< Previous20 COVER STORY oilandgasmiddleeast.comNovember 2023 pace and more new solutions come online, proficient and proven energy services firms like Petrofac will be needed to turn theory into reality,” Kawash points out. STRATEGICALLY SIGNIFICANT CONTRACT AWARDS With the EPC sector now in an upcycle, Petrofac has announced a string of large awards. Alongside the carbon capture facility mentioned above, these include a gas compressor station for ADNOC in the UAE, a petrochemical facility for Sonatrach in Algeria, and a multi-year framework project, right here in the heart of the region. “The MENA region’s largest energy firms are really picking up the pace,” Kawash continues. “Aside from the decarbonisation of their traditional businesses, there is real enthusiasm for alternative and complementary fuels. And, with COP28 coming to the UAE, momentum is only going to build. “Make no mistake, I see the energy transition as an opportunity for Petrofac to innovate, differentiate, and meet client needs in new ways. As the transition gathers agreement for offshore HVDC platforms and grid connections for TenneT in the North Sea. As well as being so sizeable, they are all strategically significant, but for different reasons, explains Kawash. He reveals, “The two ADNOC projects, which have a combined value of more than $1.3 billion, see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients. They are both decarbonisation related, one by increasing the production of lower-intensity gas, and the other by capturing emissions from Petrofac has an established track record in designing and building large, complex refineries around the world21 COVER STORY oilandgasmiddleeast.comNovember 2023 operational assets. Also, a key factor is the Petrofac approach to in-country value, with a commitment to maximise local delivery, invest in the local supply chain, and develop local teams. “The TenneT framework agreement, being delivered jointly with Hitachi Energy and valued at approximately $13.7 billion, is the largest in our history. So, it is significant for its scale and firmly positions us as a global leader in renewables and new energies. It also has an innovative approach to contracting and collaboration, which brings significant benefits to the client in a highly constrained supply market. This gives everyone forward visibility, and enables the delivery teams to plan ahead, secure resources accordingly, and implement a true ‘design-one-build- many’ methodology. “Meanwhile, the $1.5 billion Algerian contract, being delivered as a joint venture with China Huanqiu Contracting and Engineering Corporation, is the first major petrochemicals project for both Sonatrach and Petrofac. For Sonatrach, it diversifies operations and reduces its reliance on hydrocarbon exports. For us, it extends a relationship with a key client, strengthens our downstream credentials, and demonstrates our ability to expand into adjacent sectors.” While the bidding pipeline remains busy, and extends to Asia, Europe, and India, as well as the MENA region, Kawash says that Petrofac is taking a disciplined and selective approach. The aim is to play to Petrofac’s strengths, zero in on the most strategically significant projects, and ensure margins are protected. AN EXCITING AND MEANINGFUL FUTURE As it delivers on the new awards, Petrofac is on a concerted talent acquisition drive. But, with the entire sector in an upcycle, the war for talent has rarely been more intense. “When it comes to attracting new engineers, I believe we are outperforming the wider market, especially here in the Middle East,” asserts Kawash. “Petrofac is deeply woven into the fabric of the region’s energy sector. We have been here for decades, we have an emphasis on hiring and developing local country nationals, and we care deeply about inclusion and diversity — insisting that all colleagues, clients, and suppliers are treated with respect.” Like its peers, Petrofac has faced recent headwinds, but its employer reputation remains strong. “By helping clients to meet the planet’s evolving energy needs, we are making a positive contribution to the world around us and doing it in a positive way — with a local delivery model that enriches communities, a people-based approach that cares about personal and professional development, and a client-centric ethos that nurtures innovation and values creative problem-solving. Our success in landing prestigious projects and growing the workforce suggests that the message is resonating,” he says in conclusion. Tareq Kawash, Group Chief Executive, Petrofac “I see the energy transition as an opportunity for Petrofac to innovate, differentiate, and meet client needs in new ways”22 CARBON CAPTURE oilandgasmiddleeast.comNovember 2023 T he global community faces a daunting challenge in tackling climate change: we are currently on track for a 2.2°C global temperature rise , making it increasingly implausible to achieve Net Zero emissions without substantial changes, adopted widely and rapidly. In the MENA region, where nonrenewable fossil fuels provide 97% of energy, addressing emissions from hydrocarbon and coal use is paramount. Closing the gap between our current trajectory and the 1.5°C target set by the Paris Agreement requires to adopt and combine an array of measures and instruments