Oil & Gas Aramco explores stake in $18bn LNG project in US Saudi Aramco is considering buying a stake in Australia-based Woodside Energy’s liquefied natural gas (LNG) project in the US. The two companies signed a non-binding agreement to explore the stake buyout and LNG offtake from the $17.5 billion Louisiana LNG project, Woodside said in a statement on Wednesday. The collaboration agreement was signed in Riyadh […] May 14, 2025
Oil & Gas Aramco CEO Amin Nasser expects oil demand to hold ‘steady’ Saudi Aramco expects demand for oil to be higher this year than in 2024 and to hold “steady”, its CEO has said. Banks and international agencies have downgraded their forecasts for oil demand and prices in response to heightened trade tensions since April 2. But Aramco’s Amin Nasser said on an earnings call on Monday: […] May 13, 2025
Analysis Oil & Gas Gulf ready for high-energy talks with Trump Security, technology transfer and inward investment into the US may dominate the headlines but Gulf leaders meeting President Donald Trump this week are also likely to raise a raft of more humdrum energy issues. For Trump, who makes the first state visit of his second presidency from May 13 to 16, cheaper gasoline at the […] May 13, 2025
Opinion Development State first, market later for Algeria’s economic vision A firm social contract shapes the path of national development May 12, 2025
Oil & Gas Egypt clears $1.2bn in dues to foreign oil companies Egypt has reportedly paid $1.2 billion this month to foreign oil companies to settle part of its overdue debts. Total arrears to foreign oil companies operating in oil and gas exploration and extraction has reached $7.5 billion, up from $6.3 billion at the beginning of April, an unnamed government official told Asharq Business, an Arabic […] May 12, 2025
Oil & Gas Aramco profits down – and worse is to come, say analysts Saudi Aramco announced a drop in net income for the first three months of the year on Sunday, due to rising oil prices and higher operating costs. With state and state-affiliated institutions dependent on the national oil company dividends to fund numerous Vision 2030 infrastructure projects, the downturn throws Aramco’s investment plans into doubt. Oil […] May 12, 2025
Oil & Gas Aramco to post lower profit and may slash dividend National oil company Saudi Aramco is forecast to post lower first-quarter profit and may cut its 2025 dividend further as oil prices dip below its self-funding breakeven point, analysts have said. The world’s biggest oil company by production is likely to maintain its guidance for capital expenditure, however. Aramco is expected to post at least […] May 9, 2025
Oil & Gas Dana Gas to spend $100m on Egypt and Iraq expansion UAE company Dana Gas said it plans to invest $100 million in drilling for gas in Egypt and will add gas processing capacity at its joint venture field in Iraq’s Kurdistan province. Drilling 11 wells over the next two years, the company aims to increase gas recovery at its Egypt fields by 80 billion cubic […] May 9, 2025
Oil & Gas Oman’s Abraj gets $32m BP gas drilling contract BP Exploration has awarded Abraj Energy Services a $32 million contract to drill for gas in Oman’s Khazzan field, reinforcing the sultanate’s upstream ambitions amid continued investment in its energy sector. The three-year contract, disclosed in a filing to the Muscat Stock Exchange (MSX), covers drilling operations on Block 61, a tight gas project in […] May 8, 2025
Oil & Gas Oil profit fall at Oman’s OQ suggests bigger decline in Q2 Oman’s state-owned energy group OQ, which produces about a quarter of the country’s oil, reported a decline in first-quarter profit on the back of a fall in the price of crude. Net profit in the three months to March 31 fell 9 percent to $194 million over the same period last year, the company said […] May 8, 2025
Oil & Gas Jordan plans drilling campaign to bolster gas supplies Jordan’s state-owned National Petroleum Company (NPC) plans to drill 145 wells at the country’s Risha gas field through to 2030 to help reduce its reliance on imports, local newspapers reported. The company’s 2025-30 plan targets the production of 418 million cubic feet of gas, Jordan Times newspaper reported, citing NPC director-general Mohammed Khasawneh. It did […] May 8, 2025
Oil & Gas Adnoc Drilling to pay quarterly dividends Adnoc Drilling, a subsidiary of state-backed oil major Adnoc, will begin paying quarterly dividends, starting with $217 million for the first quarter of 2025. This comes as the company reported a 24 percent year-on-year jump in net profit to $341 million during the quarter ended March 2025. Revenues surged 32 percent yearly to $1.2 billion, […] May 8, 2025
Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025
Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […] May 7, 2025
Oil & Gas Adnoc awards rig contract to expand Zakum operations State-backed Adnoc is expanding operations at the offshore Zakum development project after one of its subsidiaries awarded a contract for three island oil rigs. Adnoc Drilling won the $806 million contract from Adnoc Offshore and its CEO Abdulrahman Abdulla Al Seiari said this award will deliver high-quality returns well into 2038 and beyond. The three […] May 6, 2025
Oil & Gas Goldman Sachs expects oil at $60 after Opec+ decision Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, Opec+, to accelerate oil output increases, the bank said in a note on Sunday. Goldman now expects Brent crude to average $60 per barrel for the rest of 2025 and $56 per barrel in 2026, […] May 6, 2025
Renewable Energy Oman petrol stations must install solar and EV charging Oman has toughened rules around licensing new petrol stations, telling operators to install solar power and provide electric vehicle charging points and other facilities. The Ministry of Commerce, Industry and Investment Promotion has said it will not issue licences for new petrol pumps unless they fulfil requirements which include the provision of fuel, suitable pumps […] May 6, 2025
Opinion Oil & Gas Opec+ throws the car into reverse, but keeps its grip on the wheel It is a stretch to see how the current market can be regarded as anything but uncertain May 5, 2025
Oil & Gas Opec+ triples additional June barrels to deter quota-breaking Saudi Arabia and seven members of Opec+ will triple the volume of barrels they add to the market in June, as part of the kingdom’s new strategy to squeeze quota-busting members and boost market share, experts said. Saudi Arabia and seven other countries implementing voluntary cuts decided in an online May 3 meeting to add […] May 5, 2025
Oil & Gas Higher oil prices wipe out Oman’s 2024 budget deficit Higher-than-budgeted oil prices wiped out Oman’s OR640 million ($1.7 billion) deficit for 2024, according to the finance minister, although the IMF has warned that the Gulf state still faces economic challenges. Oman posted a surplus of $1.4 billion last year as it sold oil at an average price of $82 per barrel, a third higher […] May 5, 2025
Analysis Economy Oil price fall poses spending dilemma for Saudi Arabia Saudi Arabia has various assets it could sell as the drop in oil prices pushes up the country’s 2025 budget deficit, economists have said. The country could also opt to plug the gap by issuing more debt or altering its spending plans. Saudi Arabia’s debt-to-GDP ratio is only 29 percent, according to S&P Global Ratings, […] May 5, 2025
Oil & Gas Oman strikes LNG deal with Mexico’s Amigo Oman has signed a 15-year agreement with Mexico’s Amigo LNG to secure liquefied natural gas (LNG) as part of its strategy to diversfy its clean energy sources. Under the agreement, the government-backed OQ Trading will purchase 0.6 million tonnes per annum (mtpa) of LNG from Amigo’s export terminal in Guaymas, Mexico. Amigo LNG is a subsidiary […] May 5, 2025
