Oil & Gas Algeria sets $7bn investment target for refinery projects Algeria has reportedly launched new petrochemical and refining projects worth $7 billion, part of its drive to diversify its state revenue sources and tackle a persistent budget deficit. Mohamed Arkab, the Algerian energy minister, revealed the projects during a parliament policy session on Thursday, local press reported on Friday. The projects in north and east […] June 13, 2025
Analysis Oil & Gas Saudi and UAE oil may offset any Iran disruption, analysts say Saudi Arabia and the UAE can potentially replace lost Iranian oil supply, but heightened military activity in the Persian Gulf will make it difficult to plug any shortages during Iran-Israel tensions, analysts say. Israel attacked Iranian nuclear and military sites on Friday, pushing oil prices to an intra-day high of $78 per barrel – the […] June 13, 2025
Oil & Gas Strong Chinese demand keeps Iranian oil flowing Iran’s refining facilities and oil storage did not sustain any damage from Israel’s strikes on Friday, according to the National Iranian Oil Refining and Distribution Company. Israel targeted its nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building a […] June 13, 2025
Oil & Gas Oil hits $78 and stocks rattle as Middle East tensions flare Oil prices rose more than 9 percent and the Asian stock market dived on Friday morning after Israel launched attacks on Iran. Brent surged to $78 a barrel in the biggest intraday gain since March 2022, before settling lower at $74 by 05:56 GMT. US West Texas Intermediate crude rose 9.3 percent to $74.36 a […] June 13, 2025
Oil & Gas Oil jumps over 7% amid rising Middle East tensions Oil prices jumped more than 7 percent on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures rose $5.29, or 7.63 percent, to $74.65 a barrel by 01:42 GMT after hitting an intraday high of $75.32, […] June 13, 2025
Oil & Gas Egypt signs LNG supply deals with global companies Egypt has reportedly signed contracts to purchase additional liquefied natural gas (LNG) from global energy companies to meet peak summer electricity demand and falling domestic production. The deals were signed with state-owned Saudi Aramco, Singapore’s Trafigura Group and Switzerland’s Vitol Group, Bloomberg news agency reported, citing informed sources. The state-run Egyptian Natural Gas Holding Company has also […] June 13, 2025
Oil & Gas Abraj wins major Oman oil drilling contract State-run Petroleum Development Oman (PDO) has awarded Abraj Energy Services a six-year oil drilling contract in an onshore block in the north of the Gulf state. Abraj won the exploration bid, which PDO floated for the 130 sq km block 6 last month, located in the Ghaba basin in northern Oman. The contract involves six separate […] June 12, 2025
Oil & Gas Gulf projects feature in Shell’s LNG capacity plans European energy major Shell, the world’s largest trader of liquefied natural gas (LNG), will add millions of tonnes of additional capacity by 2030 from projects under construction, a top executive has said. There is “up to 12 million tonnes of additional capacity that we’re adding between now and the end of the decade,” Cederic Cremers, […] June 12, 2025
Oil & Gas Kuwaiti oil company borrows $1bn to fund new projects Kuwait’s Independent Petroleum Group (IPG), which is listed on the local bourse, is borrowing nearly KD326.6 million ($1 billion) to fund new projects. “IPG has finalised agreements with four conventional and Islamic banks in Kuwait for the renewal of credit facilities worth KD326.6 million,” the company said in a statement to the Kuwait exchange. The […] June 11, 2025
Oil & Gas Iraq considers plans to invest in Asian oil refineries Iraq intends to follow the lead of Saudi Arabia and other Gulf oil producers by investing in refineries in China, India and other Asian countries, where more than two thirds of its crude is marketed, a government adviser has revealed. Hatim Al-Fadli said research into potential projects would be conducted in the coming months and […] June 11, 2025
Oil & Gas Adnoc’s listed units tie up to propel petrochemical exports Abu Dhabi-listed Borouge and Adnoc Logistics & Services (Adnoc L&S) have entered a long-term partnership to increase the export of petrochemicals from the UAE. The contract, which will span 15 years, is expected to deliver a minimum guaranteed revenue of $531 million (AED2 billion), the companies stated in a joint announcement. The earnings will support […] June 11, 2025
Oil & Gas Adnoc Gas awards contracts to expand UAE gas reserves Adnoc Gas, a subsidiary of the state-backed Abu Dhabi National Oil Company (Adnoc), has awarded contracts worth $5 billion for the first phase of its Rich Gas Development (RGD) project. The RGD project is intended to boost liquid gas exports and support the UAE’s gas self-sufficiency. The contracts were awarded following a final investment decision […] June 11, 2025
Trade Nigeria’s $5bn Aramco loan delayed by oil price drop Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria’s largest oil-backed loan to date and Saudi Arabia’s first participation […] June 10, 2025
Oil & Gas Aramco crude supply to China to dip in July Saudi Arabia’s crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday. However, supply will remain strong for a third straight month as the kingdom regains its market share supplying the world’s top crude importer. State oil company Saudi Aramco will ship about 47 million barrels to China […] June 10, 2025
Oil & Gas Opec oil output misses May target, survey finds Opec oil output rose in May by less than the volume planned, a Reuters survey has found, as Iraq made further cuts to compensate for earlier pumping above target and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. Opec pumped 26.75 million barrels per day (bpd) last month, up 150,000 bpd […] June 9, 2025
Oil & Gas Saudi Arabia lowers July oil prices for Asia Saudi Arabia, the world’s biggest oil exporter, on Wednesday lowered its July prices for Asian buyers after Opec+ hiked output for a fourth month. However, the price cut was smaller than expected. Saudi Aramco, the country’s state oil company, cut the official selling price for the flagship Arab light crude it sells to Asia for […] June 5, 2025
Oil & Gas NMDC Group buys 70% stake in oilfield services company Abu Dhabi-listed NMDC Group said its newly-launched subsidiary has acquired a majority stake in Emdad, a local oilfield services company. The acquisition enables NMDC LTS, a wholly owned technical services company, to expand into the oilfield management segment in the UAE, the company said in a statement. No financial details of the deal were given. […] June 4, 2025
Opinion Oil & Gas Imagine Texas in Opec+ and you see Kazakhstan’s predicament In energy diplomacy, Astana wants to be a reliable partner to both East and West June 3, 2025
Oil & Gas Turkey buys 30% stake in Azerbaijan gas field State-owned Turkish Petroleum Corporation (TPAO) has reportedly acquired a 30 percent stake in a natural gas field off the coast of Azerbaijan. The other partners are the State Oil Company of the Republic of Azerbaijan (Socar) and British energy major BP, Daily Sabah newspaper reported, quoting energy and natural resources minister Alparslan Bayraktar at the […] June 3, 2025
Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […] June 3, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Oil & Gas Opec+ decided on July output hike to punish over-producers The world’s largest group of oil producers, Opec+, voted through another production increase of 411,000 barrels per day (bpd) for July in an attempt to wrestle back market share and punish over-producers. Having spent years curbing production – more than five million bpd or 5 percent of world demand – eight Opec+ countries agreed a modest output […] June 2, 2025
