Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Oil & Gas Egypt launches $1.8bn gas exploration programme Egypt has begun a $1.8 billion gas exploration programme with plans to drill wells in the Mediterranean Sea and Nile Delta. The programme is in cooperation with energy majors Eni, Chevron, ExxonMobil, Shell and BP, petroleum minister Tarek El Molla told the UAE state-run Wam news agency. El Molla said the aim is to drill […] July 5, 2023
Oil & Gas Adnoc and OMV in talks to create $30bn chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV AG are in discussion over the possible merger of chemical companies Borouge and Borealis AG to create a chemicals and plastics giant worth more than $30 billion. Vienna-based Borealis is 75 percent owned by OMV, while Adnoc holds the remaining stake. Abu Dhabi-listed Borouge is […] July 5, 2023
Energy Why are Opec+ supply cuts failing to boost oil prices? Opec+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia that pumps around 40 percent of the world’s crude, has been cutting oil output since November in the face of flagging prices. Members Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an […] July 5, 2023
Analysis Oil & Gas Saudi GDP growth slows as oil activity to ‘go into reverse’ Slowing oil activity is hampering real GDP growth for Saudi Arabia, the world’s largest exporter of crude, official figures show. Real GDP grew by 3.8 percent year on year in the first quarter of 2023, according to Riyadh’s General Authority for Statistics. This is down from 5.5 percent in the previous quarter and 10 percent […] July 4, 2023
Oil & Gas Egypt to invest $9bn in oil and gas projects Egypt plans to invest $9 billion in building new oil refining and gas projects, the Ministry of Petroleum and Mineral Resources has said. Projects will be started in Alexandria, Assiut and Suez, with an estimated investment of $7.5 billion. These will allow Cairo to maximise value from its extensive natural resources, Egypt Today newspaper reported […] July 4, 2023
Opinion Oil & Gas Saudi and Russian oil cuts add to palace intrigue at Opec Delegates in Vienna will be eager to debate the impact of the latest moves by Riyadh and Moscow July 3, 2023
Oil & Gas Oil prices up as Saudi extends output cut Saudi Arabia will extend its voluntary oil output cut of one million barrels per day (bpd) into August, pushing up the price of oil. Originally implemented at the start of this month, the cut will see production by the major oil producer stand at approximately 9 million bpd throughout the next two months. These can […] July 3, 2023
Energy Adnoc Gas to spend $1.34bn expanding UAE pipeline Abu Dhabi-listed Adnoc Gas has awarded contracts worth $1.34 billion to expand its natural gas pipeline network in the UAE’s northern emirates. The new pipeline will extend the current pipeline network from 3,200 km to over 3,500 km, enabling the transportation of higher volumes of natural gas to customers in the northern part of the […] July 3, 2023
Oil & Gas Asian refiners expect Saudi to cut August crude prices Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader Opec+ deal. Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners’ […] July 3, 2023
Energy Opec output posts small drop ahead of Saudi cut Opec oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider Opec+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels […] July 2, 2023
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
