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GIF Energy Tracker

April 19, 2024

Iraqi PM visits Houston to discuss Iraq’s future in oil and gas

Iraqi Prime Minister  Al-Sudani visited Houston, Texas, to discuss Iraq’s future in oil and gas. He participated in a round table discussion with US firms specialized in the oil and gas industry, including Total Energies, Weatherford International, KBR, Schlumberger Limited (SLB), and Khudairi Group. Al-Sudani outlined a vision for a robust partnership with the United States, focusing on collaboration and openness across various domains of engagement. He unveiled ambitious plans to shift 40% of Iraq’s exports towards value-added oil derivatives, reduce annual gas imports, and reduce environmental impact. Iraq plans to transform its energy environment by embracing efficiency and sustainability, forming strategic collaborations with multinational companies like Total and Honeywell.

April 19, 2024

Kuwait Petroleum Corporation launches e-commerce platform for the oil sector

Kuwait Petroleum Corporation has introduced a new electronic commerce platform for the oil sector, aiming to enhance relationships between the corporation, its subsidiaries, and its partners both domestically and internationally. During a festival organized by the corporation in Ahmadi City, KPC’s CEO, Sheikh Nawaf Saud Al-Nasser Al-Sabah, described the platform as the initial stage of the “smart purchasing” initiative.

April 17, 2024

Iraqi, US companies sign agreements to capture, burn gas for power

 Iraqi and U.S. companies signed a series of agreements on Wednesday to capture natural gas traditionally flared from Iraq’s oilfields and use it to produce domestic power while reducing dependence on neighboring Iran for energy. Boosting the energy independence of Iraq, one of the world’s top oil and gas producers, and reducing reliance on Iran is a top U.S. foreign policy goal. But Iraq’s oil and gas fields have suffered years of under investment and since 2018, Washington has had to issue Iran sanctions waivers to Iraq that allow it to buy power imported from the Islamic republic

April 16, 2024

Oil prices flat as economic headwinds counter Mideast supply fears

Oil prices settled marginally lower on Tuesday after economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions with eyes on Israel and its pending response to Iran’s attack on Israeli territory over the weekend. Brent crude futures for June delivery settled 8 cents lower, or 0.1% at $90.02 a barrel. U.S. crude for May delivery fell 5 cents lower, or 0.1%, to end at $85.36.

April 12, 2024

Oil Prices Surge on Fears of an Imminent Iranian Attack

Oil prices spiked on Friday morning following reports of heightened tensions between Iran and Israel, with the possibility of an Iranian attack on Israeli soil looming within the next 24 to 48 hours. The Wall Street Journal, citing American intelligence reports, revealed this development, sending shockwaves through global oil markets. Both the West Texas Intermediate (WTI) and Brent crude oil prices experienced significant jumps, with WTI rising by $2.02 and Brent climbing by $1.78 per barrel by 9:20 a.m. ET. This sharp increase underscores the sensitivity of oil markets to geopolitical turmoil in the Middle East, a region critical to global oil supply.

April 8, 2024

Saudi Aramco Suspends Two Oil Contractors

Aramco has served notices of temporary suspension to two oilfield service contractors: Borr Drilling Limited Valaris. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension. The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. 

April 5, 2024

Saudi Aramco, Shell in final stage of Pavilion Energy talks – sources

Shell and Saudi Aramco are in negotiations to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy. The deal comes a decade after the Singapore state investment firm established Pavilion Energy to focus on LNG-related investments. The assets could fetch over $2 billion. Aramco believes the deal would position it as a global LNG player, aiming to boost production by over 60% from 2021 levels by 2030. Pavilion Energy supplies one-third of Singapore’s power and industrial gas demand with LNG and piped natural gas. The company has invested $1.3 billion in Tanzania and gained access to Europe with its 2019 purchase of Iberdrola’s LNG assets.

April 4, 2024

U.S. crude oil breaks $86 as tensions mount between Israel and Iran

Crude oil futures rose on Thursday due to mounting tensions in the Middle East. West Texas Intermediate crude for May delivery gained $1.16 to settle at $86.59 a barrel, while Brent for June delivery advanced $1.30 to $90.65 a barrel. Israeli embassies were put on high alert after Iran vowed retaliation over a missile strike on its Damascus consulate.  Oil prices have rallied this year, with U.S. crude adding nearly 21% and Brent up 18%. The escalating tensions between OPEC member Iran and Israel have raised fears of a conflict in the Middle East that could squeeze oil supplies. Gasoline prices averaged $3.57 per gallon nationwide. 

April 3, 2024

Aramco announces $7.7bn Fadhili Gas Plant expansion

Saudi Arabia’s Aramco has awarded $7.7bn in engineering, procurement, and construction contracts to expand its Fadhili Gas Plant in the Eastern Province. The project aims to increase the plant’s processing capacity from 2.5bscfd to 4bscfd, boosting gas production by over 60% by 2030. The expansion is also expected to increase sulphur production by 2,300 tonnes per day. Aramco’s executive vice president of technical services, Wail Al Jaafari, said the contracts reflect the company’s goal to increase natural gas supplies, reduce greenhouse gas emissions, and free up crude oil for refining and export.

April 3, 2024

Saudi Arabia confirms additional gas reserves at Aramco’s Jafurah field

Saudi Arabia’s Aramco has discovered 15 trillion standard cubic feet of gas and two billion barrels of condensate at the Jafurah field, bringing the total resources at the field to 229 trillion standard cubic feet and 75 billion barrels of condensate. The field, covering 17,000km², is considered one of Aramco’s most ambitious projects and is expected to produce over 420 million standard cubic feet of ethane and 630,000 barrels of natural gas liquids and condensates daily by 2030.

April 2, 2024

Iran’s oil exports reached $35 billion in last 12 months -ILNA

Iran’s oil exports reached $35.8 billion in the 12 months to March 2024, despite U.S. sanctions. Chinese purchases have maintained a positive trade balance, with total trade increasing by 2.6% to $153 billion, with $86.8 billion being Iranian exports.

March 31, 2024

QatarEnergy to charter 19 new LNG vessels expanding fleet further

QatarEnergy has signed charter contracts with Asian shipowners to expand its shipping fleet by 19 LNG vessels. The contracts will be built at Samsung Heavy Industries in South Korea, while four vessels will be operated by a joint venture. The expansion will increase Qatar’s liquefaction capacity from 77 million tons per annum to 142 mtpa by 2030, an 85% increase in production. The total number of ships contracted is 104.

March 31, 2024

Iraq signs MoU with Siemens, Shlumberger for investment in gas

Iraq has signed a memorandum of understanding (MoU) with Siemens Energy and Schlumberger to combat gas flaring and increase power generation capacity. The MoU aligns with the ministry’s plan to use associated gas for electricity production. The German Embassy supports Iraq’s efforts to increase energy production and reduce carbon emissions. Siemens Energy Iraq director Muhannad Al-Saffar emphasized the MoU’s significance as a launchpad for long-term cooperation. The partnership aims to optimize expenditures and ensure environmental protection.

March 27, 2024

Iraq signs 5-year gas supply deal with Iran, says state media

​​According to state media on Wednesday, Iraq and Iran signed a five-year gas supply agreement. The pumping rates might reach up to 50 million cubic meters per day, depending on the needs of Iraqi power plants.

March 27, 2024

Saudi Aramco chief says world should ‘abandon fantasy’ of phasing out fossil fuels

Saudi Aramco CEO Amin Nasser has criticized the current transition strategy for oil and gas, stating that it is failing in most aspects. He cited a report from KPMG, which suggested that oil demand could hit a record this year, indicating that peak oil and gas is unlikely for some time, even 2030. ExxonMobil CEO Darren Woods also expressed skepticism about the energy revolution, stating that society wants to reduce emissions but nobody wants to pay for it.

March 27, 2024

UAE meets 44.1 % of Japan’s crude oil needs in February

The UAE secured 44.1% of Japan’s crude oil needs in February 2024, with 31.3 million barrels. Japan imported around 71 million barrels, with 96.7% originating from five Arab countries: UAE, Saudi Arabia, Qatar, Kuwait, and Oman.

March 26, 2024

Saudi Arabia to invest $1.4 bn in Bangladesh’s energy sector

Saudi Arabia’s International Islamic Trade Finance Corporation has signed a $1.4 billion financing plan with Bangladesh’s government, enabling the state-owned fuel oil import and marketing authority, BPC, to import petroleum products and develop Bangladesh’s energy infrastructure. The funds will be invested in various sectors related to the country’s energy sector.

March 26, 2024

Saudi Aramco eyes strengthening cooperation with Chinese partners, CEO says

Saudi Aramco CEO Amin Nasser has expressed interest in enhancing cooperation with China, particularly in carbon capture techniques. The company aims to become a partner in China’s economic development journey, focusing on material development and the chemicals sector. Nasser emphasized Saudi Aramco’s presence in the chemicals sector and plans to increase liquid-to-chemicals production to 4 million barrels by 2030. He also highlighted strong opportunities for cooperation between Saudi Aramco and Chinese partners in sectors aimed at reducing emissions, highlighting China’s strengths in renewables and critical materials, while Saudi Arabia’s interest in solar, wind, hydrogen, and electro fuels.

March 25, 2024

Houthis attack Chinese oil tanker despite agreement with China and Russia

Yemen’s Houthis group attacked a Chinese oil tanker with multiple ballistic missiles, despite an agreement with China and Russia to allow safe passage through the Red Sea and the Gulf of Aden. The group launched four anti-ship missiles into the Red Sea, causing minimal damage to the oil tanker. China and Russia reached an understanding with the group after talks between their diplomats in Oman and Houthis’ top political figure, Mohammed Abdel Salam. US forces engaged six Houthi unmanned aerial vehicles over the southern part of the Red Sea, with five crashes and one inland.

March 20, 2024

Iraq signs agreement with Siemens Energy to convert flare gas into fuel for electricity

Iraq has signed an agreement with Siemens Energy to convert gas from oil production into electricity fuel. The agreement covers 120 million standard cubic feet within 6 months and 120 million cubic feet within one year.

March 18, 2024

Iran Signs $13 Billion Worth of New Oil Contracts

Iran has signed $13 billion contracts for the development of six oil fields, aiming to increase daily production by 350,000 barrels per day. The deals are the largest in the energy sector for the past decade and were signed with local companies. Iran has been working on boosting oil production and exports, with an average daily output of 1.29 million barrels last year. The boost would cost about $70 billion. Last year, Iran’s oil production was expected to reach 3.6 million barrels by the end of the calendar year.

March 18, 2024

Saudi Aramco CEO says no peak in oil demand for some time to come

The CEO of Saudi Aramco, Amin Nasser, has called for a revision of the plans for the global energy transition, arguing that the demand for oil will not peak for some time. He claimed that although funding is increasing, alternative energy has not yet completely replaced hydrocarbons. For as long as it is necessary, Nasser urged policymakers to make sufficient investments in oil and gas, taking into account realistic demand projections. He added that through 2045, growing demand from developing nations might fuel an increase in the demand for oil. Because OPEC and the International Energy Agency (IEA) have different perspectives on the energy transition, their short- and long-term demand predictions disagree.

March 15, 2024

Iraq, Jordan near electricity linkage completion

Ziyad Ali Fadhel, Iraq’s Minister of energy, announced that the first phase of the country’s energy connection with Jordan is nearly complete and should be operational in the next few days. The western al-Anbar region will receive the first phase’s activation, and work is under progress to finish the electrical connections between Iraq and the Gulf. On February 11, 2024, Jordan and Iraq signed the first revision to the electricity supply contract, with the goal of enhancing the exchange of electrical energy and stabilizing the electrical networks in both nations. Electricity is currently available to the Iraqi side, and preparations are in place for the second phase, which is scheduled to be finished in the third quarter of this year

March 13, 2024

Saudi Wealth Fund anticipates $20B windfall from Aramco

Saudi Arabia’s sovereign wealth fund is expected to secure $5 billion in quarterly dividend payments from its augmented stake in Aramco, following the government’s allocation of additional shares. Aramco plans to increase shareholder payouts, with dividends projected to reach $124 billion this year. The Public Investment Fund (PIF) now owns a 16% stake in Aramco, valued at around $333 billion, resulting in an annual payout of at least $20 billion. This windfall is beneficial for the fund as it prepares for expenditure on expansive projects, including Neom, a new city with a budget exceeding $500 billion.

March 11, 2024

Siemens Energy to utilize associated gas in Iraq

Siemens Energy in Iraq is planning to invest associated gas in southern Iraq, collaborating with the government for environmental reasons and to reduce high government spending. The Iraqi National Investment Commission has agreed to use associated gas in a gas field in southern Iraq costing $2.6 billion. The project will be carried out within 36 months and will produce 300 million standard cubic feet of gas in two stages. The Iraqi President, Abdul Latif Rashid, plans to start new gas projects in 2024 to increase natural gas output and reduce gas imports.

March 11, 2024

Iran oil exports hit five-year high

Iran’s oil minister Javad Owji announced that crude oil exports reached a five-year high since 2018, despite US sanctions on Tehran’s energy sector. Oil production in Khuzestan province has increased by 2.7 million barrels per day, and natural gas production has grown by 5%. Owji emphasized that sanctions have not hindered Iran’s development growth, with economic growth of oil and gas over 20% every quarter in the first, second, and third months of the solar hijri year from March 2023-19 March 2024. He also mentioned that Trump’s potential return to the US presidency would not affect Iran, as contracts with Russian companies have been signed.

March 10, 2024

Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects: Reports

Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in US liquefied natural gas (LNG) projects, competing with oil giants and regional rival Qatar in the thriving super-cooled gas market. Demand for chilled fuel is predicted to increase by 50% by 2030, and the two energy behemoths are eyeing chances in the United States, which has become the world’s largest LNG exporter. Saudi Aramco is in talks to invest in the second phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, while ADNOC is in talks with US LNG business NextDecade about offtake from a projected fourth processing unit at its Rio Grande LNG export terminal. US LNG capacity is expected to nearly double over the next four years. However,  several US LNG project developers have faced financial hurdles to get their proposed export terminals off the ground.

March 8, 2024

Iran’s Revolutionary Guards Capture Oil Tanker Amid Sanctions Dispute

Iran has seized a Marshall Islands-flagged oil tanker, the Advantage Sweet, in retaliation for crippling American sanctions against the Islamic republic. The 55th branch of the Tehran Court of Justice ruled in favor of confiscating the oil, valued at around $50 million. The funds from the sale of the oil will be used to compensate patients suffering from epidermolysis bullosa, a rare skin disease. The court ruled that U.S. sanctions have prevented a Swedish company from selling medicine to Iran that is used to treat the disease and caused Iranian patients severe emotional and physical damage. The Swedish government provided financial support to the United Nations Children’s Fund to procure and deliver specialized bandages to Iran.

March 6, 2024

Iran to Unload $50 Million Worth of Crude Oil From Tanker Seized in 2023

Iran aims to unload $50 million in crude oil from a vessel chartered by Chevron that was seized by Iran in the Arab Gulf last year. The US Navy sought the vessel’s release, alleging it had been taken in international waters. The Iranian Navy announced that the Suezmax crude oil tanker would be returned to Iran for further examination. The US seized the Suez Rajan tanker in April of last year, forcing Iran to respond with the captured Chinese-owned ship. The St. Nikolas oil tanker, previously known as the Suez Rajan, was seized by Iran in retribution for the US seizure of 1 million barrels of Iranian oil in 2023.

March 5, 2024

Iraq’s oil exports to the US surpass 115 million barrels in 2023

Iraq’s crude oil exports to the US exceeded 115.26 million barrels in 2023, with an increase of 1.57 million barrels compared to November’s 5.35 million. In February, Iraq’s crude oil exports reached nearly 4.38 million barrels, with an average daily shipment of 127,000 barrels. Despite not exporting crude oil in the first week, Iraq exported an average of 43,000 barrels per day in the second, third, and fourth weeks.

March 5, 2024

Aramco awards EPC contracts for huge MGS-3 gas expansion project in Saudi Arabia

Saudi Aramco has issued a Letter of Intent to Kalpataru Projects International Limited (KPIL) for EPC work on three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia. The EPC scope includes the construction of more than 800 kilometers of lateral gas pipeline. The development intends to fulfill Saudi Arabia’s expanding energy demand and replace liquid fuel combustion, contributing to the country’s goal of diversifying its energy mix.

March 4, 2024

Iraq to announce self-sufficiency in oil derivatives within two months: PM Sudani

According to Prime Minister Mohammed Shia’ al-Sudani, Iraq will announce self-sufficiency in oil derivatives within two months, saving more than $3 billion in annual imports. The decision came after Iraq announced that it will be completely self- sufficient in gas and an exporter within 3-5 years. Sudani also announced plans to put an end to gas flaring within the next three to five years. Iraq restarted its largest oil refinery in Baiji in February, with the goal of meeting demand for oil derivatives by the middle of next year. In July, Iraq signed a $27 billion contract with French TotalEnergies for four oil, gas, and renewables projects in southern Iraq over a 25-year period.

March 3, 2024

OPEC to Extend Oil Production Cuts Through June

Saudi Arabia announced it will extend cuts in oil production until June. The state claims the move will stabilize and balance the oil market. These cuts are voluntary, yet Saudi Arabia acting as the De Facto leader of OPEC can influence other member states. The UAE and Kuwait state they will continue their reductions. Such action is deemed precautionary with the volatility of the oil market. 

March 3, 2024

Saudi and Kuwait jointly and only own entire Durra gas field – GCC communique

According to a statement released by the Gulf Cooperation Council (GCC) ministerial meeting on Sunday, Kuwait and Saudi Arabia alone jointly possess the Durra gas field and all of its natural resources. A 2022 agreement between Kuwait and Saudi Arabia to develop the field was deemed “illegal” by Iran, which had previously asserted its claim to a portion of the field.

