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Discovered and recoverable oil resources have increased by 5bn bbl over the past year, according to Rystad. (Image source: Adobe Stock)

Exploration & Production

Discovered and recoverable oil resources up over past year

Discovered and recoverable oil resources have increased by 5bn bbl over the past year, according to Rystad Energy’s latest research, primarily as a result of potential in Argentina’s Vaca Muerta play and the Permian Delaware basin in Texas and New Mexico

Global recoverable oil resources, including estimates for undiscovered fields, stabilised at approximately 1.5 trillion barrels. However Rystad has revised down its projection of yet-to-find resources due to a steep decline in frontier exploration, unsuccessful shale developments outside the Americas and a doubling in offshore costs over the past five years. Rystad Energy expects new conventional oil projects to replace less than 30% of production over the next five years, while exploration would replace only around 10%.

The world’s proven oil reserves currently amount to only 14 years of production. If future global oil demand increases, as forecast by OPEC, supply will struggle to keep up with demand, even at attractive prices for producers. However, if the energy transition continues to make inroads, future oil demand is expected to fall, particularly with the greater electrification of transport vehicles, as seen in China.

“Full extraction of these oil resources will require oil prices stabilising at higher levels and further estimate increases will require new technologies to lower production costs. Over the next decades, the capital needed will likely not be available to meet continuously increasing oil demand, service prices could skyrocket, and there will likely be limited appetite for innovations to sustain such high emissions from oil,” said Per Magnus Nysveen, chief analyst at Rystad Energy.

If oil demand rises over the next few decades, global recoverable resources will not offer the supply needed to meet it, creating a constrained economic environment that would not be able to compete with less capital-intensive energy sources. As a result, Rystad Energy does not expect oil demand to continue to grow steeply towards 2050.

“In a world with flat or growing demand after 2030, another oil super-cycle would be needed. This scenario would require a substantial increase in frontier exploration and drilling success as well as accelerated deployment of secondary recovery and full-scale development of non-core shale plays in North America and globally,” said Artem Abramov, deputy head of Analysis at Rystad Energy .

Chartek ONE is designed as a single-coat, mesh-free solution. (Image source: Akzonobel)

Industry

AkzoNobel launches Chartek ONE to global markets

AkzoNobel’s protective coatings brand, International, has unveiled its epoxy passive fire protection (PFP) system, Chartek ONE, to a global audience at GasTech 2025, following its successful Middle East debut last year

Chartek ONE is designed as a single-coat, mesh-free solution that simplifies application while delivering comprehensive protection for energy sector assets. By streamlining installation, the product boosts efficiency, improves workplace safety, and provides robust defence against a wide range of fire scenarios. It offers up to three hours of resistance to jet and pool fires, withstands cryogenic and hydrocarbon fire exposure, and delivers strong corrosion protection across varied operating temperatures.

Sustainability has been embedded in its design. Chartek ONE is formulated with 100% solids, free from boron and chlorinated plasticisers, lowering both occupational risks and environmental impact. Its mesh-free technology eliminates the need for reinforcement in jet and pool fire scenarios, reducing installation time, labour, and material costs while cutting down overall system weight, an important factor in weight-sensitive industries such as offshore oil and gas.

The system has demonstrated significant efficiency gains, with installation time in workshops reduced by up to 59%, offering tangible cost savings throughout a project’s lifecycle. Certified to meet leading international standards, including NORSOK M-501 Revision 7, ISO 21843, ISO 22899, and UL1709 Edition 5, Chartek ONE has also undergone rigorous real-world testing. Trials included exposure to jet fires, weathered beam performance, and termination detailing, areas where PFP systems often fail. By exceeding minimum testing benchmarks, the coating offers proven reliability beyond the laboratory.

AkzoNobel’s commitment to sustainability is reinforced by its top-tier rankings in global ESG indices such as Sustainalytics and EcoVadis, placing it among the leading one per cent of companies worldwide. This focus on reducing environmental impact throughout development adds to customer confidence in Chartek ONE’s durability, safety, and eco-performance.

