinery Units 111, 112, 113 and 216 KuwaitMina AbdullahOil, RefiningPetroleum Oil Refinery550,000,0002015-Q3Commissioning2020-Q3 KNPC - Discharge Of Treated Effluent In MAA & MAB RefineriesKuwaitVariousOil, PipelinePipeline100,000,000On Hold2018-Q4 KNPC - Kuwait Clean Fuels Project - OverviewKuwaitVariousOil, RefiningPetroleum Oil Refinery13,800,000,0002014-Q1Commissioning2021-Q1 KNPC - Mina Abdulla Debottlenecking of Coke Unit 20KuwaitMina AbdullahOil, RefiningPetroleum Oil Refinery100,000,0002017-Q4Construction2021-Q1 KNPC - New Local Marketing Depot At Matlaa AreaKuwait Northern Kuwait OilOil Storage Tanks1,320,000,0002020-Q3FEED2022-Q1 KOC - Al Zour New Refinery Crude Oil PipelinesKuwaitAhmadiOil, PipelinePipeline845,000,0002017-Q3Construction2020-Q4 KOC - Installation Of New Desalter Train At GC-9, GC-10, GC-19 & GS-21 KuwaitVariousOil, RefiningCrude Oil Distillation Unit250,000,0002018-Q4Construction2022-Q2 KOC - Jurassic Production Facilities Off-Plot WorksKuwait Northern Kuwait OilOil Field Development254,000,0002016-Q4Construction2022-Q2 KOC - Jurassic Production Facility (JPF) - JPF-4 and JPF-5Kuwait Northern Kuwait Oil, GasOil & Gas Field700,000,0002020-Q2EPC ITB2021-Q2 KOC - Kuwait Bay ExplorationKuwaitVariousOil, OffshoreExploration904,500,0002014-Q1 Engineering & Procurement 2023-Q1 KOC - New 48'' Crude Transit Line From North Kuwait To CMM (TL-5)Kuwait Northern Kuwait Oil, PipelinePipeline395,000,0002017-Q3Construction2020-Q4 KOC - Wara Pressure Maintenance Project - Train 3Kuwait Southeast Kuwait OilOil Field Development500,000,0002017-Q2Construction2020-Q4 Masirah Oil Ltd - Block 50 (Masirah Bay Offshore) - ExplorationOmanMasirah BasinOilExploration250,000,0002011-Q1Construction2025-Q1 Medco Arabia - Block 56 Onshore Exploration and ProductionOmanAl WustaOilExploration50,000,0002014-Q4 Engineering & Procurement 2020-Q4 MOG - Block 43b Onshore Exploration and ProductionOmanNorthern OmanOil, GasGas Exploration40,000,0002020-Q1On Hold2023-Q3 MOG - Block 57 Onshore Exploration and ProductionOmanDhofarOilExploration3,000,0002018-Q1 Engineering & Procurement 2022-Q1 MOG - Block 58 Onshore Exploration and ProductionOmanDhofarOilExploration80,000,0002020-Q4EPC ITB2024-Q4 NOC - Al Shaheen Offshore Field Development Plan - OverviewQatarQatarOil, Gas, OffshoreOil & Gas Field800,000,0002018-Q4Construction2022-Q3 NOC - Al Shaheen Offshore Field Development Plan - Phase 1 (Gallaf Phase 1) QatarQatarOil, Gas, OffshoreOil & Gas Field300,000,0002019-Q3Construction2020-Q4 NOC - Al Shaheen Offshore Field Development Plan - Phase 2 (Gallaf Phase 2) QatarQatarOil, Gas, OffshoreOil & Gas Field300,000,0002020-Q1 Engineering & Procurement 2022-Q3 NOC - Al Shaheen Offshore Field Development Plan - Phase 3 (Gallaf Phase 3) QatarQatarOil, Gas, OffshoreOil & Gas Field1,200,000,0002020-Q4EPC ITB2023-Q1 Oman Lasso Exploration and Production Karwan - Block 54 Onshore Exploration and Production OmanAl WustaOilExploration50,000,0002015-Q3 Engineering & Procurement 2020-Q3 OOCEP - Block 48 Onshore Exploration and Production (Malih Block)OmanAl DahirahOilExploration30,000,0002017-Q1 Engineering & Procurement 2021-Q1 OOCEP - Block 60 Concession - Bisat Oilfield Development - Full Field Development OmanCentral OmanOilOil Field Development150,000,0002020-Q3EPC ITB2023-Q3 OOCEP - Block 60 Concession Development - OverviewOmanCentral OmanOilOil & Gas Field1,100,000,0002019-Q1Construction2030-Q4 OQ - Oil Storage and TerminalOmanDuqmOilOil Storage Terminal200,000,0002021-Q3Project Announced2024-Q3 OTTCO - Main Line Oil - Ras Markaz Crude Oil Terminal PipelineOmanDuqmOil, PipelineOil300,000,0002020-Q1FEED2022-Q4 