February 29, 2024

OPEC oil output rises by 90000 bpd in February, survey finds

OPEC and allies announced a new round of voluntary cuts on Nov. 30 to be made in the first quarter of 2024. Iran, Libya, and Venezuela are exempt from OPEC output agreements. The output target is announced by the countries making voluntary cuts, or as announced by OPEC. A survey finds that OPEC oil output rose by 90,000 bpd in February, yet six out of nine countries have taken on production cuts. 

February 28, 2024

Kuwait to boost foreign oil output by 30%: report

Kuwait is planning to boost its foreign oil production by nearly 30 percent through massive acquisitions. Kuwait Foreign Petroleum Exploration Company (KUFPEC) will resort to borrowing to fund the acquisitions with a total value of between $975 million and $3.49 billion. KUPEC is planning to increase its output to nearly 139,300bpd in 2026 from 107,100 bpd in 2024 and 98,000 bpd in 2021. KUPEC currently has assets in Indonesia, Egypt, Pakistan, Canada, and Australia with hopes of further expanding its reach in the oil sector. 

February 26, 2024

Iraqi Oil Minister voices disappointment with ExxonMobil’s plans to leave Iraq

ExxonMobil’s decision to shift from the West Qurna 1 oilfield to energy opportunities in Africa has sparked disappointment from Iraq’s Oil Minister. China’s PetroChina will be taking over as the principal operator at Qurna 1, making an increase in Chinese investment in Iraq’s energy Sector. Chinese businesses now directly control over 24 billion barrels of reserves and contribute to the average extraction of 3 million barrels of oil per day in Iraq.

February 25, 2024

QatarEnergy boosts LNG expansion plans again to 142 mil mt/year

QatarEnergy announced a new expansion of its LNG production capacity, with the target raised to 142 million mt/year by the end of 2030. The plan comes after Biden’s pause in approvals for applications to export LNG in the US. With the US overtaking Qatar as the largest LNG exporter, Qatar is increasing its extensive appraisal drilling and testing in hopes of increasing the country’s gas reserves. 

February 25, 2024

At Saudi Aramco’s Jafurah field, another 15 trln standard cubic feet of gas reserves proven

Saudi Aramco unveiled an additional 15 trillion standard cubic feet of gas in its Jafurah field. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, sparking Saudi Arabia to work on developing its unconventional gas reserves, which require advanced extraction methods similar to the shale gas industry. The Jafurah field will produce 630,000 barrels per day of gas liquids and condensates by 2030. 

February 23, 2024

Iraq Reopens Refinery after a Decade-Long Shutdown

Iraq reopened its rehabilitated North Oil Refinery in Baiji. The site has been inactive for more than a decade because of the damage incurred by violence from Al Qaeda and ISIS in their plight for control. The start-up of North Oil Refinery is set to bring Iraq closer to being self-sufficient in oil products by the middle of next year, as predicted by the Prime Minister. 

February 19, 2024

Iraq may downsize ‘Nebras’ project after Shell pullout

Iraq is considering downsizing the mega ‘Nebras’ petrochemical project after the withdrawal of Shell. Shell’s decision to pull out of the Nebras project in Southern Basra city was prompted by its “new investment policy”, which includes a switch from investment in petrochemicals to gas. Shell remains in Iraq with control of 45 percent of Basra Gas Company. The Iraqi ministry announced plans to downsize the Nebras project and build smaller petrochemical plants in other areas of Iraq for flexibility and a higher degree of independence. 

February 19, 2024

Iraq’s oil exports to the US rose to 43,000 bpd last week

Iraq oil exports to the US rose to 43,000 barrels per day after stopping the week before. The US Energy Information Administration (EIA) indicated that the US imported oil from Canada, Saudi Arabia, Mexico, Ecuador, Colombia, Brazil, Nigeria, and Libya to fulfill 5.45 million barrels per day. Yet, the US did not import any crude oil from Russia. 

February 19, 2024

Qatar to Announce More LNG Deals With European, Asian Buyers

Qatar will announce additional contracts to sell gas from a major expansion project to buyers in Europe and Asia. QatarEnergy may sign deals for partners to take a stake in the expansion of the offshore North Field. Qatar is boosting its annual capacity to produce the fuel used in power plants and chemical facilities by almost two-thirds to 126 million tons later this decade. 

February 15, 2024

Iran’s Main Gas Pipeline Hit by Sabotage

Iran’s leading south-north gas pipeline network experienced two explosions. The accident caused gas outages to industrial and administrative facilities and dozens of villages in at least four governorates. The Iranian oil minister revealed that the pipeline was sabotaged as an act of remembrance for the anniversary of the Iranian revolution, yet no group has claimed responsibility for the attacks. Iran continues to face a daily shortage of 300 million cubic meters due to the imbalance between oil and gas.

February 13, 2024

Bahrain launches 100 MW PV tender

Bahrain’s Electricity and Water Authority (EWA) launched a tender for the construction of a utility-scale PV plant with a capacity of up to 100 MW. The project is to be developed on a turnkey basis, with a project implementation deadline of eighteen months. Bahrain wants to bring 255 MW of solar generation capacity by 2025 by using net metering, tenders for large-scale projects, and a renewable energy mandate for new buildings marking a drastic increase from the 12 MW of installed PV capacity by the end of 2022. 

February 13, 2024

Iraq loses 25% of electrical energy as gas supplies from Iran drop

Iraq lost about 25 percent of its electrical output due to a decrease in gas imports from Iran, totaling up to 4,200 megawatts per hour. The Iraqi Ministry of Electricity indicated that maintenance projects in Iran are delaying imports to match Iraq’s electrical needs. Iraq imports 1,200 megawatts of electricity from Iran in addition to its 8,000 megawatts of electricity generated by gas imported from Iran to meet its demands. Yet, the ministry is looking to increase electricity generation to 27,000 megawatts by May 1st. 

February 12, 2024

Iran’s Oil Production Surges 22%, Amidst Global Tensions and Indictments

Iran’s oil industry increased petrol production by 22%. During his visit to the Southwestern province of Khuzestan, Iran’s Oil Minister Javad Owji unveiled several projects worth $14 billion, which will bolster Iran’s petrol production, exports, revenues, and job opportunities. The surge comes simultaneously with the US Department of Justice indicting seven individuals with ties to Iran’s oil trafficking network. This continues to intensify scrutiny of Iran’s petroleum sector.

February 12, 2024

Saudi Arabia cites energy transition for oil capacity U-turn

Saudi Arabia’s temporary halt on its oil capacity expansion plans is because of the country’s keen energy transition, as stated by the energy minister. On January 30, the Saudi Government ordered Aramco to halt its oil expansion plan and target a maximum sustained production capacity of 12 million bpd. The minister indicated that the kingdom has plenty of spare capacity to cushion the oil market. Saudi Arabia is aiming to reach net zero emissions by 2060, with Aramco targeting net zero emissions from its operations by 2050.

February 11, 2024

Oman’s Natural Gas Production and Imports Increase by 3.6%

Oman increased its domestic production and import of natural gas by 2.6%, amounting to 53.925 billion cubic meters. The National Center for Statistics and Information documented that industrial projects accounted for 58.7 percent of natural gas uses in Oman, amounting to 31,638,600,000 cubic meters. The non-associated natural gas production totaled 42.94 billion cubic meters, while the associated production amounted to 10.983 billion cubic meters. Such a trajectory is set to have a positive impact on Oman’s energy sector. 

February 9, 2024

Saudi Aramco plans 110 projects in 2024-2026

Saudi Aramco is planning to carry out 110 projects between 2024 and 2026, which include:  67 in oil, gas, and petrochemicals, 20 in pipelines, and 23 infrastructure projects. These projects were presented to local suppliers and industrialists during a seminar at the Jeddah Chamber of Commerce and Industry to highlight investment opportunities for Saudi suppliers and industrialists. Saudi Aramco continues to push ahead with capacity expansions and other development plans. 

February 7, 2024

Oman’s X2E plans to invest $1.6bln across alternative fuel value chain

Omani-Scottish start-up X2E is lining up projects worth $1.6 billion across the alternative fuel value chain, including biodiesel and Sustainable Aviation Fuel (SAF).  The business will be vertically integrated with separate entities managing feedstock cultivation, recycled water production for irrigation, seed extraction, and refineries producing biodiesel and SAF. X2E is taking a 60 percent stake in Omani biodiesel manufacturer Wakud to fund the latter’s capacity expansion, making it integral to Oman’s energy diversification plans. 

February 7, 2024

Saudi Aramco in investment discussions with Indian companies

Saudi Aramco is in investment discussions with companies in India. Saudi Arabia is boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude. In 2018, Saudi Aramco and Dhabi National Oil Company (ADNOC) attempted to set up a refinery and petrochemical plant in western Maharashtra but failed. With India being the third-largest importer and consumer of oil, Aramco’s participation in the strategic petroleum reserve (SPR) program will strengthen India-Saudi relations while allowing Saudi to upkeep its downstream expansion strategy.

February 6, 2024

Qatar Eyes India as LNG Growth Market

Qatar will be in talks with Gail India and Indian Oil Corp during Energy Week in Goa, India. Qatari officials are willing to discuss plans to supply LNG to Indian Energy companies while extending QatarEnergy’s LNG deal with Petronet LNG, allowing the company to receive 7.5 million tons of liquefied gas starting in 2029. These deals support India’s energy diversification efforts, which include increasing the use of natural gas from 6.2% to 15% by 2030. 

February 4, 2024

Power interconnection project in Oman to help save 175mln litres of diesel annually

The Rabt interconnection project in Oman aims to connect the country’s separate networks, causing the closure of 14 diesel-fired power facilities. This effort is expected to save 175 million liters of diesel and cut carbon emissions by more than 474,000 tons each year. Phase 1 connects the Main Interconnected System in the North to the PDO network and Tanweer in Al Wusta Governorate. Phase 2, which is now under tender, will expand south to the Dhofar System. The project, led by the Oman Electricity Transmission Company (OETC), intends to improve the national grid’s efficiency, integration, and security while lowering carbon emissions. According to OETC CEO Saleh Nasser al Rumhi, the project, together with energy saving initiatives, would enable Oman to meet its Net Zero Emission Target by 2050.

February 1, 2024

Qatar Awards $6B Build Contracts for Key Oil Field

QatarEnergu has granted contracts worth more than $6 billion for the next phase of development at Al-Shaheen, Qatar’s largest oil field, in partnership with TotalEnergies SE. Project Ru’ya plans to recover 550 million barrels of oil, with production starting in 2027 with a 100,000 barrels per day (bpd) increase. Key contracts include wellhead platforms, a central processing platform, and subsea pipelines. Al-Shaheen has been producing 300,000 (bpd). since 2007, and as all of Qatar’s oil resources achieve maturity, better oil recovery methods are being used. TotalEnergies is also a partner in Qatar’s North Field natural gas project.

January 30, 2024

Chinese companies buy largest share of Iraqi oil

The State Organization for Marketing of Oil (SOMO) reported that various Chinese oil corporations purchased Iraqi oil. During this period, 44 oil corporations purchased Iraqi crude oil, 12 of which were Chinese. Indian oil corporations were the second-largest group of importers, with seven companies purchasing Iraqi oil. South Korea was in third with four enterprises importing Iraqi oil, followed by Turkey with three companies. In addition, oil corporations from the United States, Italy, Japan, the UAE, Greece, and a number of other countries imported Iraqi oil. Nayara Energy, Exxon Mobil, Shell, and Eni were among the most prominent buyers.

January 28, 2024

Iraq surpasses Saudi Arabia in oil exports to US

The average US crude oil imports from nine major countries dropped to 4.49 million barrels per day, down 1.711 million barrels per day from a week earlier. Iraq’s oil exports to the United States increased to 206,000 barrels per day. Canada remained the US’s largest source of oil revenue, with 3.27 million barrels per day, followed by Mexico, Brazil, and Nigeria. US crude oil imports from Saudi Arabia averaged 81,000 barrels per day, Colombia 71,000 barrels per day, Libya 37,000 barrels per day, and Ecuador 3,000 barrels per day, with no Russian imports.

January 28, 2024

Iran’s IRGC seizes foreign vessel transporting smuggled fuel

In southern Iranian waters, the IRGC Navy confiscated a foreign tanker carrying two million liters of illicit fuel. Commander Heidar Honarian Mojarad stated that the vessel, which was carrying the flag of an Oceania country, was seized off the coast of Bushehr in response to a court order. Fourteen crew members from two Asian countries have been arrested. The stolen diesel cargo was turned over to the National Iranian Oil Refining and Distribution Company in Bushehr Province. The vessel had been monitored since loading and was detained as it entered the IRGC’s Second Naval Zone operational region. The IRGC Navy uses modern detecting tools to track movements in the Persian Gulf and has successfully thwarted multiple attacks in the region in recent years.

January 27, 2024

Oman’s new LNG bunkering project set for 2027 launch

Technip Energies, a French engineering contractor, aims to construct a renewable-powered liquefied natural gas (LNG) facility at Oman’s Port of Sohar. The project, a collaboration between French energy giant TotalEnergies and Almuzn LNG LLC, will operate as a bunkering and export terminal. The project is expected to cost $1 billion and will be built on reclaimed ground near the industrial port. The Middle East’s first low-emission LNG bunkering station. The project will supply around 150 million standard cubic feet of gas per day. The project is expected to begin in Q3 2027, with a start-up date of mid-2027.

January 25, 2024

Bankrupt oil trader Lord Energy sues UAE and ADNOC in $2.8 bln fraud claim

Lord Energy, a bankrupt oil company, and its owner, Hazim Nada, are suing the UAE, its president, state oil giant ADNOC, a Swiss investigative firm, and others for $2.8 billion, claiming fraud and a targeted misinformation campaign. The suit alleges that the UAE and ADNOC regarded Lord Energy as a growing competitor in Asian markets. Nada claims that UAE President Mohamed bin Zayed al Nahyan “oversaw” the effort using UAE authorities and a front company that recruited and paid millions to the Geneva-based private investigator agency Alp Services SA to carry out the fraud. The defendants are accused of racketeering and violating five counts of US law, including wire fraud, bank fraud, and antitrust statutes.

January 23, 2024

Oman: EA to establish national greenhouse gas inventory

Oman’s Environment Authority (EA) is establishing a national platform to monitor greenhouse gas emissions, in line with the country’s commitment to achieving net zero emissions by 2050. The initiative, in collaboration with Microsoft, seeks to balance the amount of greenhouse gasses emitted and the volume removed or offset from the atmosphere, resulting in a net-zero carbon footprint. The platform is part of the National Zero Neutrality Programme, which focuses on key sectors like electricity, urban development, transportation, industry, and oil and gas. The EA has launched 49 initiatives, including 22 in 2023, to achieve zero neutrality.

January 22, 2024

Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

Saudi Basic Industries Corp (SABIC) has announced  its plan to construct a $6.4 billion petrochemical complex in Fujian province, China. This project, formed as a joint venture with Fujian Fuhua Gulei Petrochemical, seeks to strengthen Saudi Arabia’s ties with China. The complex, initially proposed in 2018, is projected to produce 1.8 million metric tons of ethylene annually. Construction is expected to begin  in the first quarter of 2024, with completion anticipated by the first quarter of 2027. This move aligns with SABIC’s strategy to expand its manufacturing footprint in Asia and diversify its feedstock supply china. In addition, the announcement follows other investments by Saudi Aramco in China’s downstream sector, including partnerships with Rongsheng Petrochemical and plans to invest in Jiangsu Shenghong Petrochemical and Shandong Yulong Petrochemical Co.

January 22, 2024

Aramco awards $3.3bln contracts for new gas fractionation facility in Saudi Arabia

Saudi Aramco gave Sinopec Engineering Group and Tecnicas Reunidas a $3.3 billion contract for the development of new natural gas liquids (NGL) fractionation facilities in Saudi Arabia. The work will be completed under two engineering, procurement, and construction contracts. Sinopec will own 65% of the joint venture, with Tecnicas Reunidas holding 35%. The project is projected to take 46 months for package 1 and 41 months for package 2.

January 22, 2024

China-Saudi petrochemical companies to set up $6.4b complex in Fujian as bilateral ties deepen

Saudi Basic Industries Corp (SABIC) has announced its final investment plan for a petrochemical complex in East China’s Fujian Province, with a local Chinese company. The project is part of a strategic effort between Saudi Arabia and China. The joint venture, SABIC Fujian Petrochemicals Co, will operate the project, which will consist of a mixed feed steam cracker with a maximum annual ethylene capacity of 1.8 million tons and world-class downstream facilities using world-leading technologies. Construction is expected to begin in the first half of 2024, with commissioning and start-up preparations starting in the second half of 2026.

January 20, 2024

OQ Group invests OMR800mn in Musandam energy projects

OQ Group is engaged in various projects in the Sultanate of Oman, including the Musandam Gas Plant, offshore field management in Concession Area 8, and the Musandam Power Plant. The Musandam Gas Processing Plant contributes to the region’s energy infrastructure and is essential for electricity generation. OQ is also carrying out social investment projects across the governorate’s wilayats of approximately OMR4 million, with a focus on urban, environmental, and tourism issues. These programs aim to improve the region’s natural beauty, increase the services sector, and boost the tourism industry. The organization aims to develop strong relationships with stakeholders and generate new job possibilities. Through careful planning and execution, OQ Group makes an important contribution to Oman’s social and economic development goals.

January 19, 2024

Kuwait boosts output of low-sulphur fuel oil

Kuwait has upgraded its oil processing facilities to boost the production of low-sulfur fuel oil, seeking to mitigate emissions and safeguard the environment. Abdullah Al-Ajami, spokesperson for the Kuwait Integrated Petroleum Industries Company (KIPIC), announced that low-sulfur fuel oil is now being supplied to most petrol stations in both North and South Kuwait. Specific details were not revealed, But Kuwait has been actively engaged in a multi-billion-dollar initiative to enhance its oil refineries and related treatment facilities.

