Oil & Gas Rising costs at OQ Gas Networks trim first-quarter profit Net profit at state-owned OQ Gas Networks (OQGN), the pipeline subsidiary of Oman energy major OQ, dropped by 7 percent in the first three months of 2025, as the company was hit by higher operating costs. Net income fell to OR12.6 million ($33 million) in the year to March 31. Total expenses in the same […] May 22, 2025
Manufacturing Adnoc awards $2bn contracts to back localisation Abu Dhabi state-backed oil giant Adnoc says it prioritising local manufacturing to mitigate supply chain risks and cut delivery times for critical equipment. The oil company has signed framework agreements valued at AED6 billion ($1.6 billion) with 12 UAE companies to manufacture critical industrial equipment under the “Make it in the Emirates” initiative, according to […] May 22, 2025
Analysis Petrochemicals Adnoc bets big on petrochems as sector struggles Abu Dhabi National Co.’s (Adnoc) multibillion-dollar bet to expand its petrochemical capabilities comes at a fraught time for the sector. The numbers may not immediately add up in terms of return on investment but the focus should boost the company’s global reach and technological capabilities, analysts say. “Abu Dhabi is trying to create a global […] May 22, 2025
Oil & Gas Qatar warns low oil price may hurt AI power needs Crude prices falling below $60 a barrel would have a detrimental effect on global oil sector investment, and on fast-growing, energy intensive industries such as data centres and artificial intelligence, Qatar’s energy minister has said. “If oil prices decline below $60, there is definitely going to be a decline in investments,” Saad Al-Kaabi said at an […] May 22, 2025
Oil & Gas Iraq rejects Kurdish oil deals with US companies Iraq has rejected the validity of two major oil and gas contracts recently announced by the Kurdistan Regional Government (KRG), declaring them illegal under federal law. The disputed agreements involve the development of the Miran and Topkhana-Kurdamir fields in Sulaymaniyah Governorate, the local Al Eqtisad News reported. But the oil ministry said in a statement […] May 21, 2025
Oil & Gas Qatar’s gas project expansion to begin output in mid-2026 Qatar’s North Field East natural gas expansion project will begin production in mid-2026, QatarEnergy CEO Saad Al-Kaabi said in a statement on Tuesday. Al Kaabi told Reuters in 2023 that production at the North Field expansion will begin in 2026 with new trains coming online “every few months”. State-owned QatarEnergy has signed a string of supply deals with European and Asian partners in its massive North Field expansion project, […] May 21, 2025
Trade Japan is Qatar’s top international investor Japan was the top international investor in Qatar last year, contributing half of its foreign direct investment, official data published this week shows. Tokyo contributed almost $1.4 billion of Qatar’s total FDI in 2024, according to Invest Qatar’s 2024 report. Japan is the world’s second largest importer of liquefied natural gas and Qatar’s second biggest […] May 21, 2025
Analysis Oil & Gas Bidders for Libyan oil need high appetite for risk Deadly clashes last week have rattled investor confidence and potentially put at risk plans for the first Libyan oil and gas exploration and production licensing in almost two decades, analysts say. Fighting has erupted in the capital, Tripoli, between government forces and militias. This in turn has led to deadly protests calling for the removal […] May 20, 2025
Opinion Oil & Gas Missing from Trump’s Gulf tour: energy dominance Could it be that Trump doesn’t actually care very much about the oil industry? May 20, 2025
Oil & Gas Saudi Arabia to burn more summer crude as fuel oil prices rise Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after Opec+ eases supply controls and as fuel oil has become costly, analysts and trade sources said. By burning more crude the Opec kingpin could ease some concerns over global oversupply after Opec+, which […] May 20, 2025
Oil & Gas Occidental to invest $30bn in extended Oman concession Oman has extended a concession with a consortium led by Occidental Petroleum to help increase production from its biggest oil field. The new concession agreement for Block 53 in south-central Oman, which was set to expire in 2035, includes a commitment to invest $30 billion through an extended 15-year period, the Omani Ministry of Energy […] May 19, 2025
