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 and 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
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
