Energy New oil discovery puts Abu Dhabi on course for 2030 target A new crude oil discovery by Abu Dhabi National Oil Company (Adnoc) will help the company realise its ambitious target to produce five million barrels per day (bpd) by 2030, according to experts. The state-owned energy giant announced last week it had discovered 650 million barrels of crude at three new onshore sites. The discoveries […] May 23, 2022
Energy Saudi Arabia signals support for Russia in Opec+ Brent crude trading at about $112 a barrel Saudi blames prices on lack of global refining capacity and taxes New production deal for Opec+ quotas due in three months Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and […] May 23, 2022
Energy ‘We’re serious about net zero’ says Saudi’s PIF chief PIF establishing new hydrogen company Fund plans to develop 70 percent of renewable energy targets Kingdom to phase out almost all liquids Saudi Arabia’s Public Investment Fund (PIF) is committed to achieving its goal of developing 70 percent of the kingdom’s renewable energy by the end of the decade, PIF’s governor confirmed today. Despite it […] May 20, 2022
Energy Biden in talks to meet Saudi Crown Prince for first time US President Joe Biden and Saudi Arabian Crown Prince Mohammed bin Salman could meet for the first time as soon as next month, CNN reported on Thursday, citing multiple sources. Biden administration officials are in talks with the Saudis about arranging a potential in-person meeting while Biden is overseas next month, the report added. The […] May 20, 2022
Energy Cheap Russian oil gives Iran a China crisis Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. US and European sanctions imposed over Moscow’s invasion of Ukraine on February 24 have pushed […] May 19, 2022
Energy Qatar to invest $5bn in Spanish projects, Emir says Qatar’s $300 billion sovereign wealth fund plans to invest $5 billion in Spanish projects, the Gulf state’s ruler said late on Tuesday at a dinner held in his honour in Madrid. Spain’s Prime Minister Pedro Sanchez said on Tuesday that Emir Sheikh Tamim bin Hamad Al-Thani told an audience at a dinner held in King […] May 19, 2022
Russian oil dilemma may kickstart EU-GCC trade deal A new partnership adopted today between the European Commission and the Gulf Cooperation Council (GCC) could kickstart stalled talks on a free trade agreement. The High Representative and the European Commission said in a joint communication that the strategic partnership would focus on areas such as energy security, climate change and the green transition, digitalisation, […] May 18, 2022
Analysis Iran nuclear deal Iran nuclear deal remains in the balance There is little doubt a solution would bring rapid economic gains for Tehran while some other Gulf countries would also benefit from an easing of trade restrictions, but political calculations could yet scupper a deal The diplomatic traffic through Tehran has continued at a steady pace in recent weeks, as intermediaries doggedly try to revive […] May 18, 2022
Energy US private equity group buys UK power plant giant for £1.75bn ContourGlobal, the UK power plant owner, has agreed to be taken over by KKR, the New York-based private equity giant, for £1.75 billion after an underwhelming four-and-a-half-year stint on the public markets. The FTSE 250 company said its board intended to recommend the “fair and reasonable” all-cash acquisition at 263.6p a share, a 36 percent […] May 18, 2022
Analysis Energy Abu Dhabi’s $2bn green energy splash will deepen India ties Abu Dhabi-based International Holding Company PJSC’s (IHC) AED 7.3 billion ($2 billion) investment in Indian multinational conglomerate Adani Group takes the UAE-India partnership to “a different level” with more deals on the horizon, market observers said. IHC provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay […] May 18, 2022
Energy Foreign ship in Gulf waters detained for ‘smuggling fuel’ Iranian authorities seized a foreign ship attempting to smuggle fuel out of the country and detained its crew, state news agency IRNA said today. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the plunge in value of its national currency, has been fighting rampant fuel smuggling by land […] May 18, 2022
Energy Borouge to sell 10% of shares in IPO as it lists on ADX Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis AG are planning an initial public offering (IPO) of their petrochemicals joint venture Borouge on the Abu Dhabi Securities Exchange (ADX). Borouge, a specialty plastics firm that produces polyolefins used in items such as cars and food packaging, said its offering will consist […] May 18, 2022
Analysis Sustainability Oman: the next hydrogen energy superpower With lengthy daytime sun, strong overnight winds and an accessible coastline, H2 investors and developers have long admired Oman, dubbed a “future renewable superpower,” by green energy titans. The government has noticed their admiration, and is looking to hydrogen to help power the oil-rich country’s energy grid and recharge its fossil fuel-reliant economy. Since announcing […] May 17, 2022
Energy Saudi puts its energy into increasing oil output Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […] May 17, 2022
Energy Israel ramps up gas output, looks to supply Europe Israel is on track to double its natural gas production to 40 billion cubic metres and hopes to sign a framework deal with Europe this summer May 16, 2022
Energy Strong oil prices lift Saudi Aramco profits by 82% State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […] May 16, 2022
Opinion Energy Short supply and rising demand to sustain oil at $100 a barrel The market is feeling the consequences of an underinvestment in hydrocarbons projects May 12, 2022
Energy ‘Ghost armada’ tankers go dark to ship sanctioned Iranian oil The "ghost armada" tankers are busier than ever, and shipping bigger cargos. They mostly supply Asian markets, according to analysts May 12, 2022
Energy Aramco takes bite out of Apple as world’s most valuable company Saudi Aramco overtook US tech giant Apple as the world’s most valuable company yesterday, fuelled by a rise in oil prices The same global economic drivers that are buoying the energy company’s profits are adding to an inflation surge, dampening demand for technology stocks. Aramco traded near its highest level on record, with a market capitalisation […] May 12, 2022
Energy Germany and Qatar ‘at odds over LNG deals’ Germany and Qatar’s talks over liquefied natural gas supply deals have run into difficulties, according to three sources familiar with the negotiations. Berlin needs to secure large volumes of LNG to reduce its dependence on Russian gas, but sources said the Germans were reluctant to accept Qatar’s condition that they sign deals lasting at least […] May 10, 2022
