Oil & Gas Saudi plans first Asia Arab Light price cut in seven months Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […] December 3, 2023
Energy Exxon Mobil hits back at IEA carbon capture criticism Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […] December 3, 2023
Energy 50 oil companies pledge to speed up climate action Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 […] December 3, 2023
Energy US launches plans to curb methane emissions The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […] December 2, 2023
Sustainability Carbon capture and storage not a ‘miracle’ climate cure A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […] December 2, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Sustainability World leaders unite after UN secretary general’s warning United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
Energy Al Jaber flags ‘strong views’ and calls for collaboration Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […] November 30, 2023
Oil & Gas Dana Gas to invest $43m to expand gas wells in Egypt Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year. The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported. During a meeting […] November 30, 2023
EXCLUSIVE Sustainability Opec Fund piles up financing for wheat, wind and water The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI. Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […] November 30, 2023
Oil & Gas Oil markets stand by ahead of Opec+ meeting Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […] November 29, 2023
Oil & Gas Opec says IEA has ‘vilified’ oil and gas producers Opec has hit out at the International Energy Agency, saying the IEA has “unjustly vilified” the oil and gas industry by accusing it of being behind the climate crisis. The organisation of leading oil producers responded on Monday to the IEA’s latest report about the industry’s transition to net zero. Its statement highlighted the divergence […] November 28, 2023
Oil & Gas Libya’s state oil firm needs $17bn to increase output Libya’s state oil firm, the National Oil Corporation (NOC), needs a budget of $17 billion to increase national oil output to 2 million barrels per day in three to five years, its chairman, Farhat Bengdara said in an interview. Bengdara told Alwasat TV on Sunday that there were no obstacles to increase the output but […] November 28, 2023
Oil & Gas Oil and gas investments in Oman reach nearly $6bn Total investment in oil and gas exploration, production and development in Oman reached $5.84 billion in the first half of 2023. Capital expenditure, including geological surveys, drilling and facilities, accounted for 62 percent of total investment, while 38 percent was allocated to operating expenses, state-run Oman News Agency reported. Oil companies drilled many exploratory wells […] November 27, 2023
Opinion Sustainability What Cop28 can learn from the World Economic Forum Davos meets Dubai on the climate change debate November 24, 2023
Oil & Gas Fossil fuel company valuations set to take a hit The International Energy Agency (IEA) has urged the oil and gas industry to actively participate in the fight against climate change by investing more in clean energy, despite the fact the declining demand for fossil fuels will lead company valuations to decrease by up to 60 percent. The IEA predicts that global demand for oil […] November 24, 2023
Energy Adnoc considers buying German oil and gas producer State-owned Abu Dhabi National Oil Company (Adnoc) is exploring a potential acquisition of Wintershall Dea, the European energy business backed by BASF SE. The possible deal could value Wintershall Dea, a German gas and oil producer, at more than €10 billion ($11 billion), the news agency reported, citing informed sources. UK-listed Harbour Energy Plc is […] November 24, 2023
Oil & Gas Tensions over quotas and cuts delay Opec+ meeting Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said. Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […] November 23, 2023
Energy Oman signs 9-year LNG supply deal with BP State-owned Oman LNG has signed an agreement to deliver one million metric tonnes per annum of LNG to British oil and gas major BP. Starting in 2026, the LNG will be delivered to BP for nine years, the state-run Oman News Agency reported. Hamed Al Naamany, CEO of Oman LNG, said that the expected revenues […] November 23, 2023
Energy Morgan Stanley expects Opec to rein in output Morgan Stanley says prices of each barrel of Brent crude are likely to be supported at a level in the mid-$80s as it expects producer group Opec to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on […] November 23, 2023
Energy QatarEnergy wins $570m ruling against Spanish firm QatarEnergy is the un-named company that will receive $570 million from the Spanish power utility Endesa after an arbitration ruling over a liquefied natural gas contract dispute, people familiar with the matter have told Reuters. The Spanish firm said on Monday it would have to pay the sum to an unidentified liquefied natural gas (LNG) […] November 23, 2023
