Oil & Gas Italy forced to wait as Qatar reroutes LNG vessels The conflict in the Red Sea has forced QatarEnergy to delay shipments of liquefied natural gas (LNG) to Europe, with Italy the first country to be directly affected. Italian energy company Edison said this week that a cargo scheduled to arrive at Italy’s Adriatic LNG terminal in Rovigo had been cancelled. According to a message […] January 26, 2024
Oil & Gas Middle East success pumps up Halliburton results US oilfield services company Halliburton has predicted a strong increase in its Middle East activity, and believes the region is set to be one of its best performing international markets in 2024. During its latest earnings call the energy company revealed $661 million in net income for the last quarter of 2023, down from $716 […] January 25, 2024
Oil & Gas Uganda in talks with UAE firm on $4bn oil refinery Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said. The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added. Negotiations to finalise commercial details between the Ugandan […] January 24, 2024
Oil & Gas Aramco awards $3.3bn contract for new gas facilities Saudi Aramco, the world’s largest oil producer, has awarded a $3.3 billion contract to a joint venture between Spain’s Técnicas Reunidas and China’s Sinopec Engineering Group to develop new natural gas liquids (NGL) fractionation facilities in Saudi Arabia. Two engineering, procurement and construction (EPC) contracts were awarded for the Riyas NGL facilities at Jafurah gas […] January 23, 2024
Energy Taqa to sell entire stake in Kurdistan oilfield Abu Dhabi National Energy Company (Taqa) has agreed to sell its entire stake in the Atrush oilfield in Iraqi Kurdistan to Canada’s ShaMaran Petroleum. Through its subsidiary Taqa International, the company has entered into a definitive agreement with ShaMaran subsidiary General Exploration Partners (GEP), Taqa said in a filing to the Abu Dhabi Securities Exchange […] January 22, 2024
Oil & Gas Adnoc raises decarbonisation budget to $23bn Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […] January 22, 2024
Energy Oman’s investment at $2bn in Musandam energy projects Oman energy investment company OQ SAOC said its investment in three major energy projects in the Musandam governorate has reached OMR800 million ($2.09 billion). These projects include the Musandam gas plant, the management of offshore fields in concession area 8 and the Musandam power plant, the state-run Oman News Agency reported. The Musandam gas processing […] January 22, 2024
Oil & Gas Sabic to commence $6.4bn project in China in 2024 Saudi Basic Industries Corporation (Sabic) will start constructing a $6.4 billion petrochemicals complex in Fujian, China, during the first half of 2024. The Saudi-listed petrochemicals producer announced its final investment decision, which allows the development of the mega complex, after signing a memorandum of understanding (MoU) with the Fujian Provincial Government in 2018. The project […] January 22, 2024
Energy Qatar to sign ‘cheaper’ LNG deal with India shortly State-run Qatar Energy is expected to sign a long-term deal within weeks to provide liquefied natural gas (LNG) to Indian buyers on cheaper and more flexible terms than existing contracts, according to a news report. The Indian companies and QatarEnergy have agreed on terms and a contract could be signed by the end of this […] January 21, 2024
Finance Tadawul Group to buy 32.6% stake in DME Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […] January 19, 2024
Oil & Gas Saudi Aramco CEO expects oil markets to tighten Saudi Aramco expects tighter oil markets due to growing crude demand and shrinking stockpiles, its CEO Amin Nasser has said. Nasser believes that the disruptions in the Red Sea will not affect global markets in the short term. However, an extension of the crisis would result in a shortage of tankers due to longer travel […] January 18, 2024
Finance Saudi Aramco doubles funds for venture capital arm The Saudi oil giant Aramco said on Wednesday that it had more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies. The additional $4 billion will be given over the next four years to Aramco Ventures, where Aramco had already […] January 17, 2024
Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024
Oil & Gas Low LNG demand cushions Europe from Red Sea issues Low demand and healthy natural gas inventory levels have offset concerns over the Red Sea crisis, leaving markets cool-headed, energy experts said. Europe’s benchmark natural gas price, Dutch TTF, traded at €29.99 ($32.65) per megawatt-hour on Tuesday as industrial demand weakens and stockpiles grow, despite the cold spell. “Demand has so far disappointed, as households […] January 16, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Oil & Gas Fears of supply disruption push crude prices over $80 Brent prices jumped by more than four percent on Friday after the US and its allies launched airstrikes against Houthi rebels in Yemen in retaliation for attacks by the Iran-backed group on ships in the Red Sea. Global crude oil benchmark Brent traded at $80.74 per barrel, slightly above the estimated break-even mark of GCC […] January 12, 2024
Oil & Gas Chinese refiners ask for less Saudi oil despite price cut Chinese refiners have lowered orders for Saudi crude oil for February despite Saudi Aramco’s biggest price cut in 13 months. About 38.5 million barrels were nominated by Chinese refiners for February loading, down slightly from about 40 million barrels for January, Reuters reported, citing trading sources. State-owned Saudi Aramco has cut the official selling price […] January 12, 2024
Oil & Gas Saudi energy minister: There’s more to us than just oil Saudi Arabia should no longer be described as an oil producer but an energy provider, the kingdom’s oil minister said this week. Prince Abdulaziz bin Salman told a minerals forum in Riyadh that Saudi Arabia aims to be a provider of all forms of energy, with global companies welcome to manage the entire process themselves […] January 11, 2024
Oil & Gas Indian refiners seek more Saudi oil after price cut Two Indian state refiners plan to increase crude imports from Saudi Arabia after Saudi Aramco cut the official selling price (OSP) for its flagship crude for February. Indian Oil Corporation (IOC) and Bharat Petroleum Corporation are exploring the option of importing an additional one million barrels of oil each from Saudi Aramco next month, Reuters […] January 10, 2024
Finance Abu Dhabi joint venture invests in US tech company An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership […] January 9, 2024
Oil & Gas Riyadh’s price cut fails to halt drop in oil markets Saudi Arabia’s decision to cut its February oil price is a response to rising supply and competitive pressures in the market, industry analysts have told AGBI. The country, the world’s biggest crude oil exporter, is reducing the official selling price to Asia of its flagship Arab Light crude to the lowest level in 27 months. […] January 9, 2024
Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024
