Oil & Gas Adnoc Gas to supply LNG to Osaka Abu Dhabi’s state-owned Adnoc Gas has signed a fourth sales and purchase agreement for its Ruwais liquefied natural gas project, which is under development at Al Ruwais Industrial City. Adnoc Gas signed the 15-year contract with one of Japan’s utility companies, Osaka Gas, to supply up to 800,000 tonnes of LNG per year, Adnoc said […] February 27, 2025
Economy Higher than forecast oil prices mean likely budget surplus for Oman Higher than projected oil prices look likely to give Oman a budget surplus for 2024, 10 months of data suggest. The country, which pumps about 1 million barrels of crude a day and depends in it for two thirds of its revenue, based its 2024 budget on a price of $60 a barrel. Last year, […] February 27, 2025
Opinion Oil & Gas The Riyadh summit will shape global energy geopolitics Diplomatic pressure is rising and so is the volatility of black gold February 26, 2025
Energy BP to develop Iraq oil fields at potential cost of $25bn British oil company BP has finalised an agreement with the Iraqi government to redevelop four oil and gas fields in the northern Kirkuk region. BP is expected to invest up to $25 billion in the project over its lifetime, according to previous reports. The deal aims to rejuvenate Iraq’s oil production capacity. It also aligns […] February 26, 2025
Oil & Gas Investors may shun Gulf as oil prices fall, BoA says President Donald Trump’s “drill, baby, drill” push to increase US oil production and potentially drive lower prices could dampen investor appetite for Gulf Arab markets, according to the Bank of America. Saudi Arabia, the world’s second-largest oil producer, has been on a marketing blitz in the US this past week, hosting an investor conference in […] February 26, 2025
Oil & Gas Iraq to propose new plan to offset extra oil output Iraq reaffirmed its commitment to the Opec+ agreement on Monday and said it would present an updated plan to compensate for any overproduction in previous periods, according to a statement from the Iraqi oil ministry. Baghdad, Opec’s second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia’s energy minister Prince Abdulaziz […] February 25, 2025
Analysis Oil & Gas Egypt’s gas industry caught in vicious circle as demand rises Egypt’s gas industry is caught in a vicious circle. The country uses natural gas to generate almost 80 percent of its electricity, according to the International Energy Agency, and Globalpetrolprices.com says Egyptian households pay less than EGP1 ($0.02) per kilowatt hour. Demand for power and therefore for gas is surging at a time when production […] February 24, 2025
Oil & Gas Iraq to export 185,000 bpd of crude from Kurdistan Iraq will export 185,000 barrels per day (bpd) from Kurdistan’s oilfields through the Iraq-Turkey pipeline once oil shipments resume, an Iraqi oil ministry official said on Sunday. Basim Mohammed, deputy oil minister for upstream operations, told Iraq’s state news agency that the quantity currently available for export from Kurdistan regional government oilfields is 300,000 bpd. […] February 24, 2025
Oil & Gas JPMorgan expects no special Aramco dividend in 2025 Saudi Aramco is forecast to have no performance-linked dividend this year after a more balanced 2024 cash cycle followed earlier bumper results that backed the special payout, JPMorgan said in a research note. “The past 18 months has delivered elevated performance-linked dividends funded by premium 2022-23 financials and we remind this cycle ends with year-end […] February 23, 2025
Oil & Gas Oversubscribed Adnoc Gas listing raises almost $3bn Abu Dhabi state oil company Adnoc has completed a secondary offering of its gas business unit, raising $2.84 billion, in the largest-ever placement of shares on the Abu Dhabi stock exchange ADX. The company said in a statement on Friday the sale of approximately 3.1 billion Adnoc Gas shares was 4.4 times oversubscribed. Adnoc announced […] February 21, 2025
Oil & Gas Adnoc to sell 4% of its gas unit to raise up to $3bn Abu Dhabi National Oil Company is to offer approximately 3.1 billion shares in its subsidiary Adnoc Gas, in what will be the biggest share sale in the Middle East and North Africa since Saudi Aramco’s offering last June. The sale will represent 4 percent of Adnoc’s outstanding share capital and Reuters estimates that it could […] February 20, 2025
Oil & Gas Trump hails Saudi Arabia at investment event in Miami Donald Trump’s speech on the opening day of a Saudi-backed investor summit in Miami once again highlighted the close relationship the US president is nurturing with the world’s second-largest oil producer. Calling Saudi Arabia a “special place with special leaders”, Trump individually greeted Yasir Al-Rumayyan, governor of the state-owned Public Investment Fund (PIF), and Mohammed […] February 20, 2025
Energy Saudi Aramco re-enters Philippines after 17 years Saudi Aramco, which trades on the Saudi Exchange (Tadawul), will acquire a 25 percent stake in the third-largest petroleum company in the Philippines, as part of a retail network-building strategy, the company said in a statement. The Saudi major’s proposed purchase of the stake in Unioil is subject to regulatory approvals, the company said. The […] February 20, 2025
Oil & Gas Brazil joins Opec+ oil producers’ group Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […] February 19, 2025
Opinion Oil & Gas Libya’s National Oil Corporation needs reform – and fast The coming months will be crucial in determining the country's economic and political direction February 19, 2025
Analysis Oil & Gas Middle East oil producers claw back India market share from Russia Middle East oil producers are clawing back market share from Russia in India. The Gulf producers – led by Iraq, Saudi Arabia and the UAE – have made gains as US-led sanctions on Moscow bite and Chinese buyers take more Russian oil. Middle East oil exports to India, which is poised to become the world’s […] February 19, 2025
Oil & Gas Oman LNG strikes 10-year deal with Swiss trader Oman LNG has signed a long-term liquefied natural gas (LNG) supply agreement with Mercuria, a Swiss-based trading company. Under the 10-year deal, the state-owned company will supply 800,000 metric tonnes per annum (mtpa) starting this April, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement expands its […] February 19, 2025
Opinion Energy Iraq must act fast to avoid a domestic energy crisis Things are never simple in the land of the two rivers but Baghdad needs solutions now February 18, 2025
Analysis Oil & Gas Opec+ market share to fall as US ramps up oil output Opec+ members’ market share is likely to shrink this year and in 2026 as non-Opec supply led by the US accelerates, according to energy experts. The Opec+ group’s market share was 53 percent when it was set up in 2016. That figure is likely to drop to 46 percent in 2025 and 2026, even as […] February 18, 2025
Analysis Oil & Gas Cyprus-Egypt pipeline paves way for island’s gas industry After years of high hopes and false starts, Cyprus’s natural gas industry might finally be flowing after the island state agreed this week to pipe prospective gas to Egypt, which is likely to be exported to Europe in liquid form. The deal highlights the potential importance of Cypriot gas in the Eastern Mediterranean, particularly after […] February 18, 2025
Oil & Gas Kurdistan to resume oil exports next week Oil exports from the semi-autonomous Kurdistan region will resume next week, Iraq’s oil minister said on Monday, resolving a near two-year dispute as ties between Baghdad and Erbil improve, potentially adding more supply to the oil market and weighing on prices. The oil flows were halted by Turkey in March 2023 after the International Chamber […] February 18, 2025
Oil & Gas Two new LNG terminals in Iraq to replace Iran gas Iraq is planning to build two offshore liquefied natural gas (LNG) terminals to tackle a persistent electricity supply shortage, its oil minister said on Monday. One facility to receive imported LNG needed to run its power stations will be located in the Faw port under construction in southern Iraq. The other will be at the […] February 17, 2025