Now available to customers across Europe, Chartek ONE joins AkzoNobel’s established portfolio of coatings trusted in some of the world’s harshest operating environments.

ADNOC L&S will manage the transportation of up to 70% of Borouge's annual production. (Image source: ADNOC L&S)

Petrochemicals

Borouge partners with ADNOC L&S to boost petrochemicals exports

Borouge Plc and ADNOC Logistics & Services Plc have partnered to boost the production and export of petrochemicals from the UAE, as Borouge prepares to ramp up production capacity

Borouge plans to increase production capacity by 1.4 million tonnes per annum by the end of 2026 through its Borouge 4 mega project, which will make it the world’s largest single-site polyolefin complex. The 15-year US$531mn service agreement, which will drive cost savings and efficiencies as well as enhancing Borouge’s supply chain network, covers port management, container handling, and feeder container ship services for the Borouge Container Terminal in Al Ruwais Industrial City, Abu Dhabi. ADNOC L&S will manage the transportation of up to 70% of Borouge’s annual production, deploying a minimum of two dedicated container feeder ships to transport Borouge’s products from Al Ruwais to the deepwater ports of Jebel Ali in Dubai and Khalifa Port in Abu Dhabi.

Hazeem Sultan Al Suwaidi, CEO of Borouge, commented, “This agreement builds on our longstanding collaboration with ADNOC L&S, a partnership that has been instrumental in meeting the evolving needs of our customers in high-growth markets. It brings significant benefits to Borouge; driving substantial operational cost savings and enhancing our Logistics Variable Cost (LVC), as well as complementing our existing rail operations and expanding the flexibility of our supply chain network. With the rapid increase in our production capacity, we are advancing our capabilities in delivering differentiated products and solutions efficiently, while keeping pace with rising global demand."

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, added, “This comprehensive container terminal agreement marks a major milestone in our successful partnership with Borouge, delivering on ADNOC L&S’ strategy to provide seamless, end-to-end logistics solutions that power the UAE’s industrial growth and export ambitions. By leveraging our extensive maritime and logistics expertise, we are ensuring that Borouge’s world-class petrochemical products reach global markets efficiently and competitively.”

The system sets a new standard in reservoir flow control. (Image source: Halliburton)

Technology

Halliburton launches Turing electro-hydraulic control system

Halliburton has launched the next-generationTuring electro-hydraulic control system, with bidirectional choking and built-in position sensors for fast and accurate flow control

Part of Halliburton’s of SmartWell intelligent completions technology, this system sets a new standard in reservoir flow control suitable for all completion applications, improving recovery and reducing well count.

The Turing electro-hydraulic control system facilitates fast zonal optimisation through integrated position sensors that help operators manage well performance with speed, precision, and confidence. Its simplified, flexible design reduces rig time, operational risk, and production delays to deliver measurable value to our customers.

Operators can remotely and selectively adjust zonal ICV positions in seconds. Built-in high-resolution sensors increase fidelity and expand choke position options. Fast, precise bidirectional control of the ICVs enables flow control from or into each zone without closing the ICV. This capability supports routine, active well optimisation and supports the adoption of fully automated, data-driven optimization technology.

Paired with the Clariti® digital reservoir management suite, the Turing electro-hydraulic control system provides customers with added insights and real-time advice on opportunities for well production and field optimisation. The system can manage up to 12 zones with three control lines, two hydraulic and one single-wire tubing-encapsulated conductor (TEC). The TEC line communicates with downhole sensors through the DataSphere permanent monitoring suite to eliminate additional lines and reduce subsea infrastructure costs.

