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Oil & Gas

Oil and gas news from the Middle East and beyond. All the important stories, exclusive interviews, plus authoritative opinion and analysis

A worker at Nahr Bin Umar oil field, north of Basra. Iraq has about 8% of global oil reserves

Opec Gulf producers make the largest cuts in May

Opec oil output fell in May after Saudi Arabia and other members of the broader Opec+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline. The Organization of the Petroleum Exporting Countries has pumped 28.01 million barrels per day (bpd) […]

Gulf energy transition

Analysts’ view on possible Opec+ output cuts  

The Organization of the Petroleum Exporting Countries with Russia and other allies, or Opec+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fueling a rise in prices. But going into the meeting […]

Why is Opec+ cutting oil output?

Opec and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as Opec+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 percent of global demand, after several members pledged unilateral cuts. The surprise announcement […]

Aramco innovation

Aramco dividends outstrip rival blue-chips

Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […]

Opec's Haitham Al Ghais told Adipec that the oil industry needs $600bn of investment a year

Opec ‘would welcome’ Iran once sanctions lifted

Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday.  Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […]

Saudi to invest in Iraq gas field said Iraq’s oil minister Hayan Abdel-Ghani

Saudi Arabia to invest billions in Iraq, officials say

Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […]

Oil demand is projected to rise to a record 102 million barrels per day by the end of this year, but ageing tanker fleets threaten to create bottlenecks in supply

Billions needed to replace crude oil tanker fleet

Hundreds of billions of dollars of investment is needed to replace ageing crude oil tankers and avert supply bottlenecks, according to the chairman of the Indian Oil Corporation. Shrikant Madhav Vaidya said this week that an estimated annual $640 billion investment is needed to maintain current supplies and meet projected growing demand. According to the […]

India oil

Indian oil refiner balances Gulf and Russian suppliers

The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […]

Aramco

New appointments to boost Aramco’s oil business growth

Aramco has named Nasir Al Naimi as president of its upstream business and Mohammed Al Qahtani as president of its downstream business. Aramco president and CEO Amin Nasser said he expected these newly created positions to help drive operational and financial performance and support the oil firm’s ambition “to achieve net-zero Scope 1 and Scope […]

Qatar awards $10bn contract to boost LNG project

Qatar has signed a $10 billion contract with joint venture headed by French engineering and technology company Technip Energies which aims to substantially increase the capacity of the North Field South (NFS) gas project. State-owned QatarEnergy signed the engineering, procurement, and construction contract for the NFS project with a joint venture consisting of Technip Energies […]

Abu Dhabi's Taqa will lead the operation and maintenance of Saudi Arabia's Juranah water reservoir project in Makkah

Taqa Q1 net income surges to $3.16bn on Adnoc Gas stake

Abu Dhabi National Energy Company (Taqa) reported a net income of AED11.6 billion ($3.16 billion) in the first quarter of 2023, from AED1.97 billion a year earlier, mainly driven by its five percent stake in Adnoc Gas. Established in 2005, Taqa is a diversified utilities and energy group headquartered in Abu Dhabi. Net income for […]

Opec says global oil industry needs $12.1trn investments

The global oil industry will need investments worth $12.1 trillion between now and 2045 as energy demand grows, according to Opec secretary General Haitham Al Ghais. “This equates to more than $500 billion each year,” he said, adding the oil industry alone will make up almost 29 percent of the world’s energy needs by 2045. […]

Braskem Adnoc

Brazil’s Braskem confirms takeover bid from Adnoc

Braskem confirmed on Tuesday that its controlling shareholder Novonor received a takeover offer from Abu Dhabi National Oil Company (Adnoc) and Apollo Global Management. The Brazilian petrochemicals producer had previously said that a non-binding bid of 37.5 billion reais ($7.5 billion) had been presented to Novonor but did not say where the offer had come […]

Braskem Brazil

Adnoc ‘in talks’ to buy Brazilian petro firm Braskem

Abu Dhabi National Oil Company (Adnoc) and US-based asset manager Apollo Global Management are said to have submitted a joint bid of 37.5 billion reais ($7.5 billion) to acquire São Paulo-headquartered Braskem.  Discussions are in the early stages, Bloomberg reported, citing sources close to the potential deal. AGBI has contacted Adnoc for comment.  The state-owned […]

Aramco CEO Amin Nasser

Aramco profits drop 19% to $31.9bn in Q1

Saudi’s Aramco has reported a 19 percent drop in first-quarter profits year on year, mainly driven by lower crude oil prices. Net profit at the oil group slipped to SR119.54 billion ($31.9 billion) for the first three months of 2023. However, this was still 3.75 percent higher than the company’s performance in the final quarter of […]

PIF Zamil Offshore exploration

QatarEnergy to explore oil off Suriname coast

QatarEnergy has signed a 30-year production-sharing contract with Suriname’s state-owned oil company Staatsolie for a block off the coast of the South American country. The Qatari state-owned company has signed a similar deal with France’s TotalEnergies for a second offshore block, according to a Staatsolie statement. The two blocks (No 6 and No 8) are […]

Algeria's state-run Sonatrach plans to develop its gasfields to help offset declining production

Investment needed to unlock Algeria’s gas supplies

Algeria has helped to plug Europe’s gas needs following Russia’s invasion of Ukraine, but industry experts say future growth in exports can only be sustained with further investment.  Africa’s largest gas exporter saw its share of EU gas imports increase to 44 billion cubic metres last year, accounting for around 12 percent of the total, […]

BP plans assets transfer into new venture with Adnoc

BP is planning to transfer assets into a new joint venture with the Abu Dhabi National Oil Company (Adnoc), which will focus on developing new gas resources in the East Mediterranean, said chief financial officer Murray Auchincloss. “BP expects to contribute assets to form the joint venture,” he told Reuters without providing details or costs. […]

People, Person, Adult

Saudi Crown Prince and Putin discuss Opec+ deal  

Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the Opec+ deal to cap oil production in a telephone call on Friday. The two leaders expressed satisfaction with the level of cooperation between the respective countries to bring stability to the global oil market, the Kremlin said in a statement. “The conversation […]

GIC completed the acquisition of a minority stake in Pipecare Group Holding on November 15

Turkey to start pumping Black Sea gas from April 20 

Turkey will begin pumping the natural gas discovered in the Black Sea into the national grid on April 20, President Tayyip Erdogan announced. In December 2022, the president announced the discovery of an additional 58 billion cubic metres (bcm) of natural gas reserves at the Caycuma 1 block in the Black Sea. The country’s natural […]