Energy OPEC+ agrees deep oil production cuts, Biden calls it shortsighted OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of two million barrels per day of output – equal to two percent of […] October 5, 2022
Energy Aramco warns China reopening will wipe out spare oil reserves The spare capacity of oil-producing nations will be wiped out the moment China ends its ‘zero-COVID strategy’, Saudi newsapper Arab News reported, citing Saudi Aramco president and CEO Amin Nasser. The spare capacity stands at 1.5 percent of global demand, he said at the Energy Intelligence Forum in London, adding this will be used up […] October 5, 2022
Analysis Energy Hopes rise in Beirut of a deal to end border dispute with Israel Lebanon appears to be nearing an agreement with Israel over their disputed maritime border, which could kick-start long-delayed oil and gas exploration. A deal between the longstanding foes could provide some rare cheer in Lebanon, which is reeling from hyperinflation, the collapse of its banking sector and currency, and soaring unemployment. More than 80 percent […] October 4, 2022
Energy Jet fuel pipeline opens as Dubai gears up for World Cup flights ENOC's 16.2km pipeline is delivering fuel to Al Maktoum International Airport, which will be a hub for World Cup match-day flights to Qatar October 3, 2022
US robotics specialist Gecko to set up shop in UAE Gecko Robotics, a US firm that makes wall-climbing robots to inspect oil, gas and power infrastructure, is setting up an international HQ in the UAE. The move, announced today, is part of the UAE Ministry of Economy’s NextGen FDI programme, which aims to attract 300 digital companies over the next year. “Our industrial base is […] October 3, 2022
Analysis Energy Answer to UK’s energy needs is blowing in the Moroccan wind The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […] October 3, 2022
Analysis UAE and Germany grow ever closer with shared net zero goals The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […] September 30, 2022
Energy Egypt discovers five new gas fields State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported. The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well […] September 30, 2022
Analysis Energy Algeria’s gas in demand as Europe looks beyond Russia Recent legal changes to woo international oil companies and new projects by state-owned Sonatrach should help Algeria maintain record natural gas production and raise exports to the European Union, industry experts predict. EU countries have scrambled to find alternative gas suppliers following Russia’s invasion of Ukraine in February. In 2020 Russia provided 43 percent of […] September 29, 2022
Energy Omani crude prices jump 40% to $95.30 in August 2022 Oman’s production of crude oil and condensates rose 10.3 percent to 257.34 million barrels by the end of August 2022, the Times of Oman reported, citing the National Centre for Statistics and Information (NCSI) data. Annual crude output grew 13.9 percent, while condensate production declined by 1.7 percent in August 2022 . The average price […] September 29, 2022
Energy ADNOC Distribution to pay $350m dividend in H1 2022 UAE-listed ADNOC Distribution will pay an interim dividend of AED 1.29 billion ($350 million) for the first six months of 2022, the company said in a statement. The expected full-year 2022 dividend is a minimum of AED 2.57 billion. The second and final dividend payout for 2022 is expected in April 2023. The 2022 full-year […] September 28, 2022
Energy Dutch engineer’s remote-control craft to monitor Gulf oil and gas Dutch civil engineer Fugro is launching uncrewed surface vessels (USVs) to monitor oil and gas infrastructure in the waters off the UAE. The 12-metre-long vessels are controlled from the shore without the need for any crew. Conventional craft that inspect offshore assets have six to seven crew members and operate on shift patterns; the USVs […] September 27, 2022
Energy Iran’s petrochemical capacity to double in next decade: Official National Iranian Petrochemical Company (NIPC) expects petrochemical production in the country will double in the next decade, IRNA, state-owned news agency, reported. Petrochemical production capacity in the country will reach 200 million tons in a year in the next decade, said NIPC managing director Morteza Shah-Mirzaei. Despite sanctions imposeed on the country, the petrochemical industry is […] September 27, 2022
Energy Masdar and Germany’s RWE eye global offshore wind projects Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables have signed a memorandum of understanding to explore collaboration on offshore wind projects in several key markets, according to WAM, the UAE state-owned news agency. Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has […] September 27, 2022
Energy Saudi Arabia launches five renewable energy projects The state-owned Saudi Power Procurement Company has launched five renewable energy projects to produce 3,300 MW of electricity, Saudi Press Agency has reported. The wind energy projects in Yanbu, Al-Ghat and Waad Al Shamal have a combined capacity of 1,800 MW, generating 700 MW, 600 MW and 500 MW respectively. With a total production capacity of […] September 26, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
Energy Egypt expects to double monthly income from natural gas to $1bn Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday. The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on what Egypt had been earning […] September 23, 2022
Energy UAE’s Barakah nuclear plant starts operations on third unit UAE’s Emirates Nuclear Energy Corporation’s (ENEC) operating and maintenance subsidiary has started up unit 3 of the Barakah nuclear energy plant, it said in a statement. The start-up of unit 3 by Nawah Energy Company (Nawah) was achieved one year after the start-up of unit 2. The connection of unit 3 to the national electricity […] September 23, 2022
Energy TAQA refinances $1.1bn facility of Mirfa power and water project Abu Dhabi National Energy Company (TAQA) said that its majority-owned subsidiary, Mirfa International Power and Water Company (MIPCO), has refinanced a AED 4 billion ($1.09 billion) debt facility. MIPCO owns and operates the Mirfa Power and Water Plant (Mirfa IWPP). The company is 60 percent owned by TAQA, with France’s ENGIE and Japan’s Sojitz owning […] September 21, 2022
Energy Oman seeks to upgrade gas pipeline to transport hydrogen Oman will repurpose its gas pipeline system to transport green hydrogen, the Oman Daily Observer reported, citing OQ Gas Networks managing director Mansoor Ali Al Abdali. The aim is to quickly tap the significant business and growth opportunities when green hydrogen projects materialise in the Gulf state. OQ Gas Networks, the monopoly operator of the […] September 21, 2022
Energy UAE seeks to ramp up oil production capacity by 2025 The United Arab Emirates (UAE) is planning to increase its crude output capacity, Bloomberg reported, citing people familiar with the matter. State-owned Abu Dhabi National Oil Co. (ADNOC) is seeking to produce five million barrels a day by 2025, aiming to achieve the target before the previously-set deadline of 2030. Initially, ADNOC and the UAE […] September 20, 2022
Energy Egypt in talks with Maersk for $15bn ‘green’ energy project Egypt’s President Abdel Fattah Al-Sisi has directed the government to cooperate with Danish shipping major Maersk Group to establish an integrated network to produce and distribute green energy and clean fuels for ships, according to local media reports. Maersk chief executive Soren Skou discussed with the president setting up a project to produce clean fuel […] September 20, 2022
