Energy Vitol Turkish unit buys BP’s gas station network The Turkish subsidiary of Vitol, the world’s largest independent oil trader, has signed an agreement to buy BP Plc’s gas station operations in Turkey. The agreement includes the sale of BP Turkey Refining Limited and BP Petrolleri AS to Turkish oil distribution company Petrol Ofisi Group. The value of the deal was not disclosed. On […] November 17, 2023
Oil & Gas Adnoc says revised emissions target is ‘strong step’ forward Adnoc, the Abu Dhabi National Oil Company, aims to be “net-zero operations” in terms of greenhouse gas emissions by 2045, five years earlier than originally planned. The government-owned energy company is investing billions of dollars to cut its in-house carbon emissions. Crucially, its targets exclude emissions created by customers consuming its oil and gas, although […] November 15, 2023
Oil & Gas IEA shifts forecast closer to Opec, but expects 2024 surplus The International Energy Agency expects the oil market to shift into surplus in 2024 – implying lower prices – on the back of slowing growth in demand. The IEA, which largely represents Western oil consumer nations, said that this slowdown would be down to efficiency gains and a weakening in the post-Covid rebound. A more […] November 15, 2023
Oil & Gas Hydrocarbon has role in ‘fair’ energy transition, says Adnoc Adnoc believes hydrocarbons will play a role in the energy transition despite their contribution to climate change, the Abu Dhabi state oil company has told AGBI. “All credible energy outlooks” show that “both renewable and conventional energy will continue to be needed to ensure a fair and responsible energy transition,” said a spokesperson. “We recognise […] November 15, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Energy Adnoc Gas earnings take a hit on lower prices Adnoc Gas, a unit of state-owned Abu Dhabi National Oil Company (Adnoc), said net profit for the third quarter of 2023 declined four percent year on year on lower prices due to geo-political pressures. Net profit for the July to September quarter reached $1.12 billion. Revenue slipped 12 percent year on year to $5.81 billion. […] November 15, 2023
Energy Adnoc Drilling Q3 profit rises 36% Adnoc Drilling reported a 36 percent rise in net profit for the third quarter of 2023, driven by strong top-line growth and effective cost-management initiatives. Adnoc Drilling is the drilling arm of the Abu Dhabi state oil company Adnoc. Net earnings for the period reached $257 million (AED943.96 million) in the quarter ended September 2023, […] November 14, 2023
Energy PIF investment to boost local energy sector supply chains Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement to invest in Alkhorayef Petroleum, a Gulf-based manufacturer of electric submersible pumps and equipment critical to oil and gas production The deal is part of its effort to improve supply chains in the energy services sector in Saudi Arabia. The Saudi sovereign wealth fund will […] November 14, 2023
Opinion Oil & Gas The tantalising prospect of a global decarbonisation alliance Cop28 has the chance to change perceptions of the hydrocarbon industry November 13, 2023
Energy Turkish energy operator expands to South Africa Turkey’s Karpowership, which has the world’s largest fleet of floating power stations, expects to start producing 450 megawatts (MW) of electricity in South Africa in 2024 to curb the power shortage there, chief commercial officer Zeynep Harezi said. The company expects to sign a financial deal by the end of this year, after it received […] November 13, 2023
Energy Saudi Arabia plans to invest in Nigeria’s oil refineries Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and […] November 13, 2023
Energy Adnoc Drilling’s new JV targets $1.5bn investments Adnoc Drilling Company and Alpha Dhabi Holding have agreed to establish a joint venture to invest up to AED5.5 billion ($1.5 billion) to acquire companies in the oilfield services (OFS) and energy sectors. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling will own 51 […] November 12, 2023
Retail Adnoc Distribution reports 9% quarterly profit rise Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week. The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a […] November 10, 2023
Oil & Gas Qatar North Field expansion impact to be felt from 2026 Qatar’s economic growth will get a boost from the increase in gas production at the North Field Expansion (NFE) project, but the impact will not be felt until 2026, according to experts. S&P Global Ratings said in a report this week it expects economic activity in Qatar to slow to 2 percent this year. That […] November 10, 2023
Economy Oman reports $2bn budget surplus despite drop in oil revenues Oman’s general budget registered a surplus of OMR791 million ($2.05 billion) by the end of the third quarter of 2023, compared to a surplus of OMR1.123 billion a year earlier. The government’s public revenues reached OMR8.89 billion during the nine-month period, down 16 percent, compared to OMR10.57 billion a year ago, state-run Oman News Agency […] November 10, 2023
Analysis Energy War puts Israel’s big plans for gas exploration in jeopardy Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […] November 9, 2023
Oil & Gas Growing ‘dark fleet’ carries sanctioned oil to China More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI. The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […] November 9, 2023
Analysis Sustainability What Big Oil says about climate change The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks. Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […] November 9, 2023
Energy Air Products profit beats estimates on Jazan project Industrial gas manufacturer Air Products and Chemicals beat fourth-quarter profit estimates on Tuesday, boosted by growth in its Jazan project in Saudi Arabia and higher LNG equipment sales. The Jazan project is a joint venture between the company and Acwa Holding to serve Saudi Aramco’s Jazan Refinery. The facility processes 400,000 barrels of crude oil […] November 8, 2023
Oil & Gas Saudi Aramco net profit down 23% after output cuts Saudi Aramco’s third quarter profit dropped by 23 percent year-on-year, after falls in both prices and volumes sold, the company said in a results announcement on November 7. The drop in volumes reflects Opec output cuts that the kingdom has championed. “The decrease principally reflects the impact of lower crude oil prices and volumes sold,” […] November 7, 2023
Energy Kuwait Petroleum to borrow $45bn to meet fund shortfall State oil giant Kuwait Petroleum Corporation (KPC) sees a near 14.1 billion Kuwaiti dinar ($45.7 billion) shortfall in the funds it has available to meet its five-year spending plan, and will need to borrow and sell assets to help plug the gap, a document seen by Reuters showed. Retaining its annual dividends instead of transferring […] November 7, 2023
Opinion Sustainability Loss, damage and Cop28’s multi-trillion-dollar challenge There is a body of opinion in the Middle East that the loss and damage concept is not fit for purpose November 6, 2023
