Oil & Gas US energy firm Apache to invest $1.4bn in Egypt US hydrocarbon exploration company Apache Corporation is planning to invest $1.4 billion in Egypt next year. A delegation from Apache, a subsidiary of APA Corporation, met the prime minister of Egypt, Mostafa Madbouly to discuss their expansion plans and investments in the north African country, Egypt Today reported. “Apache is the largest American investor in […] August 22, 2023
Energy Russia remains China’s top crude supplier in July Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13 percent from the same month last year to 8.06 million metric tonnes in July, or 1.9 million […] August 20, 2023
Oil & Gas Hungary to receive LNG from Qatar in 2027 Hungary can begin to receive shipments of liquefied natural gas (LNG) from Qatar in 2027, Hungarian foreign minister Peter Szijjarto told a news conference. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe and forcing landlocked countries, such as Hungary, […] August 20, 2023
Analysis Oil & Gas Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […] August 18, 2023
Analysis Energy Saudi Arabia’s markets to feel petrochemicals slump Saudi Arabia’s petrochemicals producers reported plunging profits in the second quarter, and are likely to face further struggles due to weak demand, oversupply and high costs. There seems little scope for the industry to rebound until at least 2024, analysts now predict, as a hoped-for turnaround failed to materialise. This gloomy outlook will weigh on […] August 17, 2023
Energy Saudi oil exports lowest since September 2021 Saudi Arabia’s crude oil exports fell to 6.8 million barrels per day (bpd) in June, down two percent from 6.93 million bpd in May, according to data from the Joint Organizations Data Initiative (Jodi). The kingdom’s crude exports in June were the lowest since September 2021. Exports were down five percent in June from 7.2 […] August 17, 2023
Oil & Gas Adnoc Gas signs 5-year LNG supply pact with Japex Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a five-year liquefied natural gas (LNG) supply agreement with Japan Petroleum Exploration Co Ltd (Japex). The agreement is valued between $450-$550 million (AED1.65-2 billion), the company said in a filing published on the Abu Dhabi Securities Exchange on Thursday. Ahmed Alebri, CEO […] August 17, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Energy Tunisia’s energy production drops as trade deficit widens Total energy production in Tunisia dropped by 8 percent at the end of June to 8,470 gigawatt hours as the country’s energy trade deficit increased. Production intended for the local market was also down 5 percent, according to a report released by the National Observatory of Energy and Mines. Electricity purchases from Algeria and Libya […] August 15, 2023
Energy India and UAE close first crude deal in local currencies India and the UAE have concluded the first-ever crude oil transaction through local currencies between Abu Dhabi National Oil Company (Adnoc) and Indian Oil Corporation. The transaction involved the sale of one million barrels of crude oil through the newly implemented local currency settlement system, Asian News Agency reported, citing a statement from India’s embassy […] August 15, 2023
Energy Adnoc Drilling efficiency drive targets recruitment Recruitment plans by Adnoc Drilling are under review as the Abu Dhabi company strives to hit its efficiency targets. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling reported a 13 percent increase in revenues for the first half of the year as profits reached […] August 14, 2023
Energy Taqa profits down 17% despite rising revenue Abu Dhabi National Energy Company (Taqa) said net profit for the second quarter of 2023 fell 17 percent to AED1.92 billion ($523 million) from SAR2.31 billion a year ago. With assets estimated at AED200 billion, Taqa is the third largest listed company in the UAE and one of the top 10 utilities in Europe, the […] August 14, 2023
Energy Oman’s budget surplus falls to $1.7bn Oman has posted a budget surplus of OMR656 million ($1.71 billion) for the end of the first half of 2023, a drop of 16.3 percent compared with OMR784 million a year earlier. Revenue reached OMR6.34 billion in the first half, down by six percent, compared to OMR6.73 billion in the first half of 2022, the […] August 14, 2023
Energy Abu Dhabi’s $105m boost to Tanzania’s energy sector State-backed Abu Dhabi Fund for Development (ADFD) has signed an AED387 million ($105.4 million) loan agreement with Tanzania’s government to enhance energy security in the country. The project aims to fully connect the Kagera administrative region with the national electricity grid, reducing dependency on energy imports from Uganda. The move will provide sustainable and safe […] August 13, 2023
Oil & Gas Aramco to supply full oil volumes to Asia next month Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world’s top oil exporter announced last week that it would prolong the 1 million […] August 11, 2023
Analysis Energy Carbon capture and storage cheaper in Gulf Carbon capture and storage in the Gulf is considerably cheaper than in many regions including Europe, although there are several other variables that determine the overall cost of cutting CO2 emissions from industrial activity. Carbon capture and storage (CCS) will account for 20 percent of the emissions reductions needed to achieve global net zero by […] August 11, 2023
Oil & Gas Oil cuts drag down Saudi industrial activity Saudi Arabia’s industrial production fell 1.6 percent in June, as oil production cuts lowered reported mining and quarrying productivity. The decline was reported in new data from the General Authority for Statistics (GSTAT) published on August 10. Manufacturing activity increased by 10.1 percent compared to the same month of the previous year. Electricity and gas […] August 10, 2023
Analysis Oil & Gas Gulf geology ideal for carbon capture, say experts The Gulf’s geology and decades-old oil and gas industry could enable the region to become a world leader in carbon capture, utilisation and storage (CCUS), experts believe. Gulf oil producers have been using carbon dioxide (CO2) capture technology for more than 40 years to remove the compound from natural gas before it is shipped for […] August 10, 2023
Oil & Gas Mubadala Energy cuts CO2 by 41% in low carbon drive The oil and gas unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company said it reduced its carbon emissions by 41 percent between 2021 and 2022, mainly by expanding its lower-carbon gas operations. Mubadala Energy – previously known as Mubadala Petroleum – which had a portfolio that was almost two-thirds natural gas as of 2021, […] August 10, 2023
Energy Falling oil prices reduce Dana Gas profit by 25% UAE energy company Dana Gas said net profit fell 25 percent to AED304 million ($83 million) in the first half of 2023, compared with AED407 million in the first half of 2022. The average price of Brent fell 25 percent to $80 per barrel in the first six months, down from $107 per barrel in […] August 10, 2023
Oil & Gas Iran set to raise oil output by 250,000 bpd this summer Iran will produce an addition 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC). “Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC managing director Mohsen Khojasteh-Mehr […] August 10, 2023
Energy Adnoc Gas to spend $3.6bn to expand UAE facilities Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has awarded a $3.6 billion (AED13.1 billion) contract to the joint venture between Abu Dhabi-based National Petroleum Construction Company (NPCC) and Spain’s Tecnicas Reunidas SA to expand its gas processing infrastructure in the UAE. The scope of the contract includes the commissioning of new […] August 9, 2023