where possible, like carbon pricing, the rapid electrification of transport, the scaling of CO2 removal technologies, increased hydrogen production and carbon capture, utilisation and storage (CCUS) deployment (including for biomethane power generation), less reliance on fossil fuels, and the phasing out coal power plants. In MENA, countries like the United Arab Emirates (UAE), Saudi Arabia, and Oman have already made tangible commitments to tackle the urgency of mitigating climate change – with the UAE setting a precedent among Gulf petrostates by setting a Net Zero targets in 2021 –, but significant energy-related emissions are nonetheless expected into the 2050s. In the global collective mind, the Middle-East and North Africa have been associated with fossil fuels, and it’s no surprise that in the region as a whole, Net Zero schemes rely heavily on its potential for CCUS growth. Remarkably, the area has the capacity to become a hub for low- carbon hydrogen production (particularly blue hydrogen, set to benefit from a burgeoning global hydrogen export market projected to reach $300 billion by 2050 – aligning with the global hydrogen export market’s growth). The UAE, in particular, is now determined to be at the forefront of the energy transition, and is setting a new pace for the region’s sustainability efforts by rapidly transforming its energy landscape. Over the span of less than three years, the nation has embarked on a fast-paced journey of climate commitment, incrementally heightening its emissions reduction goals. Their pledge has evolved from an initial goal of 23.5%2 – subsequently increased to 31% – to a current aspiration of a 40% reduction in their Third Update of the Second Nationally Determined Contribution (NDC). The UAE’s 2050 commitment to sustainability – encompassing economic, environmental, and social dimensions seeks to balance economic growth with carbon neutrality by investing heavily in CCUS, renewable energy capacity, energy efficiency, and green industries. The Emirates’ Energy Strategy 2050 aims to achieve a balanced energy mix that supports economic growth while achieving carbon neutrality by 2050 – all without ending oil and gas exports. In line with these objectives, the UAE has made significant investments in renewable energy projects, both domestically and internationally, solidifying its position as a regional leader in solar and wind power. What sets the Emirates apart is not just their ambition but also their massive financial capacity. The nation can invest significantly in research and development, and technology innovation on a global scale. Their achievements, like their ambitious space program, demonstrate a great capacity to bring expertise and knowledge back home. The UAE’s speed of transformation is historically impressive, with the whole of the 21st century being a testament to the nation’s determination to change. The nation is now steering the wheel toward a hydrogen-powered future, and has massively deployed instruments to achieve this goal : with plans to produce over a million tonnes of low-carbon ammonia annually by 2030, ADNOC is positioning itself at the forefront of the market, and energy leaders from all the Emirates, including ADNOC, Taqa and Mubadala, are joining forces to elevate Masdar, a linchpin in the UAE’s clean energy plan, to new heights. The latest investments in this prospective UAE LEADS MENA REGION IN FAST ENERGY TRANSITION AND CLIMATE COMMITMENT The UAE “newer but faster” transition is setting a new benchmark for regional sustainability and climate action By: Mohammed Atif, Area Manager UAE, DNV Energy Systems23 CARBON CAPTURE oilandgasmiddleeast.comNovember 2023 CCUS (BECCS) and direct air capture with CCUS (DACCS). While a few projects are currently operating, scaling up CCS capacity more than 100 times globally by 2050 is necessary to meet climate goals . However, broader deployment faces challenges – which are primarily rooted in policy and regulation rather than technological limitations. The rapid transformation in the UAE attests to the region’s potential to surprise the world with actual results in greenhouse gas emissions reduction: as COP28 unfolds there and the region stands at the forefront of discussions on decarbonisation, the spotlight is shone on the pivotal role of CCS and hydrogen in achieving emission reduction targets, increasingly recognised in MENA countries’ Nationally Determined Contributions (NDCs). As the world watches, the UAE’s actions in the lead-up to and the months and years following COP to decarbonise through these technologies will likely set new standards for climate action far international clean energy champion further bolster energy diversification and decarbonisation objectives, as Masdar has already made significant investments in renewable energy projects across more than 40 countries (with a particular focus on developing nations). As a major shareholder, ADNOC aims to leverage its holdings in Masdar to achieve over 20 GW of clean energy and green hydrogen capacity by 2030. In addition, the Ruwais Waste Heat Recovery Project will enhance power and water generation while reducing grid dependence, aligning with ADNOC’s broader decarbonisation objectives, such as eliminating gas flaring and implementing commercial-scale CCUS. As mentioned