Energy Berlin, Paris and Madrid unveil plans to cope with energy crunch European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […] September 19, 2022
Energy Arabian Drilling plans to list 30% of shares on Saudi exchange Saudi Arabia-based oil and gas drilling contractor Arabian Drilling is planning an initial public offering (IPO) on the kingdom’s main exchange. The offer consists of a secondary offering of 19.89 percent of the company’s total share capital through the sale of 17.70 million shares and a primary offering of 10.11 percent via the issuance of […] September 19, 2022
Energy Kuwait’s oil output at over 2.8m bpd, ready to boost production National oil major Kuwait Petroleum Corporation’s (KPC) chief executive said that the Gulf state currently produces more than 2.8 million barrels per day of oil as per its OPEC quota, according to a Reuters report. The country plans to boost crude oil production whenever the market needs it, Sheikh Nawaf Saud Al-Sabah added. Kuwait produces […] September 19, 2022
Energy Omani energy firm sees $4bn windfall on rising oil price Petroleum Development Oman’s (PDO) oil and gas operations made a windfall of $14.5 billion in 2021, compared to the targeted $10.5 billion, the Oman Daily Observer reported, citing managing director Steve Phimister. Buoyant international energy prices drove the higher cash flow. Combined oil, gas and condensate production averaged 1.223 million barrels of oil equivalent per […] September 19, 2022
Energy France’s TotalEnergies in gas exploration deal with Oman French major TotalEnergies said in a statement on Friday it had signed a natural gas exploration and production sharing agreement with the Oman energy ministry. The deal concerns an area called onshore Block 11, with a first exploration well to be drilled in 2023. TotalEnergies will hold a 22.5 percent interest in the block, OQ […] September 18, 2022
Opinion Energy UAE has taken the lead on net zero as rest of Gulf plays catch-up Even if countries fall short of their net-zero goals, more serious climate action, founded on solid and achievable initiatives, has arrived in the Middle East September 16, 2022
Energy France’s TotalEnergies sells 18% interest in Iraqi Sarsang oil field French multi-energy company TotalEnergies has sold its 18 percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq for $155 million, the company said in a statement. Depending on production and oil prices, additional contingent consideration of $15 million will be payable in the future. The stake was sold to ShaMaran […] September 16, 2022
Energy Oman’s OQ picks banks for $800m gas pipelines unit IPO Oman energy investment firm OQ SAOC has selected Bank of America Corp. and Bank Muscat as advisors for the initial public offering (IPO) of its gas pipelines unit, Bloomberg reported, citing people familiar with the matter. The listing of OQ Gas Network is likely to raise nearly $800 million, sources said, adding the possibility of […] September 16, 2022
Energy UAE oil imports help push Japan to record trade deficit in August Japan ran its biggest single-month trade deficit on record in August as imports surged on high energy costs and a slump in the yen, exposing the economy’s vulnerability to external price pressures. The growing trade deficit highlights the fragile nature of Japan’s economic recovery which has so far largely remained intact despite a high price […] September 15, 2022
Energy ‘We cannot replace Russian gas’, says Qatar Emir Russian gas is essential to the global market and Qatar does not have the capacity to replace supplies to Europe with liquefied natural gas, the Gulf state’s Emir has said. The European Union (EU) imposed sanctions on Russian oil imports in March in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian […] September 15, 2022
Energy Saudi’s ACWA Power sells 49% stake in Uzbek’s Sirdarya project Saudi-listed ACWA Power and China’s Silk Road Fund signed a share purchase agreement for the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan. As per the agreement, ACWA Power will continue to be the majority shareholder in the project, holding a 51 percent stake in the facility. The Silk Road Fund, China’s sovereign […] September 15, 2022
Energy Oman signs deal with Petrofac to develop green hydrogen UK-based energy services provider Petrofac has signed a memorandum of understanding (MOU) with Oman Hydrogen Centre to collaborate in developing capabilities for Oman’s renewable energy sector, particularly in green hydrogen. Located at the German University of Technology, the centre will accelerate the Gulf state’s transition to renewable energy. It will also be an international hub […] September 15, 2022
Energy Lebanon-Israel maritime talks over oil allocation to conclude in ‘days’ Maritime border talks between Lebanon and Israel that could help allocate oil and gas resources are close to concluding after around two years of negotiations, a top Lebanese security official said on Tuesday. “We’re talking about weeks – actually, days – to finish the delineation issue. I’m hopeful that the situation is positive,” the head […] September 14, 2022
Energy DEWA shareholders set to vote on $844m dividend Dubai-listed Dubai Electricity and Water Authority PJSC (DEWA) shareholders will vote on the board’s recommendation for a cash dividend of AED 3.1 billion ($843.97 million) for the first half of 2022, WAM, the UAE state news agency, reported. The proposed dividend will be paid to eligible shareholders in October. The assembly, which will be held […] September 12, 2022
Energy Europe to help fund Egypt’s transition from gas to wind power The European Bank for Reconstruction and Development (EBRD) will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday. EBRD would raise up to $300 million in sovereign financing for projects including work to stabilise Egypt’s […] September 12, 2022
Energy UAE companies to acquire stakes in Uzbekistan’s power plants Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA) have signed agreements to invest in the privatisation of two gas-fired power generation plants in the Talimarjan power complex in Uzbekistan, WAM, the UAE state news agency, reported. The binding agreements will see Mubadala and TAQA each acquire a 40 percent stake in two […] September 11, 2022
Analysis Energy Gas-rich Algeria struggles to assuage Europe’s energy crisis The Algerian energy sector looked well placed to capitalise on the war in Ukraine and the European energy crisis that it unleashed — but it has failed to live up to that expectation. In fact, rather than increasing gas exports to fill the gaping hole left by Russian energy, Algerian exports have plunged in 2022. […] September 8, 2022
Analysis Energy ADNOC sends first German cargo as it tests hydrogen ambitions Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions. The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […] September 7, 2022
Energy Lebanon says TotalEnergies could help in maritime issues with Israel Lebanon’s President Michel Aoun said on Tuesday that France-based oil and gas company, TotalEnergies, could help his country solve maritime demarcation issues with Israel, according to a post from the presidency office on Twitter. Aoun would make “contacts to help in this regard, will increase communications this month”, the office added. Lebanon and Israel are […] September 7, 2022
Opinion Energy Opec+ treads fine line between oil markets and geopolitics Alliance's minimal moves on production are statement of intent as it straddles the wishes of the US and Russia September 6, 2022
Energy Iranian minister says ‘world needs more of its oil’ Iran’s minister of petroleum Javad Owji said the world needed more Iranian oil, and that his country was ready to play a role in providing it away from politics, the Iranian oil ministry’s news agency SHANA reported on Monday. In a statement issued after an OPEC+ meeting in which a minor cut was agreed, Owji […] September 6, 2022
Energy UAE’s ADNOC awards $548m contract for gas line Abu Dhabi National Oil Company (ADNOC) has awarded a $548 million (AED 2.01 billion) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi. The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day (MMSCFD), according […] September 6, 2022