January 17, 2024

Saudi Aramco to Inject $4Bln Into Venture Capital Arm

Saudi Aramco will double funding to its global ventures company, Aramco Ventures, leading to a total investment of $7 billion. The additional $4 billion in funds will be distributed over the next four years, and will focus on start-up investments in Saudi Arabia. Aramco Ventures will enable the development of disruptive new technologies and diversify the opportunities for Aramco. 

January 16, 2024

China Awarded Major Contract By Iraq For Supergiant Oil And Gas Field

PetroChina will develop the Nahr bin Umar gas field in Iraq. The opportunity comes after PetroChina replaces ExxonMobil in leading Iraq’s oil sector. Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq. China and Russia’s continued involvement in Iraq’s energy sector may open a direct route for Iran to Syria, further deterring American hegemony from the region. 

January 15, 2024

QatarEnergy halts Red Sea LNG shipping amid attacks, seeking security advice

QatarEnergy stopped sending tankers through the Red Sea. QatarEnergy had four tankers held up due to Houthi attacks in the route, leading the company to take the long route around the Cape of Good Hope. As the world’s second largest exporter of liquefied natural gas, QatarEnergy’s exports are depended on by buyers in Europe and Asia. The lack of security in trade routes is projected to drastically affect LNG prices. 

January 13, 2024

Iraq’s oil minister: OPEC+ is working to limit challenges affecting oil market stability

Stabilizing the oil market is a priority of the OPEC+ group of oil producers. The Iraqi oil minister Hayan Abdel-Ghani reaffirmed the group’s responsibility of limiting the challenges hindering the market. The voluntary output cuts by OPEC+ have helped members achieve the highest rates of balance between supply and demand, which will ripple to stability in the global oil market. 

January 10, 2024

Turkmenistan Stops Gas Exports To Iran Amid Winter Cold

Turkmenistan halted gas deliveries to Iran and gas swaps with Azerbaijan. Iran’s struggle with a severe gas shortage prompted a history of gas-related agreements with Turkmenistan. Iran played a role in swapping gas between Turkmenistan and Azerbaijan for a 15% fee before exporting. Yet, Iran’s history of delayed payments to Turkmenistan and Azerbaijan access to a cheaper European gas market has removed Iran as a key asset in gas procurements. Iran may have to increase the consumption of Mazut gas, leading to further domestic tensions. 

January 10, 2024

Saudi-led consortium to invest $1.5 bln in 1.1 MW wind project in Egypt

Saudi Arabia’s water desalination company ACWA Power is investing $1.5 billion in a 1.1MW wind project in Egypt. Signed with the Egyptian  New and Renewable Energy Development and Utilization Authority and Hassan Allam Holding, the project will provide electricity to one million housing units. As Egypts seeks to reduce carbon emissions by 2030, the project will contribute to reducing 2.4 million tons of carbon dioxide emissions per year while increasing job opportunities. 

January 8, 2024

China Replaces Western Energy Firms in Iraq’s Supergiant Oil Field

ExxonMobil’s withdrawal from West Qurna 1 invited PetroChina to lead development over the oil field. West Qurna 1 holds over 20 billion barrels of oil in its reserves and is a key asset in Iraq’s oil industry. The handover marks the decline of Western and American hegemony in the Middle East. ExxonMobil broke off talks of leading the Common Seawater Supply Project (CSSP), which can help Iraq become the world’s largest crude oil producer. Chinese influence continues to grow in the Middle Eastern Oil markets, further reducing America’s dependence. 

January 8, 2024

Iraq’s oil surge: Aiming for 6M barrels daily in five years

The Iraqi Ministry of Oil is aiming to produce six million barrels a day in five years. The goal was set after Iraq voluntarily cut production 220,000 bpd in line with OPEC, allowing only a production of 4 million bpd. Up until the five year mark, Iraq is reallocating resources to expand the hydrocarbon sector to focus on refining, renewable energy, gas, and crude oil production to promote self-reliance in the sector and end imports. 

January 7, 2024

Oman signs oil and gas concession agreement with Lebanon’s CC Energy Development

Oman’s Ministry of Energy and Minerals signed an agreement with Lebanon’s CC Energy Development Company to explore two concessions in the Dhofar province. Upon a positive geophysical assessment of the region, the drilling process will begin and enhance the oil sector’s productive capacity. As the largest non-OPEC producer in the region, Oman’s accessibility to international investment will only expand the country’s oil and gas capacity despite voluntary production cuts. 

January 4, 2024

Kuwait Petroleum Corporation sets $70 per barrel estimate for fiscal 2024/’25 budget

Kuwait Petroleum Corporation (KPC) estimated $70 per barrel of Kuwait oil for fiscal year 2024/2025, starting in April. The price is subject to considerations by the Ministry of Finance as the state budget is still under revision. Kuwait priced oil at $70 in 2023/2024, marked as a decrease from the $80 point during 2022/2023. The price reflects the production of barrels per day, as the Ministry of Oil indicated Kuwait’s will to comply with OPEC+’s decision of only producing 2.413 million barrels per day. 

January 4, 2024

QatarEnergy to supply condensate to Japan’s Mitsui in 10-year deal

QatarEnergy signed a deal to supply Japan’s Mitsui & Co with eleven million barrels of condensate per year for a decade, which will start in April. The deal includes the increase in the volume of condensate QatarEnergy exports to Mitsui & Co when additional volumes become available from Qatar’s vast North Field liquefied natural gas (LNG) expansion project. The North Field expansion is expected to boost Qatar’s production to 126 million metric tons of LNG per annum (mtpa) by 2027, from the 77 mtpa it now produces. 

January 2, 2024

Aramco Close To Awarding $5 Billion Deals for World’s Biggest Offshore Oilfield

Aramco is to finalize a group of contractors to expand the Safaniya field, marked as the world’s biggest offshore oilfield. The contract may total up to $5 billion for two engineering, procurement, and construction (EPC) contracts. Larsen & Toubro (L&T) is to construct a gas oil separation plant and Hyundai Engineering & Construction is to win the EPC contract package. The Safaniya expansion project is to increase the field’s production capacity by 700,000 bpd to maintain Saudi’s position amidst rising global oil demand. 

January 1, 2024

EIA: Iraq’s Crude Oil and Product Exports to the United States Reach 80 Million Barrels

The United States Energy Information Administration (EIA) released a data report on crude oil and products exported to the United States. Iraqi exports to the U.S. reached 80 million barrels within the first eight months of 2023, with 79.346 million barrels of crude oil being exported only between March and October. 

January 1, 2024

Oman’s refineries, petrochemical units output rises 6.6%

Oman’s refineries increased production by 6.6% in November 2023, compared to last year. Production of gasoline, liquefied petroleum gas, paraxylene, and benzene experienced growth of 5.9%, 20.9%%, 2.1%, and 78.7% respectively. High capacities for exports have increased the refineries’ sales by 11%, as documented by the National Center for Statistics and Information. 

December 25, 2023

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials

The UAE signed a settlement with India which accepts rupees in crude oil purchases. India’s high consumption of energy, with 85% of its imports meeting oil needs, has been detrimental with the rising cost of oil due to the sanctions on Russian oil. India has acquired oil from Russia in rupees, and the UAE’s approval will save India billions of dollars from curbing transaction costs. The rupee settlement will continue fostering India’s high demand for UAE oil. 

December 24, 2023

Saudi Arabia’s crude exports hit 4 month high; direct burn slows

Saudi Arabia is continuing to voluntarily cut crude oil exports in respect to OPEC+’s decision. Moreover, there is a decrease in the country’s direct burn of crude oil due to boosting cost-effective energy mix. The country is to substitute liquid fuel with natural gas and renewables to constitute 50% of the electricity production methods. Moreover, Saudi Arabia is working to attain a 50% contribution to renewable energy through projects such as the Dumat Al Jandal Wind Farm. 

December 23, 2023

Iranian MP Reveals Approval For Risky Energy Price Increase

Iran’s 2024 fiscal year budget reflects an increase in energy prices, as revealed by an Iranian parliament member. The Oil Minister Javad Owji denounced such accusations, yet Iranians fear deferred price hikes due to politically supported fuel rationing. Iran is challenged with gasoline shortages and highly subsidized gas rates compared to other energy giants. Changes in energy policy may lead to nationwide protests similar to the events in November 2019. 

December 23, 2023

Hydrogen projects to boost Oman’s non-oil economy: Fitch Ratings

Oman is to expand local green hydrogen production to at least 1mn metric tonnes per year by 2030. Local state-owned enterprise (SOE) Hydrogen Oman (Hydrom) signed six investment agreements, worth over $38bn, with partners in 2023. The initiative will increase foreign direct investments in OMan, which would boost the GDP and reduce the dependence on fossil fuels. However, the hydrogen’s sector’s long-term viability may rise as a future challenge. 

December 21, 2023

Saudi Arabia’s Petro Rabigh inaugurates carbon capture project

Saudi Arabia’s Petro Rabigh and Gulf Cryo have launched a new carbon capture and utilization project. The project will capture 300 metric tonnes of carbon dioxide per day directly from Petro Rabigh’s mono ethylene glycol (MEG) plant. This will reduce over 85% of the total annual emissions from the MEG plant, measuring up to 100,000 metric tonnes. Such endeavors will support the country’s mission to reach net zero emissions by 2060.  

December 20, 2023

Iraq’s economic growth to decline in 2023, 2024 due to oil production cuts: IMF

The International Monetary Fund has predicted a decline in Iraq’s economic growth. Iraq’s GDP is set to decline due to OPEC+’s decision of cutting oil production and Turkish pipeline interruptions. Yet, the IMF is positive about Iraq’s potential growing non-oil sectors through continued budget execution and predicted inflation stabilization. 

December 20, 2023

Qatar lowers oil price assumption for 2024 budget to $60/bbl -QNA

Qatar’s approved 2024 fiscal year budget reflects a 11.4% decrease in estimated oil prices. This supports the country’s conservative approach to spending and revenue estimated for the year, causing a 14.5% decrease in oil and gas revenue and a 2.4% increase in non-oil revenue. Qatar’s decisions are backed by a comparison with price estimates of oil prices predicted by various international institutions. 

December 20, 2023

Mubadala Energy announces gas discovery offshore Indonesia

The Abu-Dhabi-based company, Mubadala Energy, discovered gas deposits off the coast of North Sumatra in Indonesia at the Layaran-1 Exploration well. Layaran-1 marks the company’s first deep-water well, estimating six trillion cubic feet of gas. This will expand the company’s transition to gas, seeing similar successes in Timpan-1 well in Andaman-II and the Cengkih-1 in Malaysia’s SK320. 

December 18, 2023

BP suspends all oil shipments through the Red Sea as attacks escalate

The energy giant BP has suspended gas and oil shipments through the Red Sea. The decision was backed by increasing attacks on ships by Houthi forces in Yemen. At least six other companies have halted traffic through the red sea, resulting in rising global oil prices. Brent and West Texas Intermediate crude, for example, experienced price increases of nearly 3% to $73.49 and $78.68, respectively 

December 18, 2023

Saudi Arabia’s crude exports rise to four-month high in October

Saudi Arabia has reached its highest production of crude oil in four months. The Joint Organizations Data Initiative (JODI) showed that crude exports from the country increased to 6.30 million barrels per day and crude production has decreased to 8.94 million bpd. This decision is backed by OPEC+’s goal of cutting production by 2.2 million bpd by 2024. 

December 17, 2023

Second Iranian Refinery Burns In Less Than A Week

The Esfahan refinery was engulfed in  fire only a week after the Birjand oil refinery did too. It was revealed that four individuals sustained injuries, and one person was hospitalized. Iran has witnessed several industrial accidents in recent years, which are attributed to dated technology and substandard equipment. The Iranian authorities have linked such industrial incidents as sabotage, with higher officials claiming these attacks to be the work of Israel supporting the tensions between the two countries. 

December 16, 2023

Oman Shell takes center stage at the Green Hydrogen Summit And Exhibition 2023

The third iteration of the Green Hydrogen Summit and Exhibition in Oman included active participation from Oman Shell. Oman Shell is a premier regional partner in the development of the Omani hydrogen economy, bringing forth research and development advancements to the oil and gas sector. Shell has spearheaded a social investment program, which contributes to the degree of sustainable development in Oman. Oman Shell’s investment in Oman’s industries reflects substantial economic growth. 

December 15, 2023

Eighth oil company joins Kurdistan Region int’l petroleum association

A Hungarian based company, Kalegran B.V., becomes the eight company to join the Association of the Petroleum Industry of Kurdistan (APIKUR). Kalegran B.V. is a subsidiary of MOL Group, which has been involved in Kurdistan’s oil sector since 2007. The new addition to APIKUR will advance oil production and export from Kurdistan, which may enhance the investment climate of both Iraq and Kurdistan. 

December 13, 2023

Saudi Aramco and Chinese partner ready pilot hydrogen-conversion plant

Saudi Aramco is partnering with Suzhou-based Since Gas to establish a plant that can convert ammonia to hydrogen. This technology is a product of the $500 million Aramco invests a year on sustainability-related research and development for the technologies it employs. The improvements will include hydrogen and carbon capture storage projects (CSS), which can transfer to other industries such as aviation, steel, cement, and shipping. Aramco’s technology will provide renewable alternatives to past methods. 

December 11, 2023

Arab OPEC ministers meet in Doha as COP28 discusses phasing out oil and gas

OPEC Secretary General Haitham Al Ghais urged OPEC members to reject any COP28 deal that targets fossil fuels rather than emissions. Countries in the Organization of the Petroleum Exporting Countries hold about 80% of the world’s proven oil reserves, most of which is concentrated among Middle Eastern members. Any message from COP28 aimed at slashing oil and gas demand becomes a question of survival for the majority of those countries. Qatar, which left OPEC in 2018, has invested tens of billions of dollars in its liquefied natural gas industry, even when many doubted the feasibility of such investments. At least 80 countries, including the U.S., the European Union, and many poor, climate-vulnerable nations, are demanding that a COP28 deal call clearly for an eventual end to fossil fuel use.

December 10, 2023

Qatari firms show interest in taking part in Iraq’s deal with TotalEnergies

Qatari companies showed interest in participating in the sixth round of bidding for a $27 billion energy deal between the Iraqi government and TotalEnergies. The agreement intends to boost Iraq’s energy production capability through projects in oil, gas, and renewables. The projects include the Artawi oilfield, seawater support for oil extraction, the Gas Growth Integrated Project, and a one-gigawatt solar power plant. The agreement was reached in 2021, but disagreements prevented progress and the TotalEnergies’ projects are projected to be finished between 2028 and 2029.

December 10, 2023

Saudis, Iraq stand firm as COP28 targets fossil fuels

Despite pressure to back down, Saudi Arabia and Iraq have remained strongly opposed to a phase-out of fossil fuels in UN climate negotiations. COP28 President Sultan Al Jaber called ministers to participate in a “majlis” to reach an agreement, warning that failure wasn’t an option. The European Union and Pacific island states threatened by rising sea levels have repeated their calls for the phase-out of fossil fuels. Saudi Arabia has stated that it opposes any phase-out or phase-down of fossil fuels, and OPEC has urged its members to prevent any such language at COP 28. Saudi Arabia has slowed down negotiations on other issues at COP28 to mobilize developing nations against a phase-out.

December 7, 2023

OPEC+ alliance tightens crude output by 110000 b/d in Nov, led by Iraq drop

The S&P Global Commodity Insights survey found that OPEC+ crude production fell 110,000 b/d in November to 42.6 million b/d. This is because exports from several essential producers fell as Saudi, the largest OPEC producer, kept their November production flat on the month at 9 million b/d and is to continue until the first quarter of 2024. Iraq, Iran, and Venezuela’s overproduction will offset the cuts, yet the majority of OPEC’s members are underproducing to offset low seasonal crude demand and stabilize a volatile oil market. 

December 6, 2023

Oil falls 4% as build in gasoline stocks fuel demand concerns

Oil prices dropped more than four percent on Wednesday, reaching their lowest levels since June, as anticipation about global consumption of fuel grew. Brent crude prices completed at $74.30 per barrel, down 3.8%, while WTI crude futures in the United States slid 4.1% to $69.38. Concerns about China’s economic health and future fuel demand also impacted prices. Last week, U.S. gasoline stockpiles grew by 5.4 million barrels, above analysts’ expectations of a 1 million-barrel increase. Crude inventories declined by 4.6 million barrels, beating experts’ expectations of a 1.4 million-barrel drop. Despite OPEC+ supply cuts, prices have fallen roughly 11% from the November 29 settlement.

December 5, 2023

Oil falls to near 5-month low on OPEC+ cut doubts, demand concerns

Oil prices fell to a near five-month low on Tuesday due to a stronger US dollar and demand concerns. The market fell for a fourth day in a row on doubts over OPEC+’s voluntary supply cuts last week. Brent crude oil futures fell 83 cents to settle at $77.20 a barrel, while U.S. West Texas Intermediate crude ended 72 cents lower at $72.32. The price declines came despite Russian Deputy Prime Minister Alexander Novak’s comments that OPEC+ stands ready to deepen oil production cuts in the first quarter of 2024 to eliminate speculation and volatility. In the U.S. supply, crude oil and fuel inventories rose in the week to December 1, causing oil prices to extend losses post-settlement. Demand concerns in China, the world’s biggest oil importer, and countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the United Nations summit’s final deal to tackle global warming.

December 5, 2023

QatarEnergy Integrates QatarEnergy LNG’s Marketing Activities

QatarEnergy has integrated all marketing activities previously managed by QatarEnergy LNG to improve the effectiveness of liquefied natural gas marketing and sales from Qatar. This move consolidates QatarEnergy’s position as a global energy leader, leveraging technical, commercial, and financial capabilities to create an enhanced center of excellence for marketing and selling all energy products exported from Qatar. The integration will offer a diversified portfolio of products and services.

