Oil & Gas Opec quotas force Iraq, Russia and Kazakhstan oil cuts Opec+ members that have failed to comply with output cuts, including Iraq, Russia and Kazakhstan, have agreed to reduce their production in the coming months to compensate for breaking agreed quotas. The combined overproduction from the three members totalled 2.3 million barrels per day (bpd) during the first half of the year, according to an […] July 25, 2024
Oil & Gas Israel to develop more natural gas exports UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […] July 24, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Oil & Gas Aramco to make $2bn gas expansion at Jafurah Saudi Aramco is planning to build three new gas compression plants at the Jafurah field for $2.2 billion as part of its strategic gas program expansion. The world’s largest oil producer has signed a letter of intent with a joint venture owned 60 percent by Spanish contractor Técnicas Reunidas and 40 percent by China’s state-owned Sinopec. The deal […] July 23, 2024
Energy Gas flaring to end in next five years, says Iraq Iraq has confirmed it will halt all gas flaring activities in the next five years. Investment is being made through several projects in the southern region of Basra, where production capacities have been increased, the state-run Iraqi News Agency reported, quoting the assistant director general for technical affairs for the Southern Gas Company, Majid Al-Shawaf. […] July 22, 2024
Banking & Finance BlackRock-led investors to refinance Aramco Pipelines stake Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network. The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […] July 19, 2024
Oil & Gas QatarEnergies buys into Suriname oil expansion The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […] July 19, 2024
Economy IMF lowers Saudi growth forecast over oil output cuts The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy. In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […] July 17, 2024
Oil & Gas Italy’s Saipem awarded Aramco contracts worth $500m Saipem, an Italian oil services company, has been awarded contracts for two offshore projects worth $500 million from Saudi Aramco as part of its existing long-term agreement with the Saudi oil giant. The first project’s work scope involves engineering, procurement, construction and installation of a crude trunkline for the Abu Safa field. The second project involves […] July 16, 2024
Energy Adnoc Gas awards $550m Northern Emirates pipeline contract Adnoc Gas has awarded a $550 million engineering procurement and construction contract for the next phase of Estidama, its natural gas pipeline network project. It has also transferred the ownership of Estidama, worth $2.4 billion, to its parent company, Abu Dhabi National Oil Company. The contract, awarded to NMDC Energy of Abu Dhabi and Galfar […] July 15, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Oil & Gas $3bn new funding to propel PIF-backed Ades expansion Saudi oil and gas driller Ades Holding has secured an additional $3 billion from local and regional banks to support potential acquisitions and organic growth. The Public Investment Fund (PIF)-backed company has upsized its existing syndicate facility through a standby term tranche of $2.7 billion and a revolving credit facility tranche of $300 million. The standby […] July 15, 2024
Oil & Gas Egypt pays $1.3bn arrears to foreign oil and gas companies Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […] July 12, 2024
Opinion Renewable Energy Despite EVs, the ICE Age will last longer than expected Transition to electric transport will be slow and evolutionary July 11, 2024
Oil & Gas Four companies to invest in Adnoc’s new LNG plant Four global companies will invest in Adnoc’s lower-carbon intensity Ruwais liquefied natural gas (LNG) project, as the UAE energy giant continues to invest in lower-carbon projects. UK-based BP and Shell, France’s TotalEnergies and Mitsui & Company from Japan will each acquire a 10 percent equity stake in the Ruwais LNG project, with the state-run oil […] July 11, 2024
Analysis Oil & Gas Iran’s oil keeps flowing – and that suits the US for now Iranian oil exports are hitting record highs despite Western sanctions, delivering a windfall of $35 billion a year to the government in Tehran. Energy analysts expect this to continue, given the big discounts on Iranian crude and the effects of the conflict in Ukraine. “Iran has been a beneficial influence in offsetting impacts of war,” […] July 10, 2024
Oil & Gas Aramco returns to debt markets after shares sale Saudi Aramco returned to the debt market on Wednesday, offering bonds maturing in 10, 30 and 40 years and aiming to raise at least $6 billion. The company is looking to capitalise on investors’ interest in its secondary share offering by raising more cash to finance its debt and a huge investment programme. Final terms […] July 10, 2024
Finance Aramco to issue new bonds after $11bn share sale Saudi Aramco has appointed regional and global bankers for a new bond sale just a month after raising more than $11 billion from a secondary share offering. The oil giant, listed on the Saudi stock exchange, will issue senior unsecured US dollar-denominated bonds. The fund will aid in its general corporate purposes or any other […] July 9, 2024
Oil & Gas Energy giants to take 40% of Adnoc LNG plant Energy giants from France, the UK and Japan are expected to take stakes in the Ruwais liquefied natural gas project, run by Abu Dhabi National Oil Company. TotalEnergies, Shell, BP and Mitsui are expected to each take 10 percent of the project, which received a final investment decision last June. The Al Ruwais plant will […] July 8, 2024
Oil & Gas UAE’s Murban crude futures trade at record high Murban crude, the UAE’s flagship oil grade, has reported a record jump in trading activity in the second quarter of this year, according to operator the Intercontinental Exchange (ICE). Murban, the premium-grade light, sweet crude, is extracted from the onshore concessions of Abu Dhabi state oil company Adnoc and represents more than half of the […] July 8, 2024
Oil & Gas Aramco says Santos is not a target Saudi Aramco has denied reports that it was considering a bid for Santos, Australia’s second-largest oil and gas producer. In an emailed statement to Reuters, the Saudi oil giant said the information was inaccurate. The UAE’s Adnoc told AGBI that the company has no “comments on this report”. Earlier this week, Bloomberg reported that state-backed […] July 5, 2024