Oil & Gas Oil price drop fails to dent Gulf and Western capex Gulf national energy companies and their Western rivals are likely to maintain their capital expenditure guidance for the year but independent US producers may cut spending as oil prices decline, analysts have said. For now, Gulf oil and gas companies are sticking to their investment plans despite a drop of almost 15 percent in the […] May 19, 2025
Oil & Gas Turkey discovers new gas reserves in Black Sea Hydrocarbon-poor Turkey says it has found a new natural gas reserve of 75 billion cubic metres in the Black Sea. The reserve was found in the Goktepe-3 well at a depth of 3,500 metres and has an economic value of around $30 billion, according to President Recep Tayyip Erdogan. “We will be able to meet […] May 19, 2025
Oil & Gas Kuwait to invest up to $50bn in five-year oil expansion plan Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior Kuwaiti oil official said. The investments are part of an even longer term plan to lift the Gulf emirate’s crude output capacity […] May 16, 2025
Oil & Gas Qatari minister says oil price could put companies out of business Many oil producing companies could be forced out of the market if crude prices remain below $70 a barrel for a long time, according to Qatar’s energy minister. Saad Al-Kaabi told CNBC, the US cable TV news network, that oil prices of $70 to $85 per barrel are reasonable for producing countries to get enough […] May 15, 2025
Oil & Gas Qatar risks losing out to US in Japan LNG sales Liquefied natural gas customers in Japan may be turning away from Qatar for their additional needs in favour of the US. American suppliers offer more flexible contractual terms and are adding production capacity, a Japanese government energy official said. “Qatar is very strict,” said Yarita Masataka, director of the LNG and methane management division at […] May 15, 2025
Oil & Gas Taqa profit falls as oil and gas earnings take a hit Abu Dhabi National Energy Company (Taqa) said earnings fell in the first quarter of 2025 amid commodity market volatility and a fall in oil and gas production. Net profit declined by 1.5 percent year on year to AED2 billion ($572 million) in the quarter ended March 31, 2025, the company said in a statement to the […] May 15, 2025
Oil & Gas Abu Dhabi’s XRG buys stake in Turkmenistan gas block XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has entered the Central Asian market with an investment in Turkmenistan’s gas and condensate fields. XRG will hold a 38 percent stake in the offshore “Block I” concession, the company said in a statement. Malaysian state-owned oil company Petronas and Turkmenistan state […] May 15, 2025
Oil & Gas Qatar’s investment in US tops $30bn, says minister Qatar has invested more than $30 billion in various projects in the US, the country’s energy minister has said. Saad Al-Kaabi said that the Doha government’s investment is mostly in the Golden Pass LNG project in Texas, which is 70 percent owned by QatarEnergy and 30 percent by ExxonMobil, CNBC Arabia reported. US President Donald Trump […] May 15, 2025
Energy Final decision to be made on Morocco-Nigeria gas pipeline A final investment decision on the $25 billion Morocco-Nigeria gas pipeline will be taken by the end of 2025, a Moroccan minister has confirmed. A special purpose company is being created to oversee the project’s implementation, Morocco World News reported, citing Leila Benali, minister of energy transition and sustainable development, as saying in Morocco’s parliament. […] May 15, 2025
Oil & Gas Opec expects slower 2025 oil supply growth from rivals Opec on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider Opec+ group this year and said it expected lower capital spending following a decline in oil prices. Supply from countries outside the Declaration of Cooperation – the formal name for Opec+ – will rise […] May 14, 2025
Employment OQEP deals are part of Omani job creation drive Oman’s OQ Exploration and Production (OQEP) has signed four contracts worth $53 million with local companies to help create jobs for Omani nationals. The contracts include oil field operations, construction facility and rig drilling, as part of OQEP’s in-country value (ICV) programme. “These agreements not only create new business opportunities for Omani enterprises but also […] May 14, 2025
