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Oil & Gas

Oil and gas news from the Middle East and beyond. All the important stories, exclusive interviews, plus authoritative opinion and analysis

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Oil company executives sign the oil and gas deal in the presence of Turkish energy minister Alparslan Bayraktar (centre standing)

Turkey ties up with US to develop its shale fields

State-backed Turkish Petroleum Corporation and US energy companies Continental Resources and TransAtlantic Petroleum will jointly develop unconventional oil and natural gas resources in the Diyarbakir Basin in the east of Turkey, according to a statement. “This cooperation will greatly contribute to our goal of bringing Turkey’s oil and gas resources to our economy,” energy minister […]

Joseph McMonigle Video length: 06:27

CERAWeek day 2: ‘Cautious optimism’ among the oilmen

On day two of CERAWeek in Houston, AGBI spoke to Joseph McMonigle, founder of the Global Center for Energy Analysis and former head of the International Energy Forum, about the second Trump administration. Watch the video to find out why McMonigle, who worked at the US Department of Energy under President George W Bush, sees […]

'Over the next few months you will see significant investment by XRG in the US,' said Adnoc CEO Sultan Al Jaber

Adnoc to ramp up investments in US gas sector

The international investment arm of UAE state oil company Adnoc will soon make a significant investment in US natural gas, Adnoc CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the Opec+ producer group and one of the world’s top oil producers. Adnoc’s wholly-owned international investment arm XRG has about $80 billion in assets and […]

The first operational, scalable version of Adnoc's agentic AI program EnergyAI is expected to be completed in the middle of this year

Adnoc signs $340m AI contract with Abu Dhabi’s AIQ

Adnoc, the Abu Dhabi National Oil Company, has awarded a $340 million contract to AIQ, a joint venture with Presight, a data analytics company based in Abu Ahabi, to introduce autonomous artificial intelligence, or agentic AI, across its upstream operations. The three-year agreement involves deploying EnergyAI, software that uses agentic AI to analyse large amounts […]

In the US, crude oil stockpiles were expected to have risen last week

Oil prices slip below $70 as US recession fears linger

Oil prices fell for a second day on Tuesday, as concerns mounted over a potential US recession, the impact of tariffs on global growth and as Opec+ sets its sight on ramping up supply. Brent futures fell 6 cents, or 0.1 percent, to $69.22 a barrel at 04:02 GMT, while US West Texas Intermediate crude […]

Ships at dock in Ras Laffan, Qatar. Iraq has sought more LNG from the country as supplies from Iran reduced

Iraq ramps up LNG import projects after US ends Iran waiver

Iraq is ramping up development of an offshore liquefied natural gas terminal and a 40km pipeline, as Baghdad seeks to import more gas following a US decision to end the country’s exemption on purchases from Iran, according to local media. Ali Shaddad, a member of the parliament’s oil and gas committee, said work on the […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan presides over the annual meeting of the Adnoc board of directors in November 2024

Adnoc targets foreign listing of investment arm XRG

Abu Dhabi National Oil Company (Adnoc) is considering listing its international investment arm XRG on an exchange outside of the UAE, three people with knowledge of the matter said. This could potentially create one of the largest listed energy companies in the world. The discussions to list a minority stake of XRG, which was established late […]

Aramco rigs in the Hasbah field. The state-owned company has cut the official selling price by 40 cents

UAE and Saudi Arabia cut prices of flagship crude

State-owned oil companies in the UAE and Saudi Arabia have lowered their benchmark crude oil prices. Saudi Aramco, the world’s top oil exporter, lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after Opec+ agreed to gradually increase supply in the same […]

C0748_Pictures of Fadhili Gas Plant_08-20-2023_MOS

Aramco focuses spending on gas and Jafurah fields

Saudi Aramco, the world’s largest oil company by value, has said it is focusing its spending on developing natural gas over oil reserves because of higher returns. The Saudi kingdom, the world’s second-largest oil producer after the US, is developing its gas reserves to supply its petrochemical and fertiliser industries and to power its electricity-generating […]

A worker checks an oil pipeline at Nahr Bin Umar oil field in Iraq

Oil set for biggest weekly drop since October  

Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy creates concerns about demand growth when major producers are set to increase output. Brent futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 02:17 GMT. US West Texas Intermediate (WTI) crude futures rose 8 cents, […]

Qatar holds a 70 percent stake in the Golden Pass LNG Terminal in Texas, the US

Qatar-US LNG export project back on track

A liquefied natural gas export project co-owned by Qatar won approval from the Trump administration to have its starting date permit extended by three years on Wednesday. The Golden Pass LNG project in Texas, co-owned by the state-run QatarEnergy LNG and Exxon Mobil Corp, was required to commence operations by November 30, 2026. Negotiations to […]

Saudi Aramco reported a drop in its 2024 profit and signalled it will slash its dividend payouts by nearly a third this year

Aramco explores potential bid for BP’s Castrol unit

Saudi Aramco is in the early stages of considering a potential bid for BP’s lubricant business Castrol, according to a person with knowledge of the matter. BP has been exploring all options around its Castrol business, including a possible sale, as part of a strategic review. The business would be expected to be worth around $6 billion to […]

President Donald Trump, pictured touring an LNG facility in Louisiana in 2019, has lifted a moratorium on LNG export permits

US energy push bodes well for GCC’s LNG interests

Since his return to the Oval Office, Donald Trump has moved aggressively to unleash a new era for the American energy sector.  Last month, he established a National Energy Dominance Council, tasked with expediting projects by cutting red tape and promoting private-sector investment.  He has also lifted a moratorium on liquefied natural gas (LNG) export […]

Aramco is facing a projected 30 percent drop in oil dividends

Saudi deficit to rise after $40bn loss in Aramco oil dividends

A projected 30 percent drop in Saudi Aramco’s oil dividends in 2025 is likely to force the government and state-owned Saudi Public Investment Fund to step up borrowing to fund infrastructure and other projects under the kingdom’s Vision 2030 economic and social strategy, analysts say. The world’s largest oil company intends to cut dividends to […]

An oil platform in the Gulf of Suez. Egypt hopes to attract investment worth $700m

Swathe of new oil and gas sites opened to bids in Egypt

Egypt has invited international companies to bid to develop 13 new oil and gas sites in the Mediterranean Sea, the Gulf of Suez and the western desert as the country seeks to reverse a fall in natural gas production. The bids cover concessions that include seven undeveloped discoveries and six exploration areas, according to the […]

More oil demand growth is expected in 2025, said Saudi Aramco president and CEO Amin Nasser

Aramco pays $21bn dividend despite 2024 profit slip

Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first […]

Opec+ has decided to proceed with a planned April oil output increase of 138,000 barrels per day, the group's first since 2022, which is likely to push prices down

Oil prices fall as Opec+ to proceed with output rise

Oil prices continued to fall on Tuesday after reports that Opec+ will proceed with a planned output increase in April and markets braced for US tariffs on Canada, Mexico and China to take effect. Brent futures fell 49 cents, or 0.7 percent, to $71.13 a barrel at 04:55 GMT, as US West Texas Intermediate crude dropped 26 cents, […]

The state-run National Oil Corporation office in Libya is planning its first bidding round for oil exploration in more than 17 years

Libya to launch first oil exploration bids in 17 years

Libya is planning its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting chairman of the National Oil Corporation (NOC), announced in a televised address on Monday. Libya is Africa’s second-largest oil producer and a member of the Organsation of the Petroleum Exporting Countries (Opec). Foreign investors have been wary […]

Opec+ hesitant on oil output rise amid US sanctions

Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]