Analysis Oil & Gas 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 […] November 19, 2024
Oil & Gas 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 […] November 18, 2024
Analysis Artificial Intelligence 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 […] November 18, 2024
Oil & Gas Adnoc Gas signs long-term deal with India’s Gail The UAE’s Adnoc Gas has signed a 10-year deal with Gail India, the largest natural gas company in the Asian nation, to supply up to half a million tonnes per annum (mtpa) of liquefied natural gas (LNG) starting in 2026. The agreement converts the previous heads of agreement announced in January into a definitive agreement, […] November 15, 2024
Logistics Adnoc L&S profit and revenue rise in third quarter Net profit at Adnoc Logistics and Services (Adnoc L&S) rose 18 percent year on year to $175 million in the third quarter of 2024, driven by investments in energy-related maritime logistics. Quarterly revenue increased by 32 percent year on year to $928 million, supported by strong performance across all business segments. Nine-month top line climbed […] November 14, 2024
EXCLUSIVE Oil & Gas IEF head sees Gulf at the top of Trump’s agenda The head of the International Energy Forum has told AGBI he believes the Gulf states will benefit from Donald Trump’s election victory strategically and politically, as well as in terms of investment and trade. The IEF is headquartered in Riyadh and counts the energy ministers of 72 states as members. It describes itself as a […] November 13, 2024
Oil & Gas QatarEnergy to acquire stake in Egyptian exploration basin State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea. The other partners in the block, which is about 10km offshore […] November 12, 2024
Opinion Sustainability Cop29 seeks an off-ramp from the ‘road to ruin’ The new Cop president did not mince his words about the path ahead November 11, 2024
Oil & Gas Adnoc Gas considers M&A deals to meet LNG demand Adnoc Gas is looking at international acquisitions and mergers to cope with what it predicts will be strong demand for liquefied natural gas (LNG) in the next decade, a senior executive said on Monday. “We have the balance sheet to do it, so if there is an opportunity, we will definitely consider it,” chief financial […] November 11, 2024
Energy Oil falls as China stimulus disappoints investors Oil prices extended declines on Monday as the threat of a supply disruption from a US storm eased and after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No 2 oil consumer. Brent crude futures dropped 31 cents, or 0.4 percent, to $73.56 a barrel by 03:40 GMT while US West […] November 11, 2024
Oil & Gas Adnoc signs 15-year supply deal for Ruwais LNG Adnoc, the Abu Dhabi state oil company, has signed its first long-term sales and purchase agreement for the lower-carbon Ruwais liquefied natural gas (LNG) project. The 15-year, 1 million tonnes per annum (mtpa) agreement was signed with Sefe Marketing and Trading Singapore, a subsidiary of Germany’s Sefe – Securing Energy For Europe – at the […] November 8, 2024
Editor's Insight Oil & Gas China’s plans affect the future of oil Aramco is betting on China to boost a well-supplied crude market and – here’s hoping in Riyadh – enable Saudi Arabia to unwind production cuts. Amin Nasser, the Saudi state oil giant’s CEO, said last week that he expects demand from China to drive global oil market growth of a healthy 1.5 percent next year. Nasser also […] November 8, 2024
Oil & Gas Oil prices fall as worries over US hurricane decline Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies. Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 04:46 GMT. […] November 8, 2024
Energy NESR considers dual listing after Nasdaq return National Energy Services Reunited (NESR) is considering a dual listing as it prepares to ring the Nasdaq bell for the second time in its relatively short history. NESR was created in the UAE in 2017 through a special purpose acquisition company to raise money from New York and become the first publicly listed energy company […] November 8, 2024
Analysis Oil & Gas Top of Trump’s to-do list: sanctions against Iran Donald Trump’s second term as US president, which is due to start in January, is likely to bring a significant strengthening of sanctions against Iran and a resumption of the “maximum pressure policy”, industry experts believe. In his first term as president, Trump withdrew from the Joint Collective Plan of Action, a 2015 accord which […] November 7, 2024
Oil & Gas Oil slips as investors digest US election fallout Oil slipped on Thursday, extending a sell-off triggered by the US presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael. Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar […] November 7, 2024
Trade Arab world welcomes Trump back to the White House The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […] November 6, 2024
EXCLUSIVE Oil & Gas Adnoc Drilling JV M&A war chest to rise to $2bn Enersol Energy Solutions, the joint venture between Abu Dhabi’s Adnoc Drilling and the investment company Alpha Dhabi, is looking to expand its war chest by $500 million to $2 billion. The company has already spent $800 million on acquisitions this year. In its latest deal, the fourth since January, Enersol has acquired a 95 percent […] November 6, 2024
Oil & Gas Oil prices fall as Trump wins US election Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president. Investors believe a Trump presidency will bolster the dollar as interest rates may need to remain high to combat inflation resulting from any new tariffs and polices that may further pressure China’s economy, weakening demand there. Brent crude oil futures were down […] November 6, 2024
Energy Revenues of six Adnoc subsidiaries reach $24bn Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […] November 6, 2024
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024
Oil & Gas Saudi Aramco blames lower sales for drop in profit Saudi Aramco, the world’s largest listed oil company, reported a 21 percent drop in third-quarter net profit on Tuesday that it blamed on lower crude prices and sales volumes and shrinking refining margins. The state-controlled conglomerate made a net profit attributable to shareholders of $26 billion in the three months to September 30, down from […] November 5, 2024
