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

Answer to UK’s energy needs is blowing in the Moroccan wind

The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […]

Egypt discovers five new gas fields

State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported. The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well […]

Sonatrach in Algeria

Algeria’s gas in demand as Europe looks beyond Russia

Recent legal changes to woo international oil companies and new projects by state-owned Sonatrach should help Algeria maintain record natural gas production and raise exports to the European Union, industry experts predict.  EU countries have scrambled to find alternative gas suppliers following Russia’s invasion of Ukraine in February. In 2020 Russia provided 43 percent of […]

Nature, Outdoors, Sunrise

Omani crude prices jump 40% to $95.30 in August 2022

Oman’s production of crude oil and condensates rose 10.3 percent to 257.34 million barrels by the end of August 2022, the Times of Oman reported, citing the National Centre for Statistics and Information (NCSI) data. Annual crude output grew 13.9 percent, while condensate production declined by 1.7 percent in August 2022 . The average price […]

ADNOC Distribution to pay $350m dividend in H1 2022

UAE-listed ADNOC Distribution will pay an interim dividend of AED 1.29 billion ($350 million) for the first six months of 2022, the company said in a statement. The expected full-year 2022 dividend is a minimum of AED 2.57 billion. The second and final dividend payout for 2022 is expected in April 2023. The 2022 full-year […]

Fugro uncrewed surface vessel

Dutch engineer’s remote-control craft to monitor Gulf oil and gas

Dutch civil engineer Fugro is launching uncrewed surface vessels (USVs) to monitor oil and gas infrastructure in the waters off the UAE. The 12-metre-long vessels are controlled from the shore without the need for any crew. Conventional craft that inspect offshore assets have six to seven crew members and operate on shift patterns; the USVs […]

Iran’s petrochemical capacity to double in next decade: Official

National Iranian Petrochemical Company (NIPC) expects petrochemical production in the country will double in the next decade, IRNA, state-owned news agency, reported. Petrochemical production capacity in the country will reach 200 million tons in a year in the next decade, said NIPC managing director Morteza Shah-Mirzaei. Despite sanctions imposeed on the country, the petrochemical industry is […]

Engine, Machine, Motor

Masdar and Germany’s RWE eye global offshore wind projects

Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables have signed a memorandum of understanding to explore collaboration on offshore wind projects in several key markets, according to WAM, the UAE state-owned news agency. Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has […]

Saudi Arabia launches five renewable energy projects

The state-owned Saudi Power Procurement Company has launched five renewable energy projects to produce 3,300 MW of electricity, Saudi Press Agency has reported. The wind energy projects in Yanbu, Al-Ghat and Waad Al Shamal have a combined capacity of 1,800 MW, generating 700 MW, 600 MW and 500 MW respectively. With a total production capacity of […]

Gulf oil CEOs attack ‘unrealistic’ energy transition goals

Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth.  In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […]

The float is part of Oman Investment Authority’s plan to bolster state coffers by diversifying their economies

Egypt expects to double monthly income from natural gas to $1bn

Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday. The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on what Egypt had been earning […]

UAE’s Barakah nuclear plant starts operations on third unit

UAE’s Emirates Nuclear Energy Corporation’s (ENEC) operating and maintenance subsidiary has started up unit 3 of the Barakah nuclear energy plant, it said in a statement. The start-up of unit 3 by Nawah Energy Company (Nawah) was achieved one year after the start-up of unit 2. The connection of unit 3 to the national electricity […]

TAQA refinances $1.1bn facility of Mirfa power and water project

Abu Dhabi National Energy Company (TAQA) said that its majority-owned subsidiary, Mirfa International Power and Water Company (MIPCO), has refinanced a AED 4 billion ($1.09 billion) debt facility. MIPCO owns and operates the Mirfa Power and Water Plant (Mirfa IWPP). The company is 60 percent owned by TAQA, with France’s ENGIE and Japan’s Sojitz owning […]

Oman seeks to upgrade gas pipeline to transport hydrogen

Oman will repurpose its gas pipeline system to transport green hydrogen, the Oman Daily Observer reported, citing OQ Gas Networks managing director Mansoor Ali Al Abdali. The aim is to quickly tap the significant business and growth opportunities when green hydrogen projects materialise in the Gulf state. OQ Gas Networks, the monopoly operator of the […]

Oilfield, Airplane, Transportation

UAE seeks to ramp up oil production capacity by 2025

The United Arab Emirates (UAE) is planning to increase its crude output capacity, Bloomberg reported, citing people familiar with the matter. State-owned Abu Dhabi National Oil Co. (ADNOC) is seeking to produce five million barrels a day by 2025, aiming to achieve the target before the previously-set deadline of 2030. Initially, ADNOC and the UAE […]

Egypt in talks with Maersk for $15bn ‘green’ energy project

Egypt’s President Abdel Fattah Al-Sisi has directed the government to cooperate with Danish shipping major Maersk Group to establish an integrated network to produce and distribute green energy and clean fuels for ships, according to local media reports. Maersk chief executive Soren Skou discussed with the president setting up a project to produce clean fuel […]

Nord Stream 1 pipeline

Berlin, Paris and Madrid unveil plans to cope with energy crunch

European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […]

Arabian Drilling plans to list 30% of shares on Saudi exchange

Saudi Arabia-based oil and gas drilling contractor Arabian Drilling is planning an initial public offering (IPO) on the kingdom’s main exchange. The offer consists of a secondary offering of 19.89 percent of the company’s total share capital through the sale of 17.70 million shares and a primary offering of 10.11 percent via the issuance of […]

Kuwait’s oil output at over 2.8m bpd, ready to boost production

National oil major Kuwait Petroleum Corporation’s (KPC) chief executive said that the Gulf state currently produces more than 2.8 million barrels per day of oil as per its OPEC quota, according to a Reuters report. The country plans to boost crude oil production whenever the market needs it, Sheikh Nawaf Saud Al-Sabah added. Kuwait produces […]

Omani energy firm sees $4bn windfall on rising oil price

Petroleum Development Oman’s (PDO) oil and gas operations made a windfall of  $14.5 billion in 2021, compared to the targeted $10.5 billion, the Oman Daily Observer reported, citing managing director Steve Phimister. Buoyant international energy prices drove the higher cash flow. Combined oil, gas and condensate production averaged 1.223 million barrels of oil equivalent per […]

Symbol, Sign, Scissors

France’s TotalEnergies in gas exploration deal with Oman

French major TotalEnergies said in a statement on Friday it had signed a natural gas exploration and production sharing agreement with the Oman energy ministry. The deal concerns an area called onshore Block 11, with a first exploration well to be drilled in 2023. TotalEnergies will hold a 22.5 percent interest in the block, OQ […]