Opinion Oil & Gas Uncertainty over Russian price cap clouds recovery of crude As the price of Brent rises, so does the price of Russia’s Urals crude oil July 24, 2023
Energy Omani fuel retailer plans 14 new stations in Saudi Arabia State-owned Oman Oil Marketing Company (Oomco) plans to open 14 service stations in Saudi Arabia as part of its regional expansion strategy. The new “one-stop-shop” stations will increase the number of service stations to 26 by the fourth quarter of 2023, state-run Oman News Agency reported. The agreement is part of a memorandum of understanding […] July 24, 2023
Energy G20 fails to reach deal on cutting fossil fuels The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate […] July 23, 2023
Oil & Gas UAE says current Opec+ actions sufficient for now Current actions by Opec+ to support the oil market are sufficient for now, UAE energy minister Suhail Al Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 […] July 23, 2023
Energy Iraq renews crude supply deal with Lebanon Iraq renewed its agreement to provide Lebanon with up to 2 million tons of crude oil for a year, Lebanese energy ministry said in a statement on Friday. The two countries signed a memorandum of understanding on Iraq providing Lebanon with fuel oil and crude oil, the Iraqi state news agency INA also reported on […] July 23, 2023
Oil & Gas Aramco acquires 10% stake in China’s Rongsheng for $3.4bn Saudi Aramco has completed the acquisition of a 10 percent stake in China’s Rongsheng Petrochemical Company Limited (Rongsheng) for $3.4 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The acquisition follows the signing of definitive strategic agreements announced on March 27, 2023. The deal represents the continued growth of Aramco’s downstream […] July 23, 2023
Oil & Gas Iraq’s Total oil deal heralds new revenue-sharing formula Iraq secured its $27 billion oil deal with France’s TotalEnergies last week by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors. Foreign investment in Iraq’s energy sector has fizzled out since a flurry of post US-invasion deals over a decade ago, with Exxon Mobil, […] July 20, 2023
Energy Egypt set to resume LNG exports by October Egypt is planning to resume exports of liquefied natural gas (LNG) by October, according to petroleum minister Tarek El Molla. Summer exports of LNG increased last year because the government switched from using natural gas in power stations to mazut (heavy, low quality) fuel oil to bank on the higher natural gas prices, he said. […] July 20, 2023
Energy Petrobras to review Adnoc’s joint bid for Braskem Brazilian state-run oil company Petrobras said on Wednesday it will analyse all offers presented for petrochemical producer Braskem but believes that discussions about the potential sale of the petrochemical producer are still far from over. Petrobras is one of Braskem’s main shareholders alongside conglomerate Novonor, which holds a controlling stake in the firm but has long […] July 20, 2023
Oil & Gas QatarEnergy’s 2022 profit surges 58% to $42.5bn State-owned QatarEnergy’s net profit jumped 58 percent to QAR154.6 billion ($42.47 billion) in 2022, compared to QAR97.9 billion in 2021. Revenue rose to QAR189 billion in 2022, from QAR120.3 billion in 2021. Net operating income from the profit share of associates jumped to QAR1 billion from QAR645.8 million in 2021. Income from its share of […] July 19, 2023
Oil & Gas Japan and Qatar talks focus on bolstering energy supplies Japanese Prime Minister Fumio Kishida agreed to strengthen energy ties and economic cooperation with major gas producer Qatar on Tuesday, in the final leg of a Gulf tour that has focused on securing energy supplies and promoting Japanese high tech. Kishida, who has been urged by Japan’s gas lobby to secure new liquefied natural gas […] July 19, 2023
Energy Adnoc Gas signs 14-year deal with Indian oil firm Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a 14-year supply agreement with India’s state-owned energy firm Indian Oil Corporation Limited. The deal involves the export of up to 1.2 million metric tonnes per annu of liquefied natural gas valued at $7 billion to $9 billion, the company said in […] July 19, 2023
Opinion Energy Opec’s challenge: oil market stability and sustainability Balancing demand with calls to cut emissions points to a different future July 18, 2023
Energy BP and Socar join bid for Israeli offshore gas BP and Azeri national oil company Socar have taken part for the first time in an Israeli licencing round for natural gas exploration, the latest sign of growing international interest in the Eastern Mediterranean basin, sources said. BP and Socar jointly placed a bid along with Israel’s NewMed Energy for two offshore blocks in the […] July 18, 2023
Energy BlackRock appoints Aramco CEO as board director BlackRock, the world’s largest asset manager, has named Amin Nasser, president and CEO of Saudi Arabian Oil Company (Aramco), as an independent director. The appointment reflects the importance of the Middle East to the firm’s long-term strategy, it said in a statement. Nasser oversaw the successful public listing of the Saudi oil company in 2019, […] July 18, 2023
Energy Four groups bid for Israel gas exploration tender Four groups of companies have made bids in Israel’s latest tender for offshore hydrocarbon exploration, the energy ministry said on Sunday. The ministry said the groups include a total of nine companies, five of which were new to the Israeli market. It did not name which companies took part. Huge deposits of natural gas have […] July 17, 2023
Oil & Gas Iraq and Iran gas-for-oil barter faces US sanctions A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate US sanctions on Tehran unless the US issued a waiver permitting it, three former US officials said on Thursday. Iraqi Prime Minister Mohammed Shia Al Sudani on Tuesday said Iraq would begin trading crude […] July 16, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Oil & Gas Opec sees 2.2% oil demand growth in 2024 Opec has raised its forecast for oil demand growth for 2023 and predicted only a slight slowdown in 2024. This is despite economic headwinds as China and India continue to drive the expansion in fuel use. In a monthly report, the Organization of the Petroleum Exporting Countries (Opec) said it expects world oil demand to […] July 14, 2023
Analysis Oil & Gas TotalEnergies pins hopes on desalination for Iraq project TotalEnergies’ $27 billion development deal with Iraq includes building a water desalination plant crucial to Baghdad’s efforts to raise oil production, but doubts persist over the financial and logistical viability of the long-delayed project. The multifaceted agreement signed on Monday foresees constructing a 1 gigawatt solar power plant, capturing waste gas from oil fields to […] July 13, 2023
Energy India plans LNG terminal in Iraq to boost gas imports India plans to build a liquefied natural gas (LNG) terminal in Iraq to support its energy security programme. The terminal will liquify some portion of the gas currently flared by Iraq and transport it to India, Mint, an Indian financial media outlet, said citing an unnamed government official. The liquefaction will be converted back to […] July 13, 2023
Analysis Energy TotalEnergies’ $27bn bet on Iraq boosts ailing oil industry TotalEnergies’ signing of a long-stalled $27 billion deal to develop several energy-related projects in Iraq is a significant vote of confidence in the country’s fraught oil and gas industry, according to analysts. The agreement represents the biggest single foreign investment in Iraq in modern times and suggests the government of newly-installed prime minister Mohammed Shia […] July 12, 2023