OTTCO - Ras Markaz Crude Oil ParkOmanDuqmOilOil Storage Terminal400,000,0002018-Q3 Engineering & Procurement 2021-Q4 PDO - Amal Steam Phase 1C Surface FacilitiesOmanAmal OilfieldOil Enhanced Oil Recovery (EOR) 80,000,0002016-Q1Commissioning2018-Q3 PDO - Amal Steam Phase 1C-2OmanAmal OilfieldOil Enhanced Oil Recovery (EOR) 500,000,0002019-Q1EPC ITB2024-Q1 PDO - Marmul Main Production Station (MMPS) - Tanks and HeatersOmanMarmulOilOil Storage Tanks70,000,0002020-Q4FEED2022-Q4 PDO - Marmul Polymer Phase 3 (MPP3) - Off-Plot and On-Plot Production Facilities OmanMarmulOilOil Field Development270,000,0002018-Q1 Engineering & Procurement 2021-Q1 PDO - Rabab-Harweel Integrated Plant (RHIP) - OverviewOmanHarweelOilOil & Gas Field3,000,000,0002014-Q1Construction2020-Q1 PDO - Yibal Khuff Sudair Field DevelopmentOmanNorthern OmanOilOil Field Development3,000,000,0002015-Q2Construction2021-Q3 Note : The above information is the sole property of DMS Projects. Budget figures are shown as US $ values. Source: dmsprojects.net ProjectCountryCitySectorFacilityBudgetAward DateStatus Completion Date33 PROJECTS oilandgasmiddleeast.com JULY/AUGUST 2020 Note : The above information is the sole property of DMS Projects. Budget figures are shown as US $ values. Source: dmsprojects.net ProjectCountryCitySectorFacilityBudgetAward DateStatus Completion Date Petro Rabigh - Bottom of the Barrel ProjectSaudi ArabiaAbhaOilOil Production3,500,000,000FEED2021-Q4 Port of Fujairah - Dibba PortU.A.E.FujairahOil, InfrastructureOil Storage Terminal100,000,0002020-Q1EPC ITB2021-Q4 Qatargas - North Field Expansion (NFE) - Topside Facilities and Offshore Pipelines QatarNorth FieldOil, GasOil Production500,000,0002021-Q3FEED2022-Q2 QP - Bul Hanine RedevelopmentQatarBul HanineOil, OffshoreOil Field Development11,000,000,0002017-Q4Construction2022-Q4 QP - CO2 Water Alternating Gas (WAG) Pilot ProjectQatarDukhanOilWater Injection100,000,0002020-Q2EPC ITB2022-Q2 QP - Expansion of Idd el-Shargi North Dome (ISND Phase-5) - Overview QatarNorth DomeOil, OffshoreOil Field780,000,0002019-Q4 Engineering & Procurement 2020-Q4 QP - Expansion of Idd el-Shargi North Dome (ISND Phase-5) - Package 1 QatarNorth DomeOil, OffshoreOffshore Platform350,000,0002019-Q4 Engineering & Procurement 2022-Q1 QP - Expansion of Idd el-Shargi North Dome (ISND Phase-5) - Package 2 QatarNorth DomeOil, OffshoreOil Field400,000,0002020-Q2EPC ITB2022-Q4 QP - Hamad International Airport Jet A1 Fuel Storage TanksQatarDohaOilOil Storage Tanks400,000,0002020-Q1EPC ITB2022-Q2 Sabic - Saudi Aramco - Yanbu Crude Oil To Chemicals (COTC) ComplexSaudi ArabiaYanbuOil, PetrochemicalsPetrochemical Plant20,000,000,000FEED2025-Q4 Saudi Aramco - Aindar and Fazran Oil Fields - Sulphate Removal Facilities Saudi ArabiaEastern Region Oil, Water, Industrial Water Treatment250,000,0002018-Q2Construction2020-Q3 Saudi Aramco - Annual Onshore Maintain Potential Programme - (Program) Saudi ArabiaEastern RegionOilMaintenance5,000,000,0002014-Q4Construction2021-Q2 Saudi Aramco - Berri Oilfield Expansion - Gas Oil Separation Plant Expansion Saudi ArabiaBerriOilGOSP1,700,000,0002019-Q2 Engineering & Procurement 2022-Q4 Saudi Aramco - Berri Oilfield Expansion - Water Injection System Expansion Saudi ArabiaBerriOilWater Injection200,000,0002019-Q2Construction2022-Q1 Saudi Aramco - Dammam Oilfield RedevelopmentSaudi ArabiaDammamOilOil Production1,000,000,000Project Announced2026-Q1 Saudi Aramco - Duba - Bulk Plant TerminalSaudi ArabiaDubaOilOil Storage Terminal400,000,000On Hold2020-Q1 Saudi Aramco - Hail Bulk PlantSaudi ArabiaHailOilBulk Storage300,000,0002017-Q4On Hold2019-Q2 Saudi