Oil & Gas Adnoc Drilling 2023 profit jumps 29% to $1bn Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services. Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 […] February 13, 2024
Energy Adnoc Gas Q4 2023 profit rises 24% Adnoc Gas, a division of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit increased 24 percent year on year to $1.3 billion for the fourth quarter of 2023. Revenue for the three months ended December 31, 2023, rose seven percent to $6.3 billion, as processed volumes grew to 912 trillion British thermal units, […] February 12, 2024
Energy Dana Gas profit falls 12% on lower hydrocarbon prices Profits at Abu Dhabi-listed Dana Gas fell 12.1 percent year on year to AED586 million ($160 million) in 2023 as a result of lower hydrocarbon prices. However, the company reported a production increase in the Kurdistan Region of Iraq and reduced operating costs. Revenue decreased 20 percent year on year to AED1.55 billion. Operational costs fell […] February 8, 2024
Oil & Gas QatarEnergy to sell cheaper LNG to India’s Petronet QatarEnergy has renewed its contract to supply 7.5 million tonnes per year of liquefied natural gas to Indian importer Petronet LNG. The 20-year contract, which will begin in May 2028, is reportedly valued at $78 billion – significantly less than the agreement it will replace. Petronet could save around $6 billion over the contract term, […] February 7, 2024
Oil & Gas Adnoc Distribution profit falls 5% in 2023 Adnoc Distribution, the Abu Dhabi-listed fuel retailer, saw net profit fall 5.4 percent to AED2.6 billion ($707.87 million) in 2023, from AED2.75 billion in 2022, after lower inventory gains. Revenue rose 7.8 percent year on year to AED34.63 billion, thanks to a double-digit increase in fuel volumes and non-fuel business. The Abu Dhabi-listed fuel retailer […] February 7, 2024
Oil & Gas Turkey and Russia to discuss gas and grain deals Turkey’s President Recep Tayyip Erdoğan and his Russian counterpart Vladimir Putin are to discuss a gas hub project and Black Sea grain exports during their upcoming meeting in Ankara, according to a media report. Although foreign minister Hakan Fidan did not confirm a date for the trip, reports suggest Putin will visit Ankara next week, Daily […] February 7, 2024
Oil & Gas Adnoc Drilling to explore regional buyouts Adnoc Drilling is looking for regional acquisitions to expand its international reach in 2024. The company expects to have 142 operational rigs in 2024 to support state-owned parent company Adnoc’s five million barrels per day capacity target, state-run Wam news agency reported, citing CEO Abdulrahman Al Seiari. “The expansion of fleet and integrated drilling services […] February 7, 2024
Energy Oman-Kuwait JV to open $9bn crude oil refinery The $9 billion OQ8 crude oil refinery, which has a daily capacity of 230,000 barrels, will be inaugurated on Wednesday. The refinery has been developed by Duqm Refinery and Petrochemical Industries, a joint venture between Oman’s OQ Group and state-run Kuwait Petroleum International. It is the largest joint investment in the petrochemical and refinery industry between […] February 6, 2024
Energy Aramco keeps Asia-bound flagship crude price stable Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […] February 6, 2024
Opinion Energy Hey Joe, your LNG plan could be downright dangerous Joe Biden's 'pause' on LNG exports seems to be about the election, not energy policy February 5, 2024
Markets Appetite high for Aramco’s $10bn second listing Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […] February 5, 2024
Oil & Gas Qatar awards contracts for oilfield expansion QatarEnergy has awarded contracts worth $6 billion for the third development phase at its largest oilfield, Al Shaheen. The deals are part of the Ru’ya project, designed to increase Al Shaheen’s production capacity by about 100,000 barrels per day. The third phase is intended to produce 550 million barrels of oil over five years, with […] February 1, 2024
Oil & Gas SLB still confident in Middle East despite Aramco hit US oilfield services company SLB is expecting significant growth in the Middle East this year, despite its share price taking a hit following this week’s output announcement by Saudi Aramco. SLB shares fell by more than 6 percent after Aramco’s decision to ditch the plan to boost its oil output capacity. The company’s income is […] February 1, 2024
Industry Borouge’s 2023 profit falls 29% on produce price drop Abu Dhabi-listed petrochemicals major Borouge said net profit fell 29 percent to $1 billion in 2023 from $1.41 billion in 2022. The slide in profit was attributed to a 16 percent decline in average selling prices as global polyolefins demand reduced from peak levels in 2022. This was partially offset by a one percent increase […] February 1, 2024
Analysis Oil & Gas Oil output to shield Libya from $1.8bn flooding bill Libya’s economy will be largely shielded from the multi-billion-dollar costs of catastrophic flooding by an increase in oil production, a report has predicted. The cost of reconstruction and recovery is estimated at nearly $1.8 billion, according to research from the World Bank, United Nations and European Union. Damage and economic losses are said to total […] February 1, 2024
Logistics Iraqi Kurdistan ordered to pay $490m to Kuwaiti firm Iraq’s Kurdistan Regional Government (KRG) must pay Kuwaiti logistics company Agility $490 million after a Kuwaiti court rejected its appeal against an earlier award for the same amount, in the latest setback for the financially stricken administration. The KRG had guaranteed a $250 million loan that an Agility subsidiary, Alcazar Capital Partners, provided to Erbil-based […] February 1, 2024
Oil & Gas Oil service company shares dive on Aramco decision Saudi Aramco’s decision to cancel plans to expand its oil output capacity has resulted in the share price of some top oilfield service companies taking a sharp dive. Shares in firms including SLB, Weatherford and Saipem tumbled by 10 to 15 percent on Tuesday before regaining some ground. State-run Aramco, the largest oil company in […] January 31, 2024
Economy IMF predicts 2025 rebound for Saudi GDP The International Monetary Fund this week lowered its 2024 forecast for GDP in Saudi Arabia to 2.7 percent, down from 4.0 percent forecast last October. The IMF cited the kingdom’s lower oil production, a day after state oil company Saudi Aramco surprised markets by scrapping plans to expand maximum output capacity to 13 million barrels […] January 31, 2024
Oil & Gas Nigeria and Morocco renew focus on gas pipeline project Talks to deliver Nigerian gas to Morocco and Europe have intensified, the Nigerian National Petroleum Company said in a press release published on its website. The discussions are focused on how to accelerate the financial investment decision for the pipeline project in line with the series of memoranda of understanding signed between the two countries […] January 31, 2024
Oil & Gas Business as usual at next Opec+ meeting say experts Opec+ is unlikely to make any drastic policy changes when it holds its ministerial panel on Thursday, according to industry experts. It is thought the organisation, which consists of the Saudi-led Opec bloc and the Russian-led non-Opec group with 10 participants, will probably focus on verifying members’ compliance with agreed output levels and their commitment […] January 30, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024
Energy UAE’s Adnoc Gas in long-term deal with India’s Gail Adnoc Gas, a division of the state-owned Abu Dhabi National Oil Company (Adnoc), has signed a 10-year agreement to supply 0.5 million metric tons a year of liquified natural gas to Gail India Limited. “India continues to be a key market for us,” Adnoc Gas CEO Ahmed Mohamed Alebri said in a statement published on […] January 30, 2024