December 5, 2023

Not enough renewable energy to meet global demand: Aramco chief

Aramco’s CEO, Amin H. Nasser, called upon higher investments in the oil and gas sector to smoothly transition to green energy at the Saudi Green Initiative Forum. He claims that the amount of renewable energy in the market falls 40% short to that of fossil fuels. Nasser reaffirmed the importance of energy equity between the Global North and South, which can only be achieved through continuing investment in hydrocarbons. 

December 4, 2023

Growth of Qatar’s petrochemical industry on success track since establishing QAPCO: minister of state for energy affairs

Minister of State for Energy Affairs and President/CEO of QatarEnergy, Saad bin Sherida Al Kaabi, praised the consistent success of Qatar’s petrochemical industry since the inception of Qatar Petrochemical Company (QAPCO) fifty years ago. Speaking at the 17th Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum, he highlighted Qatar Fertiliser Company’s (QAFCO) contributions and the partnership between QatarEnergy and Chevron Phillips.

November 30, 2023

OPEC+ agrees preliminary oil cut deal of over 1 million bpd, sources say

OPEC+ agreed to continue voluntary output cuts of approximately 2.2 million barrels per day (bpd) for next year. The group discussed 2024 output due to forecasts of a potential market surplus, with Saudi Arabia’s 1 million bpd cut set to end soon. The agreement extends Saudi Arabia and Russia’s voluntary cuts of 1.3 million bpd. The International Energy Agency predicts slowed 2024 demand growth.

November 28, 2023

UAE supports global energy transition projects with $350m

The UAE’s development bank, Emirates Development Bank (EDB), is allocating 1.3 billion dirhams ($350 million) to support renewable energy projects in emerging economies. This financial endorsement follows a collaborative partnership agreement between EDB and the International Renewable Energy Agency (IRENA), and reinforces the longstanding partnership between the UAE and IRENA in advancing sustainable energy initiatives.

November 27, 2023

Bahrain’s tatweer Petroleum expected to award EPC contract for non-associated gas project in Q1 2024

Tatweer Petroleum is set to award the Engineering, Procurement, and Construction (EPC) contract for Non-Associated Gas (NAG) Compressor Facilities (NCF) Stations and Remote Gas Dehydration Units (GDU) at Awali Field in Q1 2024. The project is part of Tatweer Petroleum’s Long-Term Field Development, aiming to install gas facilities and maintain gas deliverability at Awali field. It encompasses EPC work and operational enhancements, set to be completed by Q4 2029.

November 25, 2023

Petrofac-Daelim JV wins $2.1 billion Oman contract

Petrofac and Daelim secured a $2.1 billion contract in Oman. The upgraded facility is expected to boost current production by over 70%. Oman Oil awarded the engineering, procurement, and construction contract last month.

November 23, 2023

Green bond sales surge in UAE before it hosts climate summit

Ahead of the UAE’s hosting of  the COP28 climate summit, a record amount of green debt has been raised by issuers in the UAE and Saudi Arabia. This surge of sales occurs as the largely oil-dependent GCC nations seek to enhance their environmental image by highlighting their green initiatives prior to the climate summit.

November 13, 2023

Iraq to reach a deal to resume Kurdistan oil output within days; oil minister

Iraqi Oil Minister Hayan Abdel-Ghani stated that he expects a resolution with the Kurdistan Regional Government and international oil firms working in the area to restart oil production within the next three days. While visiting Erbil, Abdel-Ghani mentioned that Iraq has established an understanding with Turkiye regarding the restart of northern oil exports through the Iraq-Turkiye pipeline.

November 10, 2023

OPEC+ October production rises 180,000 b/d, led by Iraq and Iran: Platts survey

With Iran and Iraq spearheading the group’s increased production, OPEC+ witnessed a rise of 180,000 b/d in crude oil output in October, according to S&P Global Commodity Insights’ latest Platts survey. This development intensified supply pressures amid a downturn in market sentiment. Production is now at a five-year high, increasing significantly since sanctions pressure eased after Russia’s invasion of Ukraine. But a further escalation of the conflict in Palestine could bring renewed sanctions enforcement, if Iran is found to be complicit, analysts have said.

November 9, 2023

Kuwait nets $320mln a day from oil sales in 2022-2023

Kuwait, an OPEC member, generated approximately $320 million daily from hydrocarbon exports in the fiscal year 2022-2023, due to a significant surge in oil prices, according to official data released on Thursday. During that fiscal year, which concluded on March 31, the Finance Ministry report indicated that the average price of Kuwait’s crude soared to nearly $97 per barrel, marking one of its highest levels, as reported by the Kuwaiti daily Alqabas.

November 8, 2023

Oman: Agreements signed for carbon capture, blue hydrogen

The Ministry of Energy and Minerals (MEM) in Muscat signed a cooperation memorandum involving Petroleum Development Oman, Shell Oman, OQ Gas Networks, and Occidental, focusing on carbon capture, utilization, storage, and blue hydrogen development within Oman. This memorandum signing aligns with the government’s initiatives utilizing carbon capture and blue hydrogen technologies to meet the Sultanate’s energy transition strategy objectives. It also reaffirms Oman’s dedication to achieving zero carbon neutrality by 2050.

November 7, 2023

Saudi Aramco profits down 23 pct on lower oil prices, production cuts

Energy giant Saudi Aramco reported a 23% year-on-year decrease in profits for the third quarter, attributed to reduced oil prices and production cuts.The decline from $42.43 billion in the previous year to $32.58 billion mainly signifies the effects of reduced crude oil prices and the quantity of oil sold, as stated in the firm’s statement to the Saudi stock exchange. The week prior, the national statistics authority revealed a 4.5 percent decline in GDP for the third quarter compared to the previous year, marked by a 17.3 percent decrease in oil-related activities and a 3.6 percent growth in non-oil activities.

November 6, 2023

QatarEnergy and Sinopen sign historic North Field South partnership and 27-year LNG supply agreement

QatarEnergy has announced the signing of a partnership deal with China Petrochemical Corporation (Sinopec) regarding the North Field South (NFS) expansion project. Under the terms of the partnership deal, QatarEnergy will allocate a 5% stake to Sinopec within a joint venture entity that holds LNG production capacity of approximately 6 million tons per annum (MTPA) as part of the NFS project. The current partnership marks the second collaboration between QatarEnergy and Sinopec, following a previous agreement signed in Doha last April. This earlier agreement marked Sinopec’s entry as a shareholder in a joint venture company of the North Field East (NFE) project, which stands as one of the most pivotal projects within the global LNG industry.

November 2, 2023

Saudi Arabian petrochemical giant SABIC reports Q3 net loss

Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss. The loss stemmed from a 2.93 billion riyals impairment charge on the fair value of Saudi Iron and Steel Company (Hadeed) after the sovereign wealth fund of Saudi Arabia acquired SABIC’s complete share in the company. The global petrochemical market continues to witness weak global demand and an increase in supply for most products, SABIC said.

November 1, 2023

Iran’s oil production reaches 3.4 million bpd, oil minister says

According to Iran’s oil minister, the country’s oil output has achieved a level of 3.4 million barrels per day. Despite facing US sanctions, Iran, an OPEC member, has boosted its production and exports in the past few months. The bank stated that a decrease in Iranian crude exports by approximately 300,000 to 500,000 barrels per day could exacerbate an already tight market, possibly pushing Brent prices up to a range of $100 to $110 per barrel.

October 31, 2023

Qatar giant grants $6 billion awards for huge offshore oilfield development

Qatar’s North Oil Company (NOC) has granted several contracts for engineering, procurement, construction, and installation as part of the $6 billion Ruya offshore oilfield development. Ruya marks the latest expansion of NOC’s Al Shaheen oilfield, aiming for a peak oil production of 300,000 barrels per day. Amid its significant focus on expanding liquefied natural gas capacity, Qatar is also making substantial investments in vital offshore endeavors to maintain and increase crude production.

October 30, 2023

TotalEnergies deal in Iraq to fuel 5000 MW power plants

Iraq’s Oil Minister has said that a $27-billion deal between Iraq and France’s TotalEnergies signed in July will produce nearly 600 million cubic feet per day (mcf/d) of gas that will be enough to feed power facilities with a capacity of 5,000 megawatts (MW). The gas projects in South Iraq, undertaken by the French giant, will be conducted in two phases and accomplished within 4.5 years. According to Hayhan Abed Ghani, Phase 1 aims to conclude within three years, generating 300mcf/d, while Phase 2, delivering a similar quantity, is aimed for completion within 18 months.

October 26, 2023

Kuwait Discovers Three New Oil Fields

Kuwait announced the discovery of three new oil fields, reported the official Kuwait News Agency (KUNA) on Monday. The first discovery is located in the northwest of the country, the second in Al-Qashaniya in north Kuwait, and the third is an extension of the northern part of the Great Burgan field, which is one of the biggest oil fields in the world. According to a statement by the country’s oil minister Mohammad Al-Faris, the discovery holds significant economic value, uncovering vast unexplored regions in Kuwait’s western and northwestern areas. This discovery directly aids in boosting oil reserves and production capacity in alignment with Kuwait Oil Company’s (KOC) 2040 strategic plan.

October 25, 2023

EFG Hermes advises on $748m offering of OQ Gas Networks, Oman’s largest IPO ever

Today, EFG Hermes, the prominent investment bank franchise in Frontier and Emerging Markets (FEM), declared its successful advisory role in the $748 million initial public offering (IPO) of OQ Gas Networks (OQGN) on the Muscat Stock Exchange (MSX). OQGN operates as the exclusive gas transportation network operator in Oman, with EFG Hermes serving as the Joint Global Coordinator for this transaction. This implies a market capitalization of $1.6bn and makes it the largest IPO in Oman’s history. The transaction marks EFG Hermes’ seventh advisory role on an IPO this year. OQGN’s public listing on MSX has enabled domestic and international investors to invest in Oman and participate in its Vision 2040, the long-term national development plan that aims to diversify its economy and enrich its dynamic stock market.

October 24, 2023

Saudi Aramco Inks $2.4 Billion Natural Gas Plant Deal With Hyundai

Saudi Aramco has sealed a deal with South Korean Hyundai Engineering & Construction, and Hyundai Engineering for the construction of a $2.4-billion gas processing plant. The plant will be built at the Jafurah field, Saudi Arabia’s largest non-oil associated gas field, according to Reuters. Lately, Saudi Arabia has been focusing on enlarging its natural gas output to broaden its sources of energy revenue beyond solely relying on crude oil. Meanwhile, it is expanding local gas production as well. During the signing of the $2.4-billion deal for the Jafurah facility, Riyadh also inked an agreement with a South Korean company, allowing Aramco to store 5.3 million barrels of crude at a facility operated by Korea’s state-owned KNOC.

October 18, 2023

Kuwait Oil Company Signs $1.7 bln Soil-Rehab Contracts

Kuwait Oil Company has signed contracts worth $1.73 billion linked to rehabilitating the soil of oilfields damaged during Iraq’s invasion of Kuwait, according to a document seen by Reuters. The entities KOC signed the contacts with are unnamed in the document. This comes after Iraq finalized the payment of $52.4 billion to identify individuals, corporations, and governments that could substantiate losses resulting from its 1990 invasion and occupation of Kuwait.

October 17, 2023

Oman’s $30 Billion Investment Leading The Way In Hydrogen Economy And Clean Energy

Oman is making investments exceeding $30 billion into the hydrogen economy, aiming to position itself as one of the leading global hydrogen producers by 2030, as expressed by Eng. Salim Al Aufi, the Minister of Energy and Minerals. Oman is recognized as a frontrunner in utilizing clean energy, specifically from solar and wind farms, for electricity generation. Following the implementation of a national strategy for a systematic shift towards carbon neutrality and setting the target for achieving carbon neutrality by 2050, Oman’s national carbon neutrality team has been working alongside the energy, transportation, and industry sectors.

October 16, 2023

UAE’s Crescent Petroleum to develop 3 oil and gas fields in Iraq

The Iraqi Oil Ministry announced on Sunday that it had launched three energy contracts with the UAE’s Crescent Petroleum to develop three oil and gas fields in Iraq. In a statement, Oil Minister Hayan Abdul-Ghani of Iraq highlighted that the agreements with Crescent Petroleum are anticipated to enable the country to generate 400 million standard cubic feet per day of natural gas in just 18 months, and will allow Iraq to reduce gas flaring as well as utilize the processed gas to generate electricity.

October 16, 2023

Saudi Arabia’s crude exports drop to 28-month low in August

According to data from the Joint Organizations Data Initiative (JODI) on Monday, Saudi Arabia experienced its lowest crude oil exports in 28 months in August, dropping for the fifth consecutive month to 5.58 million barrels per day (bpd). This marks a 7.1% decline from July and reached levels last seen in April 2021. Additionally, for the fifth consecutive month, Saudi Arabia increased the November official selling price of its Arab light crude for Asian purchasers.

October 13, 2023

Qatar to Supply France’s TotalEnergies with Gas

QatarEnergy, Qatar’s state energy company, has struck a 27-year deal with France’s TotalEnergies, providing 3.5 million tonnes of natural gas annually. This agreement strengthens prior collaborations, and highlights Qatar’s dedication to European markets. This will also ensure France’s energy stability, as stated by Qatari Energy Minister Saad Al-Kaabi. Having previously sealed a $1.5 billion agreement with QatarEnergy for a share in Qatar’s North Field South project, TotalEnergies anticipates initiating gas shipments to southern France by 2026, in line with Europe’s efforts to broaden its natural gas supply sources amid geopolitical uncertainties. In addition, this aligns with Qatar’s plans to increase its liquefied natural gas (LNG) production by at least 60% by 2027 as part of the North Field expansion, one of the world’s biggest gas projects.

October 12, 2023

Oil falls over 2% after Saudi pledge; investors keep wary eye on Israel

Oil prices dropped by more than 2% as concerns about supply disruptions from Middle East conflicts eased following Saudi Arabia, the leading OPEC producer, promising to assist in stabilizing the market. Russia and Saudi Arabia confirmed that coordination will continue following their meeting in Moscow, while Putin urged companies to prioritize the Russian domestic market. US Federal Reserve officials adopted a cautious approach due to uncertainties regarding the trajectory of the U.S. economy, while the U.S. Energy Information Administration (EIA) forecasted a global oil inventory decrease of 200,000 barrels per day in the latter half of 2023 due to Saudi Arabia’s voluntary output cuts and reduced production goals within OPEC+ nations.

October 11, 2023

Saudi Arabia inaugurates GCC electricity market connection with Iraq worth $300m

Saudi Arabia and Iraq have integrated the GCC electricity market connection between the two countries, possibly allowing electricity energy sales volumes to reach $300 million each year. In the future, GCC leaders hope to further integrate the connection across other countries, and promote the creation of bilateral agreements and reserve essential transmission lines needed for the transmission of electric power among regional partners. This development is helping Iraq bridge its wattage gap, as it is only able to produce 25 out of its needed 35 gigawatts of energy. 

October 10, 2023

UAE’s Masdar commits $8bn to boost Malaysia’s renewable projects

UAE’s Masdar has invested $ billion to promote renewable projects in Malaysia, helping advance Malaysia’s goal of achieving net zero emissions by 2050. Projects are expected to include solar plants and wind farms, as well as battery storage systems. The intention is to complete the projects by 2035.

October 9, 2023

Kuwait pushes on with Durra gas field, seeks to boost oil production

The Kuwait Petroleum Corporation has begun to focus on the Durra gas field in order to increase oil production to 4 million bpd. Under KPD’s subsidiary Kuwait Oil Company’s (KOC) strategy, capacity will reach 3.65 million bpd by 2035, with $11 million in additional state revenue. The estimated cost sits at $410 billion, with financing supported by KPD’s cash flow, debt and partnerships with other companies. The project also holds a goal of net zero emissions by 2050. However, some conflict over contested ownership has arisen over Durra, as Iran believes the Kuwaiti-Saudi development agreement for the area illegally excludes them. Kuwait’s oil minister Al Barrak has called on Iran to first demarcate its maritime borders, but followed with a statement that Kuwait will be able to commence drilling in Durra before these boundaries are established. Meanwhile,with a goal of reaching refining capacity to 1.6 million bpd domestically and 425,000 bpd abroad, Kuwait has been looking towards other regional reserves, including Ratqa and Abdali oilfields with Iraq, and both the Al Zour refinery and Oman’s Duqum refinery.

October 5, 2023

UAE Energy Giant Awards $17 Billion Gas expansion contracts

ADNOC awarded $17 Billion in gas contracts to companies such as Saipem SpA and Maire Tecnimont SpA who will work on the Ghasha offshore fields, utilizing carbon capture technology to reduce emissions. The facility will help meet the country’s goal of becoming self-sufficient for gas by 2030 and boost exports of the fuel.

October 4, 2023

Saudi Arabia says it will maintain production cuts that have helped drive oil prices up

The Saudi Energy Ministry announced on its website that it intends to cut oil production through the end of the year, producing 9 million barrels per day in November and December. Critics note that because this cut was conducted in partnership with Russia, the subsequent price increases will likely contribute to Russia’s ability to fund the war on Ukraine and negatively impact the global inflation issue.

September 29, 2023

ADNOC International Growth Promoted by Abu Dhabi Crown Prince

Abu Dhabi National Oil Company (ADNOC) is planning to expand its global presence and investments, following a directive from Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. This move aligns with ADNOC’s goal to explore international growth opportunities and double its carbon capture capacity to 10 million tonnes per annum (mtpa) of carbon dioxide by 2030. The company has recently made a final investment decision to advance its 1.5 mtpa Habshan carbon capture, utilization, and storage (CCUS) project.

