Opinion Economy Davos without the fondue – the WEF Global Future Councils The GFC is an insightful introduction to the World Economic Forum – and a nerd’s paradise October 20, 2023
Energy Opec+ unlikely to change policy on Venezuela’s return An easing of US oil sanctions on Opec member Venezuela is unlikely to require any policy changes by the Opec+ producer group for the time being as a recovery in production is likely to be gradual, Opec+ sources told Reuters. Opec+’s attitude towards the easing of sanctions means the group, which produces over 40 percent […] October 20, 2023
Opinion Sustainability Seven steps to reducing the Gulf’s emissions All GCC nations are in the top 10 of global polluters. This is what they can do about it October 19, 2023
Energy QatarEnergy to supply LNG to Netherlands for 27 years A 27-year LNG supply deal has been signed between state-owned QatarEnergy and London-based Shell to bolster Europe’s energy security. Affiliates of QatarEnergy and Shell signed two long-term LNG supply agreements for up to 3.5 million tonnes per annum (mtpa) of LNG from Qatar to the Netherlands. The LNG will be delivered to the Gate LNG […] October 19, 2023
Energy Kuwait Oil Company signs $1.7bn soil contracts Kuwait Oil Company (KOC) has signed contracts worth $1.73 billion linked to rehabilitating the soil of oilfields damaged during Iraq’s invasion of Kuwait, according to a document seen by Reuters. The contracts are for “rehabilitation, treatment, drilling, transportation, and backfilling, covering all affected areas and areas to be rehabilitated within the oilfields,” oil minister Saad […] October 19, 2023
Oil & Gas Japan’s Mitsui looks at buying stake in Qatar’s LNG project Japanese trading house Mitsui & Co is considering buying a stake in the North Field liquefied natural gas (LNG) expansion project in Qatar as a way to ensure a stable supply of LNG, a Mitsui spokesperson said. “We have always said that we would consider investing in any quality LNG projects, and the North Field […] October 19, 2023
Energy Adnoc signs long-term LNG supply pact with Japan’s Jera Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a multi-year liquified natural gas (LNG) supply agreement with Jera Global Markets, a trading subsidiary of Japan’s Jera Company. The agreement is valued between $500 million and $700 million (AED1.8-2.5 billion), the company said in a statement. Adnoc Gas CEO Ahmed Alebri […] October 18, 2023
Opinion Oil & Gas Geopolitics put oil traders on edge The conflict in Gaza has the potential to have a severe impact on world energy markets October 16, 2023
Energy Iraq and UAE’s Crescent to develop three oil and gas fields Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday. UAE-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq’s Basra and Diyala provinces in northeastern Baghdad. The Crescent Petroleum contracts are […] October 16, 2023
Energy Aramco explores possible bid for Shell’s Pakistan assets Saudi Aramco, the world’s largest oil producer, is considering bidding for Shell Plc’s assets in Pakistan, Bloomberg reported, citing informed sources. The potential acquisition will be the first for the Saudi oil giant in the South Asian nation. Aramco is studying the Shell assets, including Karachi-listed Shell Pakistan Limited, which has a market value of […] October 15, 2023
Energy QatarEnergy and Total strike 27-year LNG supply deal State-owned QatarEnergy has signed two long-term agreements with France’s TotalEnergies for the supply of up to 3.5 million tonnes per annum (MTPA) of liquefied natural gas (LNG). The LNG will be delivered to the Fos Cavaou LNG terminal in southern France, with deliveries expected to start in 2026 for 27 years, the Qatari energy firm […] October 13, 2023
Energy India wants Aramco to develop petroleum reserve India wants Saudi Aramco to participate in its planned 6.5 million metric tonnes strategic petroleum reserve (SPR) programme as the South Asian nation aims to strengthen ties with its key oil supplier, according to a document seen by Reuters. The two nations have been talking about Aramco’s participation in the SPR programme for years. The […] October 12, 2023
Energy Aramco in talks to buy 10% of Shandong Yulong refinery Saudi Aramco, the world’s largest oil producer, is discussing buying a 10 percent stake in China’s Shandong Yulong Petrochemical Company. Shandong Yulong is currently in the process of completing the construction of a refining and petrochemicals complex in eastern China’s Shandong province. The facility will process 400,000 barrels per day of crude oil and produce […] October 12, 2023
Energy Russian investments in Iraq total $19bn, Putin confirms Russia’s investments in Iraq totalled around $19 billion, Russian President Vladimir Putin said in a televised excerpt of talks with the country’s prime minister. Putin hosted Iraqi Prime Minister Mohammed Shia Al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the Opec+ group of top oil producers, saying it had helped […] October 11, 2023
Energy Chevron halts gas exports from Israel to Egypt Chevron has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, the company said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline came as fighting has intensified between Israel and militants in the Gaza Strip. […] October 11, 2023
Energy Kuwait to boost oil output by 38% to 4m bpd by 2035 Kuwait’s oil minister announced a new strategy to boost fossil fuel production on Monday and said his country would prepare the infrastructure for the Durra gas field, which it shares with Saudi Arabia and Iran claims a stake in. The strategy for the state-owned Kuwait Petroleum Corporation (KPC) aims to raise overall oil production capacity […] October 10, 2023
Oil & Gas Oil prices surge as conflict intensifies in Israel Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […] October 9, 2023
Opinion Oil & Gas Prepare for peak oil, but GCC has no need to panic Saudi Arabia and other GCC producers will capture a larger share of the shrinking market October 9, 2023
Economy Saudi economy will contract due to oil output cuts says World Bank The World Bank has forecast that the Saudi economy will contract by 0.9 percent this year with a budget deficit of 2 percent of GDP. This is a slightly more hawkish assessment than Saudi Arabia’s most recent estimations of an economic slowdown. Analysts and ratings agencies have been revising their assessments in light of oil […] October 6, 2023
Adipec Oil & Gas Adnoc signs deals for world’s largest sour gas development Abu Dhabi state oil producer Adnoc has awarded engineering, procurement and construction contracts worth nearly $17 billion for its Hail and Ghasha sour gas development, the biggest of 30 agreements the energy giant signed at the Adipec conference this week. Adnoc awarded an offshore package worth $8.2 billion to a joint venture between the National […] October 5, 2023
Adipec Oil & Gas LNG is a ‘perfect business’ says TotalEnergies CEO TotalEnergies is pressing ahead with a strategy focusing on gas and integrated operations, even if its CEO foresees a possible glut in expensive liquefied natural gas terminals towards the end of the decade. The French company has been in the LNG business for 40 years and has become the second biggest operator in the sector […] October 4, 2023
Energy Iraq sets deadline for oil firms in new licensing rounds Iraq has set a January 2024 deadline for international energy companies to submit formal letters of intent to take part in its so-called “fifth plus” and sixth licensing rounds, as the country strives to boost gas production and cut imports. Iraq, Opec’s second-biggest producer after Saudi Arabia, is awarding 30 new oil and gas projects […] October 4, 2023
