Oil & Gas Aramco embarks on $10bn expansion of gas network Saudi Arabia’s master gas system, one of the world’s largest hydrocarbon networks, is getting a $10 billion upgrade as the kingdom bolsters its energy infrastructure to support growing domestic gas demand. State oil and gas company Saudi Aramco has selected contractors for engineering, procurement and construction works on 16 of 17 programme packages. The project […] February 27, 2024
Energy Israel’s gas exports to Egypt and Jordan up 25% in 2023 Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25 percent in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further. Israel is positioning itself as a regional energy hub and has committed to supply natural gas to Europe, which […] February 27, 2024
Opinion Oil & Gas It’s official: Opec is a source of price stability in oil markets A report published by the Fed highlights oil producers' role in preventing crude spikes February 26, 2024
Energy Adnoc Distribution reveals plans for Egypt and Saudi Arabia Adnoc Distribution, the UAE’s largest fuel and convenience retailer, plans to increase revenues from international operations in Saudi Arabia and Egypt. The company is listed on the Abu Dhabi Securities Exchange and made the announcement during a presentation to investors on Monday when its share price fell slightly. CEO Bader Saeed Al Lamki said it […] February 26, 2024
Energy Qatar’s new LNG discovery to expand output by 85% State-run QatarEnergy will start work on a new liquefied natural gas (LNG) expansion initiative to expand the Gulf state’s LNG production capacity to 142 million tonnes per annum (mtpa) by the decade’s close. The North Field West project will see an 85 percent increase from current production levels, said Saad Al-Kaabi, president and CEO of […] February 26, 2024
Energy Aramco says new gas reserves found in Jafurah field Saudi Aramco has found significant quantities of proven reserves of gas and condensate in the Jafurah unconventional field, said energy minister Prince Abdulaziz bin Salman. The additional confirmed quantities reached 15 trillion standard cubic feet of gas and 2 billion barrels of condensate, state-run Saudi News Agency (SPA) reported, citing the minister. Reserves at Jafurah […] February 25, 2024
Oil & Gas Adnoc faces hurdles in completing ambitious European deals Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […] February 23, 2024
Energy Oman’s Rakiza buys 40% of Saudi power company Oman’s state-owned infrastructure investor Rakiza has secured the financial close of its first transaction in Saudi Arabia by acquiring 40 percent of Tihama Power Generation Company. Tihama comprises four combined heat and power plants located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah in the kingdom’s eastern province. The four plants produce 1,600 megawatts of electrical […] February 22, 2024
EXCLUSIVE Oil & Gas UAE’s Crescent can help Iraq meet its energy needs, says CEO Iraq’s energy needs offer great potential for growth for Crescent Petroleum, the oldest private oil and gas company in the UAE, its group chief executive Majid Jafar has told AGBI. The Sharjah-headquartered company has built an important presence in Iraq, where it has invested nearly $4 billion, mainly in the Kurdistan region. “We operate the […] February 21, 2024
Oil & Gas Saudi sovereign fund PIF buys 40% stake in Zamil Offshore Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company, one of the kingdom’s largest offshore support vessel operators and construction service providers. The value of the deal was not given. PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services and fleet […] February 20, 2024
Oil & Gas QatarEnergy breaks ground on $6bn ethylene complex QatarEnergy has broken ground on the $6 billion Ras Laffan petrochemical complex as part of its downstream expansion strategy. The state-owned Qatari energy firm had signed a final investment decision on the complex with its partner Chevron Phillips Chemical in January last year. The complex will house an ethane cracker with a capacity of 2.1 […] February 20, 2024
Oil & Gas BP commits $1.5bn to boost Egyptian presence Global oil major BP is set to invest up to $1.5 billion in exploration activities in Egypt, with potential expansion to nearly $5 billion, said CEO Murray Auchincloss. The company aims to capitalise on the current oil and gas exploration opportunities, the UAE’s state-run Wam news agency reported, citing the CEO. The investments are geared […] February 20, 2024
Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Opinion Oil & Gas Adnoc’s acquisition strategy could lead to something major Abu Dhabi's oil giant is keeping watch as European supermajors shed assets February 19, 2024
Oil & Gas IEA at odds with Opec over oil demand growth Global oil market balances tightened in January but crude demand growth is losing momentum, the International Energy Agency said. The industrialised world’s energy watchdog cut its 2024 expansion forecast on Thursday to 1.2 million barrels per day (bpd) in 2024, compared with 2.3 million bpd last year. The IEA noted in its monthly report a […] February 16, 2024
Logistics Adnoc logistics subsidiary profit up 138% Adnoc Logistics and Services (L&S) reported a 138 percent year on year increase in net profit to AED2.3 billion ($620 million) as all its business segments continued to perform strongly. Revenues at Adnoc’s logistics subsidiary rose 41 percent year on year to $2.8 billion, particularly aided by the integrated logistics division, Adnoc L&S said in a […] February 15, 2024
Oil & Gas Some countries missing oil cut targets, says Opec Crude production by Opec fell by 350,000 barrels per day (bpd) in January, as members of the wider Opec+ group started implementing voluntary output cuts, the oil bloc said in its monthly report published this week. Some countries did not adhere to the pledged amounts, complicating Opec’s efforts to stabilise global oil prices. Kuwait and […] February 14, 2024
Energy Taqa energy company doubles earnings in 2023 Abu Dhabi National Energy Company’s (Taqa) net income more than doubled to AED17 billion ($4.6 billion) in 2023. The higher income was driven by a one-off gain of AED10.8 billion recognised on the acquisition of a five percent shareholding in Adnoc Gas. However, it was offset in part by a one-off AED1.1 billion deferred tax […] February 14, 2024
Oil & Gas Adnoc Drilling focuses on expansion outside UAE Adnoc Drilling is seeking opportunities outside the UAE to increase its international presence, a senior executive has said. The Abu Dhabi-listed company has started operations in Jordan, where it deployed one rig as part of a contract with the Jordanian government, according to Yussef Salem, their chief financial officer. The company said recently it would […] February 14, 2024
Analysis Oil & Gas Experts wonder if Saudi Arabia has enough gas to go around Saudi Arabia is investing hundreds of billions of dollars in natural gas, but analysts are divided about the chances of the world’s largest oil exporter becoming a gas-exporting powerhouse too. The kingdom’s biggest gas play is the Jafurah basin, located in the Tuwaiq mountains about 185 miles from Dammam and southeast of the massive Ghawar […] February 14, 2024
Oil & Gas Aramco will move oil spending to gas, chemicals and liquids The capital expenditure originally allocated for increasing production capacity at state oil company Saudi Aramco will instead be used to expand into the gas, liquids and chemicals sectors, Saudi officials said this week. Aramco is adapting as the world moves towards low-carbon energy. It will announce its new strategy soon, CEO Amin Nasser told the […] February 13, 2024
Opinion Oil & Gas Why the Saudis have to keep oil prices higher for longer The kingdom's vast Vision 2030 plan makes it imperative that it keeps oil prices high February 13, 2024
