news 7 Onshore Middle East the cheapest source of oil pro- duction: Rystad QatarEnergy announces enhanced ICV programme Image Credits: Adobe Stock Onshore Middle East is the cheapest source of new oil production, as the cost of developing new upstream oil projects continues to rise, according to new research from Rystad Energy. According to the company, the average breakeven cost of a non-OPEC oil project grew to US$47 per barrel of Brent crude, a 5% increase in the last year alone, thanks to inflationary pressure and supply chain issues. The report found that with an average breakeven price of US$27 per barrel, the onshore Middle East segment also boasts one of the most significant resource potentials. ISSUE 7 2024 | oilreviewmiddleeast.com QatarEnergy has announced the launch of Tawteen initiative’s enhanced In-Country Value (ICV) programme, with the aim of boosting the involvement of local companies in the energy sector. It includes a revised ICV formula, to provide a wider scope of the local contribution for all companies, a bonus scheme to reward companies for their positive contributions in selected fields, targeted support to local manufacturers and a simplified certification process. It is also proposed to increase the number of ICV certification bodies. Tawteen is the supply chain localisation programme for the energy sector in Qatar, led by QatarEnergy. The local contribution of the energy sector stands at around 28.5%. Onshore Middle East has an average breakeven price of just US$27 per barrel.