earlier, the CCUS industry holds great promise for reducing carbon emissions in the MENA region. CCUS is not only crucial for decarbonising power, industry, and hydrogen production but also for enabling large-scale CO2 removal technologies like bioenergy with beyond the region’s borders (as reflected by Emirati energy companies’ global ambitions, notably in Africa, where the likes of Masdar and AMEA Power are hoping to grow fast). In conclusion, the UAE’s climate commitments and efforts in decarbonisation signal a positive and inspiring shift toward a more sustainable future. However, despite these commendable efforts, the urgency of addressing carbon emissions, cannot be overstated. As we look ahead, international collaboration and swift action are imperative to meet the climate challenges of our time and secure a sustainable planet for future generations. Specifically in the UAE, these initiatives are poised for maximum effectiveness when concentrated on decarbonisation through CCS, hydrogen and other means. Since achieving this will necessitate even bolder policy directions, it is our aspiration that the nation will maintain its existing level of determination and ambition to further accelerate its progress on the path to Net Zero. Mohammed Atif is an Economist and Area Manager focused on the Energy Transition; over the years he has successfully positioned DNV as the leading Energy Transition Advisory supporting multi-GWs of high impact projects in MEA and has a specific focus in the UAE and KSA. The entire energy value chain is covered from hydrocarbons and CCS strategies through to renewables, energy storage deployment & green hydrogen; intelligent networks and sustainable end use. He regularly contributes to thought leadership; attends high level forums; and frequently contributes to various publications. Mohammed Atif, Area Manager UAE, DNV Energy Systems.24 MACHINERY oilandgasmiddleeast.comNovember 2023 N avigating the intricate landscape of the Saudi Arabian oil and gas sector, Tesmec stands out with its groundbreaking trenching solutions and unwavering environmental commitment. To uncover the strategy and vision behind their impactful presence in the kingdom, we engaged in a candid conversation with Francesco Morosini, CEO of Tesmec Saudi Arabia. From discussing their pioneering technologies to exploring collaborations with local giants, Morosini gave us an exclusive peek into the company’s blueprint for the future in Saudi Arabia. What were the key factors that influenced Tesmec’s decision to enter the Saudi Arabian market, particularly in the oil and gas sector? Tesmec aims to build the future of Saudi Arabia with innovative trenching solutions. To pursue this mission, we have a local presence with our subsidiary Tesmec Saudi Arabia, which is the result of the group’s global expansion. A key factor that led Tesmec to invest in Saudi Arabia is the ambitious number of projects that are constantly emerging to change the country’s future. This, together with the innovative solutions offered by Tesmec and its experience in providing added value in relevant oil and gas pipeline networks, has made the Saudi Arabian market a focal point in the company’s strategy and vision. Tesmec Saudi Arabia will continue to provide its cutting-edge methodologies through its products and services and is expanding in the kingdom on an unprecedented scale. The company firmly believes that the projects in which it will continue to play a vital role will strengthen the kingdom’s goals in achieving Vision 2030 sooner than expected. Nevertheless, the magnitude of the projects introduced by Aramco in the oil and gas sector has always caught the attention of Tesmec’s management teams, and the decision has been taken for greater business engagement through our leading products, services, and technologies. Tesmec Saudi Arabia will be involved in big projects, and it is constantly working with its partners and its wide range of authorised contractors to pursue their goal of building the future of Saudi Arabia. Given Saudi Arabia’s diverse geological landscape, how have Tesmec trenchers been optimised to handle the specific trenching challenges? Tesmec Saudi Arabia’s trenchers are designed by considering the kingdom’s geological parameters: compressive strength of rock, its brittleness, fracture degree of the rock mass, and rock abrasiveness. For this reason, our trenchers are suitable for a wide range of soil types, including those with extremely hard rock. The ability to economically excavate very hard rock, deemed not excavable by machines of previous generations, is guaranteed. We achieve maximum productivity under challenging conditions through innovative excavation techniques and Tesmec Saudi Arabia’s new load control design. NAVIGATING DESERT DEPTHS Francesco Morosini, CEO of Tesmec Saudi Arabia, unveils the strategic drive behind the company’s innovative trenching solutions in the kingdom’s oil and gas sector25 MACHINERY oilandgasmiddleeast.comNovember 2023 advancements for enhanced operational efficiency? Tesmec Saudi Arabia offers innovative trenching solutions with state-of-the-art technology, making our trenchers the most advanced in the market. These are some examples of technologies: • TrenchTronic 5.0: automatic trenching and self- diagnostic