Oil & Gas Aramco will move oil spending to gas, chemicals and liquids The capital expenditure originally allocated for increasing production capacity at state oil company Saudi Aramco will instead be used to expand into the gas, liquids and chemicals sectors, Saudi officials said this week. Aramco is adapting as the world moves towards low-carbon energy. It will announce its new strategy soon, CEO Amin Nasser told the […] February 13, 2024
Energy UAE’s fourth nuclear reactor to start operations in March The fourth and final reactor at the UAE’s Barakah Nuclear Energy Plant in Abu Dhabi will start operating next month. Hamad Al Kaabi, the UAE’s permanent representative to the International Atomic Energy Agency, made the announcement on the sidelines of the World Government Summit in Dubai on Tuesday. Work on the fourth reactor was completed […] February 13, 2024
Opinion Oil & Gas Why the Saudis have to keep oil prices higher for longer The kingdom's vast Vision 2030 plan makes it imperative that it keeps oil prices high February 13, 2024
Oil & Gas Adnoc Drilling 2023 profit jumps 29% to $1bn Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services. Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 […] February 13, 2024
Energy Adnoc Gas Q4 2023 profit rises 24% Adnoc Gas, a division of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit increased 24 percent year on year to $1.3 billion for the fourth quarter of 2023. Revenue for the three months ended December 31, 2023, rose seven percent to $6.3 billion, as processed volumes grew to 912 trillion British thermal units, […] February 12, 2024
Energy Dana Gas profit falls 12% on lower hydrocarbon prices Profits at Abu Dhabi-listed Dana Gas fell 12.1 percent year on year to AED586 million ($160 million) in 2023 as a result of lower hydrocarbon prices. However, the company reported a production increase in the Kurdistan Region of Iraq and reduced operating costs. Revenue decreased 20 percent year on year to AED1.55 billion. Operational costs fell […] February 8, 2024
Oil & Gas QatarEnergy to sell cheaper LNG to India’s Petronet QatarEnergy has renewed its contract to supply 7.5 million tonnes per year of liquefied natural gas to Indian importer Petronet LNG. The 20-year contract, which will begin in May 2028, is reportedly valued at $78 billion – significantly less than the agreement it will replace. Petronet could save around $6 billion over the contract term, […] February 7, 2024
Oil & Gas Adnoc Distribution profit falls 5% in 2023 Adnoc Distribution, the Abu Dhabi-listed fuel retailer, saw net profit fall 5.4 percent to AED2.6 billion ($707.87 million) in 2023, from AED2.75 billion in 2022, after lower inventory gains. Revenue rose 7.8 percent year on year to AED34.63 billion, thanks to a double-digit increase in fuel volumes and non-fuel business. The Abu Dhabi-listed fuel retailer […] February 7, 2024
Oil & Gas Turkey and Russia to discuss gas and grain deals Turkey’s President Recep Tayyip Erdoğan and his Russian counterpart Vladimir Putin are to discuss a gas hub project and Black Sea grain exports during their upcoming meeting in Ankara, according to a media report. Although foreign minister Hakan Fidan did not confirm a date for the trip, reports suggest Putin will visit Ankara next week, Daily […] February 7, 2024
Oil & Gas Adnoc Drilling to explore regional buyouts Adnoc Drilling is looking for regional acquisitions to expand its international reach in 2024. The company expects to have 142 operational rigs in 2024 to support state-owned parent company Adnoc’s five million barrels per day capacity target, state-run Wam news agency reported, citing CEO Abdulrahman Al Seiari. “The expansion of fleet and integrated drilling services […] February 7, 2024
Analysis Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
Analysis Energy Gunfights on the streets in Lebanon’s electricity Wild West A video is doing the rounds in Lebanon. The clip is not easy to find on social media, but it is being sent from friend to friend – and it’s got people talking since emerging last month. It shows an argument in a Beirut suburb turning ugly when a man pulls a gun on another […] February 7, 2024
Energy Oman-Kuwait JV to open $9bn crude oil refinery The $9 billion OQ8 crude oil refinery, which has a daily capacity of 230,000 barrels, will be inaugurated on Wednesday. The refinery has been developed by Duqm Refinery and Petrochemical Industries, a joint venture between Oman’s OQ Group and state-run Kuwait Petroleum International. It is the largest joint investment in the petrochemical and refinery industry between […] February 6, 2024
Energy Aramco keeps Asia-bound flagship crude price stable Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […] February 6, 2024
Energy Abu Dhabi and UK partner plan green hydrogen complex Abu Dhabi has linked up with Hycap, an asset manager that funds net zero projects, to develop an industrial complex for green hydrogen. The facility will include an electrolysis plant, hydrogen storage and tankers for transport. The partnership between Abu Dhabi Department of Economic Development (ADDED) and UK business Hycap hopes to attract international companies […] February 6, 2024
Opinion Energy Hey Joe, your LNG plan could be downright dangerous Joe Biden's 'pause' on LNG exports seems to be about the election, not energy policy February 5, 2024
Markets Appetite high for Aramco’s $10bn second listing Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […] February 5, 2024
Oil & Gas Qatar awards contracts for oilfield expansion QatarEnergy has awarded contracts worth $6 billion for the third development phase at its largest oilfield, Al Shaheen. The deals are part of the Ru’ya project, designed to increase Al Shaheen’s production capacity by about 100,000 barrels per day. The third phase is intended to produce 550 million barrels of oil over five years, with […] February 1, 2024
Oil & Gas SLB still confident in Middle East despite Aramco hit US oilfield services company SLB is expecting significant growth in the Middle East this year, despite its share price taking a hit following this week’s output announcement by Saudi Aramco. SLB shares fell by more than 6 percent after Aramco’s decision to ditch the plan to boost its oil output capacity. The company’s income is […] February 1, 2024
Industry Borouge’s 2023 profit falls 29% on produce price drop Abu Dhabi-listed petrochemicals major Borouge said net profit fell 29 percent to $1 billion in 2023 from $1.41 billion in 2022. The slide in profit was attributed to a 16 percent decline in average selling prices as global polyolefins demand reduced from peak levels in 2022. This was partially offset by a one percent increase […] February 1, 2024
