Energy India discusses oil price ‘sensitivity’ with Opec+ India, the world’s third-biggest oil importer, on Tuesday urged producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to the end of the year. “During pandemic, when crude oil prices crashed, the world came together to stabilise the […] October 4, 2023
Energy Egypt to resume LNG exports this month Egypt, which faces growing demand for gas from its population of 105 million, will resume liquefied natural gas (LNG) exports this month as planned, petroleum minister Tarek El Molla said on Tuesday. “We are still arranging and preparing for that, quantities are not yet defined,” he told Reuters on the sidelines of the Adipec energy […] October 4, 2023
Adipec Oil & Gas Lack of oil investment ‘threatens energy security’ The lack of investment in oil and gas is a threat to global energy security, ministers and industry leaders have told the Adipec conference in Abu Dhabi. “At Opec, we see investments required from now to 2045 for the oil industry alone of around $14 trillion. That’s around $600 billion per year,” Opec secretary general […] October 3, 2023
Adipec Energy Japan’s oil firm Adoc to ramp up investment in UAE Abu Dhabi Oil Company (Adoc), a company from Japan, plans to increase investments in the UAE’s oil sector as part of its expansion strategy, a senior company executive said. “We are planning to expand our production facilities and increase extraction rates,” Takahiko Shingai, deputy general manager and director of the development department at Adoc, told […] October 3, 2023
Energy Saudi Arabia may hike Arab Light price for fifth month Saudi Arabia may raise the price for its flagship Arab Light crude to Asia for a fifth straight month in November, underpinned by its prolonged voluntary output cut and resilient oil demand in the region. State oil giant Saudi Aramco may hike the official selling price (OSP) for its medium sour crude by about 45 […] October 3, 2023
Energy QatarEnergy coalition bids in Lebanon licensing round A coalition of TotalEnergies, Eni and QatarEnergy applied for the second licensing round to bid on oil and gas blocks 8 and 10 in Lebanese waters, an hour before the deadline on Monday, Lebanon’s energy ministry said. Last month the consortium began drilling an exploratory well in Lebanon’s block 9, one of the blocks falling […] October 3, 2023
Energy Israeli firm seeks higher price from Adnoc and BP A panel reviewing a $2 billion offer by Abu Dhabi’s national oil company and BP to acquire a 50 percent stake in the Israeli gas producer NewMed has recommended raising the asking price by over 10 percent, casting doubt over the deal, sources said. The proposed acquisition by Abu Dhabi National Oil Co (Adnoc) and […] October 3, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Energy Adnoc doubles carbon capture target to 10m tonnes Adnoc, the UAE’s biggest oil producer, plans to capture 10 million tonnes of carbon dioxide emissions annually by 2030, up from a previous target of 5 million tonnes. The announcement was made on Sunday, ahead of Adnoc hosting its main annual oil conference, Adipec, this week as the country prepares to host the UN Cop28 […] October 2, 2023
Adipec Renewable Energy Al Jaber tells energy industry to defy climate sceptics Cop28 president designate Sultan Al Jaber has called on the oil and gas industry to “silence the sceptics” and play a pivotal role in the race towards net zero and the fight against climate change. Al Jaber is also minister of industry and advanced technology of the UAE and managing director and group CEO of […] October 2, 2023
Adipec Oil & Gas Iraq’s much-delayed new oil law aims to boost coffers Iraq’s passing of a long-awaited oil and gas law is expected to help the country attract more international investments into the hydrocarbon industry and boost government revenues. The key innovation of the law is to allow foreign companies to have a share of oil output in Iraq, in partnership with the government, and the transition […] October 2, 2023
Energy Turkey ramps up output at its largest Black Sea gas field Turkey has increased daily natural gas production in its offshore Sakarya gas field in the Black Sea to four million cubic meters (mcm), according to Melih Han Bilgin, CEO of Turkish Petroleum Corporation. The country has set a production target for the first phase of the field of 10 million cubic metres of natural gas […] October 2, 2023
Oil & Gas Cyprus and Chevron-led group extend gas field talks Cyprus and international energy companies led by Chevron have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday. “It is not a new negotiating round, it’s an extension, because there is progress in the conversation,” energy minister George Papanastasiou told Reuters, […] October 2, 2023
EXCLUSIVE REPORT Energy Download our exclusive insight report on energy The Middle East remains a global hydrocarbons powerhouse, but it is also ramping up renewables and decarbonising oil and gas. In this special report, AGBI spotlights a bold new era for the region’s energy sector. With Adipec, the world’s largest energy industry event in the UAE, taking place this week, readers will learn what is […] October 1, 2023
Energy Opec+ unlikely to tweak oil policy in October meeting Opec+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four Opec+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, meet on October 4. The […] October 1, 2023
Oil & Gas Aramco invests $500m in LNG business MidOcean Saudi Arabia’s Aramco has made its first investment in the international liquefied natural gas (LNG) market with a $500 million investment in MidOcean Energy. The Saudi oil supermajor has acquired a minority stake in the company, which is the LNG unit of US-based energy investor EIG. The deal includes an option to increase the size […] September 28, 2023
Energy Afrexim taps traders for $3bn loan to Nigerian oil company African Export–Import Bank (Afrexim Bank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company that is central to the country’s efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders […] September 28, 2023
Energy Aramco in talks to buy 10% stake in Chinese refiner Saudi Aramco has started talks with China’s privately owned Jiangsu Eastern Shenghong Company to acquire a 10 percent equity stake in the Chinese firm’s refiner and petrochemical subsidiary. Under the cooperation framework agreement, the world’s largest oil producing company intends to supply Jiangsu Shenghong Petrochemical Industry Group with crude oil and potentially other feedstocks. Aramco and […] September 28, 2023
Analysis Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Oil & Gas Egypt opens bidding for new oil and gas exploration The Oil Ministry of Egypt on Monday launched an international bidding round for exploration in 23 blocks by oil and gas companies. Of the blocks on offer, 10 are in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. The tenders are part of […] September 26, 2023
Analysis Sustainability Majority of Mena countries lack net zero target, IEA warns Just six out of 17 countries in the Middle East and North Africa (Mena) have set a target for reaching net zero carbon emissions, hampering global efforts to tackle climate change, according to the International Energy Agency (IEA). The IEA has published a detailed update to its net zero roadmap of 2021. In the report, […] September 26, 2023
Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
