Oil & Gas Opec pours cold water on IEA’s ‘peak’ for oil demand Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […] September 15, 2023
Energy Saudi driller Ades expects pricing IPO at top of range Oil and gas driller Ades Holding is likely to price its initial public offering (IPO) at the top of the range, according to a media report. The company, backed by the Saudi sovereign Public Investment Fund, is expected to price its shares at SAR13.50 ($3.60), raising SAR4.57 billion ($1.22 billion), Reuters reported citing a bank’s […] September 15, 2023
Oil & Gas Oil rally to bolster Gulf stock markets A renewed oil price rally is boosting investor sentiment on regional bourses ahead of the final few months of 2023. Listed Gulf companies with low borrowing and bountiful cash surpluses should outperform their more indebted rivals, asset managers have predicted. Historically, the fourth quarter is often the best for Gulf equities, usually following a prolonged […] September 14, 2023
Energy LNG exporters to benefit from Australian strike Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […] September 14, 2023
Energy Opec sticks to robust growth demand on resilient economy Opec on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth […] September 13, 2023
Energy Global oil stockpiles to fall after Saudi cut says EIA Global oil inventories were expected to fall in the fourth quarter after Saudi Arabia extended output cuts this month, while US crude production is forecast to rise more than previously thought, the US Energy Information Administration (EIA) said in a monthly report on Tuesday. World oil stockpiles were forecast to fall by 200,000 barrels per […] September 13, 2023
Energy Libya reopens oil ports after hurricane and flooding fears Libya’s four main oil export terminals reopened on Tuesday after being forced to close last week as a result of a hurricane and floods in eastern parts of the country, according to news agencies. The ports of Brega, Es Sider, Ras Lamuf and Zueitina had been closed since September 9 as a precautionary measure. Libya’s […] September 12, 2023
Finance PIF-backed Ades Holding aims to raise $1.2bn from IPO Oil and gas driller Ades Holding has set its share price range at between SAR 12.50 and SAR 13.50, seeking to raise as much as SAR 4.57 billion ($1.22 billion) from its initial public offering (IPO) on the Saudi stock exchange. The institutional book-building process started on September 10 and will close on September 14. […] September 11, 2023
Energy Covestro begins formal talks with Adnoc on its $12bn bid German plastics and chemicals maker Covestro confirmed it has started takeover talks with Abu Dhabi National Oil Company (Adnoc). “Whether, in which form and, if applicable, at which conditions an agreement between the parties will be reached is open and will depend on the course of the forthcoming discussions,” Covestro said in a statement on […] September 10, 2023
Opinion Energy Gulf energy systems must be more climate resilient Intense heatwaves and flash floods challenge energy supplies in the region September 7, 2023
Energy Adnoc unit signs $550m LNG supply pact with PetroChina Adnoc Gas has signed an agreement worth $450-$550 million (AED1.65-AED2 billion) to supply liquefied natural gas to PetroChina International Company (PCI). The agreement strengthens the growing global presence of Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), particularly in the East and South Asian markets, the UAE state-run Wam news agency reported. […] September 7, 2023
Tech Radar satellite deal to spot oil spills and illegal fishing A partnership between Finnish radar satellite company Iceye and two Emirati space industry operators could be used for a range of services, such as preventing oil slicks, clamping down on illegal fishing and monitoring coastal changes. Iceye in May signed an agreement with Abu Dhabi satellite operator Yahsat and artificial intelligence and cloud computing company […] September 7, 2023
Energy Adnoc approves project to triple its carbon capture capacity Abu Dhabi National Oil Co (Adnoc) has approved a new carbon capture, utilisation and storage project that will triple its annual carbon capture capacity. The project at its Habshan gas processing plant will be able to permanently store 1.5 million tonnes a year (mpta) of CO2 in subterranean rock below the site. On completion in […] September 6, 2023
Opinion Energy Gulf must ease fossil fuel subsidies to be climate pioneers An incentive structure to move away from fossil fuel dependence is missing September 6, 2023
Energy Iraq’s oil flow to Turkey may resume after October Iraqi oil flows to Turkey are not expected to resume before October, when Turkish President Tayyip Erdogan will likely visit Baghdad, sources said, after the trip originally scheduled for August was postponed. Turkey halted Iraqi northern oil export flows on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara […] September 6, 2023
Energy Saudi extends voluntary oil cut until end of 2023 Saudi Arabia will extend its voluntary oil production cut of one million barrels per day (bpd) until the end of 2023, the state-run Saudi Press Agency reported, citing an official source in the energy ministry. The cut, which took effect from July, will see output for October, November, and December capped at nearly nine million […] September 6, 2023
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