Aramco - Jazan Refinery to Abha Product PipelineSaudi Arabia Southern Region Oil, PipelineOil150,000,0002019-Q4 Engineering & Procurement 2022-Q1 Saudi Aramco - Juaymah Terminal SPM ReplacementSaudi ArabiaJuaymahOil, Offshore SPM (Single Point Mooring) 50,000,0002020-Q1EPC ITB2020-Q4 Saudi Aramco - Marjan Field Expansion - Interlinked Pipeline Installation Saudi ArabiaMarjanOil, Gas, PipelinePipeline600,000,0002019-Q3Construction2022-Q1 Saudi Aramco - Marjan Field Expansion - OverviewSaudi ArabiaMarjanOil, GasOil & Gas Field16,000,000,0002018-Q2Construction2022-Q4 Saudi Aramco - Marjan Field Expansion - Package 1Saudi ArabiaMarjanOilGOSP5,000,000,0002019-Q1 Engineering & Procurement 2022-Q4 Saudi Aramco - Marjan Field Expansion - Package 16Saudi ArabiaMarjanOil, PipelineOil130,000,0002019-Q3 Engineering & Procurement 2022-Q1 Saudi Aramco - Marjan Field Expansion - Package 17Saudi ArabiaMarjanOil, PipelineOil100,000,0002019-Q3 Engineering & Procurement 2022-Q1 Saudi Aramco - Marjan Field Expansion - Package 18Saudi ArabiaMarjanOil, PipelineOil200,000,0002019-Q3 Engineering & Procurement 2022-Q1 Saudi Aramco - Marjan Field Expansion - Package 2Saudi ArabiaMarjanOil, OffshoreOil Field Development400,000,0002019-Q3 Engineering & Procurement 2022-Q4 Saudi Aramco - Marjan Field Expansion - Package 3Saudi ArabiaMarjanOil, OffshoreWater Injection5,000,000,0002019-Q1 Engineering & Procurement 2022-Q4 Saudi Aramco - Marjan Field Expansion - Package 5Saudi ArabiaMarjanOilWater Injection400,000,0002019-Q3 Engineering & Procurement 2023-Q4 Saudi Aramco - Marjan Field Expansion - Package 6Saudi ArabiaMarjanOil, GasGas Compression1,500,000,0002019-Q2Construction2023-Q4 Saudi Aramco - Marjan Field Expansion - Package 7Saudi ArabiaMarjanOil, PipelineOil2019-Q1Construction2021-Q434 oilandgasmiddleeast.com JULY/AUGUST 2020 ONE MINUTE WITH The market has been turbulent in the midst of the coronavirus pandemic. What was the impact of the last OPEC+ deal? I think OPEC+ has done a fantastic job in not only cutting as much as they did, but also with compliance. It looks like we will be getting pretty close to compliance up in the 90% range, which is obviously what the market needs in this state. Extending the cuts to July really bought the market some more time to to normalise, for demand to recover. That’s why we’ve seen the market rally quite strongly. Now it’s hitting some kind of a plateau because there are still some risks related to the Covid-19 pandemic. That obviously does leave the market still in a tricky situation, because OPEC+ can control production. They cannot con- trol demand. Demand really depends on how the global community continues to come out of this pandemic. ... Potentially, if you look at something like Brent crude for the next few months, I see that staying in the low $30s to low $40s range before eventually recovering further as we move deeper into into the second half of the year. What’s the timeline for real oil price recovery? The question is more what is the price where everyone is happy. Before the pandemic broke out, we had settled into a $50 to $70 range, and if that is the target, then we should probably be looking to late 2020, early 2021. What we’re seeing right now, which has helped support the prices, is a strong speculative interest built up, especially in the US crude market from speculators. And we also saw that massive amount of retail investment in the US oil fund, which also helped drive demand for futures contracts, some of these movements will obviously always be there. That means the market can overshoot and we may overshoot sooner than I expect. But I