Good morning, here's what the Oilman has for you today:

• Oil-Drilling Money May Move Out of the Gulf of Mexico

• Billionaire of the Week: Mohammed Al-Amoudi

• Upcoming Oil and Gas Events

• Tweet of the Day

Oil-Drilling Money May Move Out of the Gulf of Mexico

Investments in new oil drilling may be about to start moving out of the Gulf of Mexico.

That’s the talk on Oil Street after the Biden admin cut new lease sale plans.

“Conversations are already happening” 

The federal government said earlier in the year it will hold a lease sale once every two years from now on.

That’s down from twice a year now.

All in the name of the green transition.

As a result, oilfield service providers are considering refocusing on the international market.

You’ve got to give it to the Biden admin, though.

They did promise anti-oil policies, and they’re sticking to the promise.

“This restrictive offshore leasing program is the latest tactic in a coordinated strategy to reduce energy production,” the API said in September.

The strategy will take a while to unfold

The above may be gloomy, but it won’t happen yet.

In fact, GOM production is set to continue.

Several large projects are due to come on stream over the next few years.

It seems the admin can’t do anything about them.

And the 100,000 bpd they would add to the national total.

After that, however, towards 2030, things look less clear.

If the industry is already talking about moving abroad with its investments…

It means it’s preparing for even worse times.

Unless the guard at the White House changes next year, that is.

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Billionaire of the Week: Mohammed Al-Amoudi

The Ethiopian oil mogul

You’d think there would be many Saudi billionaires on any oil-related list.

Ethiopia, on the other hand, is not the first country that comes to mind when talking about oil.

Yet that’s exactly where Mohammed Al-Amoudi was born.

Not all oil billionaires start with a well

Unlike most successful oil executives, Al-Amoudi started with construction.

He started with real estate.

Only then did he venture into oil, and he did it in the downstream industry.

He started buying refineries, focusing on Sweden and Morocco.

It might seem like a strange choice, but it has paid off.

Today, Al-Amoudi is the second-richest Saudi citizen, and that’s saying something.

Fun fact: Al-Amoudi was among wealthy Saudis who were held in polite captivity back in 2019.

The aim was to extract financing commitments for the Crown Prince.

Money was tight because of yet another oil price rout.

All were eventually released.

A truly diversified conglomerate

Al-Amoudi operates through Corral Petroleum and MIDROC his principal investment vehicles.

But after he got rich from those refineries—and gas stations—he went on a diversifying spree.

To date, he is active not just in the energy field but in agriculture, healthcare, hospitality, and manufacturing.

All as befits a billionaire who knows how to multiply his billions.

With a wealth of over $8 billion, you could say he’s done pretty well for himself with those refineries.

Upcoming Oil & Gas Events

• December 15: 23rd Annual KOGA Christmas Party, Bodley Bullock House, Lexington, KY

• January 16: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX

• January 17: IPAA Private Capital Conference, The Post Oak at Uptown Houston, Houston, TX

• January 17-18: GO-WV Winter Meeting, Marriott Town Center Hotel, Charleston, WV

• January 18: Kansas Oil and Gas Day Legislative Reception, Kansas State Capital, Topeka, KS

• January 23-25: POWERGEN International, Ernest N. Morial Convention Center, New Orleans

Around the Global Patch

🇬🇾 Guyana on high alert amidst tensions.
🇨🇳 Chinese yard triumphs: Asia's first FPSO.
🇧🇷 Brazilian yard secures key FPSO contract.

Tweet of the Day

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