Oil & Gas Saudi Arabia finds natural gas fields in east and south Saudi Aramco has discovered natural gas fields in the south and east of the country, the state news agency said on October 19, in what could be a significant boost for the kingdom’s gas plans. Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said the Al-Hiran and Al-Muhakik fields, both with strong natural gas flows, […] November 20, 2023
Opinion Oil & Gas US oil has got its groove back – now Opec has to react The resurgence of the US shale industry complicates the calculations for Opec producers meeting this month November 20, 2023
Energy Licence granted for fourth reactor at Abu Dhabi’s Barakah The UAE’s regulator has issued an operating licence for the final reactor at the Barakah nuclear power plant in Abu Dhabi. The 60-year licence, awarded by the Federal Authority for Nuclear Regulation (FANR), will allow operating company Nawah to commission and operate Unit 4. Nawah’s application was submitted six years ago, the regulator said. Hamad […] November 20, 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 GIC buys stake in UAE pipeline inspection firm Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, […] November 20, 2023
Renewable Energy Moroccan-French venture to build $2bn green hydrogen plant Morocco-headquartered Falcon Capital Dakhla and France’s HDF Energy have signed a deal to build a $2 billion green hydrogen production plant in the Moroccan coastal region of Dakhla. The White Dunes project seeks to produce 10 gigawatts (GW) in wind energy, 7 GW in photovoltaic energy and 8 GW in electrolysis. “We have devoted nearly […] November 19, 2023
Energy Kuwaiti company sells Norway assets for $454m The Kuwait Foreign Petroleum Exploration Company (Kufpec) agreed on Friday to sell all of its assets in Norway to Poland’s Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday. Mohammad Salem Al-Haimer said Kufpec booked about $700 million in profit throughout its […] November 19, 2023
Renewable Energy UAE opens world’s largest single-site solar plant The UAE’s Al Dhafra project – described by its developers as the world’s largest single-site solar power plant – has been formally inaugurated, with an annual production capacity of 2 gigawatts (GW). The Al Dhafra solar PV (photovoltaic) plant is located 35 kilometres from Abu Dhabi’s capital city. It can generate enough electricity to power […] November 17, 2023
Energy Vitol Turkish unit buys BP’s gas station network The Turkish subsidiary of Vitol, the world’s largest independent oil trader, has signed an agreement to buy BP Plc’s gas station operations in Turkey. The agreement includes the sale of BP Turkey Refining Limited and BP Petrolleri AS to Turkish oil distribution company Petrol Ofisi Group. The value of the deal was not disclosed. On […] November 17, 2023
Oil & Gas Adnoc says revised emissions target is ‘strong step’ forward Adnoc, the Abu Dhabi National Oil Company, aims to be “net-zero operations” in terms of greenhouse gas emissions by 2045, five years earlier than originally planned. The government-owned energy company is investing billions of dollars to cut its in-house carbon emissions. Crucially, its targets exclude emissions created by customers consuming its oil and gas, although […] November 15, 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
Oil & Gas Hydrocarbon has role in ‘fair’ energy transition, says Adnoc Adnoc believes hydrocarbons will play a role in the energy transition despite their contribution to climate change, the Abu Dhabi state oil company has told AGBI. “All credible energy outlooks” show that “both renewable and conventional energy will continue to be needed to ensure a fair and responsible energy transition,” said a spokesperson. “We recognise […] November 15, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Energy Adnoc Gas earnings take a hit on lower prices Adnoc Gas, a unit of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit for the third quarter of 2023 declined four percent year on year on lower prices due to geo-political pressures. Net profit for the July to September quarter reached $1.12 billion. Revenue slipped 12 percent year on year to $5.81 billion. […] November 15, 2023
Energy Adnoc Drilling Q3 profit rises 36% Adnoc Drilling reported a 36 percent rise in net profit for the third quarter of 2023, driven by strong top-line growth and effective cost-management initiatives. Adnoc Drilling is the drilling arm of the Abu Dhabi state oil company Adnoc. Net earnings for the period reached $257 million (AED943.96 million) in the quarter ended September 2023, […] November 14, 2023
Energy PIF investment to boost local energy sector supply chains Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement to invest in Alkhorayef Petroleum, a Gulf-based manufacturer of electric submersible pumps and equipment critical to oil and gas production The deal is part of its effort to improve supply chains in the energy services sector in Saudi Arabia. The Saudi sovereign wealth fund will […] November 14, 2023
Opinion Oil & Gas The tantalising prospect of a global decarbonisation alliance Cop28 has the chance to change perceptions of the hydrocarbon industry November 13, 2023
Energy Turkish energy operator expands to South Africa Turkey’s Karpowership, which has the world’s largest fleet of floating power stations, expects to start producing 450 megawatts (MW) of electricity in South Africa in 2024 to curb the power shortage there, chief commercial officer Zeynep Harezi said. The company expects to sign a financial deal by the end of this year, after it received […] November 13, 2023
Energy Wasl installs 22,000 solar panels across its Dubai buildings Dubai state-owned real estate developer Wasl has installed more than 22,000 photovoltaic (PV) solar panels across its 44 buildings and facilities, adding 11 GWh annually to the emirate’s grid capacity. The developer says the solar energy will offset 4,500 metric tonnes of carbon dioxide annually, driving sustainability across Wasl’s communities. It says the carbon offsets […] November 13, 2023
Energy Saudi Arabia plans to invest in Nigeria’s oil refineries Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and […] November 13, 2023