September 28, 2023

Iraq Unveils Oil Tanker with 200,000 Barrel Capacity

Iraq’s Minister of Oil, Hayan Abdul-Ghani, recently unveiled a new oil tanker named “Sumer” at the Khor Al Zubair Port in southern Iraq. The tanker holds capacity of 200,000 barrels. Abdul-Ghani expressed the Iraqi Oil Tankers Company’s (IOTC) commitment to expanding its fleet in partnership with international companies to construct modern tankers of various sizes. These new additions are expected to enhance the IOTC’s capacity to transport larger quantities of crude oil and petroleum products, aligning with Iraq’s evolving oil industry. The IOTC’s strategy focuses on procuring tankers with different capacities to facilitate oil and product transportation to global destinations.

September 27, 2023

Kuwait Shifts from Crude Oil to Petroleum Exports

Kuwait’s oil export landscape has transformed from focusing on crude oil to refined petroleum products. This shift follows expansion of the country’s refining capabilities, as per the US Energy Information Administration’s updated Country Analysis Brief. By July 2023, Kuwait’s refineries had the capacity to process 1.4 million barrels per day (b/d) of crude oil, a significant increase compared to the 600,000 b/d capacity in January 2021. This expansion is primarily due to the establishment of the new Al Zour refinery and expansion projects at existing refineries over the past two years, as reported by the EIA.

September 27, 2023

Iraqi Oil Exports Rise to $9Billion in August following High Prices

In August, Iraq’s oil export earnings reached $9 billion, benefiting from a significant rise in the average crude oil price, which increased by over $6.50 per barrel compared to July. International crude oil prices saw an increase due to a tightening global market, attributed to OPEC+ and Saudi Arabia’s production cuts, along with improving prospects for the U.S. economy. Iraq, the second-largest OPEC producer, presently conducts its oil exports solely through southern terminals. However, approximately 450,000 barrels per day from northern fields and the Kurdistan region remain inactive due to a dispute with Turkey regarding oil exports via the Iraq-Turkey pipeline and Turkey’s Ceyhan port in the Mediterranean. Kurdistan’s crude oil exports came to a halt on March 25 due to a favorable ruling for Iraq in an International Chamber of Commerce dispute with Turkey over Kurdish crude flows. Efforts to resume oil flows have been underway for months but have faced repeated delays, stemming from both technical and political issues.

September 25, 2023

Iraq to Potentially Allow Foreign Firm Participation in Oil Ownership

Iraq may implement an oil and gas law which includes international corporations in the nation’s oil production. This move is expected to occur following municipal elections in December, but lingering issues remain between the federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil. Proposed leadership of the federal oil and gas council has become contentious for both parties. The suggestion is for Iraq’s Oil Minister to chair this council, but the KRG insists on the participation of its own Oil Minister in the council’s leadership. Under the proposed law, Iraq’s governorates would share oil export profits based on their GDP, ensuring a fair and equitable distribution of the country’s oil wealth. This legislation also grants each governorate the authority to independently grant oil concessions and sign exploration and production contracts.

September 22, 2023

Russia Opens New CPC Blend Export Route with the UAE

In August and September, Russian oil producers began supplying CPC Blend crude to the United Arab Emirates (UAE). This marks a new export route for Russia which circumvents Western sanctions, since the UAE has not imposed sanctions on Russia following the conflict in Ukraine. During this period, both Lukoil and CenGeo sold CPC Blend to the UAE, with some Russian crude added to the CPC pipeline. The UAE occasionally imports different grades to optimize refinery costs, and the CPC Blend oil delivered to the UAE in September is expected to be more cost-effective than the UAE’s Murban oil.

September 22, 2023

Iraq to Gradually Cease Oil Imports from Iran

Iraq plans to cease gas imports from Iran in the next two years, as major gas field development projects progress. Prime Minister Mohammed Al-Sudani emphasized Iraq’s substantial gas resources and highlighted recently awarded projects to foreign companies, including TotalEnergies from France, as steps toward achieving gas self-sufficiency. Despite having the fifth-largest oil reserves globally, Iraq currently depends on Iran for gas supply for its power utilities. Official Iraqi figures reveal that gas imports from Iran have incurred an annual cost of nearly 6 trillion Iraqi dinars ($4.5 billion) over the past decade.

September 20, 2023

Kirkuk – Ceyhan Oil Pipeline To Resume Operations

After six months of negotiations, Iraq’s northern oil export route through Turkey, spanning 970 kilometers, is set to resume operation. Turkey halted these flows on March 25th due to an ICC arbitration ruling, demanding damages for unauthorized oil exports by the Kurdistan Regional Government (KRG) between 2014 to 2018. The pipeline’s restart was delayed for maintenance and flood damage repairs, with oil flows expected to resume in October. This delay has led to approximately $4 billion in lost exports for the KRG. Turkey is also seeking $950 million from Iraq due to the ICC arbitration, but is open to negotiating a reduced settlement, considering its own liabilities. Additionally, Turkey is pushing for the withdrawal of a second arbitration case from 2018 onwards, and aims to mediate an extension of the pipeline agreement between Erbil and Baghdad, which is set to expire in 2026.

September 20, 2023

Iraq Looks to Build Oil Pipeline to Europe

Iraq, an OPEC oil producer, is contemplating the development of a gas pipeline to transport gas to Europe as part of its extensive project, which also involves the establishment of a railway connecting to Turkey. Yunus Al-Kaabi, Director of the General Company for Rail in Iraq, reported that various global companies have shown interest in both the railway and gas pipeline endeavors. The initial phase of the rail network’s designs has already been completed. According to a recent estimate from the Iraqi Transport Ministry, the overall cost for constructing a 1,200-kilometer rail and motorway from Southern Iraq to the Northern border with Turkey is approximately $17 billion.

September 15, 2023

Bids Open for 100-Megawatt Solar Project in Bahrain

Bahrain opened bids for 100-MW solar photovoltaic power project located at a waste disposal site near the capital Manama. Goksin Construction Limited of Turkey is the sole bidder for the 100 MW IPP Solar PV Project, according to a notice posted on the Bahrain tender board website. Goksin Construction Limited submitted a bid of $32 million for the project.

September 15, 2023

Oil Price Rises to $95 pb following Fears of a Shortfall in Supply

Oil price exceeds $95 a barrel for the first time in 2023 as supply cuts by Saudi Arabia and Russia fuelled concerns of a shortfall that could harm the global economy. Higher oil prices are posing a challenge to central banks’ ability to bring inflation under control, while rising fuel costs could weigh on economic growth. Riyadh and Moscow announced they were extending their voluntary oil supply cuts, which were originally slated to expire this summer, until the end of the year.

September 15, 2023

OPEC+ Cuts Defended by Saudi Arabia’s Minister of Energy

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman at the World Petroleum Congress defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. Oil prices have been rising in recent months amid supply cuts , which have been met with extended voluntary supply cuts from Saudi Arabia and Russia. According to the International Energy Agency, the cuts will mean a substantial market deficit through the fourth quarter, but Prince Abdulaziz notes that supply and demand forecasts are not always reliable.

September 14, 2023

QatarGas rebrands to QatarEnergy LNG

Qatargas has undergone a name change and is now known as “QatarEnergy LNG”. The company currently operates 14 LNG production trains and is at the center of QatarEnergy’s efforts to raise Qatar’s LNG production capacity to 126 MMtpa.​ His Excellency Minister Al-Kaabi remarked on QatarEnergy LNG’s ability to maintain high standards of quality and economic contribution to Qatar.

September 14, 2023

Kuwait Petroleum Corporation Announces $8.4 Billion in 2022-2023 Profits

Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al-Sabah announced the KPC archived “exceptional” profit of KD 2.6 billion ($8.4 billion) for the fiscal year 2022-2023. The CEO also remarked that one major achievement for the company was the operation of Al-Zour Refinery, which produces 615,000 barrels a day, and is one of the largest refineries in the world.​​

September 13, 2023

Kuwait Oil Company sets 2026 Date to End Offshore Oil Projects

Kuwait Oil Company’s inaugural offshore oil and gas exploration and drilling endeavors are estimated to conclude in 2026, as stated by the company’s chief geologist, Ahmed Al-Otaibi. The timeline is contingent on the progress of sea operations. Successful drilling could potentially lead to increased oil and gas production, contributing to Kuwait’s output. Within this timeframe, the company plans to drill six wells across the exploratory area, covering 6,000 square kilometers.

September 12, 2023

U.S. Captures One Million Barrels of Oil Shipped By Iran Allegedly Set for Illegal Purchase by China

The U.S. Government claimed one million barrels of oil shipped from Iran by the Revolutionary Guard Corps. The Department of Justice claims that the intention was for the IRC to disguise the origin of the oil and sell it illegally to China. The company transporting the oil, Empire Navigation, has previously been found guilty of conspiring to violate the International Emergency Economic Powers Act in April.

September 12, 2023

Saudi Arabia and Russia Cut Oil Supplies, Prices hit $92 a Barrel

Oil cuts by Saudi Arabia and Russia have caused Brent crude oil to surpass $92 dollars a barrel, following a rise of 25% since late June. It is estimated that it will take about four weeks for these increases to impact Petrol prices. Analysts warn that oil prices could soon hit $100 per barrel due to a widening supply-demand gap expected by year-end. Global oil demand is projected to outstrip supply by 3.3 million barrels per day over the next three months, potentially marking the largest gap in over a decade.

September 12, 2023

Exxon Mobil Invests $30 Billion into Qatari Gas Projects

Exxon Mobil has invested $30 billion into Qatari gas projects through long-term partnership agreements. This partnership has existed since the 1990s, and has contributed to the development of twelve out of the fourteen of the existing gas facilities in the country to date. State-owned QatarEnergy, formerly Qatar Petroleum, controls 70% of the venture while 30% is held by ExxonMobil.

September 8, 2023

Hydrogen Oman Plans Investment in 30% of Omani Land for Green Hydrogen Projects and Seeks Saudi Private Sector Participation

Hydrogen Oman (Hydrom) revealed its plan to invest in 30% of Oman’s land designated for green hydrogen projects, as well as its eagerness to collaborate with the Saudi Arabian private sector as it heads into round 2 of the Public Auction. Hydrom aims to produce around 8.5 million tons with an investment value of $140 billion. The first round attracted 14 global companies, resulting in $30 billion investment across 1,660 sq km in Oman’s Al Wusta Governorate, targeting 750,000 tons of annual production by 2030. The second round began in June, with agreements expected in early 2024. Both rounds aim to achieve 1.5 million tons of green hydrogen output annually by 2030, requiring an $80 billion investment.

August 30, 2023

Oman to Supply LNG to Shell International Trading Middle East FZE and OQ Trading

Oman has signed two pacts to supply LNG to Shell International Trading Middle East FZE and OQ trading. Shell International Trading Middle East FZE is set to receive 0.8 million metric tonnes per annum (mtpa) of liquified natural gas from Oman LNG for a duration of 10 years, commencing in 2025, as well as a 0.75 mtpa for a four-year period starting in 2026. With this agreement, Oman LNG has committed 10.4 mtpa of its output so far this year, covering a total commitment of 80 mtpa over a period of 10 years. Aiming to contribute to global energy security and sustain Oman’s position as a trusted supplier of reliable energy, this agreement is presented as an “exceptional milestone”, according to CEO of Oman LNG, Hamed al Naamany.


August 30, 2023

Tender Process Begins for UAE’s Battery Energy Storage System Project

Emirates Water and Electricity Company (EWEC) announced the beginning of the tender process for the Battery Energy Storage System (BESS) project under the Independent Power Project (IPP) model. EWEC is Abu Dhabi’s primary contributor to water and power projects in the Emirate, and the battery aims to provide power capacity of 400 megawatts (MW) and one hour of storage depth with associated infrastructure.

August 29, 2023

Dubai Solar Park Project to Provide Clean Energy to 320,000 Residences

Dubai’s Mohammed bin Rashid Al Maktoum Solar Park project is set to provide clean energy for approximately 320,000 residences, and reduce carbon emissions by 1.6 million tonnes annually. The Solar Park is the largest single-site solar park in the world, with a planned total capacity of 5,000 megawatts by 2030, constituting one of the key pillars of the Dubai Clean Energy Strategy 2050 and Dubai Net Zero Carbon Emissions Strategy aiming to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.

August 29, 2023

Halt of Oil Exports in Iraq and Kurdistan Region lead to $5 billion in Losses

Iraq and the Kurdistan region have collectively lost $5 billion due to the halt of oil exports through the Turkish Ceyhan port, which previously was operating at 400,00 barrels a day. This suspension of exports was initiated at the request of Baghdad following a victory in an international arbitration court, which awarded Baghdad $1.5 billion. Turkey, Erbil, and Baghdad have been negotiating to resume oil exports since March, with a memorandum of understanding signed in April to manage the oil dossier with Baghdad. Recent discussions between Turkish and Iraqi officials have focused on the pipeline’s maintenance, which was reportedly damaged by a February earthquake.

August 28, 2023

Ades Holdings set to offer 30% of Shares as an IPO

Shareholder of Ades Holdings, a oil and drilling company supported by Saudi Arabia’s public investment fund, is set to offer 30% of its shares as part of an initial public offering (IPO). The offering will consist of 338.7 million shares, with 237.1 million new shares issued through a capital increase. The IPO, set to be listed on the Tadawul stock exchange, aims to raise approximately $1 billion. This move is part of a trend of increasing IPO activity within the Gulf and broader MENA region.

August 27, 2023

First German firm receives Omani Natural Gas

Securing Energy for Europe becomes the first German firm to receive Omani natural gas from Oman LNG after the signing of a four year contract, lasting until 2026. The chief commercial officer of Oman LNG remarked on how this will allow Oman to access new markets through Germany and subsequently bolster economic growth, while in turn providing Germany with more fluid access to the resource.

August 27, 2023

Four Large Energy Projects to be Conducted by TotalEnergies in Iraq

Iraq’s Basra Oil Company announced that TotalEnergies has committed to carrying out four large energy projects as part of a deal reached with the Iraqi government in July of the previous year. According to Reuters, the $27 billion energy deal is expected to increase oil production and Iraq’s capacity to produce energy through oil, gas, and renewable energy projects. Signed in 2021 but halted due to setbacks and disputes between Iraqi politicians, the deal closed with Iraq agreeing to take a smaller than initially demanded stake of 30%. TotalEnergies took 45% stake, and QatarEnergy holds the remaining 25%.

August 25, 2023

Over AED 190 Billion is Allocated by UAE Banks for Green Financing

The UAE Bank Federation revealed that major banks, including FAB, ADCB, ENBD, DIB, Mashreq, and ADIB, have collectively allocated over AED 190 billion (US$51.8 billion) for green financing across various renewable energy, waste-to-energy, and green technology projects by the close of 2022. This substantial investment aligns with the Central Bank’s Sustainable Finance Working Group guidelines and wider sectoral sustainability targets, in harmony with the “Year of Sustainability” initiative and the upcoming COP28 hosted by the UAE.

August 25, 2023

Chinese Bid Considered for Saudi Arabian Nuclear Power Plant Project

​​Saudi Arabia is considering a bid from a Chinese state firm to build a nuclear power plant, which could give the Kingdom leverage in possible talks for U.S. assistance for establishing a civil nuclear industry. Saudi Arabia has been actively seeking help with expertise in nuclear energy to develop its own civil nuclear generation capacity. The United States has made it clear that it would only help Riyadh develop nuclear generation capabilities if any agreement includes preventing the enrichment of uranium or reprocessing of plutonium from the reactors, to prevent the weaponization of nuclear power. Now Saudi Arabia is evaluating a bid from China National Nuclear Corporation (CNNC) to build a nuclear power plant in an Eastern Province of Saudi Arabia, close to the border with Qatar and the United Arab Emirates (UAE), the Saudi officials told the Journal.

August 25, 2023

Técnicas Reunidas wins €516 million contract in Qatar

Técnicas Reunidas has secured a significant contract worth €516 million ($556m) from Qatar Energy. This contract entails the execution of engineering, procurement, and construction (EPC) activities at the North Field, the largest natural gas field globally not linked to an oil field. North Field boasts a capacity that equates to a substantial 10% of the planet’s recognized natural gas reserves, positioning Qatar as the third-ranking nation worldwide concerning verified reserves.

August 24, 2023

Iraq To Import Natural Gas From Turkmenistan

Iraq will begin natural gas imports from Turkmenistan in the near future after the two countries signed a preliminary agreement for gas supplies to help meet the power generation needs of OPEC’s second-largest producer after Saudi Arabia. Iraq imports gas and electricity from Iran but has had trouble paying for those because of the U.S. sanctions on Iran’s energy sector. The U.S., while endorsing the Iraq-Iran energy deals to keep Iraq supplied with power and gas, has been pushing Baghdad to reduce its reliance on Iranian energy imports.

August 24, 2023

Saudi Energy Ministry grants first license for LPG cylinder vending machines

Saudi Arabia is making significant strides toward realizing its objectives in the distribution system for dry gas and liquefied petroleum gas for residential and commercial applications, propelled by the Ministry of Energy. The ministry granted the inaugural license within the Kingdom for the vending machine-based sale of LPG cylinders, reported the Saudi Press Agency. This development underscores Saudi Arabia’s commitment to innovation and convenience in its energy distribution efforts.

August 23, 2023

Saudi Arabia will likely roll over 1 mln bpd cut into October, analysts say

Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, agreed on a broad deal in early June to curtail supplies until the end of 2024. Saudi Arabia at the time announced the additional voluntary cut which brought its oil production to a multi-year low of 9 million bpd.

August 23, 2023

Masdar to build 500MW of solar capacity in Ethiopia

State-owned UAE renewable energy company Masdar has signed an agreement with Ethiopia to build 500MW of new solar capacity in the country. The agreement was signed by Sheikh Mohammed bin Zayed Al Nahyan, president of the UAE, Sheikh Mansour bin Zayed Al Nahyan, vice-president of the UAE, and Abiy Ahmed Ethiopian prime minister, as part of the UAE leadership’s visit to Ethiopia. The involvement of foreign companies, such as Masdar, could be crucial to this end. A UN report noted that Ethiopia would require US$5.7 billion of investment to reach its 2030 energy goals, so overseas investment could be necessary to meet these targets.

