Renewable Energy Masdar buys stake in Spanish utilities company Endesa The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […] July 26, 2024
Analysis Renewable Energy Kuwait playing catch-up with ambitious green energy plans Kuwait, Opec’s fifth-largest oil producer but long a laggard in the energy transition, is taking steps to catch up with its neighbouring Gulf states and ease reliance on falling oil revenues. State-owned Kuwait Oil Company last week mandated KBR, the US oilfield services company, to develop a master plan to produce 17 gigawatts (GW) of […] July 26, 2024
Oil & Gas Opec quotas force Iraq, Russia and Kazakhstan oil cuts Opec+ members that have failed to comply with output cuts, including Iraq, Russia and Kazakhstan, have agreed to reduce their production in the coming months to compensate for breaking agreed quotas. The combined overproduction from the three members totalled 2.3 million barrels per day (bpd) during the first half of the year, according to an […] July 25, 2024
Oil & Gas Israel to develop more natural gas exports UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […] July 24, 2024
Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Banking & Finance BlackRock-led investors to refinance Aramco Pipelines stake Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network. The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […] July 19, 2024
Oil & Gas QatarEnergies buys into Suriname oil expansion The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […] July 19, 2024
Analysis Energy Middle East needs stronger policies to expand carbon capture A lack of firm policy, regulatory frameworks and funding is limiting carbon capture capacity development in the Middle East and Africa, according to an industry expert. Carbon capture, usage and storage (CCUS) involves separating out the carbon dioxide created in industrial processes, then treating it and using in other processes or storing it. Globally CCUS […] July 19, 2024
Finance Masdar taps green debt market to finance expansion Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […] July 18, 2024
Aviation Airbus trims order book outlook for the Middle East Airbus has reduced its forecast for demand for wide-body aircraft in the Middle East over the next 20 years. The European jet maker increased its global forecast for wide-body demand by 9 percent to 8,920 units. However, it cut its prediction for the Middle East by 2 percent to 1,570 aircraft. Despite rising demand globally, […] July 17, 2024
Energy Adnoc Gas awards $550m Northern Emirates pipeline contract Adnoc Gas has awarded a $550 million engineering procurement and construction contract for the next phase of Estidama, its natural gas pipeline network project. It has also transferred the ownership of Estidama, worth $2.4 billion, to its parent company, Abu Dhabi National Oil Company. The contract, awarded to NMDC Energy of Abu Dhabi and Galfar […] July 15, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Energy World is off track to meet Cop28 renewables goal The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […] July 12, 2024
Oil & Gas Egypt pays $1.3bn arrears to foreign oil and gas companies Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […] July 12, 2024
Analysis Oil & Gas Iran’s oil keeps flowing – and that suits the US for now Iranian oil exports are hitting record highs despite Western sanctions, delivering a windfall of $35 billion a year to the government in Tehran. Energy analysts expect this to continue, given the big discounts on Iranian crude and the effects of the conflict in Ukraine. “Iran has been a beneficial influence in offsetting impacts of war,” […] July 10, 2024
Oil & Gas Aramco returns to debt markets after shares sale Saudi Aramco returned to the debt market on Wednesday, offering bonds maturing in 10, 30 and 40 years and aiming to raise at least $6 billion. The company is looking to capitalise on investors’ interest in its secondary share offering by raising more cash to finance its debt and a huge investment programme. Final terms […] July 10, 2024
Oil & Gas Energy giants to take 40% of Adnoc LNG plant Energy giants from France, the UK and Japan are expected to take stakes in the Ruwais liquefied natural gas project, run by Abu Dhabi National Oil Company. TotalEnergies, Shell, BP and Mitsui are expected to each take 10 percent of the project, which received a final investment decision last June. The Al Ruwais plant will […] July 8, 2024
Oil & Gas UAE’s Murban crude futures trade at record high Murban crude, the UAE’s flagship oil grade, has reported a record jump in trading activity in the second quarter of this year, according to operator the Intercontinental Exchange (ICE). Murban, the premium-grade light, sweet crude, is extracted from the onshore concessions of Abu Dhabi state oil company Adnoc and represents more than half of the […] July 8, 2024
Oil & Gas Aramco says Santos is not a target Saudi Aramco has denied reports that it was considering a bid for Santos, Australia’s second-largest oil and gas producer. In an emailed statement to Reuters, the Saudi oil giant said the information was inaccurate. The UAE’s Adnoc told AGBI that the company has no “comments on this report”. Earlier this week, Bloomberg reported that state-backed […] July 5, 2024
Analysis Energy Temporary LNG fix masks Egypt’s energy crunch The first two liquefied natural gas cargos arrived at the Egyptian port of Ain Sokhna on the Red Sea this week, bringing hope of relief to a suffocating population trapped in the summer heat and suffering now daily blackouts. However, this temporary fix is unlikely to resolve Egypt’s energy crunch in the long term. Falling […] July 5, 2024
Analysis Oil & Gas With or without foreign help, Libya’s 2m-barrel goal looks tough Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […] July 2, 2024
Oil & Gas Israel’s gas export plans complicated by war Israel has agreed a move to double its natural gas exports from the Leviathan reservoir, but experts warn that tension with Hezbollah and a potential escalation in Lebanon may undermine expansion plans. The Israeli government is seeking additional revenues to improve an economy that has been badly hit by the war in Gaza. The energy […] June 28, 2024
