Energy Egypt says hike in power prices will cut losses to $2.4bn Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […] January 4, 2024
Opinion Oil & Gas Economics, not geopolitics, will define oil prices in 2024 War in Ukraine and Gaza and missile attacks in the Red Sea are unlikely to have an effect January 3, 2024
Energy Saudi may cut crude price premium to one-year low Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world’s top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai […] January 3, 2024
Opinion Oil & Gas Five outrageous Middle East predictions for 2024 Pure madness or real possibilities? You decide January 2, 2024
Economy Oman forecasts 2024 budget deficit despite higher revenue Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […] January 2, 2024
Oil & Gas PetroChina takes control of Iraqi oilfield from ExxonMobil US energy giant ExxonMobil Corp has officially exited the West Qurna 1 oilfield in Iraq, handing over its operations to Chinese oil and gas major PetroChina as lead contractor. “We are meeting today to bid farewell to ExxonMobil, and at the same time we congratulate PetroChina for becoming the lead contractor,” Basim Mohammed, deputy oil […] January 2, 2024
Opinion Energy The year ahead for Mena energy The region’s chasms have rarely been so wide – they must be bridged in 2024 January 1, 2024
Energy Saudi driller Ades bags $214m contract in Indonesia Ades Holding Company has signed a long-term drilling contract with Pertamina Drilling Services Indonesia in the Java Sea. The deal for the offshore jackup rig is valued at SAR803 million ($214 million), the company said in a statement to the Saudi stock exchange. The contract is for three years, with an option for a two-year […] January 1, 2024
ANALYSIS Economy From sports to oil cuts: Saudi Arabia’s year in review As the curtain comes down on 2023 and Saudi Arabia moves closer to its Vision 2030 deadline, AGBI looks back at the highlights and notable events of the past twelve months in the kingdom. Saudi Arabia wins hosting rights for major events Saudi Arabia’s drive to draw global attention to its development efforts scored important […] January 1, 2024
Energy QatarEnergy signs 5-year crude supply deal with Shell State-owned QatarEnergy has signed a five-year crude supply agreement with Shell in Singapore. The company will supply up to 18 million barrels of Qatar Land and Qatar Marine crude oils each year to Shell International Eastern Trading Company starting in January. “We are delighted to sign our first-ever five-year crude sales agreement. This agreement further […] December 29, 2023
Analysis Oil & Gas Opec set for tricky new year: US booms and demand slows Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […] December 29, 2023
Energy Saudi Arabia poised for $600bn inflow into petrochemicals sector Investments into Saudi Arabia’s petrochemicals sector are expected to reach $600 billion by 2030, investment minister Khaled Al Falih told the Saudi-Japanese Investment Forum in Riyadh. “We will continue our joint investment and partnership in developing the hydrocarbon sector while looking forward to expanding our joint ventures in the future of new energy,” he added. […] December 26, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
Analysis Oil & Gas The big deals that shaped oil and gas in 2023 Throughout 2023, Gulf states sought to ramp up their potential production output, even as thoughts turned to Cop28 and an eventual transition away from hydrocarbons. As the year draws to a close, AGBI looks at some of the biggest deals in the regional oil and gas sector in 2023 Jafurah Basin In Saudi Arabia, Saudi […] December 25, 2023
Energy Brazil’s Petrobras explores refining alliance with Mubadala Petrobras will explore a proposal from Abu Dhabi’s Mubadala Capital on developing a downstream and biorefining partnership in the northeastern state of Bahia, the Brazilian state-run oil company said in a statement. “The aim of the future partnership is to strengthen the business environment in the sector and increase the supply of renewable fuels in […] December 24, 2023
Energy Adnoc signs LNG supply deal with Chinese energy company State-owned oil major Adnoc has signed a 15-year heads of agreement with ENN LNG (Singapore) Pte, a wholly-owned subsidiary of China’s ENN Natural Gas Company, for the delivery of at least one million metric tons per annum (mmtpa) of liquefied natural gas (LNG). The LNG will primarily be sourced from Adnoc’s low-carbon Ruwais LNG project, […] December 23, 2023
Oil & Gas Angola’s Opec exit points to growing divisions on quotas Angola’s decision to leave the Organisation of the Petroleum Exporting Countries (Opec) over a production quotas dispute will have a limited impact on oil supply but highlights cracks in the organisation’s long-term unity, industry analysts have said. Diamantino Pedro Azevedo, Angolan mineral resources minister, said the African country’s role in the organisation was not deemed […] December 22, 2023
Video length: 04:21 Logistics Red Sea shipping crisis drives prices up Attacks in the lower Red Sea by Houthi militants based in Yemen have resulted in a sharp rise in shipping costs. While regional importers are unlikely to see any immediate impact over the holiday period, shortages and supply chain issues will start to take hold in February, an industry expert has said. “We can expect […] December 22, 2023
Energy Mubadala Energy makes gas discovery offshore Indonesia Mubadala Energy, the wholly-owned subsidiary of Abu Dhabi’s Mubadala Investment Company, has discovered a significant deep-sea gas reserve in Indonesia’s South Andaman Block. The discovery at the Layaran-1 exploration well, located 100 km off northern Sumatra, has more than 6 trillion cubic feet (tcf) of gas, or about 170 billion cubic metres. The well, drilled […] December 20, 2023
Oil & Gas BP and Equinor divert tankers from Red Sea Two European oil and gas companies, BP of the UK and Equinor of Norway, have joined a group of shipping lines that are diverting their tankers away from the Red Sea, following missile and drone attacks by Yemen’s Houthi militants. BP said in a statement: “The safety and security of our people and those working […] December 19, 2023
Opinion Oil & Gas Cops in Baku and Belem bode well for Global South Azerbaijan and Brazil can bring their own perspectives on climate change December 19, 2023
Energy Adnoc to raise takeover bid for German chemicals maker The state-owned Abu Dhabi National Oil Co (Adnoc) is gearing up for a renewed offer of €60 ($65.53) per share for the German plastics and chemicals maker Covestro, a media report said. The bid could value the German company at close to €11.3 billion, Bloomberg reported, citing informed sources. Adnoc aims to present the revised […] December 19, 2023