think that ultimately fundamentals have to prevail and that will dictate the overall di- rection. Assuming that $50 to $70 is the range that everyone can can accept, we need to move closer to 2021, and perhaps on the other side of it. ABOUT THE INTERVIEWEE: Ole Hansen is the head of commodity strategy at Saxo Bank 0:01 1:00 ONE MINUTE WITH... 0:12 In a previous talk, I believe your prediction was a recov- ery in 2021 and probably not earlier than that. Can you speak more to that and elaborate? It’s twofold because one thing is OPEC+ itself, a 9.7 billion barrels per day cut in production translates into spare ca- pacity, and the producers want to get that supply back into the market in order to generate ad- ditional revenues when the price is ready for it. But reacting to the panic situation that we saw back in March and April, when the price of crude oil collapsed, it is really probably the trigger for the strong recovery that we’ve seen. The oil producers came to the conclusion that they had to do something drastic, but how they’re going to manage getting back to a normal situation is going to potentially become a bit of a challenge. That is one side of the equation. The other side is just simply demand. So how do you see demand chang- ing in the coming months? I think at this stage, if we are very posi- tive, potentially, we could see demand next year return to levels somewhere four to five million barrels below the peak we saw before the pandemic broke out. But at the same time, I’m working from home not because I have to anymorek, but because it’s a choice, because of how things have developed. And I think we’re going to see more people are going to take some time working from home. We’re going to see less traveling, and we’re going to see a slowdown in demand. But how much of a slowdown? We simply don’t know because we are still in the midst of this pandemic and we will have to see that when we come out on the other side. 0 .. 3 7 0:45 In the interim, what are some of the steps that producers should be taking? They are protecting themselves right now and what they can always do quickly is to cut back investments and costs. That is part of the recovery story, when we move towards 2021 and 2022, that the massive billions of dollars cut from future spending plans will potentially come back to bite the market. In the US, where easy access to credit over the past 10 years has helped create a bubble in terms of production, the question is whether lenders are prepared to throw good money after bad. We may see a leaner and perhaps a bit smarter US oil segment come out of this. I think the outlook for OPEC over the next five years is probably a good one. I think the market share will steadily increase. “THEY ARE PROTECTING THEMSELVES RIGHT NOW AND ... CUT[TING] BACK INVESTMENTS AND COSTS. THAT IS PART OF THE RECOVERY STORY, WHEN WE MOVE TOWARDS 2021...” Saxo Bank In the midst of oil market turbulence, we put Saxo Bank’s head of commodity strategy in the hot seatadnoc.aeAbu Dhabi National Oil Company@adnocgroup ENERGY FOR CONTINUITY The Abu Dhabi National Oil Company (ADNOC) is one of the world’s leading energy producers. During this unprecedented period, we are taking precautionary steps to protect our workforce while ensuring the continuity of our business. As the world addresses the challenges of the COVID 19 Coronavirus pandemic, we will continue to maintain our focus and commitment to our customers and community. Together, we bring energy to life. ADNOC_Ad_full page _205mm W x 275mm H.indd 1ADNOC_Ad_full page _205mm W x 275mm H.indd 109/06/2020 3:52 PM09/06/2020 3:52 PMNext >