Oil & Gas Middle East

1 week ago | oilandgasmiddleeast.com | Simone Liedtke

The Hongye 9HF well lies on the southern flank of the Jiannan anticline, part of the structurally complex Shizhu composite syncline in the eastern Sichuan basin. According to Upstream, Sinopec said the commercial flow from the well unlocks more than 400 billion cubic metres of prospective shale gas resources at depths of 4500 to 5000 metres across the broader Hongxing–Fuxing region.

1 week ago | oilandgasmiddleeast.com | Simone Liedtke

She has held roles at a number of firms over the course of her career, including a trading arm of Chinese shipping company COSCO, China Aviation Oil, Chevron and European trading house Mercuria, before being appointed to lead Lukoil Asia Pacific in 2020. Lukoil Asia Pacific is a subsidiary of Litasco Middle East DMCC, according to its LinkedIn profile, Zawya reported.

1 week ago | oilandgasmiddleeast.com | Simone Liedtke

“The republic has no right to enforce production cuts” on the consortiums, Akkenzhenov said, Bloomberg reported. His remarks come just two days before OPEC+ is due to meet to decide on output targets for July. The comments could heighten tensions with other members of the alliance, particularly Saudi Arabia, which has been pushing the group to take a harder line on countries that have failed to meet their production quotas.

1 week ago | oilandgasmiddleeast.com | Simone Liedtke

Despite this, Aramco’s leverage remains low by industry standards. Net debt has risen to its highest level in almost three years, and the company’s gearing ratio — a key measure of indebtedness — stood at 5.3% at the end of March, up from 4.5% at the end of 2024. This compares with an average of 14% for international oil companies, according to Aramco, with Shell and TotalEnergies at 18.7% and 14.3% respectively.

1 week ago | oilandgasmiddleeast.com | Simone Liedtke

Despite modest expectations for higher oil production later in the decade, current price levels are not sufficient to offset Kuwait’s high expenditure. Public sector wages, subsidies and grants continue to dominate the national budget, accounting for around 70% of overall spending, said Juili Pargaonkar, analyst at S&P.