Oil & Gas Azerbaijan’s oil fund buys stake in Adnoc gas pipeline Azerbaijan’s state oil fund Sofaz has invested $50 million in Adnoc Gas Pipeline Assets (AGPA), one of the UAE’s critical energy assets. The investment has been made through a specialised investment fund managed by Abu Dhabi-based Lunate, according to a press statement. The move will diversify the State Oil Fund of the Republic of Azerbaijan’s (Sofaz) portfolio […] June 2, 2025
Oil & Gas Algeria to announce results of oil block bids next month Algeria is due to announce the successful bidders for six oil blocks with a combined area of more than 150,000 square kilometres next month as part of a drive to reverse a decline in production. Forty-one companies have already submitted offers, according to the National Agency for the Valorisation of Hydrocarbon Resources in Algeria, which […] May 30, 2025
Energy Syria signs $7bn power deal with Qatari-led consortium Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar’s UCC Holding to develop major power generation projects. The foreign investment is valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of […] May 30, 2025
Oil & Gas Aramco to continue raising debt to fund expansion, says CEO Saudi Aramco will continue borrowing to support its expansion and effectively leverage its balance sheet, the head of the energy giant said. The Saudi-listed oil giant this week raised $5 billion in bonds as spreads tightened. The five-year issue, which was priced at 80 basis points (bps) over US treasury bonds, tightened from its original […] May 30, 2025
Oil & Gas UK’s Wood secures $100m contract to lower Iraq gas flaring UK engineering company Wood Group has secured decarbonisation contracts worth $100 million for flare gas reduction across the largest oil fields in Iraq. The contracts include brownfield engineering, procurement and construction services, as well as modifications to enhance operational efficiency and minimise environmental impact, supporting Iraq’s commitment to reduce gas flaring by 78 percent by […] May 29, 2025
Oil & Gas Oil climbs 1% as US court blocks Trump’s tariffs Oil prices rose on Thursday after a US court blocked most of President Donald Trump’s tariffs from taking effect. Markets are also watching out for potential new US sanctions curbing Russian crude flows and an Opec+ decision on hiking output in July. Brent crude futures climbed 78 cents, or 1.2 percent, to $65.68 a barrel. US West […] May 29, 2025
Oil & Gas Aramco defies oil slump with strong $5bn bond sale Saudi Aramco’s $5 billion bond sale on Tuesday saw spreads tighten, suggesting a strong market appetite for the company’s debt despite falling oil prices. The state-owned oil company sold bonds in three tranches. A 5-year issue, which was priced at 80bps over US treasury bonds, tightened from its original 115bps guidance. The spread of a […] May 28, 2025
Oil & Gas Saudi Arabia may cut Asia crude prices to 6-month lows Saudi Arabia may cut its crude prices for Asian buyers in July to the lowest in six months, refiners said, tracking losses in benchmark prices driven by rising supply from Opec+. The July official selling price (OSP) for flagship Arab Light crude may drop by 40 to 50 cents to between 90 cents and $1 […] May 28, 2025
Oil & Gas Saudi Aramco seeks funds through three-part bond sale Oil giant Saudi Aramco wants to raise funds through a dollar-denominated three-part bond sale, fixed income news service IFR reported on Tuesday. The debt deal, which is expected to be priced later in the day, will be benchmark-sized, which is usually considered to be at least $500 million. Earlier this month, Aramco reported a 4.6 percent drop in […] May 27, 2025
Oil & Gas UAE warns Opec over AI-driven power demand The UAE is preparing for a sharp spike in domestic energy consumption as a wave of data centre construction drives up demand for power. Energy minister Suhail Mohamed Al Mazrouei has warned Opec and its oil-producing allies of potential pressure on future global supplies. His warning is at odds with other industry bodies, such as […] May 27, 2025
Oil & Gas Iraq’s ‘1.5 million barrels per day’ oil gap Iraq, often identified as a major quota violator in the Opec+ group, is pumping nearly 1.5 million barrels per day (bpd) below its production capacity, an oil official has said. The country has a sustainable output capacity of about 5.5 million bpd but actual crude production is close to 4 million bpd, according to Nizar […] May 27, 2025
