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Energy

Energy news covering oil, gas and renewable energy across the Middle East. Energy investment news and analysis of energy markets.

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As costs of importing Middle Eastern oil rose, Europe added 162,000 bpd from Guyana and 60,000 bpd from the US

Middle East oil supplies to Europe drop, replaced by US

Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […]

Gas imports from Turkmenistan will help ease Iraqi domestic shortages due to Iran halting the flow of gas supplies

Iraq turns to Turkmenistan to plug Iranian gas gap

Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […]

Oil workers in Iraq. The country's oil exports are increasingly headed to Asia, leading some to question the necessity of rebuilding the Syria pipeline

Assad’s fall spurs calls to revive Iraq-Syria oil pipeline

The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […]

Saudi gap 2025: Construction in Riyadh. Saudi Arabia's Vision 2030 programme is contributing to its budget deficit

Saudi 2025 fiscal gap forecast could widen further

Saudi Arabia has assumed a deficit of nearly $27 billion in its 2025 budget but the actual gap is likely to widen by the end of the year, experts predict. When the world’s largest oil exporter announced the draft budget in September and then endorsed it in late November, it was expecting more oil earnings […]

Turkey nuclear plant Akkuyu

Turkey closing in on nuclear energy aspirations

Turkey’s first nuclear power plant reactor will come online in 2025, two years behind schedule, the country’s energy minister has confirmed.  Three more will follow in the next three years as part of Turkey’s efforts to diversify energy production and reduce carbon emissions.  The first reactor at the $20 billion Akkuyu nuclear power plant, in […]

Latest Energy News

Iraq budget deficit, Iraq oil exports, Iraq oil, Iraq budget, Iraq oil revenue

Iraq risks higher budget deficit after oil sales fall short

Iraq’s budget deficit could be higher than forecast after the Opec member reported $92 billion in oil exports — less than expected — for the first 11 months of last of year. In June its parliament approved 2024 spending of around $163 billion, with revenue forecast at nearly $123 billion. This left a budget deficit […]

Adnoc Distribution said fuel volumes rose 8.7 percent year-on-year to 15 billion litres in 2024

Adnoc Distribution to spend billions on M&A deals

$2bn to spend Interview with strategy officer Listed in 2017 Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a sen... Register now: It’s easy and free This content is available for registered members only. Register for your […]

Adnoc will sign an LNG supply deal with BPCL during the four-day India Energy Week conference

Adnoc to sign LNG deal with India’s BPCL

State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […]

Dewa generated 6.62 TWh of clean power in 2024, a 7.5 percent increase over the previous year

Dewa’s 2024 revenue hits $8bn on rising demand

Dubai Electricity and Water Authority (Dewa), which trades on the Dubai Financial Market, said revenue hit an all-time high of AED31 billion ($8 billion), rising 6 percent annually, thanks to growing demand for electricity, water and cooling. As a result, net profit jumped 6 percent year on year to AED16 billion. Clean power accounted for […]

Pakistan signed its biggest LNG pact in 2016 with Qatar for up to 3.75 million tonnes of LNG a year for 15 years

Pakistan weighs revising terms of Qatar LNG deal

Pakistan’s liquefied natural gas (LNG) pact with Qatar allows for either party to initiate renegotiation talks next year but no decision has been taken on whether to do this, Pakistan’s petroleum minister told Reuters. Musadik Malik was clarifying comments made to a parliamentary committee on energy, as reported in local newspaper The News, which had […]

Mohammed Al-Sudani, the Iraqi prime minister, says he is under no pressure to end Iran's supply of gas

Iraq to stop taking Iranian gas by 2028

Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […]

Adnoc Gas adjusted revenues for 2024 were up 7 percent to $24.4 billion compared to 2023

Adnoc Gas dividend unchanged despite record profit

Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […]

The top destinations for Oman's oil exports are China, India and South Korea

Opec oil cuts push Oman’s revenue down $1.7bn

Oman’s adherence to Opec+ voluntary oil production cuts resulted in revenue from the sector falling by an average of $4.6 million a day last year. The country’s average daily crude oil production fell 5.4 percent in 2024 to 992,600 barrels per day (bpd), figures from the National Center of Statistical Information show. The average price […]

