Energy Adnoc awards $700m contract to UK’s Petrofac UK’s engineering and construction major Petrofac said that Abu Dhabi National Oil Company (Adnoc) has awarded a $700 million contract for its Habshan complex. Petrofac Emirates won the contract, which involves the engineering, procurement and construction (EPC) of a new gas compressor plant by Adnoc Gas Processing, London-listed engineering and construction major said in a […] July 2, 2023
Energy Global economic headwinds to restrain oil prices in 2023 Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and Opec+ cuts, a Reuters poll showed on Friday. The survey of 37 economists and analysts forecast Brent crude would average $83.03 a barrel in 2023, versus the $84.73 consensus in May. […] July 2, 2023
Energy Turkey tops destination for Russia’s diesel exports in June Turkey will again be the top destination for Russian diesel exports in June, while total shipments are set to rise after seasonal refinery maintenance, traders said and Refinitiv Eikon data showed. Russia’s estimated offline primary oil refining capacity for June could total 4.029 million tonnes versus 4.95 million tonnes in May, Refinitiv data shows. Since […] June 27, 2023
Energy Hydrocarbons to remain part of future Asean energy mix Hydrocarbons will continue to be an important part of the energy mix in states in the Association of Southeast Asian Nations (Asean), Malaysian Prime Minister Anwar Ibrahim said on Monday, as affordability and energy security remain key concerns for the region of more than half a billion people. Achieving net-zero emissions targets should not come […] June 26, 2023
Energy Aramco forecasts strong global oil market in 2023 Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday. “Overall, we believe that oil market fundamentals remain generally sound for the rest of the year,” Nasser told the Energy […] June 26, 2023
Energy China petrochemical refiners add capacity despite global glut China is adding new petrochemical capacity despite a global glut as the country’s refiners diversify from transport fuels – a move that threatens to depress margins worldwide next year as weak economic growth saps demand. In an ominous sign for producers of the chemicals used in plastic packaging, polyester clothing and auto parts, refiners’ profit […] June 26, 2023
Energy Work set to start on $11bn new Saudi petrochem project Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies have awarded contracts for the $11 billion new petrochemicals facility in Jubail, the eastern coast of Saudi Arabia. The award of engineering, procurement and construction (EPC) contracts for main process units and associated utilities marks the start of construction work on the ‘Amiral’ complex, following the final […] June 25, 2023
Oil & Gas New discoveries boost Israel’s gas reserves by 40% Israel’s natural gas reserves have grown by 40 percent over the past decade due to increased drilling and exploration activities, an industry report said, even as production soared. The increase came amid five-fold growth in offshore gas production since the start-up of Israel’s first major producing Tamar field in 2013, the report prepared by consultancy […] June 23, 2023
Energy Cyprus wants shorter gas pipeline link to Israel Cyprus hopes to develop plans for a pipeline linking it to Israel’s east Mediterranean gas fields during talks which start next month, the island’s top energy official told Reuters. Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe […] June 21, 2023
Oil & Gas QatarEnergy signs long-term LNG deal with CNPC State-owned QatarEnergy has signed its second long-term liquefied natural gas (LNG) supply agreement with a Chinese government-owned energy company. Under the 27-year supply agreement, China National Petroleum Corporation (CNPC) will purchase four million metric tons of LNG a year from the Gulf nation. In addition, CNPC will take a five percent equity stake in one of […] June 21, 2023
Energy Bangladesh to sign 10-year LNG deal with Oman Bangladesh’s state-owned company Petrobangla is set to sign a long-term supply deal for additional stocks of liquefied natural gas (LNG) from Oman Trading International, an official at Petrobangla said. Under the new contract, the South Asian nation will begin receiving an additional 0.5 million to 1.5 million metric tonnes per year of LNG from January […] June 19, 2023