August 22, 2023

Saudi Aramco Looks To Expand Downstream Business In China

Saudi Aramco looks to further bolster its downstream presence in the world’s top crude oil importer, China, the oil giant’s Downstream President, Mohammed Al Qahtani, has said. “China is strategically important to our business growth in Asia and worldwide, and we will remain a reliable source of long-term oil supply,” Al Qahtani was quoted as saying by China Daily. Oil product demand in China has seen a robust recovery, the Saudi executive said, reiterating Aramco’s view that China will drive global oil demand growth and is of strategic importance to the world’s largest crude oil exporter, Saudi Arabia.

August 22, 2023

Oman’s Nama Power To Launch 1000 MW Solar PV Project By 2029

Nama Power & Water Procurement Company (Nama PWP), the exclusive purchaser of power and water output in Oman, has unveiled plans for a substantial new solar PV-based Independent Power Project (IPP) named ‘Solar PV IPPs 2029’. Scheduled for launch in 2029, this ambitious venture will encompass a combined capacity of 1000 MW, consisting of two IPPs with individual capacities of 500 MW each. The procurement strategy for this project follows a similar approach to recent awards, including the Manah I & II Solar PV IPPs, which secured a total of 500 MW capacity for simultaneous development at a site in the Wilayat of Manah.

August 21, 2023

UAE banks financed $51.8bn worth of green projects

Six Emirati banks have supported the green energy initiatives in the UAE by funding projects worth 190 billion dirhams ($51.8 billion) in 2022, according to the UAE Banks Federation. The significant increase in green financing by UBF members aligns with the Central Bank of the UAE’s Sustainable Finance Working Group guidelines and overarching sustainability goals.

August 21, 2023

ADNOC Gas awards $3.6bln contract to expand certain infrastructure

ADNOC Gas has awarded a contract worth $3.60 billion, equivalent to AED 13.10 billion, to the joint venture (JV) between National Petroleum Construction Company (NPCC) and Tecnicas Reunidas S.A. to increase the listed firm’s gas processing infrastructure nationwide, according to a press release. The contract, which was announced on 9 August 2023, covers the commissioning of additional gas processing facilities to help with enabling utilized supply to the Ruwais Industrial Complex. More than 70% of the award contract value will benefit the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, which backs domestic economic growth and diversification.

August 21, 2023

Oman’s MTCIT unveils massive $350 million Bitcoin mining facility in Salalah Free Zone

The Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman has unveiled a state-of-the-art Bitcoin mining and data hosting facility within the Salalah Free Zone. Valued at approximately $350 million (RO 135 million), the newly established facility marks a significant stride toward positioning Oman as a global data hosting and mining epicenter. This recent development is not the first of its kind. Oman’s dedication to this burgeoning industry becomes even more evident as the government opens a second cryptocurrency mining facility, estimated at $390 million. The combined investment of around $740 million from both the government and private sector could pave the way for Oman to become a thriving hub for data hosting and mining on a global scale.

August 20, 2023

Japan announces setting up 7 new projects in Iraq

The Japanese Ambassador to Iraq, Futoshi Matsumoto, announced on Sunday that the Japanese government is setting up seven new projects in Iraq. He indicated that two projects are scheduled to be carried out in 2023, clarifying that the first is the Basra Refinery Upgrading Project and the second is a water desalination project in Muthanna governorate. Matsumoto elaborated that the cost of the project in Muthanna is $300 million, noting that it is a very important project to develop the infrastructure in Iraq.

August 20, 2023

Two major Saudi solar projects reach financial close with investment of $2.4bn

Two major solar photovoltaic power projects in Saudi Arabia have achieved financial close with a total investment of $2.37 billion. The projects are being developed by energy company Acwa Power, the Water and Electricity Holding Company, or Badeel – which is owned by the Public Investment Fund – and the Saudi Aramco Power Company. The Al Shuaibah PV 1 and Al Shuaibah PV 2 plants in Makkah province will have a capacity of 600 megawatts and 2.031 gigawatts respectively, and are capable of powering about 450,000 households, the Saudi Press Agency reported on Sunday. The kingdom’s NREP is led and supervised by the Ministry of Energy, and the PIF aims to develop 70 percent of the program’s target capacity by 2030.

August 20, 2023

Kuwait’s Shipbuilding Co., KNPC sign $298.8mln contract

Kuwait-based Heavy Engineering Industries & Shipbuilding Company (HEISCO) said Sunday it has signed a contract worth KD 91.7 million (around USD 279.6 million) for a mechanical maintenance service at the Mina Abdullah Refinery (MAB) project with a duration of 63 months. The project’s revenue will be shown in annual financial statements from 2023 to 2028, the company said in a disclosure on the website of the Kuwaiti stock exchange, known as Boursa Kuwait.

August 18, 2023

Hungary will receive LNG from Qatar starting in 2027

Hungary can begin to receive shipments of liquefied natural gas (LNG) gas from Qatar in 2027, Hungarian Foreign Minister Peter Szijjarto told a news conference on Friday. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe, and forcing landlocked countries, such as Hungary, to seek to diversify their energy sources. Qatar, the world’s biggest LNG exporter, has no spare export capacity until 2027, the foreign minister added.

August 17, 2023

Iran To Bring 67 New Oil And Gas Projects Online By March

67 new oil and gas projects worth some $15 billion should be operational in Iran by next March, the country’s first vice president, Mohammad Mokhber, has said. Last year, Iran completed $12 billion worth of started but unfinished projects in the oil and gas field, Iran Front News reported. Iran is currently producing some 3.18 million barrels of oil daily but wants to boost this to 3.3 million bpd by the end of the month. By the end of September, oil output could reach 3.5 million bpd, according to the head of the National Iranian Oil Company.

August 17, 2023

Qatar Energy raises Oct al-Shaheen oil term price to 4-month high

Qatar Energy raised the price for term cargoes of al-Shaheen crude oil loading in October to a four-month high as demand for Middle Eastern oil increased after Saudi Arabia prolonged its voluntary supply cut. The October price was set at $2.10 a barrel above Dubai quotes, up 42 cents from September’s $1.68 a barrel and reaching the highest since June.

August 16, 2023

Hydrogen Market Poised to Reach $410.6 billion by 2030 Globally, at a CAGR of 7.8%

Hydrogen Market size is expected to reach USD 410.6 billion by 2030, at a CAGR of 7.8% during the forecasted period, as per the recent study by MarketsandMarkets™ A.global push to reduce carbon emissions and combat climate change has led to an increased focus on clean and sustainable energy sources and drive the demand for Hydrogen Market. This report segments the Hydrogen Market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period.

August 16, 2023

Abu Dhabi’s ADNOC Gas signs 5-yr LNG supply deal with Japex

Abu Dhabi’s ADNOC Gas said on Thursday it has signed a five-year deal to supply liquefied natural gas (LNG) to Japan Petroleum Exploration Co (Japex). The deal is valued at between $450 million to $550 million, ADNOC Gas said, without providing LNG volumes or timing for the shipments to start. The deal follows Japanese Prime Minister Fumio Kishida’s visit to the UAE and other Gulf states in July, which focused on securing energy supplies for Japan, which remains highly dependent on oil and gas imports.

August 16, 2023

Iraq receives 5th batch of $1.4 billion loan from Japan to upgrade Basra Refinery

The Japanese Ambassador to Iraq, Futoshi Matsumoto, and the Iraqi Minister of Finance, Taif Sami, together with the Japan International Cooperation Agency (JICA), signed and exchanged notes concerning the provision of the fifth batch of the Official Development Assistance (ODA) loan worth $1.4 billion for the Basra Refinery Upgrading Project, the biggest Japanese project in Iraq. The project will also contribute to modernizing Iraq’s energy industry and paving a way to attract the private sector to Iraq’s energy sector, in addition to reducing air pollution by reducing sulfur content in oil products, according to the statement.

August 15, 2023

Saudi-based Energy Capital Group announces first close of $150 mln fund

Saudi Arabia-based investment company Energy Capital Group (ECG) has announced the first close of its $150 million fund that targets the creation of national leaders in energy and energy-related technologies. The Fund was anchored by the Jada Fund of Funds. The successful fundraising effort is a validation of ECG’s strategy that aims to create and develop industrial services and technology-oriented National Champions across the energy sector in line with Saudi Arabia’s Vision 2030 and Aramco’s IKTVA program.

August 15, 2023

Bahrain signs deals to set up 72-megawatt solar park as part of net zero push

Bahrain has signed agreements to set up a solar park project with a capacity of 72 megawatts as the kingdom looks to achieve net-zero emissions by 2060. The project is part of Bahrain’s renewable energy plan, which aims to increase the share of clean energy in the country’s electricity mix to 5 percent by 2025, and 20 percent by 2035, the Bahrain News Agency reported on Tuesday. Investment in clean energy is set to reach $1.7 trillion this year, outpacing spending on fossil fuels, as countries look to address potential energy shortages, according to the International Energy Agency.

August 14, 2023

Iran Inaugurates 10MW Solar Power Plant In Semnan Province

Iran launched a new solar power plant in Semnan Province on August 11, 2023. The plant, which is located in the city of Damghan, has a capacity of 10 megawatts and is expected to generate enough electricity to power around 10,000 homes. The new solar power plant is the latest in a series of renewable energy projects that Iran has launched in recent years. In 2022, Iran inaugurated a 100-megawatt wind farm in the Khuzestan Province. In 2021, Iran signed a deal with France to build a 1 gigawatt solar power plant in the Kerman Province. Iran’s efforts to increase its reliance on renewable energy are part of a broader effort to reduce its carbon emissions.

August 13, 2023

World’s first liquefied hydrogen carrier to arrive in Oman on August 14

The world’s first liquefied hydrogen carrier, Suiso Frontier, will moor at the Sultan Qaboos Port in Muscat on August 14. The ship’s main mission is to introduce Japanese technology that will pave the way for nations to use hydrogen (clean energy), seek cooperation to transport large quantities of hydrogen, and establish global supply chains on a large-scale, fully commercial using it as a preferred carrier. The major milestone in the US$355 million Hydrogen Energy Supply Chain (HESC) project is the first in the world to extract, liquefy, and transport LH2 by sea to an international market.

August 11, 2023

UN completes removal of oil from decaying tanker off Yemen

The United Nations has successfully removed over 1 million barrels of oil from the decaying Safer supertanker off Yemen’s Red Sea coast, preventing a potential environmental catastrophe. The tanker, inactive due to the Yemen conflict since 2015, posed a threat of oil spillage four times worse than the Exxon Valdez disaster. The UN raised over $120 million for the operation, employing a second tanker, standby aircraft with chemicals, and involving multiple insurers. 

August 11, 2023

CNPC’s Daqing unit awarded $194mln drilling contract in Iraq

China National Petroleum Corp’s drilling subsidiary, CNPC Daqing Drilling Engineering Co, has secured a $194 million contract to drill wells with two rigs in Iraq’s Rumaila oilfield. It’s the largest overseas contract for the subsidiary in five years. The move is in line with Iraq’s plan to boost oil production capacity to 7 million barrels per day by 2027.

August 11, 2023

Green Hydrogen Market to Surpass USD 385 Billion by 2030

The global Green Hydrogen Market reached $156 billion in 2022 and is predicted to grow to $385 billion by 2030, with a projected CAGR of 11.98% from 2023 to 2030. Green hydrogen, produced through renewable-powered electrolysis, is gaining prominence in the clean energy transition due to its sustainability and potential to mitigate climate change. 

August 10, 2023

Saudi Arabia to power green hydrogen project with 2.2 GW of solar

China’s Sungrow will supply inverter technology for a 2.2 GW solar plant in Oxagon, which will be the Middle East’s largest PV array. The solar plant will power a green hydrogen facility and employ a modular inverter solution with energy storage and high protection capability. The project is backed by NGHC, a joint venture between ACWA Power, Air Products, and Neom. The green hydrogen plant aims to produce up to 600 tonnes of carbon-free hydrogen daily using renewable energy sources by the end of 2026.

August 9, 2023

Iran Plans To Boost Oil Output To 3.5 Million Bpd Before October

Iran’s National Iranian Oil Company (NIOC) plans to increase oil production by 250,000 barrels per day (bpd), aiming for a total output of 3.5 million bpd by the end of next month. Since President Ebrahim Raisi’s inauguration in August 2021, Iranian oil production has risen from 2.2 million bpd to 3.1 million bpd in July 2023, marking the highest level in nearly five years. This growth follows a history of fluctuation due to factors like sanctions, with the last time Iran produced 3.5 million bpd estimated to be in October 2018.

August 9, 2023

Saudi Arabia’s SFD Supports Belize’s Solar Energy Plant Project With $77 Million Loan

The Saudi Fund for Development (SFD) CEO, H.E. Sultan Al-Marshad, signed a $77 million loan agreement with Belize’s Prime Minister, Hon. John Briceño, to fund a 60 MW solar energy plant project. The project aims to reduce emissions, create jobs, enhance energy reliability, and contribute to Belize’s sustainable development. The initiative aligns with UN Sustainable Development Goals and underscores SFD’s commitment to environmental projects and international cooperation while strengthening SFD’s presence in the Caribbean and Central America.

August 8, 2023

Plans for Durra gas field going ahead

Aramco’s CEO, Amin Nasser, recently confirmed that the Durra gas field joint project with Kuwait is progressing as planned, emphasizing no issues in engineering and development. This comes after Iran expressed willingness for technical and legal dialogue to resolve the Durra field matter, located in the neutral zone shared by Saudi Arabia, Kuwait, and Iran. Both Saudi Arabia and Kuwait assert joint ownership of the field and call on Iran to negotiate the eastern border of the submerged area, adhering to international law and good neighborliness.

August 7, 2023

UAE to establish blockchain-powered national carbon credit system

The UAE has entered an initial agreement with blockchain company Venom Foundation and the UAE-based Industrial Innovation Group (IIG) to establish a national carbon credit system using blockchain technology. The partnership aligns with the UAE’s ambitious carbon emission reduction goals as blockchain technology ensures secure and transparent carbon credit transactions, allowing the UAE’s Ministry of Climate Change and Environment to issue and trade credits with businesses to offset emissions.

August 7, 2023

UAE Ministry of Climate Change signs pact to develop national system for carbon credits

The UAE’s Ministry of Climate Change and Environment has partnered with the UAE-based Industrial Innovation Group (IIG) and Venom Foundation to establish a national carbon credits system using blockchain. This agreement, aligned with the UAE’s stricter emission reduction goals and climate neutrality target, focuses on transparently managing carbon credits via blockchain, particularly in the gas sector. The partnership aims to enhance sustainability and biodiversity, with the potential to boost the UAE’s carbon market. The move aligns with a growing trend in the region, emphasizing green economy and emissions reduction initiatives.

August 7, 2023

Saudi Arabia to ramp up oil investments in China as it competes with Russia

Despite a 38% drop in Q2 profit due to lower oil prices and production cuts, Saudi Aramco will continue investing in China, its primary oil customer. The company plans to expand its presence in China, focusing on both crude and chemical growth. Saudi Arabia has heavily invested in Chinese refineries, recently acquiring a 10% stake in Rongsheng Petrochemical. Aramco’s commitment to China comes as it faces competition from Russia for Asian market share, as Russian oil sales to China have surged, challenging Saudi Arabia’s position.

August 6, 2023

Qatar reports $10.4 billion contract awards amid massive gas expansion

In Q2 2023, Qatar’s contract awards surged to $10.4 billion, 8.3 times higher than the same period in 2022. The gas sector dominated, accounting for 97% of awards, with a remarkable 16-fold increase to $10 billion in which QatarEnergy awarded a $10 billion EPC contract for the North Field South megaproject. The GCC region’s project awards hit $49.7 billion, a five-year high, led by Saudi Arabia, UAE, and Qatar. MEED Projects predicts 2023 GCC contracts to exceed $110 billion, with substantial growth in Saudi Arabia, Qatar, and the UAE.

August 5, 2023

Pakistan shelves multi-billion dollar gas pipeline project with Iran under pressure from US Report

Pakistan has reportedly put its multi-billion dollar gas pipeline project with Iran on hold due to pressure from the US sanctions on Iran’s nuclear program. Originally conceived as an India-Pakistan-Iran pipeline, India left the project, making it bilateral between Pakistan and Iran. The project, aimed at importing cheap energy, is now suspended under “Force Majeure and Excusing Event” terms due to external factors outside Pakistan’s control. This pause comes as Pakistan seeks financial stability from the IMF.

August 4, 2023

OPEC+ panel keeps policy unchanged against backdrop of stronger oil market

OPEC+’s ministerial panel kept the group’s current oil output policy unchanged after a Saudi decision to extend its voluntary production cut into September boosted oil prices. The committee highlighted its intent to closely assess market conditions and urged members to maintain full compliance with output cut pledges. Oil prices surged more than 14% in July due to tighter supply and growing demand. Saudi Arabia extended its voluntary 1 million barrels per day output cut into September, which was matched by Russia cutting oil exports by 300,000 bpd.

August 4, 2023

US considers deploying troops to commercial vessels in Gulf amid Iran tensions

The US is contemplating deploying troops to commercial vessels in the Persian Gulf as a response to Iran’s seizure of tankers in the area. This move is being considered amid stalled talks to revive the 2015 nuclear deal. The potential deployment of an additional 2,500 marines follows an increased US military presence in the Gulf, including F-35 fighter jets and a marine expeditionary force. The plan, not yet finalized, would need consultation with Gulf allies and vessel owners. Iran’s recent tanker seizures have prompted concerns, with the US facing pressure to enhance security in the region.

August 3, 2023

ADNOC to acquire 30% equity stake in Absheron gas field

Abu Dhabi National Oil Company (ADNOC), State Oil Company of Azerbaijan (SOCAR), and TotalEnergies announced ADNOC’s acquisition of a 30% stake in the Absheron gas field. ADNOC’s move into the Caspian region enhances its international gas presence and UAE-Azerbaijan energy partnership. ADNOC will hold 30%, while SOCAR and TotalEnergies keep 35% each. This partnership facilitates ADNOC’s entry into European and Central Asian gas markets and supports lower-carbon energy goals.

