Energy Egypt’s natural gas output falls to three-year low Natural gas production in Egypt fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (Jodi) show, raising questions about the country’s efforts to position itself as a regional energy hub. The country is grappling with power shortages when a heatwave has driven up demand for […] August 8, 2023
Oil & Gas Saudi Aramco profit slumps after oil price drop Saudi Aramco on Monday reported income of $30 billion for the second quarter of 2023, down by more than a third from this time last year as oil prices fell. The company said in a filing to the Saudi Stock Exchange that the decrease mainly reflected the impact of lower crude oil prices and weakening […] August 7, 2023
Oil & Gas Opec+ holds policy despite Saudi’s extended oil cut Opec+ members decided to maintain the group’s current oil output policy despite Saudi Arabia extending its voluntary production cut into September. “The committee will continue to closely assess market conditions,” the joint ministerial monitoring committee said after holding an online meeting on Friday, adding that the panel urged members to achieve full compliance with output […] August 6, 2023
Energy Saudi oil cut extended as it posts budget deficit Saudi Arabia will extend a one million barrel per day voluntary crude oil output cut into September, as fears of a global economic slowdown continue to weigh on demand. The decision was made as the kingdom announced a budget deficit for the second quarter of the year. Negative GDP growth led to analysts declaring that […] August 4, 2023
Energy Adnoc Drilling reports 18% increase in profits Adnoc Drilling has announced an 18 percent increase in net profit for the first half of the year, buoyed by an increased fleet and service expansion. The company, a subsidiary of Abu Dhabi National Oil Company (Adnoc), saw revenues grow by 13 percent to $1.4 million year on year, with profits for the six-month period […] August 4, 2023
Oil & Gas India’s Gail set to finalise Qatar LNG purchase deal Gail (India) Ltd is close to finalising a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least one million metric tonnes per year (tpy). The agreement would potentially be for more than 20 years, three industry and trade sources said. The deal would be part of Gail’s plans to lock in […] August 4, 2023
Oil & Gas Opec+ unlikely to tweak oil policy on high demand Opec+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six Opec+ sources told Reuters, as tighter supplies and resilient 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 August 4. The […] August 3, 2023
Oil & Gas Saudi and Kuwait reaffirm rights to ‘disputed’ gas field Saudi Arabia and Kuwait have reaffirmed that they jointly own rights to natural resources in the maritime “divided area,” including the entire Al Durra gas field, according to the Saudi foreign ministry. The two countries renewed calls for Iran to engage in negotiations on the demarcation of the eastern border of the divided area, the […] August 3, 2023
Energy PIF-backed contractor to buy Dubai energy services firm Saudi contracting firm Nesma & Partners has agreed to acquire Kent, a Dubai-based privately-owned energy services provider. The company, which is partly owned by Saudi Arabia’s Public Investment Fund (PIF), will close the acquisition of Kent by year-end, subject to regulatory approvals. The value of the deal was not given. Kent, backed by UK-based energy […] August 2, 2023
Energy Gulf must ‘bridge gap’ between oil and renewables GCC oil producers will play a crucial role in the global transition to a lower carbon future if they can help bridge the historic disconnect between hydrocarbons and clean energy. That is according to Joseph McMonigle, secretary general of the International Energy Forum (IEF), a Riyadh-headquartered think tank. “There is growing recognition that the oil […] August 1, 2023
Oil & Gas Opec output falls on Saudi cut and Nigerian outage Opec oil output fell in July after Saudi Arabia made an additional voluntary cut as part of the Opec+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found. The Organization of the Petroleum Exporting Countries (Opec) pumped 27.34 million barrels per day (bpd) last month, the […] August 1, 2023
Opinion Oil & Gas Saudi takes one for the team in global oil markets The kingdom has been doing all the heavy lifting in Opec+ July 31, 2023
Oil & Gas Kuwaiti oil producer’s profit hits 10-year high at $8.4bn State-owned Kuwait Petroleum Corporation (KPC) and its subsidiaries have reported the highest net profit for a decade. Profits for 2022 to 2023 reached 2.6 billion Kuwaiti dinars ($8.4 billion). KPC increased its oil production capacity by 200,000 barrels per day (bpd) to 2.8 million bpd in the same period, state-run Kuwait News Agency reported, citing […] July 31, 2023
Oil & Gas Aramco base oil unit Q2 profit up despite low sales Saudi oil giant Aramco’s base oil subsidiary reported a small jump in second-quarter profit on Sunday, mainly on lower income tax expenses and zakat, or charitable deductions, it said in a bourse statement, despite a 22 percent drop in sales. Net profit at Saudi Aramco Base Oil Company (Luberef) rose 3.97 percent to SAR454.85 million […] July 31, 2023
Energy Oil on track for biggest monthly gains in over a year Oil prices hovered near three-month highs on Monday and are set to post their biggest monthly gains in over a year on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply. Brent crude futures dipped nine cents to $84.90 a barrel by 00:05 GMT, while US West Texas Intermediate […] July 31, 2023
Energy Aramco signs pact to set up $10bn refinery in Pakistan Saudi Aramco has signed a memorandum of understanding with four Pakistani state-owned enterprises to set up a $10 billion oil refinery, the largest in the country. The Pakistani government is in the advanced stages of negotiations with Aramco to execute the greenfield refinery project at the Gwadar Port. It aims to complete the initial paperwork […] July 30, 2023
Oil & Gas Saudi may extend voluntary oil cut into September Saudi Arabia is expected to extend a voluntary oil output cut of one million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, Opec+ agreed on a broad deal to limit oil supply into 2024 and Saudi Arabia pledged an additional voluntary […] July 30, 2023
Infrastructure Carbon targets deter Middle East power project developers Developers are becoming increasingly wary of bidding for long-term infrastructure deals in the Middle East because the terms go beyond their own carbon neutral targets. According to industry sources they are particularly struggling to be able to work on projects involving thermal power plants without carbon capture and storage (CCS) because the terms can stretch […] July 27, 2023
Opinion Renewable Energy GCC can take centre stage in global energy transition The region is becoming a finance hub for climate and renewable energy July 26, 2023
Energy Oil cuts take $11bn bite out of Saudi exports Saudi Arabia’s decision to scale back oil production cut the kingdom’s total exports in the last year by $11 billion, according to data published on Tuesday by the General Authority for Statistics. Overall merchandise exports from Saudi Arabia amounted to SAR 97.1 billion ($25.89 billion) in May 2023, down 32.1 percent year on year. The […] July 26, 2023
Banking & Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
Oil & Gas Egypt denies Zohr gas field facing technical problems Egypt denied reports its giant Zohr gas field was facing technical problems, in a statement on Monday, instead highlighting investments to boost its production. Total investment in the offshore gas field has reached $12 billion and is expected to hit $15 billion in three years, the government said in a statement on Monday. “The field […] July 25, 2023