Trade Oman’s trade faces Q1 headwinds as oil exports fall Oman’s total foreign trade in the first quarter of 2025 declined by 10.4 percent year on year to $14.7 billion, dragged down by a 16 percent drop in oil and gas exports. Oil and gas exports fell to $9.6 billion in the first three months of this year, from $11.4 billion the same time last […] May 27, 2025
Oil & Gas Russia says no talks yet of Opec+ output hikes from July Russian deputy prime minister Alexander Novak said on Monday that the Opec+ group of leading oil producers has not yet discussed increasing output by another 411,000 barrels per day (bpd) ahead of its meeting, RIA news agency reported. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online […] May 27, 2025
Analysis Oil & Gas US investors ‘would be first in line for any Aramco asset sale’ Asset sales could allow Saudi Aramco to maintain its capital expenditure plans and keep its government shareholders happy with dividends, analysts have said. The national oil company is reportedly looking for investors to buy stakes in its subsidiaries and infrastructure, with a particular focus on its $100 billion Jafurah gas field project, according to a […] May 27, 2025
Oil & Gas Iraqi oil ministry sues KRG over US contracts The Iraqi federal government’s oil ministry has sued the government of the semi-autonomous Kurdistan Region of Iraq over oil and gas contracts it signed with US companies, three sources with direct knowledge of the matter said and a document showed. The legal challenge is the latest obstacle to the resumption of flows through the Iraq-Turkey […] May 26, 2025
Oil & Gas Aramco ‘considering asset sales’ to free up funds Saudi Aramco is considering asset sales to free up funds as it pursues an international expansion and weathers lower crude prices, sources have told Reuters. The world’s largest oil-producing company is the main source of Saudi state revenue. The company will slash dividend payouts by nearly a third this year as lower oil prices hit its […] May 26, 2025
Oil & Gas Iranian gas supplies to Iraq fall in May Iranian gas exports to Iraq have fallen by more than half this month, causing a shortfall of nearly 3,500 megawatts (MW), sufficient to power about two and a half million homes, according to local media. Supplies so far in May have plunged from 45 million cubic metres per day (mcmd) contracted by Baghdad to 20 […] May 23, 2025
Energy Turkey hopes to strike it rich on shale oil find Initial estimates of reserves at a shale oil prospect in Turkey’s southeast are up to 6.1 billion barrels, equal to 15 years of domestic consumption, according to the country’s energy and natural resources minister. Work will start soon to assess and then bring online the shale oil find in the province of Diyarbakır, Alparslan Bayraktar, […] May 23, 2025
Oil & Gas Oman seeks exploration bids for new oil field State-run Petroleum Development Oman (PDO) is seeking bids for a new oil exploration block in the north of the country. The 130 sq km block 6, located in the Ghaba basin, has estimated reserves of more than one billion barrels of crude, the company said in a post on social messaging platform X. The final […] May 23, 2025
Oil & Gas Turkey to export gas to ease Syria’s power shortage Turkey will provide two billion cubic metres of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart Mohammed Al-Bashir in Damascus, Bayraktar said that Turkey’s gas exports to Syria will contribute to an additional 1,300 megawatts (MW) of electricity production in the country. Ankara, […] May 23, 2025
Opinion Energy Gulf welcomes Trump’s hands-off approach to energy policy Trillions were pledged in AI and energy, but Opec stayed out of the spotlight May 22, 2025
Oil & Gas Iraq awards major oil deal to Chinese company Geo-Jade Iraq’s oil minister Hayan Abdel Ghani on Wednesday signed a large contract with a Chinese company and its local partner to develop an oilfield in the south of the country and build a refinery, a petrochemical complex and two power plants, according to the state press agency. Geo-Jade, the Chinese company, and the local company Crescent […] May 22, 2025
