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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

Sinopec, China National Offshore Oil Corp and private refiner Shenghong Petrochemical will all be lifting more Saudi crude in May

Saudi oil exports to China will rise in May after price fall

Saudi Arabia’s crude oil supply to China will surge in May from the prior month as a sharp price cut by the kingdom attracted more demand, sources said on Friday. State oil company Saudi Aramco will ship about 48 million barrels to China in May, a tally of allocations to Chinese refiners showed, up from April’s 35.5 […]

US LNG supply is projected to account for 33 percent of the global market by 2050

Mubadala subsidiary makes first investment in US energy sector

A unit of Abu Dhabi’s sovereign Mubadala Investment Company has made its first foray into the US energy sector as part of what it says is a global expansion plan, according to a statement. Mubadala Energy will acquire a 24 percent interest in SoTex HoldCo, a company that operates an unconventional gas field and is […]

Workers adjust the valves of oil pipes at West Qurna oilfield in Iraq's southern province of Basra November 28, 2010. U.S. oil major ExxonMobil and its partners have awarded a contract to oil services firm Schlumberger Ltd to drill 10 wells in Iraq's West Qurna Phase One oilfield, industry sources familiar with the matter said. Picture taken November 28, 2010. REUTERS/Atef Hassan (IRAQ - Tags: BUSINESS ENERGY) Iaq and gas

Iraqi gas field awarded to US oilfield services giant

Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […]

Iranian president Masoud Pezeshkian (L) with Iraqi prime minister Mohammed Shia Al-Sudani during a visit last year. The US has ended waivers which let Iraq buy Iranian electricity and gas

Iraq signs power-generation deals with US companies

Iraq has signed memoranda of understanding with two US companies to generate more than 27 gigawatts (GW) of electricity, including a giant solar power plant, according to the prime minister’s office. The electricity ministry signed the two MoUs with Massachusetts-based GE Vernova and Florida-based UGT Renewables in Baghdad on Wednesday during a visit by more […]

Person, Worker, Clothing Turkish Petroleum Corporation signed an agreement last week to participate in an offshore oil and gas bidding jointly with Pakistani companies

Turkey steps up oil exploration in Pakistan

Energy-poor Turkey is expanding into international oil and gas exploration with a focus on Pakistan, a senior government official has said. “Turkish firms are now turning their focus to international opportunities,” Alparslan Bayraktar, the energy and natural resources minister, said in a speech in Pakistan, according to Daily Sabah newspaper. This week, state-run Turkish Petroleum […]

The discoveries will strengthen Saudi Arabia's ability to meet both domestic and global energy demand for decades, said energy minister Prince Abdulaziz bin Salman

Saudi Aramco discovers 14 new oil and gas fields

Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister. The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news […]

Adnoc offshore OGDCL

Production at Adnoc’s new offshore block set for 2027

Pakistan’s Oil and Gas Development Company Limited (OGDCL) expects to start production in Abu Dhabi’s offshore block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (Adnoc) in 2021 to explore and develop oil and gas resources in the block. […]

It was all smiles for traders working on the floor at the New York Stock Exchange after the White House announced a 90-day pause on new tariffs

Oil prices retreat despite Trump’s pause on tariffs

Oil prices fell on Thursday, despite early gains late on Wednesday following the announcement by Donald Trump that he would delay implementation of individual new tariffs on 75 countries for 90 days. US West Texas Intermediate (WTI) crude initially rose 4.88 percent to $62.49 a barrel following the announcement but in early trading on Thursday […]

BF5Y47 A factory employee clamping and sodding small parts.