August 2, 2023

Saudi Arabia, Kuwait reaffirm rights to natural resources in Durra gas field

Saudi Arabia and Kuwait have reiterated their joint ownership of natural resource rights in the Gulf’s Durra gas field. Both countries are also urging Iran to engage in negotiations regarding the demarcation of the eastern border of the Gulf’s maritime “Divided Area.”

July 31, 2023

Iran Boosts Oil Output To 3.1 Million Bpd

Iran’s oil production has reached its highest level in nearly five years at 3.1 million barrels per day (bpd), a significant increase from the 2.2 million bpd when President Ebrahim Raisi assumed office in August 2021. This surge in output has been primarily driven by stronger exports to China, Venezuela, and Syria. Despite U.S. sanctions, Iran has continued to export oil, with private Chinese refiners increasing their purchases of Iranian crude due to competition for Russian oil. Iran’s second-quarter crude and condensate exports averaged 1.35 million bpd, the highest since the 2018 sanctions.

July 31, 2023

UAE state energy company brings forward net zero target to 2045

The UAE’s Adnoc has advanced its emissions reduction goal to achieve net zero emissions from its operations by 2045, ahead of the COP28 climate talks in which its CEO will play a key role. Adnoc’s ambitious target also includes eliminating methane emissions by 2030. However, the commitment only addresses Scope 1 and 2 emissions, not the more significant Scope 3 emissions from fuel combustion. Adnoc plans to achieve its goals by using renewable energy and carbon capture, pledging $15 billion for decarbonization initiatives between 2023 and 2027.

July 30, 2023

Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year

Kuwait Petroleum Corporation (KPC) and its subsidiaries reported a net profit exceeding 2.6 billion Kuwaiti dinars ($8.48 billion) for the last fiscal year, the highest in a decade. KPC’s CEO, Nawaf Saud al-Sabah, announced the achievement, revealing that the company had also increased its oil production capacity by 200,000 barrels per day (bpd) to reach 2.8 million bpd in the same period.

July 29, 2023

Saudi Arabia’s sovereign wealth fund eyes investments worth $5bln in Oman

Saudi Arabia’s Public Investment Fund (PIF) has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) for investments totaling $5 billion in Oman. The MoU aims to enhance cooperation and investment between the entities, focusing on Oman’s growing economy. The agreement includes the establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, to invest up to $5 billion in various promising sectors in Oman. The partnership aligns with both nations’ economic visions and aims to enhance economic integration and development in the region.

July 29, 2023

NPCC lands $219mln Adnoc Offshore EPC project contract

The National Petroleum Construction Company (NPCC) has secured a contract worth AED 805 million ($219 million) from Adnoc Offshore. NPCC will provide engineering, procurement, and construction (EPC) services for Adnoc’s pipeline replacement project, expected to be completed in 32 months. The scope involves replacing 125 km of the 20′ main oil line from Umm Lulu to Zirku Island as part of Adnoc’s efforts to enhance its oil and gas pipeline infrastructure in Abu Dhabi.

July 28, 2023

Saudi Arabia expected to extend voluntary oil cut for September

Saudi Arabia is likely to extend its voluntary 1 million barrels per day oil output cut for another month, through September, to support the oil market. OPEC+ agreed to limit oil supply through 2024, with Saudi Arabia implementing additional cuts. Analysts suggest a phased reduction of the cut over several months. Oil prices, around $84 per barrel, have been supported by supply tightening and China’s economic stimulus. The Saudi Energy Ministry did not comment. OPEC+ has been restraining supply since late 2022.

July 28, 2023

Saudi Arabia invests USD 10 billion to build Pakistan’s largest oil refinery

Four Pakistani state-owned petroleum companies – OGDCL, PSO, PPL, and GHPL – have signed a MoU with Saudi Arabia to construct Pakistan’s largest oil refinery, investing $10 billion in Gwadar Port. The refinery will have a 300,000 barrels per day capacity. The move aims to facilitate Saudi investment in Pakistan, with the state-owned enterprises participating through equity.

July 28, 2023

Qatar Ordering Over $9B of LNG Carriers from Three South Korean Companies

South Korean shipbuilders, including Hyundai Heavy Industries, Hanwha Ocean Company, and Samsung Heavy Industries, are finalizing a $9.4 billion contract to construct 40 liquid natural gas (LNG) carriers for Qatar. The deal, to be signed between September and October, allocates 16 orders to Samsung, 14 to Hanwha, and 10 to HD Hyundai. Each vessel is estimated at $250 million, and negotiations are underway for construction details. This marks the second LNG carrier agreement between South Korean firms and Qatar, with a previous deal in 2021 encompassing 54 orders.

July 25, 2023

Iraq reveals details of $27 billion deal with TotalEnergies

Iraq signed a $27 billion deal with TotalEnergies in an effort to enhance its crude oil production. Part of the deal signed includes investing in a seawater desalination facility to produce 5 million bpd. TotalEnergies will also construct a solar power plant that has the capacity to produce 1,000 MW. 

July 25, 2023

Saudi Oil Revenue Drops to Lowest Since 2021 as Prices Falter

Oil revenue in Saudi Arabia in May 2023 hit its lowest point since September 2021. The amount of revenue dropped at a rate of roughly 37.7% each year. This sharp decline in oil revenue is due to production cuts led by OPEC+.

July 25, 2023

Kuwait’s KNPC posts record-breaking $3.3 billion profit

Kuwait National Petroleum Co (KNPC) has hit a record-high profit valued at $3.31 billion for 2022-23. The company’s profit for this year was 198% higher than the previous cycle. This sharp increase in profit is largely linked to the rise in oil prices and the construction of the refineries in Mina Al Abdullah and Mina Al Ahmadi ports.

July 24, 2023

Heisco lands $300mln Kuwait refinery maintenance deal

Heisco signed a $300 million contract with KNPC to provide maintenance services at the Mina Abdullah Refinery for a 5-year period. These include oil and gas, petrochemicals, power, pressure equipment manufacturing, shipbuilding and repair, dredging and marine construction, civil construction and maintenance as well as other industrial services including Heavy Industry projects.

July 23, 2023

UAE says current OPEC+ actions sufficient for now

UAE Energy Minister, Suhail al-Mazrouei, stated to Reuters that, “what we are doing is sufficient as we say today,” referring to the recent oil production cuts implemented by OPEC+. The next OPEC+ meeting is scheduled for November 2023.

July 22, 2023

COP28 and IEA convene first high-level dialogue on building a 1.5°C-aligned energy transition

A series of high-level dialogues took place on the sidelines of the 14th Clean Energy Ministerial between the COP28 UAE Presidency and the International Energy Agency (IEA) regarding creating a 1.5°C-aligned energy transition. The United Nations Framework Convention on Climate Change (UNFCCC) backed the initiative.

July 22, 2023

Saudi Arabia intends to continue to be a leader in producing, exporting clean hydrogen: Energy minister

Saudi Energy Minister, Prince Abdul Aziz bin Salman, stated the Kingdom is committed to becoming a world-leading producer and exporter of clean hydrogen. Riyadh is scheduled to host the Middle East and North Africa Climate Week (MENACW) 2023.

July 21, 2023

Russia, Saudi oppose G20 proposal to triple green energy capacity

Saudi Arabia, Russia, and China rejected a proposal to triple G20 nations’ green energy production by 2030. The proposal was put forward by the G7 countries.

July 21, 2023

Saudi Aramco Buys $3.4 Billion Stake In Chinese Petrochemical Firm

Saudi ARAMCO invested a 10% stake in Rongsheng Petrochemical Co Ltd, a Chinese petrochemical firm, for a value of $3.4 billion.

July 20, 2023

Oman fund invests in Italian lithium-free energy storage

Oman’s sovereign wealth fund announced its investment in Energy Dome, an Italian renewable energy storage firm. The firm’s estimated total funds is valued at roughly $78.65 million. It signed an MoU with the Omani sovereign wealth fund to look into investment opportunities in the Sultanate.

July 20, 2023

Oman Electricity Transmission Company Inaugurates Saih Al-Khairat Station In Dhofar Governorate

The Oman Electricity Transmission Company (OETC) announced the completion of the Saih Al-Khairat Station in Dhofar Governorate. The completed project falls under Oman’s vision to reach carbon neutrality by 2050 as the station is projected to cut carbon emissions by roughly 114,000 tons annually.

July 19, 2023

Iran Initiates 1,000 MW Solar Park In Qazvin

Mahmoud Kamani, Deputy Minister of Energy and head of Iran’s Renewable Energy and Energy Efficiency Organisation (SATBA) has stated that Iran is set to construct a new 1,000-MW solar array in Qazvin as its first “Solar Park.” The initiative aims to double renewable energy production once fully operational. The country aims to be part of the global “green transition” and is investing in solar energy and electric vehicles. Plans for constructing solar power plants in other cities, generating electricity for SATBA, green industrial electricity exchange, or cryptocurrency mining were also unveiled.

July 18, 2023

UAE and Japan sign 23 new MoUs

The UAE-Japan Business Forum concluded with the two sides signing 23 MoUs to enhance economic ties and investments across various sectors, including investment, trade, artificial intelligence, energy, renewables, and advanced technology. The UAE is Japan’s second-largest trading partner in the region when it comes to imports and exports. There are currently 10,000 Japanese companies operating in the UAE with an estimated investment value of $14 billion.

July 18, 2023

Abu Dhabi’s Masdar set to raise $750 mln with green bonds

Masdar, an Abu Dhabi renewable energy company, is planning to raise $750 million from its first green bond issuance, receiving over $4.2 billion in demand. The bonds were launched at a spread of 115 basis points over U.S. Treasuries, lower than the initial guidance of 150 bps. Gulf issuers are increasingly turning to green bonds and sustainability-linked debt to enhance their environmental credentials.

July 18, 2023

Qatar energy minister says natural gas needed for ‘realistic’ energy transition

Qatar’s energy minister stated that natural gas is critical for global efforts to transition toward clean energy sources. He included that Qatar Energy will provide 40% of the world’s LNG by 2029. Qatar also aims to cut greenhouse gas emissions by roughly 30%. 

July 18, 2023

Oman Oil Marketing Company to add 14 new stations in Saudi Arabia

Oman Oil Marketing Company plans to add 14 stations in Saudi Arabia, making its total number of stations in the Kingdom reach 26. The plan was announced after Oman Oil Marketing Company signed a memorandum of cooperation with Excellence Fuel Company, a Saudi real estate investment and development firm.

July 17, 2023

Saudi Arabia’s Crude Oil Exports Slumped Below 7 Million Bpd In May

Saudi Arabia’s crude oil production witnessed a sharp drop of 7 million bpd during the month of May. This decline is part of OPEC+ efforts to cut oil production.

July 17, 2023

Indian Oil signs long term LNG import deals with ADNOC LNG, TotalEnergies

Indian Oil Corp signed LNG import deals with ADNOC LNG and TotalEnergies. The deals were announced during Indian Prime Minister Modi’s most recent visits to the UAE and France. Under the deal, ADNOC LNG will supply Indian Oil Corp with 1.2 million metric tonnes per year (tpy) of LNG for 14 years. TotalEnergies to supply the Indian company with 0.8 million metric tonnes per year (tpy) of LNG for 10 years.

July 17, 2023

Iraq sets up new unit to oversee $17bln EU road, rail project

Iraq announced the creation of a designated unit to oversee the development of the ‘Route of Development’ project that aims to connect Europe with the Gulf states. The project is estimated to cost $17 billion. The project will be 1,200 km long, extending from the country’s northern borders with Turkey to the Gulf region.

July 15, 2023

ACWA Power consortium commits $2.2bn for Al-Shuaibah solar projects

Saudi Arabia to build the world’s largest solar project with ACWA Power at an estimated cost of $2.2 billion. The project is part of the Kingdom’s 2030 Vision to rely on more sustainable energy sources. Saudi Arabia aims to make renewable energy accountable for 50% of the nation’s power-generating capacity by 2030.

July 15, 2023

Iran to soon start power exchange with Russia: energy minister

Iran’s Energy Minister, Ali-Akbar Mehrabian, announced that the country will soon commence electricity exchange with Russia through Azerbaijan. Iran has been considering two routes, one via Azerbaijan and the other through Armenia and Georgia, for this exchange, and negotiations for the projects’ initiation are in their final stages.

July 14, 2023

Iraq-Iran gas-for-oil barter would likely violate US sanctions

U.S. officials stated the Iranian and Iraqi government’s intention to implement an Iranian gas for Iraqi oil barter is most likely to violate U.S. imposed sanctions on Iran. The U.S., however, could issue a waiver to allow the barter to take place.

July 13, 2023

UAE targets 50% electric vehicles on roads by 2050

The UAE minister of energy and infrastructure, Suhail bin Mohammed Al Mazrouei, announced that his country aims to have 50% of all vehicles on the road be electric by 2050. Al Mazrouei included that this serves the UAE’s initiative of reducing energy consumption by 40% by 2050.

July 13, 2023

Dubai-based AMEA Power secures $75mln from Japan’s SoftBank

Japanese entity SoftBank will become the first external investor in AMEA Power, which was previously funded by AlNowais Investments. AMEA Power, established in 2016, has already completed projects in Africa, the Middle East, and emerging markets, with a generating capacity of 1.45 GW. The UAE firm plans to expand into new markets in the Middle East, CIS, and Southeast Asia. The investment will help accelerate their strategic ambitions and develop projects in the power, water, and green hydrogen sectors.

July 12, 2023

Saudi Arabia imports record Russian fuel oil in June as trade grows

Amid the European Union’s ban on Russian products, Saudi Arabia has increased fuel oil imports from Russia. The kingdom’s imports reached 2.86 million metric tons in the first half of 2023, surpassing the total imports of 1.63 million metric tons for the entire 2022. The majority of the high-sulfur fuel oil cargoes end up in Saudi oil-fired power plants. The move comes as Saudi Arabia extends its output cut by an extra 1 million barrels per day in August, aligning with the OPEC+ agreement. The country is expected to boost fuel oil exports in July to capitalize on higher margins.

July 12, 2023

OPEC oil export revenues surpass $870 billion, highest in decade

In 2022, the OPEC countries experienced a significant increase in crude export revenues, reaching the highest level in almost a decade, with $873.57 billion, attributed to the Russia-Ukraine war and production boosts by key alliance members. Despite a surge in oil prices post-conflict, prices stabilized and remained relatively low due to an uncertain economic outlook and slow post-pandemic recovery, leading to reduced demand. OPEC believes the industry requires $12.1 trillion in investments until 2045, while the International Energy Agency predicts declining fossil fuel demand after 2026 due to the rise of electric vehicles and biofuels.

First LNG-powered container ship reaches Saudi East Coast

July 12, 2023

40% of all new LNG will come from Qatar by 2029, energy minister says

Qatar’s energy minister stated that his country will supply 40% of all new LNG production by 2029. The country’s LNG expansion efforts will increase production by 64% by 2027. QatarEnergy aims to reduce greenhouse gas emissions by 25% by 2030.

July 11, 2023

Iraq and TotalEnergies sign deal for $27bn worth of energy projects

TotalEnergies and Iraq signed a $27 billion contract for the purpose of enhancing oil production. Iraq will own 30% of the project, Total Energies will own 45%, while QatarEnergy will have 25% ownership. There is an initial $10 billion dollar investment that will be dedicated to the Gas Growth Integrated Project and the creation of a seawater treatment plant.

July 11, 2023

Oman’s oil exports reach 128mln barrels by May end

Oman’s oil exports totaled 128,070,300 barrels by the end of May. China was the biggest importer of Omani oil, at 117,120,500 barrels, followed by Japan (4,783,500 barrels) and India (2,716,200). Gas production has also witnessed a noticeable increase, with a total of 21,833.1mn until the end of May, a 3.9% increase from the previous year.

July 10, 2023

Iran launching $1.43bn petrochemical plant in Gachsaran

Iran is set to inaugurate a major petrochemical plant, Gachsaran Petrochemicals, which relies on over 80% domestically produced equipment. The project, costing €1.3 billion, will increase Iran’s ethylene production by 1 million metric tons per year. The plant will be supplied with 1.25 million metric tons per day of ethane gas through a pipeline from Bidboland Gas Refinery. The launch of the plant will create 1,000 direct jobs and 3,000 jobs in the supply chain. Despite US sanctions, Iran has focused on utilizing domestic resources to expand its oil and gas sector.

July 10, 2023

Kuwait, Saudi to expedite ‘neutral zone’ oil projects

Kuwait and Saudi Arabia reached an agreement to speed up the process of finishing up their joint oil projects in the ‘neutral zone’. The Kuwaiti-Suadi join permanent committee is set to monitor the progress on this agreement. The neutral zone includes the onshore Wafra and the offshore Khafji oil fields.

July 10, 2023

Qatar to supply UAE’s ENOC with 120 mil barrels of condensate over 10 years starting in July

QatarEnergy signed a contract to provide ENOC with 120 million barrels of condensate over a 10-year period. When the North Field East and the North Field South LNG expansion project are complete, QatarEnergy will increase its condensate supply to ENOC. Qatar will become the top LNG exporter once the project is complete.

July 9, 2023

Toyota Tsusho JV to build $100mln solar plant in Saudi Arabia

Toyota Tsusho Corporation, in a joint venture with TotalEnergies Renewables and Zahid Group, has secured a contract for a 119MW solar power plant in Saudi Arabia. The $100 million project will be implemented by Noor Alwadi Renewable Energy Company. The plant, located in Wadi Ad Dawasir, is the first renewable project for Toyota Tsusho in Saudi Arabia. Construction has already started, and the plant is expected to be operational by March 2025. The project has been selected for Japan’s Financing Programme for Joint Crediting Mechanism (JCM) Model Projects, aiming to reduce GHG emissions and promote renewable energy.

