Energy Lebanon extends licensing round for eight offshore oil blocks Lebanon has again extended the deadline for applications to explore for hydrocarbons in eight offshore blocks, the energy ministry said on Friday. The deadline had already been extended several times, most recently from June until December 15. Lebanon’s energy ministry said that caretaker minister Walid Fayyad had pushed it back again to June 30, 2023 […] December 11, 2022
Energy China’s Xi calls for oil trade in yuan to weaken dollar grip Chinese President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing’s goal to establish its currency internationally and weaken the US dollar’s grip on world trade. Xi was speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted […] December 11, 2022
Energy Turkey to continue check tankers despite growing queue Turkey’s maritime authority said on Thursday it would continue to block oil tankers without appropriate insurance letters from its waters and it needed time to make checks, dismissing pressure from abroad over a growing queue of vessels. The number of tankers waiting in the Black Sea to cross Istanbul’s Bosphorus strait on the way to […] December 9, 2022
Energy Morocco mulls hydrogen energy deal with Asia’s richest man Morocco is ramping up plans to become a major producer and exporter of green hydrogen, and the investment deals reportedly on the table include with Indian billionaire Gautam Adani. Named as Asia’s richest person, Adani is the chairman and founder of Adani Group, a multinational conglomerate with interests spanning the port development, industrial, logistics, and […] December 8, 2022
Analysis Energy Adnoc chasing global growth with latest venture Abu Dhabi National Oil Company (Adnoc) is creating a dedicated unit for low carbon solutions and international business. It is an attempt to monetise the decarbonisation strategy mandated to it by its board and the wider UAE government. But the company must ensure that any future overseas work does not cannibalise that of the Abu […] December 7, 2022
Energy Oman’s OQ to study feasibility of producing green fuels Oman’s energy firm OQ has signed a memorandum of cooperation with shipping major AP Moller-Maersk, Japan’s Sumitomo Corporation and Muscat-based Asyad Group to study the feasibility of producing and supplying green fuels, state-owned Oman News Agency reported. The memorandum seeks to discuss the commercial and technical feasibility of producing and supplying green ammonia and green […] December 7, 2022
Energy Tanker delays off Turkey not due to Russia oil price cap, says G7 Disruptions in tanker traffic from Russia’s Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on Tuesday. Of the 20 loaded crude oil tankers facing delays in […] December 7, 2022
Energy Oil tankers said to queue up off Turkey after Russia price cap Oil tankers formed a traffic jam off the coast of Turkey on day one of the West’s price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday. Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, […] December 6, 2022
Energy Adnoc inks first unconventional oil deal State-owned Abu Dhabi National Oil Company (Adnoc) and Malaysia’s Petroliam Nasional Berhad (Petronas) have signed a deal awarding the first concession in the Middle East for unconventional oil resources, the UAE state news agency WAM said. The six-year agreement is the first investment by a Malaysian company in an Abu Dhabi concession. Petronas will retain […] December 6, 2022
Opinion Energy Opec+ decides to wait and see on global oil markets Sunday’s virtual Opec+ meeting did the sensible thing: it held output, but made clear it was ready and willing to intervene should the circumstances warrant it December 5, 2022
Energy UAE exports 34m barrels of oil to Japan in October The UAE met 40.1 percent, or 33.99 million barrels, of Japan’s crude oil needs in October, state-owned WAM news agency reported, citing the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese ministry of economy, trade and industry, stated that the amount of crude that Japan imported during that month […] December 5, 2022
Energy Opec+ keeps steady policy amid weakening economy Opec+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed a price […] December 5, 2022
Energy Saudi Aramco’s Luberef expects to raise up to $1.32bn from IPO Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30 percent of the company’s issued share capital, or 50.045 million shares, at between […] December 4, 2022
Energy Exxon to exit Equatorial Guinea amid wider Africa crude phaseout Exxon Mobil Corp will wind down oil production in Equatorial Guinea and leave the West African country after its license expires in 2026, two sources close to the matter told Reuters. The departure reflects a wider move by major oil producers to reduce crude production in West Africa and shift investments to lower-carbon natural gas […] December 4, 2022
Analysis Africa’s gas dilemma as Europe offers ‘get rich quick’ opportunity Africa is facing a dilemma: provide gas for Europe now with short-term economic gain or focus funding on the development of renewable energy sources, with long-term energy security, economic growth and stability. Driven by the opportunity to take advantage of soaring prices, gas-exporting African countries are adjusting their energy development plans to meet demand, particularly […] December 2, 2022
Energy UK’s Petrofac bags services contracts for Oman gas field UK’s engineering and construction major Petrofac has been selected by Shell to undertake new engineering and procurement services (EPS) in Oman, the company said in a statement. The first is a five-year EPS contract for Shell’s Block-10 Mabrouk phase 2 project in the Al Wusta Governate, around 400 km from Muscat. The contract was awarded […] December 2, 2022
Energy Dubai firm plans $1.1bn clean energy investment in Egypt Dubai-based Amea Power announced on Wednesday that it has achieved a financial close to deliver 1 gigawatts (gw) of wind and solar energy projects in Egypt. The 500mw wind and 500mw solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2gw in the country. Amea […] December 1, 2022
Energy Saudi Aramco discovers two natural gas fields Saudi Aramco has discovered two new natural gas fields, Awtad and AlDahna, in the country’s eastern region, state news agency SPA reported, citing energy minister Prince Abdulaziz bin Salma. Awtad was discovered southwest of the Ghawar field while AlDahna was discovered 230 kilometres southwest of Dhahran. Prince Abdulaziz said these discoveries will increase Saudi Arabia’s natural gas […] December 1, 2022
Energy Saudi to build Gulf’s largest solar power plant near Mecca Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and ACWA Power will build the Middle East’s largest solar power plant in Mecca province, the duo announced on Wednesday, as the kingdom accelerates efforts to expand its renewables capacity. Slated to begin commercial operations in late 2025, the 2,060-megawatt (mw) solar photovoltaic Al Shuaibah […] November 30, 2022
Energy Adnoc hires Goldman Sachs for proposed gas business IPO Abu Dhabi National Oil company (Adnoc) has engaged Goldman Sachs to work on consolidation of its gas operations for a planned stock market flotation next year, two sources close to the transaction told Reuters. Adnoc is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as […] November 30, 2022
Energy Germany to get new flows of QatarEnergy liquefied natural gas Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts […] November 29, 2022
Energy Morocco targets 30% drop in energy costs via renewables boost Morocco’s government has announced plans to reduce energy costs for factories by 20-30 percent through a combined strategy of investing in renewable energy and the decarbonisation of industries. “The government is working on delivering clean electricity to all manufacturers at a lower cost compared to what they are paying now,” Morocco’s minister of industry and […] November 29, 2022
