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Energy

Arabian Gulf Business Insight -  oil, gas, renewables and energy news from the Middle East. All the important stories, plus authoritative opinion and analysis.

Person, Human, Pipeline

Egypt’s gas exports to Europe reach 60% in 2022

Egypt exported 60 percent of its natural gas production from Damietta liquefaction plant to Europe for the first time, according to a local media report. The plant has exported 7.2 million tons of natural gas, Egypt Independent newspaper said, citing the ministry of petroleum and mineral resources. Nearly four million tons of liquefied natural gas […]

Prince Abdulaziz bin Salman, the Saudi energy minister

Saudi Arabia warns sanctions could result in energy shortages

Saudi energy minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future. In answer to a question over how trade measures would affect the energy market, Prince Abdulaziz told an industry conference in Riyadh: “All of those so-called sanctions, embargoes, lack of investments, […]

Sultan Al Jaber, Adnoc's group CEO, launched its plan to monetise assets more than four years ago

Adnoc Gas IPO tipped to break record for Abu Dhabi exchange

Adnoc’s listing of its gas business could take place as soon as this month – and become the largest IPO on the Abu Dhabi Securities Exchange, according to reports. The state-owned oil giant is looking at a valuation of at least $50 billion for Adnoc Gas, two sources close to the matter have told Reuters. […]

Fossil fuels should stop being subsidised, says Dr Nasser Saidi

GCC ‘must impose carbon tax’, says clean energy chief

GCC countries should introduce a carbon tax and reduce subsidies for fossil fuels as part of the fight against climate change, Dr Nasser Saidi, chairman of the Clean Energy Business Council (CEBC), has said. Speaking at the 10th annual CEBC summit, Dr Saidi said: “Subsidies in our part of the world are among the highest […]

Opec+ sticks to oil output on hopes of higher Chinese demand

An Opec+ panel endorsed the oil producer group’s current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Ministers from Opec+ countries – members of the Organization of the Petroleum Exporting Countries and others including Russia – […]

Flare, Light, Factory

Qatar said to take 20-25% stake in TotalEnergies’ Iraq project

The head of Iraq’s Basra Oil Company (BOC) told Reuters on Wednesday that he expects Qatar to acquire a 20-25 percent stake in TotalEnergies’ $27 billion cluster of energy projects in the country, with the Baghdad government aiming to hold around 40 percent. A major investment in the projects by a Gulf state would be […]

hydrogen, tank

Licence issued for world’s largest green hydrogen plant in Saudi

The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […]

Morocco fans celebrate a World Cup win over Belgium at Souq Waqif in Doha, Qatar, on November 27, 2022. Trade talks between the two governments began the same month

Morocco edges closer to free trade deal with Qatar

Morocco looks likely to benefit from Qatar’s booming energy revenues as the two countries move closer to a free trade deal, a Mena economist has said. Government ministers concluded a second round of negotiations in Doha on January 22 to 23, building on the opening discussions that took place in Rabat last November. Qatar recorded […]

digger, mine

Luxembourg firm commits $50m investment to Saudi mining

A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […]

Chinese shoppers at a mall in Sanya, Hainan province, on January 25. Analysts expect China's economy to recover quickly after the lifting of Covid restrictions

Beijing and Brussels ‘go head to head in fight for Mena oil and gas’

The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […]

Well drilling in Lebanon’s offshore block 9 to begin in Q3 2023

TotalEnergies is keen to start work on Lebanon’s offshore block 9 “as soon as possible”, with assessments to begin early next month and well-drilling to launch in the third quarter of 2023, its CEO Patrick Pouyanne said. Pouyanne was speaking at a joint news conference in Beirut after signing a three-way consortium deal with QatarEnergy […]

Coca-Cola’s UAE bottling facility to be powered by clean energy

Emerge, a joint venture between the UAE’s Masdar and France’s EDF, has signed an agreement with Coca-Cola Al Ahlia Beverages, Coca-Cola’s bottler and distributor in the UAE, to develop a 1.8-megawatt (MWp) solar photovoltaic (PV) plant for its Al Ain facility. The commercial and industrial (C&I) project will combine ground-mounted, rooftop, and car park installations, […]

Halliburton's president and CEO Jeff Miller and Aramco's senior vice president of upstream Nasir Al-Naimi arrive for a ceremony to inaugurate the first Halliburton Chemical Reaction Plant in Saudi Arabia

Energy giant Halliburton expects Middle East to fuel growth

US energy firm Halliburton predicts its international activity will grow at least in the “mid-teens” this year, driven by upcoming works in the Middle East and Latin America. During its latest earnings call the oilfield services company revealed $5.6 billion in total revenue for the third quarter of 2022, up 18 percent from $5.4 billion […]

Oilfield, Construction, Outdoors

QatarEnergy to join Lebanon offshore oil and gas exploration

QatarEnergy will join TotalEnergies and Eni in a three-way consortium to explore oil and gas in two maritime blocks off the coast of Lebanon, the Lebanese energy ministry said on Thursday. The announcement said agreements would be signed on Sunday. “This will be a major positive development,” Lebanon’s energy minister Walid Fayad told Reuters, adding […]

Symbol, Sign, Scissors

Qatar in talks to acquire stake in TotalEnergies’ $27bn Iraqi project

Qatar is in talks to acquire a stake in French company TotalEnergies’ $27 billion energy projects in Iraq, three sources told Reuters, as Baghdad blocks attempts by Western energy companies to pull out of the country. A major investment by a Gulf state would mark a significant victory for Iraqi Prime Minister Mohammad Al-Sudani, who […]

Opec+ panel unlikely to tweak oil policy at February 1 meeting

An Opec+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five Opec+ sources have said, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from Opec and allies led by Russia, known collectively as Opec+, meet virtually […]

Rolls-Royce's design for its small modular reactor

Rolls-Royce plans to bring its factory-built nuclear plants to Gulf

Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […]

Aramco

Saudi Arabia remains top crude supplier to China in 2022

Russia remained China’s second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis. China’s crude oil imports from Russia jumped eight percent in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 […]

Abu Dhabi Sustainability Week goes under the theme of "United on Climate Action Toward Cop28' which will be held this year in Dubai

Clean energy investment may be hit by economic slowdown

The global economic downturn could have serious implications on investment into clean energy and cause climate change targets to be pushed back, experts have warned. Elias Hajj, senior partner at McKinsey & Co, said during Abu Dhabi Sustainability Week that an estimated $6 trillion is needed annually to fund the transition to clean energy. But […]

Crowd, Person, People

Saudi Arabia says energy security hinges on geopolitical stability

Geopolitical stability is “absolutely key” to global energy security, Saudi’s foreign minister told the World Economic Forum’s 2023 annual meeting in Davos. During a high-level panel titled “Keeping the Lights amid Geopolitical Fracture”, Prince Faisal bin Farhan Al Saud, minister of foreign affairs, emphasised the need for near-term stability, especially in the world’s energy markets. […]

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

West ‘unfair’ to stop Africa using fossil fuels, says Qatari minister

Barring Africa from exploiting its fossil fuel riches is “very, very, very unfair” despite the urgency to cut global greenhouse gas emissions, Qatar’s energy chief has said. Saad Al Kaabi, Qatar’s minister of energy and CEO of state-owned QatarEnergy, told a panel at the Atlantic Council Global Energy Forum that people needed to be realistic […]