During his participation at COP27, Minister of Petroleum and Mineral Resources Tarek El Molla emphasized the importance of regional and international dialogue in energy transition as well as the expansion of technological capabilities and provision of investments needed to achieve transition goals.
Transformative energy usage has become critical, and it presents an opportunity for oil and gas companies to not only transition to cleaner energy, but to also reduce wastage that results from flare gas. According to a recent analysis by the Organisation for Economic Co-operation and Development (OECD), the world is struggling to progress when it comes to climate change outcomes and transformations.
With the Ministry of Energy and Minerals (MEM) of the Sultanate of Oman, TotalEnergies and its partners have signed an exploration and production sharing agreement (EPSA) for Block 11 onshore. Seismic data will be acquired as part of the EPSA activities' first phase in late 2022, and a first exploration well is expected to be drilled in 2023.
A memorandum of understanding (MoU) between Petrofac and the Oman Hydrogen Centre (OHC) has been signed, outlining how the two parties will work together to develop Oman's renewable energy sector's capacity, particularly in the area of green hydrogen.
Due to weak demand in the region and rising arbitrage shipments, the world's top oil exporter Saudi Arabia may lower October prices for the majority of crude grades it delivers to Asia.
The cost of light crude oil, heavy crude oil, and Forouzan crude for sale in September has been fixed by the NIOC's international affairs division at $9.50, $6.30, and $6.40, respectively, over the average oil price between Oman and Dubai.
TotalEnergies and Veolia have signed an agreement to construct the largest solar photovoltaic (PV) system for Oman's Sur desalination plant. Located on the site of the Sharqiyah Desalination Plant, which supplies drinking water to more than 600,000 people in Sharqiyah and the Gulf region, the power plant will generate electricity.
Saudi Arabia, the world's largest oil exporter, hiked July crude oil prices for Asian clients to higher-than-expected levels, citing constrained supply and anticipation of high demand this summer.
During his visit to Oman, Iranian Petroleum Minister Javad Owji agreed to revive a pipeline project to pump gas from Iran to the country.
According to Saudi Aramco's pricing document published on Sunday, the country has reduced the price of its Arab Light crude grade to Asia and Europe.