technology. It is an electronic control system designed to improve the ease of use of the trencher and increase productivity by making it less dependent on operator skills. • TrenchIntel: The 3D-GPS automatic guidance system. It is the satellite guidance system capable of automatically controlling machine steering, trajectory and trenching depth with extreme precision. • Remote monitoring and reporting: This provides maintenance, operation, and troubleshooting information on demand, to enhance each machine’s overall performance. • Smart tracker: The as-built data recorder automatically collects as-built data while the machine trenches, avoiding survey stakeout and reducing time and cost. How does Tesmec’s trencher technology contribute to minimising environmental impact, and are there specific features designed for reclamation or restoration processes post-trenching? Tesmec Saudi Arabia aims for innovation but strongly focuses on environmental sustainability. By outperforming traditional machines, we reduce the number of machines required on the job site, decreasing CO2 emissions and fuel consumption. Also, we recently introduced our latest product, the 1875 EVO, the largest trencher Regarding operational efficiency and return on investment, how does Tesmec’s trencher technology compare to conventional excavation methods commonly used in Saudi’s oil and gas pipeline installations? Our entry into the oil and gas pipeline installation market signalled a new era of innovation in the industry. This is because the conventional ways of excavation using crawler excavators are high in expenditure, service, aftersales, and the use of operators and logistics. Meanwhile, a singular trencher outperforms several conventional machines, reducing transportation costs and environmental impact by producing reusable material and reducing CO2 emissions. Using trenchers also reduces project completion time and requires fewer machines and operators, ensuring smoother site operations. In this way, we guarantee to lower the costs of logistics and offer our clients easier management of the site. By doing so, the performance that trenchers provide is higher than conventional excavation methods, and the overall cost of the construction site is reduced. Not to mention flexibility; trenchers can work in urban, suburban and rural job sites with limited disturbance. In addition, different from conventional methods, using fewer machines reduces CO2 emissions and fuel consumption, positively impacting the environment. How is Tesmec’s trencher technology positioned to integrate with or leverage tech Tesmec has ever produced. This machine offers high production performance and helps reduce environmental emissions. Tesmec Saudi Arabia products reduce emissions by 68%, in line with the kingdom’s Vision 2030 for sustainable development. Trenchers allow the elimination of several post-digging steps, acting as a means of integrating and uniting various stages of the excavation process. The material removed during digging is repurposed to cover the dug- out area, benefiting the environment. Lastly, can you discuss any collaborations Tesmec has entered with local Saudi entities or institutions? HRH Crown Prince Mohammed Bin Salman Bin Abdulaziz said, “Saudi Arabia will welcome qualified individuals from all over the world and will respect those who have come to join Saudi Arabia’s journey and success.” We are here to participate in this journey and will do our best to leave our print in the way of Saudi Arabia’s success. Thanks to many years of operations in the oil and gas pipeline industry, we have built vast know- how in the sector. Our experience in Saudi Arabia renders through our technology involvement in local and vital projects with top-tier entities, such as the development of the Uthmaniyah-Abqaiq Pipeline System Upgrade. Through our participation in various projects, we also provide training to clients in the use of our machines. This helps to develop the skills of site construction employees and facilitates knowledge sharing of the technologies used. Tesmec provides remote monitoring and reporting, as well as troubleshooting information on demand Francesco Morosini, CEO of Tesmec Saudi Arabia26 ENERGY TRANSITION oilandgasmiddleeast.comNovember 2023 HOW MIDDLE EAST NATURAL GAS POWERS THE ENERGY TRANSITION Middle East’s abundant natural gas reserves are transforming it into a vital player in the global energy transition toward sustainability By: Dean Mikkelsen T he Middle East, historically a slow starter in the gas production race, has undergone a remarkable transformation over the past few decades. From a modest beginning in the 1970s, the region has evolved into a global gas powerhouse, set to reshape the energy landscape. Oil and gas companies are increasingly investing in natural gas infrastructure and production because it represents a strategic opportunity to diversify their portfolios and adapt to changing market dynamics. As the global demand for cleaner energy sources rises, these companies recognize that natural gas can provide a stable source of revenue and align with environmental regulations. Furthermore, the existing expertise, infrastructure, and supply chain networks that oil and gas companies possess can be leveraged to develop natural gas resources