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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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QatarEnergy's LNG deliveries to China will commence in January 2025

QatarEnergy to supply LNG to China from next year

​QatarEnergy has signed a long-term agreement with Singapore-based Shell to supply three million tonnes per annum (mtpa) of liquefied natural gas (LNG) to China. The LNG deliveries will commence in January 2025. No financial details were given. The agreement underscores the continued growth of China’s LNG market, which is expected to become the largest globally. […]

Covestro board recommended that shareholders accept Adnoc's takeover offer on November 7

Adnoc’s XRG to take over Germany’s Covestro

XRG, the low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), is to become a major shareholder of German chemicals producer Covestro. The $16.3 billion takeover offer from Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, has exceeded the minimum acceptance threshold, reaching 69.94 percent as of November […]

A view of the Dubai Mall. GDP growth of the UAE is projected to accelerate to 4.1% in 2025 and 2026, supported by the recovery in oil production

GCC growth to surge to 4.2% in 2025-26 says World Bank

Economic growth in the GCC region is forecast to accelerate to 4.2 percent in 2025-26, but will remain subdued at 1.6 percent in 2024, as the Omani and Kuwaiti economies contract, the World Bank has said. Growth is being driven by the non-oil sector, which has shown robust growth of 3.7 percent thanks to the […]

Workers on an oil rig in New Mexico, US. The incoming Trump administration is giving Opec+ plenty to think about

Opec+ likely to adopt a wait-and-see strategy for 2025

Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices.  First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […]

The Omani government is undertaking an extensive part-privatisation programme to raise money and diversify the country’s stock market

Strong institutional demand for latest Omani IPO

OQ Base Industries (OQBI) has attracted strong institutional interest in its $490 million initial public offering (IPO), the Omani business’s parent company said on Thursday. OQBI, which produces methanol, ammonia and liquefied petroleum gas, will be the third subsidiary of Omani state oil company OQ to float and join Muscat’s bourse. The Omani government is […]

Adnoc group CEO Dr Sultan Ahmed Al Jaber said XRG will create sustainable growth and foster technological innovation

Adnoc launches $80bn unit for low-carbon transition

State-backed energy major Abu Dhabi National Oil Company (Adnoc) has launched a new global lower-carbon energy and chemicals investment company valued at more than $80 billion. XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand […]

Moscow, Russia. 21st Dec, 2022. Russian President Vladimir Putin attends the launch ceremony of the Kovykta gas field and part of the Power of Siberia gas pipeline from Kovykta to Chayanda via video link from the Kremlin

Turkey asks US to allow payments to sanctioned Russian bank

Turkey is seeking an exemption to new sanctions imposed against Moscow by the Biden administration that would mean payments for imports of Russian natural gas are blocked, potentially cutting energy supplies and undermining the Turkish economy.  Washington announced sanctions against Gazprombank, which is part-owned by Russian state gas producer Gazprom, on November 21 this year. […]

Baker Hughes

Aramco’s debt push threatens Saudi banks’ liquidity

Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans.  The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […]

QatarEnergy will acquire an additional 5.25 percent and 4.7 percent interest in two blocks in Namibia's Orange Basin

QatarEnergy ups stakes in Namibia offshore blocks

QatarEnergy has signed an agreement with France’s TotalEnergies to acquire additional stakes in two exploration blocks in the Orange Basin, off Namibia. The state-backed gas giant will acquire an additional 5.25 percent interest in block 2913B and another 4.7 percent interest in block 2912. QatarEnergy’s interests in both licenses will increase to 35.25 percent in […]

On the agenda: Ed Miliband, UK secretary of state for energy security and net zero, and World Bank president Ajay Banga at the summit on methane at COP29 in Baku

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]

Egypt, which recently became a net importer of LNG, has purchased dozens of cargoes this year

Egypt seeks long-term LNG deals as energy demand soars

Egypt is holding talks with global energy companies about securing long-term liquefied natural gas (LNG) supply contracts to meet growing power demands. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases,” an unnamed source told Reuters. The country, which recently became a net importer of LNG, […]

Oil tanks and a cargo ship ready to transport crude. Saudi Arabia sold 5.75m barrels per day in September

Saudi Arabia’s crude oil exports rise to 3-month high

Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week.  The figures are from the Joint Organisations Data Initiative, […]

Ngozi Okonjo-Iweala, WTO director-general, said the potential escalation of conflicts in the Middle East could lead to further increases in transport and energy costs

WTO predicts Middle East trade slowdown in 2025

Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said.  In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […]

The Sasref expansion, located in Jubail Industrial City in the Eastern Province, is currently in the pre-feed stage

Saudi Aramco to begin Sasref refinery expansion

Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […]

Saudi Crown Prince Mohammed Bin Salman, right, with China's President Xi Jinping. The report says Saudi Arabia could learn from Beijing's economic development

Beijing ‘exploits’ Iran, says US advisory panel

American officials have identified the Middle East, and particularly the GCC, as crucial turf in superpower competition between the US and China, singling out energy and advanced technology as the main fields where a tug-of-war is taking place. The US-China Economic and Security Review Commission, a 25-year-old Congressionally-mandated independent US government agency, dedicated an entire […]

Chris Wright

Trump’s prospective energy team is a mixed blessing for Gulf

The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […]

The new line will add nine million metric standard cubic meters per day to OQGN’s northern gas network capacity

Oman’s OQGN to expand network as demand grows

State-owned OQ Gas Networks (OQGN), the pipeline subsidiary of Oman energy major OQ, is enhancing its gas network capacity as part of a major infrastructure expansion strategy. A new 193km loop line from Fahud to Sohar, described as “one of the largest ever”, will be constructed to address rising energy needs in the Suhar and […]

Adnoc CEO Sultan Al Jaber speaks at the Adipec conference in Abu Dhabi, during which he announced the launch of the EnergyAI project

Oil and gas companies place trust in AI

Lower oil prices and the race for higher returns are pushing regional and national oil and gas companies to spend billions of dollars on artificial intelligence.  The hope is that the technology will improve margins and reduce operating costs. Saudi Aramco last year invested around $3.5 billion in research and development including in AI, according […]