Mohammed Bin Rashid Al Maktoum Solar Park's newest phase is being developed in colloboration with Masdar

Al Maktoum Solar Park expands for Dubai’s 2050 energy goals

Dubai is working on the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park – the largest single-site solar park in the world – as it works toward its 2050 energy diversity target. The emirate launched the Dubai Clean Energy Strategy in November 2015, with the aim of producing 75 percent of its […]

Demand from China and India is rising as US sanctions disrupt oil supplies from Russia

Aramco raises prices as demand from Asia grows

Saudi Aramco, the world’s leading oil exporter, has sharply increased crude prices for March shipments to buyers in Asia. Demand from China and India is rising as US sanctions disrupt Russian supply. Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi […]

Shoppers in the Grand Bazaar in Istanbul. The European bloc has provided over €780m ($810m) so far to support Turkey’s green transformation

EU’s $323m grant to support Turkey’s green transition

The European Union (EU) will provide a $322.8 million grant to Turkey to bolster the country’s green and digital transformation drive. The European bloc has provided over €780 million ($810 million) to support Turkey’s green transformation, Jurgis Vilcinskas, deputy head of mission of the EU delegation to Turkey, told the state-run Anadolu Agency. The grant […]

LNG Tanker, Drydocks, taken in 2000, Dubai, United Arab Emirates

Algeria and Egypt lead Arab LNG export decline

Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […]

An oil refinery in Oman. Its energy ministry is asking potential investors to contact Scotiabank about the three blocks

Oman invites bids for 3 onshore oil and gas blocks

Oman’s energy ministry has invited investors to bid for three oil and gas concessions. The onshore concessions – Block 36, Block 43A and Block 66 – are close to the sites of previous successful explorations. Scotiabank has been listed as the point of contact for potential investors. The concessions will bring in much needed revenue […]

A wind turbine installation vessel in Ostend port, Belgium. NMDC Energy says wind will account for as much as 20 percent of the company's revenues in the next few years

Abu Dhabi’s NMDC Energy to invest in wind power

Abu Dhabi’s NMDC Energy, an engineering, procurement and construction contractor for energy projects, is hoping to expand its renewable energy business in South East Asia and Europe.  Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that wind will account for as much as 20 percent of the company’s revenues in the next few years, with […]

A robotic fuelling arm demonstration by Adnoc, whose investments in the United States now sit within its new international investment arm XRG

Adnoc moves its US investments to XRG

Abu Dhabi National Oil Company’s investments in the US now sit within its new international investment arm, XRG, Adnoc’s CEO said on Tuesday, as the oil giant moves to build up a business focused on lower carbon energy and chemicals. The US investments are in an ExxonMobil hydrogen plant and in NextDecade’s liquefied natural gas […]

BP will work to increase crude production from Iraq's Kirkuk oilfields by 150,000 bpd to 450,000 bpd within three years

BP to invest up to $25bn to redevelop Iraqi oilfields

BP may invest up to $25 billion to redevelop four Kirkuk oil and gas fields in Iraq, according to a media report. The British oil major is likely to commit between $20 billion and $25 billion in a profit-sharing pact that will last more than 25 years, Reuters reported, quoting an unnamed senior Iraqi oil official. […]

Morocco LNG

UK’s Sound Energy helps Morocco enter LNG market

Led by the UK company Sound Energy, Morocco is due to enter the liquefied natural gas market by the end of this year, as it finalises the development of its first LNG processing facility. Sound Energy owns a 20 percent stake in the project. The Moroccan mining company Managem owns 55 percent, while the remaining […]

Kuwait is using drone technology to inspect oil facilities, terminals and pipelines across the country

Kuwait successfully using drones to inspect oil facilities

Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […]

Saudi Fund for Development CEO Sultan Bin Abdul Rehman Al Marshad meeting Pakistan's prime minister Shehbaz Sharif in Islamabad

Saudi Arabia defers Pakistan’s oil dues ahead of IMF review

Saudi Arabia has granted Pakistan an oil import financing facility, deferring oil payments of $1.2 billion by one year. The Saudi Fund for Development CEO Sultan Bin Abdul Rehman Al Marshad and Kazim Niaz, secretary of the economic affairs division of Pakistan, signed the agreement in the presence of prime minister Shehbaz Sharif, state-backed Pakistan […]