efficiently. This allows them to remain competitive in an evolving energy landscape while contributing to the reduction of carbon emissions—a win-win for both the industry and the environment. In this context, the continued investment in natural gas by oil and gas companies is seen as a pragmatic and forward-thinking approach to navigate the complex challenges of the energy transition. SLOW START AND EARLY PIONEERS In the Middle East, Qatar may not possess the same potential as an oil powerhouse, such as Saudi Arabia, but it has more than compensated for this shortfall with its vast natural gas reserves. The offshore North Field, initially tapped in 1971, has proven to be one of the largest gas fields globally, despite not being Qatar’s first gas discovery. Covering an area roughly equivalent to the country itself, it holds approximately 10% of the world’s gas reserves. Presently, Qatar boasts an impressive 25.26 trillion cubic metres of natural gas reserves and a daily production rate of approximately 467.6 billion cubic metres, securing its position as the world’s third-largest producer, trailing only Russia and Iran. The region witnessed a turning point when Abu Dhabi National Oil Company (ADNOC) constructed the Das Island LNG terminal in 1977. Simultaneously, Saudi Aramco initiated the Master Gas System (MGS) construction in the 1970s, with full operational status achieved by 1982. By the dawn of the new millennium, the entire Middle East was producing a mere 643.7 billion cubic metres per day (bcm/d). THE ACCELERATION OF GROWTH The Middle East’s gas sector gained momentum as governments recognized the potential of low-cost gas in displacing liquids in the power and industrial sectors, thereby freeing up additional oil volumes for export. Simultaneously, global demand for liquefied natural gas (LNG) was on the rise. Substantial investments were channeled into expanding and upgrading domestic gas pipeline networks. Saudi Arabia expanded the MGS and, in 2001, inaugurated the Hawiyah Gas Plant, a significant milestone as it was the first in the kingdom to process non-associated gas. Qatar and Oman embarked on the construction of LNG trains, with Qatar’s first three trains becoming operational between 1996 and 1999. Oman LNG commenced operations in 2000. Fast forward two decades, and the Middle East now boasts a formidable gas 27 ENERGY TRANSITION oilandgasmiddleeast.comNovember 2023 production capacity of approximately 2.04 trillion cubic metres per annum (tcm/yr), with Qatar emerging as a global LNG exporting giant, shipping out 80 million metric tons per annum (mmtpa). Looking ahead, Middle East gas production is poised for continued growth, with forecasts projecting a remarkable increase to approximately 2.43 tcm/yr by 2030. This substantial expansion represents an additional supply of 0.5 tcm/yr, equivalent to the entire gas consumption of Europe’s power sector. Qatar’s LNG exports are anticipated to reach an impressive 126 mmtpa by the end of the decade, while Abu Dhabi is set to export 15.4 mmtpa after the completion of the Ruwais LNG plant in 2028. These developments present lucrative 28 ENERGY TRANSITION oilandgasmiddleeast.comNovember 2023 opportunities for international oil companies (IOCs), as gas, which constitutes only 34% of their Middle East production mix, generates a staggering 71% of the total value, amounting to a significant US$122 billion. NOTABLE PROJECTS AND IOC ENGAGEMENT Qatar adopted an assertive approach to develop its natural gas resources by engaging in collaborative ventures with major international oil and gas corporations, with a primary focus on the North Field. ExxonMobil, Shell, and TotalEnergies play a pivotal role in Qatar, contributing significantly to the gas sector’s value. Shell’s Pearl GTL project leads the way with a value of US$18.7 billion. Additionally, the six Qatargas joint ventures jointly hold a value of US$36 billion for IOCs. North Field East alone adds US$6.7 billion to this figure. Other high-value projects include BP’s Khazzan project in Oman at US$9 billion, Karish offshore Israel at US$6.1 billion, and Occidental’s Shah project, a development in the UAE worth US$5 billion. Recent awards, such as the North Field East and North Field South projects, demonstrate the growing appetite of IOCs for Middle East gas ventures. ExxonMobil, Shell, TotalEnergies, Eni, and ConocoPhillips have all secured stakes in these projects, further highlighting the region’s value. A CHANGING GAS LANDSCAPE The global natural gas landscape is evolving, with demand growth expected to be concentrated in Asia, Africa, and the Middle East. Notably, the shift toward liquefied natural gas production is set to ease supply security concerns in the latter half of the decade. As the Middle East solidifies its position as a dominant player in the global gas industry, it faces its own set of challenges and opportunities. Geopolitical unrest in the region has led to uncertainties in gas supply routes, creating hurdles for gas-exporting countries, including Qatar and Iran. Sanctions and geopolitical tensions have further complicated the situation, impacting Iran’s ability to export its valuable oil and gas resources. Despite these challenges, the Middle East’s abundant gas reserves and competitive extraction costs make it a focal