“As the pioneer of SmartWell intelligent completions, Halliburton’s advancements in this technology strengthen our industry leadership. Our new Turing electro-hydraulic control system builds on that legacy. It empowers our customers to improve recovery, manage subsurface uncertainty, and achieve lower costs with greater operational efficiency,” said Maxime Coffin, vice president, Halliburton Completion Tools

The webinar will transform confined space inspections. (Image source: Flyability)

Webinar

Webinar: Transforming oil and gas operations with the Elios 3 drone

Despite advances in digital technology, many oil and gas sites across the Middle East still rely on manual entry for tank and vessel inspections, resulting in days of downtime, high scaffolding costs and risk to human life

What if you could change all that with drone technology?

Inspections drones such as the Elios 3 are revolutionising the world of confined space inspections, improving safety, reducing downtime and enhancing operational efficiency.

Join us for an exclusive live webinar hosted by Flyability in association with Oil Review Middle East on ‘Transforming oil and gas operations with the Elios 3 drone’ on Tuesday 2 September at 2pm GST. Industrial experts will explain how drones such as the Elios 3 are transforming confined space inspections, and how you can integrate this technology into your operations seamlessly.

Key highlights:

Drone integration: learn how to safety and effectively implement drones in confined space
Safety and training: understand essential safety protocols and training strategies for your team
ROI: discover how to measure and achieve a strong return on investment with drone technology
Real world use cases: hear from the engineers using drone tech in the field on the impact Elios 3 is having on in oil and gas inspections.

Speakers and host:

Fabio Fata – senior sales manager, Flyability (moderator)
Eralp Koltuk – inspection lead engineer, Tüpraş
Danijel Jovanovic – director of operations, ZainTECH

Take your operations to the next level! Don’t miss out on gaining valuable insights into how drones can make inspections safer, faster and smarter .

From making inspections in hazardous confined spaces much safer to streamlining the whole process and providing valuable real-time data, you will get to see exactly how the Elios 3 is changing the game.

Register for the free webinar here.

ANRPC personnel. (Image source: ANRPC)

Energy Transition

Mitsubishi Power completes Egypt hydrogen fuel conversion project

Mitsubishi Power has completed a groundbreaking hydrogen fuel conversion project at the Alexandria National Refining and Petrochemicals Company (ANRPC) refinery in Egypt, the first industrial application of hydrogen use as fuel in an industrial boiler in Egypt and the MENA region, according to the company

Mitsubishi Power carried out the design, engineering, supply and installation of the equipment and control systems to rehabilitate and upgrade a 100-ton-per-hour main boiler, converting it from heavy fuel oil and natural gas to a 100% hydrogen fuel. The project also contributed to the utilisation of 14,000 tons per year of hydrogen-rich gases available in the production units, reducing natural gas consumption by around 24,000 tons and contributing to a reduction of carbon emissions by approximately 65,000 tons per year.

This project marks a significant step forward in Egypt's energy transition and decarbonisation goals, as well as its aim to become a leader in the global hydrogen economy, while highlighting the potential of hydrogen as a clean energy source in Egypt’s industrial sector.

Mitsubishi Power's expertise in providing cutting-edge hydrogen technology solutions, combined with ANRPC's operational leadership, contributed to the project's success, in a model that it is hoped can be replicated to drive forward further hydrogen adoption across Egypt and the MENA region.

Sayed Al-Rawi, chairman and managing director of ANRPC, said, "We are proud to be part of Egypt's journey towards a clean energy future and to contribute to achieving Egypt Vision 2030 with this pioneering milestone to using hydrogen as a fuel. This project represents an unprecedented achievement for ANRPC, Egypt, and the entire region. By integrating hydrogen into refining processes, we are contributing to reduce Egypt's carbon footprint and set a new standard for the country's industrial sector.”

Javier Cavada, president and CEO, Europe, Middle East and Africa at Mitsubishi Power, added, "The success of this first-of-a-kind hydrogen conversion project marks a milestone in Egypt's transition to clean energy and reflects Mitsubishi Power's global leadership in developing advanced, low-carbon power generation technologies. This project will lay down the foundation to a commercial path for decarbonizing Egypt's industrial facilities with minimal downtime, in addition to demonstrating the tangible and positive impact of hydrogen in reducing emissions and developing sustainable energy solutions."