Energy Adnoc completes Shah gas field expansion Adnoc Sour Gas has finished the expansion of the Shah gas field, according to sources in a story by oil and gas publication MEES. The gas field, close to the Saudi border, now has a capacity of 1.45 billion standard cubic feet of gas per day (cfd), making it one of the largest ultra-sour developments in […] June 19, 2023
Energy Iran’s oil exports hit 5-year high despite US sanctions Iran’s crude exports and oil output have hit new highs in 2023 despite US sanctions, according to consultants, shipping data and a source familiar with the matter, adding to global supply when other producers are limiting output. Tehran’s oil exports have been limited since former US president Donald Trump in 2018 exited a 2015 nuclear […] June 18, 2023
Oil & Gas Kuwait’s Al Zour issues low-sulphur fuel oil sales tender Kuwait’s Al Zour refinery has issued a term tender for fuel oil sales for July to December loading, trade sources said on Thursday, while it continues to ramp up its third crude distillation unit (CDU). Al Zour’s low-sulphur fuel oil (LSFO) tenders are closely watched by market participants. The refinery is set to be a […] June 16, 2023
Oil & Gas Scottish firm buys Dubai oil and gas consultancy A Scottish company that trains drilling personnel for the energy sector has bought a Dubai oil and gas consultancy in an effort to double its customer base in the Middle East and North Africa. Aberdeen Drilling School said it will add services including new hire assessments, role-specific progression programmes and rig reactivation support following the […] June 15, 2023
Energy Opec+ grants Russia higher production baseline Opec+ has granted Russia a slightly higher oil production baseline after the country agreed to work with several think-tanks and agencies to review its output figures, Opec+ said. Oil production baselines are used by Opec to determine levels from which production cuts are made. Russia has made its production figures classified since the West imposed […] June 14, 2023
Energy Iraqi Kurdish losses reach $2bn amid oil export halt Iraq and Turkey are set to begin technical talks by early next week on resuming the former’s northern oil exports, but hopes for a quick resolution are slim, two sources told Reuters. Turkey halted Iraq’s 450,000 barrels per day (bpd) of exports through a crude oil pipeline from the semi-autonomous Kurdistan region in northern Iraq […] June 14, 2023
Oil & Gas China’s Unipec sale of Oman crude caps prices China’s Unipec, the trading arm of top Asian refiner Sinopec, has emerged as a major seller of August-loading Oman crude this month, a move that has helped to cap benchmark prices despite Saudi Arabia’s plans to cut output next month. Unipec, according to trade sources and data collated by Reuters, has sold eight million barrels […] June 13, 2023
Oil & Gas Aramco to supply full oil volumes to 5 Asian refiners Saudi Aramco has told at least five customers in north Asia they will receive full nominated volumes of crude oil in July, several sources with knowledge of the matter said on Monday, after it pledged to cut production next month. Saudi Arabia, the world’s top oil exporter, vowed to reduce its production to nine million […] June 12, 2023
Oil & Gas Saudi says Opec+ working against market ‘uncertainties’ Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said that the latest Opec+ agreement involved comprehensive reform while the alliance was working against “uncertainties and sentiment” in the market. “That is why we had this agreement,” he said at the Arab-China business conference in Riyadh, when asked what was necessary to achieve market stability. He […] June 12, 2023
Analysis Energy Bahrain reboots oil and gas to reduce debt and CO2 Bahrain is taking steps to address economic challenges by relaunching its oil and gas holding company as Bapco Energies, with a focus on greater efficiencies and a low-carbon future. The island kingdom’s sovereign rating is one of only two sub-investment grade ratings in the Gulf – with challenges ranging from ageing domestic oil fields to […] June 12, 2023
Oil & Gas Adnoc L&S bags $975m EPC contract for ‘artificial island’ The newly-listed Abu Dhabi National Oil Company (Adnoc) logistics subsidiary has secured a $975 million contract to build an artificial island. The contract – the first major award for Adnoc Logistics and Services (Adnoc L&S) after being listed on the Abu Dhabi Securities Exchange (ADX) on June 1 – was awarded by Adnoc Offshore. The award is […] June 8, 2023
