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
Opinion Oil & Gas Trump’s maximum pressure will squeeze Iran’s oil exports It’s becoming increasingly difficult for Iranian oil sellers to secure tankers and it may get even harder February 17, 2025
Oil & Gas Adnoc Drilling plans further acquisitions in US and Europe Adnoc Drilling is looking at more investment opportunities in the US, as President Donald Trump’s “Drill, baby, drill” mantra acts as a catalyst for increased shale oil and gas activity in the world’s biggest energy producer, a top executive told AGBI. The Abu Dhabi-listed company is planning to invest $1 billion this year, with around […] February 16, 2025
Oil & Gas Adnoc Drilling proposes higher dividend after profit growth The board of directors of Adnoc Drilling has recommended raising the 2024 cash dividend by 10 percent year on year to $788 million after revenues rose 32 percent to $4.03 billion last year. The payout is subject to shareholders’ approval, and if approved, Adnoc Drilling’s dividend will amount to 18.1 fils per share (100 fils […] February 13, 2025
Energy Taqa’s capex rises 60% amid new projects Capital expenditure of Abu Dhabi National Energy Company (Taqa) rose by nearly two-thirds to more than AED9 billion ($2.5 billion) in 2024 due to the construction of new projects in the UAE. The spend was primarily focused on the Mirfa 2 and Shuweihat 4 reverse osmosis desalination projects, the company said in a filing to […] February 13, 2025
Oil & Gas Trans-Sahara gas pipeline project back on the table A multi-billion dollar trans-Sahara gas pipeline project dating back more than half a century has been revived after a meeting between the oil ministers of Algeria, Nigeria and Niger. The ministers held talks in the Algerian capital, Algiers, on Tuesday to discuss the resurrection of the Trans-Sahara Gas Pipeline. This involves the construction of a […] February 13, 2025
Oil & Gas Iraq-Turkmenistan gas deal unlikely to happen A gas supply agreement signed by Iraq and Turkmenistan in 2023 may never begin because of challenges with transiting the gas through neighbouring Iran, Iraqi analysts say. The deal was for nearly 20 million cubic metres of natural gas per day to supply Iraq’s power facilities, but Iraq and Turkmenistan do not share a border. […] February 13, 2025
Oil & Gas Opec sticks to growth forecasts despite Trump policies Opec on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 […] February 13, 2025
Oil & Gas Marine fuel sales in Fujairah revive on Red Sea diversions Global marine fuel sales jumped in 2024 after attacks by Yemen’s Houthis starting in late 2023 prompted most shipping companies to divert vessels around southern Africa rather than through the Red Sea, according to data and analysts. Singapore bunker volumes logged fresh highs of 54.92 million tonnes in 2024, or about 955,000 barrels per day (bpd), while […] February 13, 2025
Energy NMDC Group to pay $191m dividend as revenue rises The board of Abu Dhabi’s NMDC Group has recommended paying a cash dividend of AED701 million ($191 million) after revenues surged 57 percent year on year to AED 26 billion in 2024, according to UAE state-owned Wam news agency. The payout is subject to shareholders’ approval. If approved, the group’s dividend yield will reach 13 […] February 12, 2025
Economy Iraq risks higher budget deficit after oil sales fall short Iraq’s budget deficit could be higher than forecast after the Opec member reported $92 billion in oil exports — less than expected — for the first 11 months of last of year. In June its parliament approved 2024 spending of around $163 billion, with revenue forecast at nearly $123 billion. This left a budget deficit […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Oil & Gas Adnoc to sign LNG deal with India’s BPCL State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […] February 11, 2025
Oil & Gas Pakistan weighs revising terms of Qatar LNG deal Pakistan’s liquefied natural gas (LNG) pact with Qatar allows for either party to initiate renegotiation talks next year but no decision has been taken on whether to do this, Pakistan’s petroleum minister told Reuters. Musadik Malik was clarifying comments made to a parliamentary committee on energy, as reported in local newspaper The News, which had […] February 10, 2025
Oil & Gas Iraq to stop taking Iranian gas by 2028 Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […] February 7, 2025
Oil & Gas Adnoc Gas dividend unchanged despite record profit Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […] February 6, 2025
Oil & Gas Opec oil cuts push Oman’s revenue down $1.7bn Oman’s adherence to Opec+ voluntary oil production cuts resulted in revenue from the sector falling by an average of $4.6 million a day last year. The country’s average daily crude oil production fell 5.4 percent in 2024 to 992,600 barrels per day (bpd), figures from the National Center of Statistical Information show. The average price […] February 6, 2025
Opinion Trade US trade bravado hides a cautious stance on China Presidents Trump and Xi are going through the motions February 6, 2025
Oil & Gas Aramco raises prices as demand from Asia grows Saudi Aramco, the world’s leading oil exporter, has sharply increased crude prices for March shipments to buyers in Asia. Demand from China and India is rising as US sanctions disrupt Russian supply. Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi […] February 6, 2025
Oil & Gas Algeria and Egypt lead Arab LNG export decline Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […] February 5, 2025
Oil & Gas Oman invites bids for 3 onshore oil and gas blocks Oman’s energy ministry has invited investors to bid for three oil and gas concessions. The onshore concessions – Block 36, Block 43A and Block 66 – are close to the sites of previous successful explorations. Scotiabank has been listed as the point of contact for potential investors. The concessions will bring in much needed revenue […] February 5, 2025
Renewable Energy Abu Dhabi’s NMDC Energy to invest in wind power Abu Dhabi’s NMDC Energy, an engineering, procurement and construction contractor for energy projects, is hoping to expand its renewable energy business in South East Asia and Europe. Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that wind will account for as much as 20 percent of the company’s revenues in the next few years, with […] February 5, 2025
