Energy Italy’s Eni commits $8bn to Egypt’s energy sector Italian oil and gas company Eni plans to invest almost $7.7 billion in Egypt over the next four years, according to Egyptian presidential spokesman Ahmad Fahmi. The announcement was made after Egypt’s President Abdel Fattah El Sisi met with Eni CEO Claudio Descalzi on Sunday. The meeting was also attended by Egypt’s minister of petroleum […] September 5, 2023
Energy Oil at $90-$100 may lead Saudi to taper supply cuts Oil prices in the range of $90-$100 per barrel may lead Saudi Arabia to taper its supply cuts, Gary Ross, CEO of Black Gold Investors and a veteran Opec watcher, told an energy industry conference in Singapore on Monday. Saudi Arabia is widely expected to roll over a voluntary oil cut of one million barrels […] September 5, 2023
Oil & Gas Oman plans IPO of gas transport operator Oman’s natural gas transportation network operator OQ Gas Networks (OQGN) is planning to sell up to 49 percent of its share capital through an IPO. The subscription, subject to regulatory approvals from the sultanate’s Capital Market Authority, will commence this month and be open to all qualified investors. The listing on the Muscat Securities Market […] September 4, 2023
Opinion Oil & Gas Saudi Arabia and Russia’s marriage of convenience There have been some bumps in the road, but oil price continues to bind the countries together September 4, 2023
Markets Aramco targets $50bn in IPO on local bourse Saudi Aramco is planning to sell a stake valued at $50 billion through a secondary share offering on the Saudi stock exchange, according to a media report. The sale is likely to happen before the end of the year after consultations with an adviser, the Wall Street Journal reported, citing Saudi officials. Aramco has been […] September 4, 2023
Oil & Gas Aramco in talks with Sinopec to expand Yanbu refinery China’s Sinopec Corp, the world’s largest refiner by capacity, is exploring expanding the Yasref refinery in Yanbu, Saudi Arabia, following a preliminary agreement with Saudi Aramco last December, a company executive told Reuters. The Chinese state-run company’s overseas investments to date include the 400,000 barrels-per-day (bpd) Yasref refinery and the $10 billion Amur Gas Chemical […] September 1, 2023
Energy Opec oil output rises despite Saudi’s ongoing cuts Opec oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday, despite ongoing cuts by Saudi Arabia and other members of the wider Opec+ alliance to support the market. Opec has pumped 27.56 million barrels per day (bpd) this month, the survey found, up 220,000 […] September 1, 2023
Oil & Gas Saudi Arabia has highest fuel subsidies per capita in G20 Saudi Arabia is by far the highest provider of fuel subsidies per capita among the G20 advanced economies, the IMF said this month as it called for fossil fuel price reforms to reduce carbon emissions. The IMF Fossil Fuel Subsidies Data: 2023 Update working paper said Saudi Arabia spent almost $7,000 per person in 2022. […] August 30, 2023
Oil & Gas Egypt to invest $1.9bn to drill 45 exploratory gas wells Egypt is planning to drill 45 natural gas exploratory wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to minister of petroleum and mineral resources Tarek El Molla. The drilling of 10 wells was completed between July 2022 and June 2023, which resulted in the massive discovery of […] August 30, 2023
Energy Saudi Arabia may raise Arab Light price to 10-month high Saudi Arabia may raise prices of all crude grades it sells to Asia in October. The world’s top oil exporter is expected to extend its voluntary output cut for a third month, keeping sour crude supply tight and prices elevated. The October official selling price (OSP) for flagship Arab Light crude could increase by about […] August 30, 2023
Video length: 03:36 VIDEO Economy Brics expansion could hasten move away from dollar The addition of six new countries to the Brics bloc – including some of the world’s largest oil exporters – is likely to expedite the decline in the US dollar’s prominence in global trade, according to a Dubai financial analyst. Saudi Arabia, the UAE, Egypt, Iran, Argentina and Ethiopia have all been accepted as members […] August 29, 2023
Energy PIF-backed oil and gas driller to float 30% on Saudi bourse Oil and gas driller Ades Holding, which is backed by Saudi Arabia’s Public Investment Fund, has announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The share sale comprises 338.72 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and […] August 28, 2023
Energy China’s Sinopec profit falls 20% on lower oil prices Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20 percent decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tonnes of crude throughput, about 5.04 million […] August 28, 2023
Oil & Gas Iraq to hike oil output to 8m barrels per day by 2027 Iraq’s energy committee has backed the government’s plan to produce eight million barrels per day of crude by 2027. The oil, gas and natural resources committee also supported the government’s plan to become self-sufficient in natural gas production, since it currently imports gas to operate power plants and industrial facilities, state-run Iraq News Agency reported. […] August 27, 2023
Energy Brent is well supported at $80 says Morgan Stanley Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep Opec cuts have been supporting crude oil prices,” analysts […] August 27, 2023
Exclusive Energy Dow Chemical oils wheels for Saudi Arabia expansion The Dow Chemical Company has put Saudi Arabia at the heart of its Middle East expansion strategy, its new regional president told AGBI. The multinational corporation, which makes chemicals used in everything from oil and plastics to paints and building materials, also wants to capitalise on higher gas demand in the region. Moosa Al Moosa, […] August 27, 2023
Oil & Gas Lebanon to conduct seismic studies on offshore block 8 Lebanon has granted a licence to a consortium of international companies to conduct seismic studies on its offshore oil and gas block 8, caretaker energy minister Walid Fayad said. “Today is a historic day in a journey that started in 2010,” the state-owned National News Agency cited the minister as saying. “There are major hopes […] August 25, 2023
Energy Goldman says high oil stock cuts downside price risk Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower Organisation for Economic Co-operation and Development (Oecd) commercial stocks could add $2 to its end-2023 Brent outlook of $86 per barrel. Oecd commercial stocks, which the Wall Street investment bank estimated were equal to about a third of […] August 24, 2023
Energy Saudi Arabia may roll over 1m bpd cut into October Saudi Arabia will likely roll over a voluntary oil cut of one million barrels per day (bpd) for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by […] August 24, 2023
Oil & Gas Saudi gas boost to benefit petrochemicals and oil trade Saudi Arabia is likely to use an enormous shale gas play due to come into production next year to develop upstream petrochemicals and divert lucrative crude oil into exports, analysts say. Saudi Aramco, the state oil giant, says that the Jafurah field contains an estimated 200 trillion standard cubic feet (scf) of natural gas, which […] August 24, 2023
Video length: 00:56 VIDEO Oil & Gas Drilling to begin on Lebanon’s block 9 Exploratory drilling in Lebanon’s offshore oil and gas block 9 will commence on Thursday of this week, caretaker energy minister Walid Fayad has said. “On August 24 the drilling process will begin, and it will be a historic day,” the state-owned National News Agency reported, citing the minister. “After 67 days, we will know the […] August 23, 2023
Oil & Gas Egypt announces new oil discovery in Gulf of Suez Egypt’s Cheiron Energy has announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day (bpd). The oil exploration and production company holds a 60 percent interest in the concession […] August 23, 2023