Oil demand growth to halve in wake of Trump tariffs

Global growth in demand for oil this year may be as much as 40 percent less than forecast before last week’s announcement by Donald Trump of a near tripling in effective tariff rates on US imports to their highest in a century, S&P and other oil analysts have said. On average, demand for oil was […]

Saudi Aramco has signed an agreement with Sinopec and Yasref for petrochemical expansion

Aramco and Sinopec move ahead with petrochemical expansion

Saudi Aramco says it has signed an agreement to move forward with expanding a petrochemical complex on the west coast of Saudi Arabia. The oil major, which trades on the Saudi stock exchange, has signed a venture framework agreement with China Petroleum & Chemical Corporation (Sinopec) and Yanbu Aramco Sinopec Refining Company (Yasref) to carry out engineering […]

Natural gas flaring in Rumaila. Iraq is aiming to halt decades of gas flaring during oil production

Iraq offers gas site concessions amid power generation issues

Iraq is offering 15 natural gas concession sites to international investors as part of a post-conflict drive to develop its hydrocarbon resources and increase production capacity, the state-owned Iraq news agency reported. Opec’s second largest oil producer is prioritising the development of its gas deposits to stop the long-standing practice of burning them off, or […]

Gulf nations may find comfort in US energy secretary Chris Wright's oil industry background

Gulf partners will have many questions for US energy secretary

US energy secretary Chris Wright arrives in the Gulf today at an especially turbulent time in the global economy and as oil prices plunge to more than four-year lows. Wright’s two-week visit to Saudi Arabia – the world’s second-largest oil producer – the UAE and Qatar may be in preparation for Donald Trump’s own trip […]

Saudi Aramco will purchase 1.2 mtpa of LNG  from NextDecade's Rio Grande facility in Texas

Aramco finalises 20-year LNG supply from the US  

Saudi Aramco has signed a 20-year liquefied natural gas (LNG) purchase agreement with Houston-headquartered producer NextDecade. The Saudi energy major will purchase 1.2 million tonnes per annum (mtpa) of LNG on a free-on-board basis from NextDecade’s Rio Grande facility at the Port of Brownsville, Texas, the US company said in a statement. The Rio Grande facility […]

Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia. A tariff war between China and the US is triggering fears of a global recession

Oil at four-year low as US hits China with 104% tariff

Oil prices dropped to their lowest in more than four years in early trade on Wednesday fuelled by an escalating tariff war between the US and China, the world’s two biggest economies, and a rising supply outlook. Brent futures lost $2.13, or 3.39 percent, to $60.69 a barrel as of 01:08 GMT. US West Texas Intermediate […]

Eni CEO Claudio Descalzi speaks at an event in Abu Dhabi in 2023. He says Algeria, Libya and Egypt can play an important role as hydrocarbon suppliers for Europe

Italy’s Eni plans $26bn energy push in North Africa

Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […]

Workers pictured at Kuwait's Burgan oilfield in the 90s. The field has been producing since 1946

Kuwait to reverse decline of world’s second largest oilfield

Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […]

Boat, Transportation, Vehicle

Oil prices rise 1% after heavy US tariff-driven selloff

Oil prices rose more than 1 percent on Tuesday, rebounding after a hefty selloff in recent sessions led by concerns that US tariffs might depress demand and lead to a global recession. Brent futures were up 81 cents, or 1.26 percent, at $65.02 per barrel, while US West Texas Intermediate crude futures rose 92 cents, or […]

US energy secretary Chris Wright will tour oil and gas production sites in the Middle East, looking at ways to cut US production costs

US energy secretary heads to Gulf to secure oil flows

US energy secretary Chris Wright is to begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a US official to the de facto leader of the Opec oil producer group, a source familiar with the matter told Reuters. The trip, which will also include visits to […]

Car, Car Wash, Transportation

Libya to offer 22 oil exploration blocks

Libya is to offer 22 oil exploration blocks in its first bidding round in more than 17 years, the state-owned National Oil Corporation (NOC) has said. The round includes 11 onshore and 11 offshore blocks, The Libya Observer newspaper reported. The decision was confirmed during the 11th meeting of the Supreme Council of Energy and Water Affairs held last week, which is […]

Traders on the floor of the New York Stock Exchange on Friday. Markets around the world have been rocked by Trump's tariffs

Aramco losses mirror wider Saudi stock plunge

The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […]