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Oil & Gas

Oil & gas news from the Middle East and beyond. All the important stories, exclusive interviews, plus authoritative opinion and analysis

A Tadawul trader looks at prices on the Saudi stock exchange. Aramco's profits have fallen as Riyadh reduces oil output

Saudi listed companies report Q1 profit rise

Businesses listed on the Saudi stock exchange, excluding the state energy giant Aramco, reported an 8 percent rise in first-quarter profits this year, highlighting the continued strength of the non-oil sector as hydrocarbon output is cut.  Net profit gains in the banking sector, and for telecoms operator STC and state mining company Maaden, helped to […]

Iranian president Ebrahim Raisi died in a helicopter crash following a trip to the Azerbaijan border

Oil prices steady following death of Iranian president

Oil prices remained steady on Monday morning following the death of Iranian president Ebrahim Raisi, who was killed over the weekend in a helicopter crash in mountains near Iran’s border with Azerbaijan. Brent crude rose less than 1 percent percent at $84.37 a barrel – slightly below the estimated breakeven price at which Saudi Arabia, […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Oil workers in Venezuela, a founder member of Opec. The IEA predicts slower demand growth

IEA and Opec move further apart on global oil demand

The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […]

Qatar LNG

Qatar bullish on LNG as it plans increased production

Qatar’s energy minister said he is bullish on global demand for liquefied natural gas and his country is likely to push its production levels beyond those already targeted for 2030. “Technical capability is going to be assessed, and if there is more [gas], we probably will do more,” Saad Sherida Al Kaabi said at the […]

Taqa reported that revenues rose 5 percent year on year in Q1 thanks to a contribution from SWS Holding

Profit at Abu Dhabi’s Taqa falls 82% on one-off items

Net profit at Abu Dhabi National Energy Company (Taqa) dropped 82 percent to AED2.1 billion ($572 million) in the first quarter of 2024, from AED11.6 billion a year ago. Taqa’s fall in profit was attributed to one-off items recognised in 2023. Net income at Taqa, excluding the one-off items, increased by AED100 million, 6.9 percent […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]

Opec predicts global crude demand will rise by around 2 million barrels a day in both 2024 and 2025

Opec maintains stance on oil demand predictions

Opec has kept its global oil demand prediction unchanged for this year as the global economy showed resilience, surpassing initial projections in some instances. The oil producers block said in its monthly report on Tuesday that it believed global crude demand would increase by 2.2 million barrels per day (bpd) in 2024 and by 1.8 […]

Mubadala Energy employed the drillship West Capella for its latest gas discovery off Indonesia

Mubadala Energy makes second gas discovery off Indonesia

Mubadala Energy, a wholly owned subsidiary of Abu Dhabi wealth fund Mubadala, has made a significant deep-sea gas discovery in Indonesia’s South Andaman Block. The Tangkulo-1 exploration well was drilled about 65 kilometres off North Sumatra and has an estimated capacity of 80 million-100 million cubic feet per day and over 2,000 barrels of condensate. […]

Adnoc Drilling won a $1.7 billion contract from Adnoc to provide drilling and associated services

Adnoc Drilling first quarter profit rises 26%

Adnoc Drilling said its net profit in the first quarter rose 26 percent year on year to $275 million, supporting its full-year profit guidance of more than $1.2 billion. Revenue increased 24 percent year on year to $886 million, beating market expectations, thanks to accelerated fleet expansion and oilfield services growth.  The offshore jack-up and oilfield […]

QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks

QatarEnergy buys stake in Egypt exploration blocks 

State-run QatarEnergy has signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt. The farm-in agreement gives QatarEnergy a 40 percent interest in each of the Cairo and Masry offshore concession agreements. The value of the deal was not given. ExxonMobil, the operator of the blocks, will retain […]

Sharjah RAK gas Mahani field

Sharjah buys slice of concession in RAK in hope of gas

The state-owned Sharjah National Oil Corporation (Snoc) has acquired a 30 percent stake in a concession located onshore in Ras Al Khaimah from the Italian energy company Eni in the hunt for gas. Block 7, awarded to Eni in 2021, covers an area of 430 square km and is being actively explored, with drilling of […]

Clothing, Hardhat, Helmet A worker makes notes at a Saudi Arabian steel factory; the industrial production index fell from 114 points in March 2023 to 104 in March 2024

Industrial output falls in Saudi Arabia after oil cuts

Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […]

Gas Pump, Machine, Pump

Adnoc Distribution to expand as earnings rise

Adnoc Distribution plans to open 15 to 20 more fuelling stations in 2024 after opening eight in the UAE, Saudi Arabia and Egypt in the year so far. The expansion increased fuel and non-fuel sales, driving revenue up by over 9 percent year on year to AED8.7 billion ($2.4 billion) in the three months to […]

Aramco's Fadhili gas plant. The company announced the addition of 15 trillion cubic feet to its proven raw gas reserves

Aramco considers LNG exports as reserves grow

Saudi Aramco is looking at building a liquefied natural gas (LNG) export business, as its growing natural gas production looks likely to exceed its domestic needs. The energy giant is optimistic about its gas output. In the first quarter of the year, it announced the addition of 15 trillion cubic feet (Tcf) to its proven […]

Crowd, Person, Adult

Adnoc strikes LNG supply deal with Germany

The Abu Dhabi National Oil Company (Adnoc) has signed a 15-year liquefied natural gas (LNG) supply agreement with German energy major Energie Baden-Württemberg AG. The agreement includes the delivery of 0.6 million tonnes per annum (mtpa) of LNG, primarily sourced from Adnoc’s lower-carbon Ruwais LNG project, currently under development in Abu Dhabi’s Al Ruwais Industrial […]

A view of the 'command centre' at Adnoc headquarters. Adnoc L&S serves more than 100 customers worldwide, including Adnoc

Adnoc Logistics & Services first-quarter profit up 34%

Adnoc Logistics and Services – a subsidiary of Abu Dhabi National Oil Company – reported a 34 percent year-on-year increase in net profit to $194 million (AED712 million) in the first quarter of the year. Its revenue rose 42 percent year on year to $840 million in Q1, while EBITDA increased 44 percent to $286 […]

Operators on a Saudi Aramco onshore rig. The world’s biggest crude exporter currently produces around nine million barrels of oil per day

Aramco increases dividend payouts despite falling profit

Aramco will distribute higher dividends to its investors and the government, despite a drop in profit in the first quarter of this year. The state-owned energy major will pay a $31 billion dividend in the first quarter as it continues to fuel Saudi Arabia’s budget and spending on giga-projects designed to diversify the kingdom’s economy […]

Adnoc Gas's listing last year. Revenue rose 15 percent year on year to more than $6 billion

Adnoc Gas targets global expansion as profit rises 21%

Adnoc Gas said its net profit rose 21 percent year on year to $1.2 billion, as the Abu Dhabi-listed energy provider invests in expanding its global operations. Revenue rose 15 percent year on year to more than $6 billion, driven by a strong increase in demand in the UAE. Domestic sales volumes increased by 14 percent annually. […]

Adnoc said it had 'no interest in continuing the process' to buy a controlling stake in Brazil's Braskem

Adnoc ends talks to buy stake in Brazilian petchem producer 

Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […]