Analysis Aviation Mena’s use of green jet fuel ‘needs incentives’ to take off On Wednesday morning, an Emirates A380 took off from Dubai International Airport and headed down the coastline. It’s a familiar route, but this was something new: one of the Airbus’s four engines was 100 percent powered by sustainable aviation fuel. The 45-minute test flight came in a week of advances for sustainable fuels, known as […] November 23, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
Oil & Gas IEA shifts forecast closer to Opec, but expects 2024 surplus The International Energy Agency expects the oil market to shift into surplus in 2024 – implying lower prices – on the back of slowing growth in demand. The IEA, which largely represents Western oil consumer nations, said that this slowdown would be down to efficiency gains and a weakening in the post-Covid rebound. A more […] November 15, 2023
Retail Adnoc Distribution reports 9% quarterly profit rise Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week. The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a […] November 10, 2023
Oil & Gas Qatar North Field expansion impact to be felt from 2026 Qatar’s economic growth will get a boost from the increase in gas production at the North Field Expansion (NFE) project, but the impact will not be felt until 2026, according to experts. S&P Global Ratings said in a report this week it expects economic activity in Qatar to slow to 2 percent this year. That […] November 10, 2023
Analysis Energy War puts Israel’s big plans for gas exploration in jeopardy Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […] November 9, 2023
Oil & Gas Growing ‘dark fleet’ carries sanctioned oil to China More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI. The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […] November 9, 2023
Oil & Gas Opec output cuts may extend to end of next year Opec+ may need to prolong output cuts until the end of 2024 to support crude prices, according to energy experts. A weakening global economy and rising supply from non-Opec countries means oil prices are under pressure. Dong Wang, a Middle East oil markets analyst at S&P Global Commodity Insights, told a conference in Dubai on […] November 3, 2023
Sustainability French minister hails positive steps in Cop28 negotiations France’s minister of energy transition, Agnès Pannier-Runacher, has hailed positive progress in climate negotiations, especially on the financial support for vulnerable countries hit by climate disasters. A final attempt to push through consensus became the most important point of the discussions ahead of the Cop28 climate conference in Dubai. Seventy ministers and 100 delegates met […] November 1, 2023
Renewable Energy Irena and industry leaders draw roadmap to fast-track renewables The energy transition away from fossil-based systems must be accelerated to keep global warming at bay, according to intergovernmental agency the International Renewable Energy Agency (Irena), headquartered in Abu Dhabi. Irena and the Cop28 presidency combined with a group of industry players – the Global Renewables Alliance (GRA) – in calling for a trebling of […] October 31, 2023
Energy World Bank warns of record oil prices if war escalates Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […] October 31, 2023
Oil & Gas SLB predicts record Middle East oilfield services revenue SLB, the world’s largest oilfield services company, is predicting record revenue growth in the Middle East this year, as the region’s oil and gas companies ramp up capacity levels. The US company reported that international revenue rose 12 percent to $6.6 billion in the third quarter, its highest level since 2015. Opportunities in the GCC, […] October 30, 2023
EXCLUSIVE Energy Give private sector green incentives, says Sharjah oil CEO While the state-owned Sharjah National Oil Corporation plans to use its depleted fossil fuel resources to store carbon, its CEO believes that private companies are unlikely to follow Snoc’s green ambitions voluntarily, unless they are given incentives to act. The innovation could help to halve the UAE’s carbon emissions, but the company is owned by […] October 27, 2023
Energy Middle East crisis may hasten shift to clean energy says IEA The Israel-Gaza geopolitical crisis poses a new risk to oil markets and may accelerate the shift towards clean energy, according to analysts at the International Energy Agency. “With the immediate geopolitical risks, it will be difficult to say that oil and gas represent safe and secure choices for consumers, for countries worldwide,” said Fatih Birol, […] October 25, 2023
Oil & Gas Oil companies shun Iraq-Turkey Pipeline over payment International oil companies are refusing to sign up to using a newly reopened pipeline transporting oil from northern Iraq to the Mediterranean coast via Turkey over commercial disputes with Baghdad and Arbil. Alpaslan Bayraktar, the Turkish energy minister, told the Adipec conference in Abu Dhabi earlier this month that logistical issues over the Iraq-Turkey Pipeline […] October 23, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Transport US developer to build flying taxis in Abu Dhabi The day is drawing closer when a taxi ride between Dubai and Abu Dhabi takes only twenty minutes in an aircraft built in the UAE. A US developer of electric vertical takeoff and landing (eVTOL) aircraft has signed an agreement with the Abu Dhabi Investment Office (ADIO) to set up a manufacturing centre in Abu […] October 16, 2023
Giga-projects Construction to start on Rua Al Madinah giga-project Rua Al Madinah Holding, the Saudi Public Investment Fund (PIF) subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms. Construction of the mega mixed-use scheme is due to start soon. Rua Al Madinah expects to welcome its first guests in 2026. […] October 16, 2023
Energy UAE to produce nuclear-powered pink hydrogen The UAE is investigating the production of pink hydrogen, which is generated through electrolysis powered by nuclear energy. “We are conducting studies to produce pink hydrogen by capitalising on the heat from our nuclear plants,” said Sharif Salim Al Olama, undersecretary for energy and petroleum affairs in the energy and infrastructure ministry. The country already […] October 12, 2023
Oil & Gas Oil prices surge as conflict intensifies in Israel Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […] October 9, 2023
Renewable Energy UAE adds wind to its energy mix The UAE has inaugurated its first large-scale utility wind power project, as the Gulf state strives to boost its renewable energy capacity ahead of hosting the Cop28 climate summit later this year. Abu Dhabi’s state clean energy company Masdar has developed four wind farms, which have a total combined capacity of 103.5MW and will power […] October 6, 2023
Adipec Oil & Gas Adnoc signs deals for world’s largest sour gas development Abu Dhabi state oil producer Adnoc has awarded engineering, procurement and construction contracts worth nearly $17 billion for its Hail and Ghasha sour gas development, the biggest of 30 agreements the energy giant signed at the Adipec conference this week. Adnoc awarded an offshore package worth $8.2 billion to a joint venture between the National […] October 5, 2023