point for global energy companies looking to secure reliable gas supplies. This region’s potential to meet the surging demand for natural gas, particularly from energy-hungry nations like China, offers lucrative opportunities for both Middle Eastern producers and international oil and gas corporations. China’s LNG demand is expected to soar to 127 million metric tons by 2030, making it a significant market for LNG exporters. Qatar is capitalizing on this trend by increasing its LNG sales to China through long-term contracts, ensuring a steady income stream and minimizing market price fluctuations. A GROWING ROLE IN GLOBAL ENERGY TRANSITION Natural gas plays a crucial role in the global energy transition due to several QatarEnergy, Doha, Qatar29 ENERGY TRANSITION oilandgasmiddleeast.comNovember 2023 key advantages that make it an attractive option for both consumers and oil and gas companies alike. First and foremost, natural gas is considered a cleaner-burning fossil fuel compared to coal and oil. It produces fewer greenhouse gas emissions when burned, making it a transitional energy source that can help reduce the carbon footprint while the world transitions to more sustainable energy solutions. As nations seek to meet emissions reduction targets outlined in the Paris Agreement, natural gas provides a valuable bridge between high-emission fuels and renewable energy sources like wind and solar power. Natural gas stands as a transitional energy source due to its capacity to substantially reduce emissions when compared to coal or other fossil fuels. In terms of carbon dioxide (CO2) emissions, natural gas emits approximately 50-60% less per unit of energy produced than coal. Beyond CO2, the advantages become even more pronounced. Natural gas combustion virtually eliminates sulfur dioxide (SO2) emissions, achieving a remarkable 90-99% reduction compared to coal. Moreover, nitrogen oxide (NOx) emissions are cut by approximately 50-60% with the use of natural gas. These emissions reductions not only combat climate change but also foster improved air quality and public health. However, the key reason natural gas is considered a transitional fuel is that it provides a bridge to renewables. As society endeavors to transition to cleaner and more sustainable energy sources, natural gas can serve as a reliable and lower-emission alternative while renewable technologies like wind, solar, and advanced storage systems continue to develop and scale up. This makes natural gas a valuable component in the broader strategy to achieve a carbon-neutral future. The development of gas infrastructure, such as pipelines and LNG terminals, in the Middle East and its potential to serve as a reliable supplier to growing Asian markets have contributed to enhanced energy security and stability on a global scale. Taking a look at recent investments and agreements in the LNG sector involving Qatar, just this year alone three major agreements were signed. QatarEnergy and Eni entered into a long- term LNG sale and purchase agreement, supplying up to one million tons per annum (MTPA) of LNG from Qatar to Italy. This 27-year deal aims to enhance Italy’s energy security and diversify its natural gas sources. In another move, QatarEnergy teamed up with Shell and signed two 27-year LNG sale and purchase agreements, providing for the supply of up to 3.5 MTPA of LNG from Qatar to the Netherlands. QatarEnergy also brought TotalEnergies onboard by inking two substantial long- term LNG sale and purchase agreements, facilitating the supply of 3.5 MTPA of LNG from Qatar to France. United Arab Emirate-based ADNOC Gas plc as well this year announced a substantial multi-year liquefied natural gas (LNG) supply deal with Japan-based JERA Global Markets valued between $500 million and $700 million. Simultaneously, Aramco, a global energy giant, has entered the LNG market with a $500 million minority stake acquisition in MidOcean Energy. This strategic move expands Aramco’s international presence and portfolio. MidOcean Energy, managed by EIG, is actively involved in Australian LNG projects, aligning with its global LNG strategy. Completion of the deal is subject to regulatory approvals, and Aramco retains the option to increase its shareholding in MidOcean Energy. Aramco’s CEO, Amin H. Nasser, commented, “This investment marks our entry into the international LNG arena, supporting our commitment to sustainable energy amid global demand growth.” LOOKING AHEAD The Middle East’s journey from a slow start in gas production to becoming a leading force in the global gas industry is a testament to the region’s adaptability and resourcefulness. With a focus on expanding production capacities, increasing exports, and attracting international investments, the Middle East is poised to shape the future of energy markets for years to come. As the world seeks cleaner energy sources and strives to meet climate objectives, the Middle East’s role in supplying natural gas becomes even more critical. With the potential to provide stable and abundant gas supplies to meet the surging global demand, the Middle East is set to remain a powerhouse in the energy sector, contributing to the ongoing energy transition and the broader sustainability goals of nations worldwide. Natural gas powering the energy transitionNext >