Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
Energy Funding secured for Adnoc’s $2.2bn water supply project Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have completed the financial closing of a AED8.3 billion ($2.2 billion) project to provide a sustainable water supply for Adnoc’s onshore operations. The investment by the two Abu Dhabi energy majors aims to develop and operate facilities to sustainably treat and supply […] September 25, 2023
Retail Adnoc to expand its branded service stations across Egypt Adnoc Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, plans to open six new service stations in Egypt by the end of the year. The UAE company announced the opening of three Adnoc branded service stations on Saturday after acquiring a 50 percent stake in TotalEnergies Marketing Egypt earlier this year. The newly opened […] September 25, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Energy Oil firms cautious on drilling as energy transition looms Government policies to fight climate change are discouraging oil companies from investing heavily in new production even as they turn in record profits. It is a dynamic that could spell tight supply and high prices as clean energy alternatives seek to fill the void. Crude oil prices have surged above $90 a barrel and some […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Oil & Gas Fossil fuel phase-down ‘inevitable’ says Al Jaber Cop28 president-designate Sultan Al Jaber this week implored world leaders to cut reliance on fossil fuels to meet carbon reduction targets. Addressing the UN Climate Ambition Summit in New York, Al Jaber – who is also group chief executive of Abu Dhabi National Oil Company – urged nations to fast track the transition to a […] September 21, 2023
Finance PIF-backed Ades Holding’s order book hits $76bn Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […] September 21, 2023
Energy Saudi exports to China slip on Russia’s discounted oil Russia maintained its spot as China’s top crude oil supplier in August, Chinese government data showed on Wednesday, even as discounts on Russian crude continued to narrow and Moscow cut exports. China’s imports from Russia – including supplies via pipelines and seaborne shipments – jumped 26 percent from August last year to 10.54 million metric […] September 21, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Energy Kenya extends oil supply deal with three Gulf companies Kenya has extended an oil supply deal with three Gulf-based companies, which is designed to manage demand for dollars, the energy regulator said on Tuesday. The East African nation entered the deal with Saudi Aramco, Abu Dhabi National Oil Company (Adnoc) and Emirates National Oil Company (Enoc) in March, switching from an open tender system […] September 20, 2023
Opinion Energy Mena stands at a crossroads for energy security Overreliance on fossil fuels has prevented the region from reaching its potential September 18, 2023
Opinion Oil & Gas Peak oil by 2030? It’s possible, but we won’t know until much later The International Energy Agency's forecast sparked a strong reaction, but oil, gas and coal are in very different places September 18, 2023
Energy Aramco buys Chile’s Esmak to expand global presence Saudi Aramco has agreed to purchase a 100 percent equity stake in Chile’s Esmax Distribución SpA (Esmax) from Southern Cross Group, the Latin America-focused private equity company. The transaction is subject to certain customary conditions, including regulatory approvals, the Saudi-listed oil major said in a statement. Esmax, a diversified downstream fuels and lubricants retailer in […] September 17, 2023
Energy Iraq and Turkey oil pipeline to resume operations soon Iraq’s northern oil export route through Turkey will soon be ready to resume operation after checks on pipeline maintenance and repairs to flood damage, the Turkish energy minister said. A survey of the oil pipeline is complete and it will soon be “technically” ready for operation, Alparslan Bayraktar said. Turkey halted flows on Iraq’s northern […] September 17, 2023
Oil & Gas Opec pours cold water on IEA’s ‘peak’ for oil demand Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […] September 15, 2023
Energy Saudi driller Ades expects pricing IPO at top of range Oil and gas driller Ades Holding is likely to price its initial public offering (IPO) at the top of the range, according to a media report. The company, backed by the Saudi sovereign Public Investment Fund, is expected to price its shares at SAR13.50 ($3.60), raising SAR4.57 billion ($1.22 billion), Reuters reported citing a bank’s […] September 15, 2023
Oil & Gas Oil rally to bolster Gulf stock markets A renewed oil price rally is boosting investor sentiment on regional bourses ahead of the final few months of 2023. Listed Gulf companies with low borrowing and bountiful cash surpluses should outperform their more indebted rivals, asset managers have predicted. Historically, the fourth quarter is often the best for Gulf equities, usually following a prolonged […] September 14, 2023
Energy LNG exporters to benefit from Australian strike Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […] September 14, 2023
Energy Opec sticks to robust growth demand on resilient economy Opec on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth […] September 13, 2023
Energy Global oil stockpiles to fall after Saudi cut says EIA Global oil inventories were expected to fall in the fourth quarter after Saudi Arabia extended output cuts this month, while US crude production is forecast to rise more than previously thought, the US Energy Information Administration (EIA) said in a monthly report on Tuesday. World oil stockpiles were forecast to fall by 200,000 barrels per […] September 13, 2023
Energy Libya reopens oil ports after hurricane and flooding fears Libya’s four main oil export terminals reopened on Tuesday after being forced to close last week as a result of a hurricane and floods in eastern parts of the country, according to news agencies. The ports of Brega, Es Sider, Ras Lamuf and Zueitina had been closed since September 9 as a precautionary measure. Libya’s […] September 12, 2023
