Renewable Energy Egypt strikes Cop28 deals to drive green energy goals Egypt has signed several major agreements at the Cop28 climate conference in Dubai, as part of its drive to achieve its green energy goals, a local daily reported. Minister of international cooperation Rania Al-Mashat oversaw the signing of agreements with the Norwegian company Scatec, the African Development Bank (AfDB), and the British International Investment (BII) […] December 5, 2023
Energy Vladimir Putin to visit UAE and Saudi Arabia this week Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […] December 5, 2023
Renewable Energy Saudi powers up renewable energy capacity by 300% Saudi Arabia’s total installed renewable energy capacity has tripled since 2022, as the kingdom moves ahead to achieve net zero by 2060. An additional 2,100 megawatts (MW) of renewable energy has been connected to the grid, taking the total capacity to 2,800 MW. This can power over 520,000 homes, according to a statement issued by […] December 5, 2023
Renewable Energy Oman plans green-hydrogen corridor to Europe Oman’s plans to make the world’s first commercial-scale liquid hydrogen corridor are a step closer after the sultanate signed a deal with the fourth largest port in Western Europe. Oman’s Ministry of Energy and Minerals and Hydrogen Oman, better known as Hydrom, have signed an agreement with Port of Amsterdam, Zenith Energy Terminals and GasLog. […] December 5, 2023
Energy Al Jaber promises Cop28 is focused on ‘the science’ Dr Sultan Al Jaber defended his work as president of Cop28 on Monday, after criticism of remarks he made about climate science. “Everything this presidency has been working on, and continues to work on, is focused and centred around the science,” he told reporters in a press briefing at the UN summit. The Guardian newspaper […] December 4, 2023
Opinion Oil & Gas Opec+ cuts leave oil markets dazed and confused The strange case of Brent crude price falling after a headline 2.2m reduction December 4, 2023
Energy No transition without fossil fuels, says GCC energy chief As Cop28 negotiators tussle over the future of fossil fuels, a senior GCC official has suggested there will be no energy transition without them. Dr Mohammed Al Rashidi, director of energy and economic affairs at the GCC’s general secretariat, told AGBI at the climate summit: “If fossil fuels were gone from tomorrow, everything would shut […] December 4, 2023
Energy UAE among nations vowing to treble global nuclear capacity Leaders from 21 countries have pledged to treble global nuclear capacity by 2050, in a bid to advance the transition towards net zero. Nine heads of state endorsed the declaration to triple nuclear energy capacity by 2050 during the Cop28 summit, the UAE state-owned Wam news agency reported. Canada, Czechia, Ghana, Finland, Hungary, Japan, Moldova, […] December 4, 2023
Exclusive Energy Shift fossil fuel subsidies to renewables, says lobby chief Ramping up renewables while increasing oil output “sends the wrong signal” and is not the best way to tackle climate change, says the chief executive of Global Renewables Alliance, a policy group representing the clean energy industry. “Yes, the two can be done in parallel,” Bruce Douglas told AGBI at Cop28 in Dubai. “But we […] December 4, 2023
Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023
Energy Lula says Brazil will never be a full member of Opec+ Brazil will never join the Opec+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula’s remarks to reporters at the UN Cop28 climate summit in Dubai clarified his statements a day earlier that Brazil would “participate” […] December 4, 2023
Oil & Gas Saudi plans first Asia Arab Light price cut in seven months Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […] December 3, 2023
Energy Exxon Mobil hits back at IEA carbon capture criticism Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […] December 3, 2023
Renewable Energy Masdar strikes project deals in Angola and Kazakhstan Abu Dhabi state clean energy company Masdar has continued to announce new projects on the sidelines of Cop28 summit in Dubai, focusing on Angola and Kazakhstan. The UAE’s clean energy company signed a concession agreement with Angola’s ministry of energy and water to build and operate a ground-mounted solar power project in the Quipungo region, […] December 3, 2023
Energy 50 oil companies pledge to speed up climate action Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 […] December 3, 2023
Energy US launches plans to curb methane emissions The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […] December 2, 2023
Energy Masdar strikes $14bn UK offshore wind farm deal UAE renewables company Masdar has agreed to acquire a 49 percent stake in Germany-based RWE’s twin Dogger Bank South offshore wind projects in the UK, representing an £11 billion ($14 billion) investment, the parties said. The deal was announced at Cop28 in Dubai, as UK prime minister Rishi Sunak pledged £1.6 billion in funding towards […] December 2, 2023
Sustainability Carbon capture and storage not a ‘miracle’ climate cure A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […] December 2, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Sustainability World leaders unite after UN secretary general’s warning United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […] December 1, 2023
