Hussein Shoukry, managing director for the Middle East and Africa, Siemens Energy. (Image source: Siemens Energy)

Siemens Energy has appointed Hussein Shoukry as its new managing director for the Middle East and Africa, as of 1 December 2025

He succeeds Dietmar Siersdorfer who will retire after a distinguished career of nearly four decades with the company.

Hussein holds a degree in Construction Engineering from the American University in Cairo, and has extensive experience in leading complex energy projects and strengthening global execution capabilities.

Since joining the company in 2003, he has held several leadership positions, most recently serving as the Senior Vice President for Project Execution, where he led a team of over 3,500 and oversaw

Siemens Energy’s global Competence Centers in Romania, Mexico, and India.

In his new role, Hussein will be based in the UAE and will oversee the company’s operations and strategic initiatives across a regional footprint that spans 29 offices, employs more than 4,000 people, and recorded EUR 9bn in orders in fiscal year 2025.

“Rising energy demand is reshaping the future of both the Middle East and Africa,” Hussein said. “In the Middle East, countries are embracing a diversified energy mix and building localised supply chains, while in Africa the priority is expanding reliable electricity access for millions. The region also includes markets where critical energy infrastructure is being rebuilt or modernised.”

“With our broad portfolio in energy technology and longstanding presence, Siemens Energy will remain a committed partner in meeting these needs and strengthening the resilience of the Middle East and Africa’s energy systems.”

Global balances are shifting to oversupply next year. (Image source: Rystad Energy Research & Analysis)

OPEC+ has agreed to pause oil production hikes for the first quarter of 2026 as it slows down its push to regain market share amid fears of a looming supply glut as well as geopolitical uncertainty around Russia/Ukraine peace negotiations and US/Venezuela tensions

The eight OPEC+ countries – namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – have been raising oil output month by month since April this year, but will pause production increments in January, February and March 2026 “due to seasonality”, according to an OPEC statement.

The statement said the countries will adopt a cautious approach and retain full flexibility to continue pausing or reverse the additional voluntary production adjustments, reiterating that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions.

Jorge Leon, head of geopolitical analysis at Rystad Energy commented, “The message from the group is clear: stability outweighs ambition at a time when the market outlook is deteriorating rapidly. Global balances are shifting toward a significant oversupply next year, with Rystad Energy estimating a surplus of 3.75mn bpd of liquids in 2026, one of the largest projected gluts in recent years. Against this backdrop, any additional barrels from OPEC+ would risk deepening the price decline that is already visible across the forward curves.

“For producers that are heavily reliant on oil revenues, holding back supply now is becoming less of an option and more of a necessity.”

Preserving optionality, rather than committing to a new production path, allows OPEC+ to react quickly if conditions worsen or if geopolitical events unexpectedly tighten supply, Leon noted.

“The alliance must balance its desire to regain market share while stabilising prices with the realities of political fragmentation, both within the group and across the global stage. The latest decision underscores how difficult that balance has become. OPEC+ is trying to manage a market moving toward oversupply while navigating geopolitical shocks that could arrive without warning.

“The result is a strategy rooted in caution, one that leaves room for rapid adjustment but also highlights the complex, fragile nature of the alliance’s current position.”

The delay in setting individual production quotas is a “clear indication of unresolved tensions”, he added.

Oil prices rose slightly on 1 December following the OPEC+ decision, with Brent standing at just over US$63, while Ukrainian drone attacks on Russian tankers have exacerbated concerns over supply disruptions.

The collaboration will strengthen Indonesia's energy resilience. (Image source: Mubadala Energy)

Abu Dhabi-headquartered Mubadala Energy, and PLN Energi Primer Indonesia (PLN EPI), a subsidiary of Indonesia’s energy and electricity supplier, have signed an agreement to supply gas from its gas fields in the Andaman Sea

The proposed partnership will strengthen Indonesia’s energy resilience and reinforce national energy security by reducing the reliance on LNG and developing sustainable solutions to address growing domestic demand. The agreement prioritises energy supply for North Sumatra and Aceh, including leveraging the potential of the Tangkulo gas field, which lies roughly 65 kilometres offshore North Sumatra, with over 2 Trillion Cubic Feet (TCF) of gas-in-place. The agreement also opens the door for further discussions on technical and commercial frameworks.

By combining Mubadala Energy’s global expertise and operational excellence with PLN EPI’s growth plans and strong domestic capabilities, this collaboration aims to deliver solutions that guarantee reliable and sustainable energy for millions of Indonesians. The agreement aligns with Indonesia’s broader strategy to enhance energy security, optimise domestic resources, and build a resilient energy ecosystem.

Abdulla Bu Ali, president director of Mubadala Energy Indonesia, commented, “This agreement reflects our unwavering commitment to Indonesia’s energy future. By partnering with PLN EPI, we aim to deliver reliable and sustainable energy solutions that meet domestic needs and strengthen national energy security. This is also an important step for our development plans of the Tangkulo gas project in the South Andaman Sea.”

Rakhmad Dewanto, president director of PLN Energi Primer Indonesia, said, “PLN EPI continues to support the development of new gas fields in Indonesia and welcomes the development of the Tangkulo gas field in the South Andaman Block by Mubadala Energy. This collaboration is also part of the development of a gas supply portfolio for the power sector to support energy security and the energy transition in Indonesia.”

With the acquisition, ADES now operates across 19 countries. (Image source: Adobe Stock)

Saudi Arabia-headquartered ADES Holding has completed its acquisition of Shelf Drilling through a cash merger, reinforcing its position as a global leader in offshore drilling

With a combined fleet of 83 offshore units (46 premium units) and 40 onshore rigs, now operating across 19 countries - up from 13 previously - ADES is now one of the broadest and most geographically diversified offshore drilling platforms in the world, with operations now spanning its home market in Saudi Arabia, the GCC, and key growth regions such as Southeast Asia and West Africa.

The enlarged platform will benefit from enhanced commercial reach, improved fleet allocation flexibility, and the consolidation of shared functions across key markets. It is supported by a combined backlog in excess of SAR 34 billion, providing the ability to capture premium market opportunities at scale.

Global marketed jack-up utilisation is currently hovering above 90% prior to the redeployment of several suspended rigs from Saudi Arabia, including the resumption notices received for ADES’ ADM 510 and Shelf’s Harvey H. Ward drilling units. With most of ADES’ existing contracts secured at pre-upturn rates, the combined platform is well positioned to benefit from improving market conditions, allowing natural margin expansion as contracts renew at higher rates.

In line with its strategy, ADES will seek to optimise the combined Group’s capital structure, leveraging the strength of its enlarged balance sheet and robust cash-flow generation.

Dr. Mohamed Farouk, CEO of ADES Holding, said, 'This is a defining moment for ADES. By completing this landmark transaction, we have cemented our position as the world’s leading offshore drilling company, with the scale, fleet quality and geographic reach to serve clients across the world’s most attractive basins. With 123 rigs and a backlog of over SAR 34 billion1 , we have built a powerhouse platform with commercial strength and long-term earnings capacity.

“We are delighted to welcome the Shelf Drilling team into the ADES family as we continue building a unified organisation rooted in safety, performance, innovation and partnership.”

Commenting that the acquisition would directly support Saudi Arabia's Vision 2030, he said, “Combining international experience with deep localisation will allow ADES to accelerate knowledge transfer and talent development within the Kingdom, further advancing Saudi Arabia’s long-term energy services capabilities all while generating hard-currency inflows that bolster the national economy.”