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Oil & Gas

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

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Oil & Gas news

Since its IPO in June 2023, Adnoc L&S has committed over $5 billion in investments

Adnoc L&S secures $2bn to fund expansion

Adnoc Logistics & Services Plc (Adnoc L&S) has finalised up to $2 billion (AED7.3 billion) in new financing to support its growth initiatives. The company has signed a $1.1 billion-$2 billion Hybrid Capital Instrument (HCI). Initial drawing against the HCI will be $1.1 billion, leaving $0.9 billion capacity. Nearly $1 billion will be used to […]

As costs of importing Middle Eastern oil rose, Europe added 162,000 bpd from Guyana and 60,000 bpd from the US

Middle East oil supplies to Europe drop, replaced by US

Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […]

Workers at the Chadar oilfield in eastern Libya

Libya begins oil and gas production at Chadar field

Zallaf Oil and Gas Exploration, Production and Refining Company, Libya’s National Oil Corporation (NOC) subsidiary, has commenced production at the Chadar oilfield. The facility is now producing approximately 7.5 million cubic feet of associated gas and 1,500 barrels per day (bpd) of crude. The production rates were reached on the first day, NOC said in […]

Souq Waqif in Doha. Qatar has the world’s third largest proven gas deposits

Mena’s LNG output ‘to rise by two-thirds by 2030’

Multibillion-dollar projects under construction are expected to raise Arab countries’ liquefied natural gas output by almost 90 million tonnes per year by 2030. The Arab Energy Organisation – previously the Organisation of Arab Petroleum Exporting Countries – said in a report published last month that most of the increase would come from Qatar. Mena LNG […]

Gas imports from Turkmenistan will help ease Iraqi domestic shortages due to Iran halting the flow of gas supplies

Iraq turns to Turkmenistan to plug Iranian gas gap

Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […]

Aramco's Ras Tanura oil refinery and terminal. A proposed refinery in Bangladesh would meet local demand and serve regional markets

Aramco explores building oil refinery in Bangladesh

Saudi Aramco is willing to build an oil refinery in Bangladesh to address local and regional demand, according to an official news report. The proposed refinery is expected to meet Dhaka’s growing demand for petroleum products while serving regional markets such as China and India, state-run BSS news agency reported citing Saudi envoy Essa Al […]

Construction of the TurkStream pipeline, one of the ways in which Turkey could help export Russian gas

Turkey hopes to offer Russia a gas route into Europe

Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […]

Saudi Arabia ranks first in the Arab world and 10th globally in cement production

As prices rise, Saudi cement companies may seek alternatives

Cement companies in Saudi Arabia may be forced to turn to more sustainable alternatives after the prices of fuel products used in production rose for the second successive year. Saudi businesses have been given notice of the price increases, which came into effect from the start of this month. The price of methane, the main […]

Oil workers in Iraq. The country's oil exports are increasingly headed to Asia, leading some to question the necessity of rebuilding the Syria pipeline

Assad’s fall spurs calls to revive Iraq-Syria oil pipeline

The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […]

Saudi gap 2025: Construction in Riyadh. Saudi Arabia's Vision 2030 programme is contributing to its budget deficit

Saudi 2025 fiscal gap forecast could widen further

Saudi Arabia has assumed a deficit of nearly $27 billion in its 2025 budget but the actual gap is likely to widen by the end of the year, experts predict. When the world’s largest oil exporter announced the draft budget in September and then endorsed it in late November, it was expecting more oil earnings […]

Global Food Week took place in Abu Dhabi in late November. At the event Adnoc signed deals worth more than AED540m with UAE-based suppliers

Adnoc aims to add $54bn and thousands of jobs to UAE economy

Abu Dhabi National Oil Company is looking to make investments worth AED200 billion ($54 billion) in the UAE economy over the next five years via what it calls its “in-country value programme”. The initiative is meant to ensure that Adnoc’s spending is kept inside the UAE, stimulating the economy and providing local suppliers and workers […]

The Basrah-Haditha oil pipeline will be funded under the Iraq-China agreement

Iraq gives go-ahead to $4.6bn oil pipeline

Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude […]

India's BPCL plans to lift 10,000 bpd of crude oil from Qatar under an annual deal

India’s oil major turns to Middle East amid Russian shortfall

State-run Indian refiner Bharat Petroleum Corporation (BPCL) is buying Middle Eastern crude to make up for a slowing supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said. Indian state refiners typically buy Russian oil in the spot market rather than under long-term contract, but have struggled to purchase 8 to 10 million […]

Workers at a solar panel factory in Uyayna, Saudi Arabia. The country's main non-oil trading partners are China, India, Japan and South Korea

Saudi Arabian non-oil exports increase by 13%

Non-oil exports from Saudi Arabia increased by almost 13 percent to SAR25.38 billion ($6.76 billion) in October compared to the same month last year, according to the latest government trade report. Chemical products made up 26.8 percent of non-oil exports over the month, followed by plastics and rubber products at 23.7 percent, the General Authority […]

Opec's oil quota for Iraq is lower than its production capacity, and it has granted new contracts such as with BP for development of Kirkuk

Iraq has a tough job to balance Opec quotas with its capacity goals

Iraq is facing some tough choices and conflicts when it comes to its national oil policy. While its oil production is expected to rise by only around 200,000 barrels per day (bpd) in the next two years, in line with a new supply restraint accord by Opec+, it already has plans to boost output capacity […]

Adnoc demonstrates a robotic fueling arm. The expected GCC growth will be due to higher oil production, as Opec+ has gradually liberalised production quotas in 2024

GCC economy to grow at 4.5% in 2025 on oil support

The GDP of the six Gulf Cooperation Council (GCC) countries is forecast to grow at a higher pace in 2025 to reach 4.5 percent. While the regional GDP is expected to grow by 3.7 percent in 2024, it will stabilise at 3.5 percent in 2026, the UAE state-run Wam news agency reported, quoting a Statistical […]

Qatar's energy minister Saad Al-Kaabi said the 5 percent of generated revenue of QatarEnergy means '5 percent of generated revenue of the Qatar state'

Qatar threatens LNG halt over EU due diligence law

Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […]

African man engineer use radio communication working at oil industrial

Nigeria targets Abu Dhabi for oil-backed loan

Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is looking to Abu Dhabi National Oil Company (Adnoc) as a potential source of financing as the African state strives to increase its crude oil production capacity. NNPC seeks to raise $2 billion through a syndicated crude oil-backed loan in an operation called Project Leopard. […]

UAE minister of state and Adnoc CEO Sultan Al Jaber. The company has been instrumental in turning the UAE into a trading centre

UAE to shake up old world order as oil trading centre

For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world.  But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order.   The UAE […]