July 7, 2023

World’s largest waste-to-energy plant comes into service in UAE

The first phase of Dubai’s Waste-to-Energy Centre, the world’s largest and most efficient facility, comes into service on Tuesday. The center includes an investment of AED 4 billion (around $1.09 billion), covering an area of 400,000 square meters. With the opening of its second phase in 2024, the facility’s output is set to expand to 220 MWh annually.

July 7, 2023

Saudi Arabia and Kuwait urge Iran to engage in talks to de-escalate the Al-Durra gas field row

The Saudi Ministry of Foreign Affairs and Kuwait’s Oil Minister has emphasized their prospective countries’ exclusive joint ownership of the Al-Durra gas field. The two sides condemned Iran’s planned drilling activities in the field and urged it to demarcate the eastern border of the submerged area that is shared between Saudi Arabia and Kuwait.

July 6, 2023

Saudi Arabia hikes most August oil prices to Asia after supply cuts

Saudi Arabia raised the prices for most of its crude oil to Asian customers in August for a second month after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day voluntary cut to oil production to August and left the door open to extending the trim further. The more expensive Saudi oil could lead Asian refiners to seek alternatives from other suppliers, impacting refining margins in the region.

July 6, 2023

OPEC on hunt for new members, secretary-general says

OPEC Secretary General expressed the organization’s desire to increase the number of its members. The Secretary-General did give out any information regarding what countries will potentially join OPEC.

July 6, 2023

UAE Energy Minister announces no further voluntary OPEC+ oil production cuts

The UAE has announced that it won’t implement additional voluntary oil production cuts under the OPEC+ agreement, stating that its current efforts are enough. The country’s Energy Minister highlighted the significant gap between its current oil output and full production capacity and expressed the belief that recent cuts by Saudi Arabia and Russia will stabilize the global oil market. The impact of the UAE’s decision on OPEC+ efforts and the stance of other member countries will be closely watched.

July 6, 2023

Kuwait to invest more than $300 billion in energy sector by 2040, oil minister says

Kuwait will invest more than $300 billion in the energy sector by 2040, Kuwait’s oil minister Saad Al Barrak told UAE’s state news agency (WAM) on Thursday.

July 5, 2023

China’s Trina Solar provides 800MW of solar modules for Al Dhafra solar power project in Abu Dhabi

Trina Solar stated that it had delivered 800 megawatts (MW) of 210mm Vertex modules to China Machinery Engineering Corporation (CMEC) for the Al Dhafra PV power plant project in Abu Dhabi. The plant, which includes almost 3.5 million solar panels, is set to become one of the largest single-site solar power plants worldwide. The plant was connected to the grid in April 2023.

July 5, 2023

UAE’s Masdar tipped for big stake in $1.5bn offshore wind farm that will help power Amazon

UAE renewables group Masdar is set to take a major 49% stake in Iberdrola’s Baltic Eagle offshore wind project in German waters. The 476MW project, valued at about $1.5bn, is expected to be a critical project for the Abu Dhabi-based Masdar, as they set their sights on becoming one of the world’s most ambitious renewables players with a target to amass a 100GW gross portfolio by 2030. If confirmed, Masdar would become the latest partner for Iberdrola as the Spanish group pursues its massive global green power expansion plans.

July 5, 2023

Aramco And TotalEnergies Award Contracts For $11M Amiral Project

Saudi Aramco and TotalEnergies have awarded Engineering, Procurement, and Construction (EPC) contracts for the $11 billion “Amiral” complex, a petrochemical facility expansion at the SATORP refinery in Saudi Arabia. The project will include a large mixed-load steam cracker and is expected to attract additional investments in various sectors, creating around 7,000 jobs. The signing ceremony was attended by officials from Saudi Arabia, France, and South Korea, as well as company executives. The project signifies the continued strong partnership between Aramco and TotalEnergies in the Kingdom of Saudi Arabia.

July 4, 2023

Sheikh Hamdan launches Dh4 billion renewable energy plant in Dubai

Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, has launched a Dh4 billion ($1.09 billion) renewable energy plant in Dubai, which is set to be the world’s largest and most efficient waste-to-energy center. The plant in Warsan has the capacity to generate 220 megawatt-hours of renewable energy, powering 135,000 homes while also processing 2 million tonnes of waste annually without causing harm to the environment. The project aims to reinforce Dubai’s position as a global leader in sustainable infrastructure and is scheduled for completion next year.

July 4, 2023

Adnoc Closes In on 4.5 Million b/d Output Capacity

ADNOC hit the 4.5 million b/d benchmark of oil production, more than half of which is attributable to offshore fields. This is part of the UAE’s effort to reach 5 million b/d capacity by 2027. The increased capacity cements the United Arab Emirates (UAE) position as the third largest Opec producer after Saudi Arabia and Iraq and will give it increased influence in future quota discussions within the Opec-plus alliance.

July 3, 2023

ADNOC Gas awards natural gas pipeline contracts worth $1.34bn

ADNOC Gas has awarded contracts worth $1.34 billion to Petrofac Emirates and a consortium led by the National Petroleum Construction Company and C.A.T International for the expansion of its natural gas pipeline network in the UAE. The pipeline extension will enable the transportation of higher volumes of natural gas to customers in the Northern Emirates. ADNOC Gas aims to achieve gas self-sufficiency, increase its market share, and provide sustainable and cleaner gas to more locations in the UAE. Over 70% of the contracts’ value is expected to contribute to the UAE economy through ADNOC Group’s In-Country Value (ICV) program.

July 3, 2023

UAE Cabinet approves national energy and hydrogen strategies

The UAE revealed the country’s National Energy Strategy for the purpose of tripling renewable energy usage within the next 7 years. The country also announced its National Hydrogen Strategy for the purpose of enhancing the production and exports of low-emission hydrogen in the next 8 years.

July 2, 2023

Oman’s Galfar bags $75mln contract from OQ

OQ Exploration & Production Company has awarded Galfar Engineering and Contracting Company an engineering, procurement, and construction (EPC) contract worth roughly USD 75 million. Galfar estimates the value of this call-off contract to be approximately USD 727 mn for an execution period of seven years. The contract also includes an additional three-year extension option worth USD 311 mn. After securing several contracts in the oil and gas sectors earlier this year, Galfar continued to maintain a significant project pipeline of USD 1.25 billion, supported by new project awards worth USD 24 mn in the first quarter of 2023.

June 30, 2023

Saudi ACWA Power unveils $100mln RCF agreement from UAE-based Chinese bank

ACWA Power has signed a $100 million revolving credit facility (RCF) agreement with China Construction Bank (DIFC Branch). The three-year financing will support ACWA Power’s plans to enhance its power and water generation portfolio across the Middle East and Belt & Road Initiative countries. The deal strengthens the collaboration between ACWA Power and Chinese entities while diversifying the Saudi firm’s financing sources. It also aligns with the Belt and Road initiative’s focus on promoting renewable energy projects. ACWA Power has been working with China Construction Bank since 2016 on various projects.

June 30, 2023

ACWA Power and Huawei to Enhance Renewable Energy Projects in Saudi Arabia

ACWA Power and Huawei signed a joint initiative for the purpose of cutting down the cost of renewable energy projects. ACWA is also partnering with Huawei Digital and SEPCOIII to build a battery-based energy storage system that will have a capacity of 1,300MWH for the Red Sea Project. The initiative, part of China’s $40 bln investment in renewable energy abroad, will help Saudi in its 2030 vision goals.

June 30, 2023

UAE set to add 571MW biomass capacity in waste-to-energy push, says BMI

The UAE is expected to develop its waste-to-energy (WtE) sector, driven by the government’s goal to reduce landfill waste. The country currently has six out of eight WtE projects in the region, with a total capacity of 571 MW. The Sharjah Waste to Energy plant, for example, has successfully generated electricity and reduced landfill emissions. Research firm BMI has increased its forecast for biomass capacity in the Middle East and North Africa (MENA) region, with the UAE leading the expansion with large WtE projects.

June 28, 2023

Iraq launches projects to boost efficiency of gas-powered energy generation units

Iraqi Prime Minister Mohammed Al-Sudani and Iraqi Minister of Electricity Ziyad Ali Fadel revealed the state’s plan to enhance gas-powered electricity generation. The establishment of the 8 power plants in the first phase of the project required 40 cooling units to be installed across Iraq. These cooling systems generated an additional 364 megawatts of electricity for the national electricity grid. Phase 2 of the project will add 7 more power plants and 32 systems.

June 27, 2023

Kuwait’s Q8, MAIRE Launches Hydrogen Refueling Station in Rome

Q8, MAIRE opened Hydrogen Refueling Station in Rome. The project is being carried out by the Sustainable Technology Solutions business unit. The project will reduce carbon emissions by over 75 percent compared to the use of diesel.

June 27, 2023

Galfar wins $75mln EPC contract for Oman oilfield project

Oman’s Gelfar secured a $75 million contract from OQ for the Bisat oilfield project. Gelfar will provide construction and engineering services for the Bisat project. Oman’s global integrated energy firm OQ said the Bisat field, which is located at Abu Tubul, utilizes cutting-edge technologies and digital solutions to enhance the long-term sustainability of the resources and operations and maximize the revenues and return on investment.

June 26, 2023

OQ, Belgian Group Seal Green Hydrogen Production Contract

OQ and Belgian signed a green hydrogen contract with Hydrom. Phase 1 of this deal is aimed to produce 330,000 tonnes of green ammonia, and phase 2 to produce roughly 650,000 tonnes in total. This deal is part of Oman’s Vision 2040.

June 26, 2023

Iran’s crude output up by 350k barrels per day in 2023

Iran’s oil output increased to 350 barrels per day since the start of this year. This is despite US-led sanctions. IEA reported that Iran’s crude oil has the potential of reaching 900 barrels per day if sanctions were to be lifted.

June 25, 2023

South Korea trumpets Hyundai E&C $5 billion contract with Aramco

Hyundai Engineering & Construction signed a $5 billion contract with Saudi Aramco for the purpose of establishing a petrochemicals complex. South Korea’s Land Minister stated that such deal will strengthen energy cooperation between the two nations.

June 25, 2023

Electrical transmission line connecting Afar in Saudi Arabia to Yusufiya in Iraq inaugurated

An electrical interconnection project, linking the GCC states with Iraq, will be built. The project will help supply Iraq with its increasing electricity demands by having an initial capacity of 1,000 megawatts. It aims to start providing Iraq with electricity by the end of 2024.

June 25, 2023

ACWA Power secures $100m credit facility from Chinese bank to scale up operations

Saudi ACWA secured a $100 million credit facility from China Construction Bank to increase its operations. The three-year agreement will boost power generation and water distillation in the Middle East, Uzbekistan, and Kazakhstan

June 25, 2023

Aramco, TotalEnergies sign $11 billion contract to build petrochemicals complex in Saudi Arabia

Aramco and TotalEnergies have signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia, the two companies said in a joint statement on Saturday. “Aramco and TotalEnergies today awarded Engineering, Procurement, and Construction (EPC) contracts for the $11 billion “Amiral” complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia,” the statement read.

June 23, 2023

Qatar Awards China 4mn t/y LNG Contract & NFE Stake

QatarEnergy has signed a series of deals with Chinese state energy giant CNPC affording it a slice of its giant North Field expansion development and a long-term supply deal. This is the second such deal QatarEnergy has reached with a Chinese state major, following April’s deal with Sinopec for an identical 5% NFE train stake

June 23, 2023

Oman Signs Two More Green Hydrogen Projects

State-owned company, Hydrom, signed two additional green hydrogen projects. This comes weeks after signing 500,000 t/y worth of green hydrogen projects. Oman’s Minister of Energy and Minerals, Salim Al-Aufi, pointed out that, “The fast-paced efforts behind the announcements of these new projects reflect Oman’s commitment to reinforce its leading position in the global green hydrogen sector in line with its energy transformation”.

June 23, 2023

Saudi Arabia: Shell signs deal to operate gas stations in the Kingdom

Saudi Energy Ministry announced that Shell International will open its first gas station in the Kingdom in the fourth quarter of this year. The deal is part of the Kingdom’s large effort to attract international companies to the country. 

June 22, 2023

Shell signs deal to operate gas stations in Saudi Arabia

Shell International and Saudi Arabia’s Asyad Holding Group have signed an agreement to construct the kingdom’s first Shell-branded fuel station. This development aligns with the objectives of Saudi Arabia’s Vision 2030 and the efforts of the executive committee of service centers and gas stations to enhance facilities by partnering with leading global companies. The agreement also supports supply security in the sector, maximizes added value, and addresses economic challenges.

June 21, 2023

Brazil And UAE Sign MoU For Cooperation In Renewable Energy

Minister Alexandre Silveira signed a memorandum of understanding for cooperation in the field of renewable energy between the Ministry of Mines and Energy and the Ministry of Energy and Infrastructure of the United Arab Emirates. The main focus of the meeting was on promoting renewable energy generation, exploring new investments in Brazil, and addressing climate change. Silveira highlighted the Decarbonization of the Amazon project and expressed interest in UAE’s involvement, including at the upcoming United Nations Climate Change Conference in 2023. The memorandum signed between the two countries affirms their commitment to collaborating in renewable energy, hydrogen, energy conversion, decarbonization technologies, and biofuels, and sharing regulatory information and experiences.

June 20, 2023

QatarEnergy, China’s National Petroleum Corp to sign 27-year LNG deal

According to Reuters, QatarEnergy will sign a 27-year deal to supply China’s National Petroleum Corp with 4 million tons of liquefied natural gas (LNG) per year. CNPC will also take a 5% equity stake in one LNG train of QatarEnergy’s north field gas expansion, sources reported to Reuters.

June 20, 2023

ACWA Power signs deal with Chinese firm for Uzbekistan solar project

ACWA Power, based in Saudi Arabia, has partnered with Energy China Group Corp. to develop a solar power project in Uzbekistan. The companies signed an engineering, procurement, and construction contract. Additionally, ACWA Power signed a hydrogen purchase deal with Uzkimyosanoat, a state-owned chemical company, to promote green hydrogen projects in Uzbekistan. The collaboration strengthens ACWA Power’s ties with Chinese companies, which were established through memorandums of understanding signed during a summit and the state visit of Chinese President Xi Jinping to Saudi Arabia in 2022.

June 20, 2023

China, Saudi Arabia Team on Wind Projects in Uzbekistan

Envision Energy, China’s second-largest wind turbine manufacturer, has announced that it will supply 1 GW of generation capacity for wind projects developed by ACWA Power in Uzbekistan. This deal follows Envision’s recent wind turbine agreements in Egypt, India, and Saudi Arabia. Uzbekistan aims to install 5 GW of onshore wind by 2030, and ACWA Power has a $10 billion investment cooperation agreement with Uzbekistan’s Ministry of Energy for renewable energy, green hydrogen, and gas-to-power projects over the next five years. 

June 20, 2023

Abu Dhabi’s ADNOC in almost $11 billion approach for Covestro

Abu Dhabi National Oil Company (ADNOC) has reportedly approached German plastics and chemicals manufacturer Covestro AG with a takeover offer worth over 10 billion euros ($10.9 billion). The move comes ADNOC Chief Executive Sultan al-Jaber leads the company’s push into new energy, low carbon fuels, such as ammonia and hydrogen, as well as liquefied natural gas and chemicals, in line with Abu Dhabi’s diversification plans. ADNOC has been actively expanding its presence in Europe, including its recent acquisition of a stake in Austrian oil and gas group OMV.

June 20, 2023

Kuwait awards multi-million contract for gas plant

Kuwait Oil Tanker Co (KOTC) has awarded a solar energy contract worth $6.35 million to Kuwait’s Life Energy Co. The contract is for the design, construction, operation, and maintenance of an electric power generation station using renewable energy (6.8MWp) in the Um AlAish and Shuaiba gas factories. The project aims to utilize solar energy in liquefied gas-filling plants. The duration of the contract is approximately six years.

June 19, 2023

Kuwait Oil Company to invest $43 billion on new oil projects, CEO says

Kuwait Oil Co (KOC) plans to invest approximately $43 billion in new oil projects over the next five years, according to CEO Ahmed Jaber al-Aydan. The investment aims to expand production by nearly 200,000 barrels per day (bpd). Currently, Kuwait’s crude oil production capacity is around 2.8 million bpd and is expected to reach 3 million bpd after 2025. Al-Aydan stated that the capacity could further increase to about 4 million bpd by 2035, and KOC intends to maintain that level until 2040. The strategy includes drilling new wells, increasing their output, and developing oilfield facilities with a budget of approximately KWD 13 billion.

June 19, 2023

Petrobangla to sign 10-year LNG supply deal with Oman Trading International

Bangladesh’s state-owned company Petrobangla is preparing to sign a long-term supply agreement with Oman Trading International for additional liquefied natural gas (LNG) stocks. Starting from January 2026, Bangladesh will receive an extra 0.5 to 1.5 million metric tons per year of LNG, with the possibility of 0.25 million tons in late 2025. This marks Petrobangla’s second contract with Oman Trading International, with the existing 10-year contract for 1 million metric tons per year. Bangladesh heavily relies on imported LNG for power generation due to limited domestic gas reserves and coal-fired capacity.

June 19, 2023

Saudi crude exports hit five-month low in April

In April, Saudi Arabia’s crude oil exports reached a five-month low, dropping to 7.316 million barrels per day (bpd) compared to 7. 523 million bpd in March. The country’s crude output remained steady at 10.46 million bpd, while inventories increased by 1.98 million barrels to 149.4 million barrels. Domestic refineries processed slightly less crude, but exports of refined products rose. In an effort to further limit supply, Saudi Arabia plans to make a deep cut to its output in July and raise the prices of its Arab Light crude to Asian buyers. Some observers suggest that higher oil prices are necessary due to increasing inflation.

June 17, 2023

Oil demand to peak by 2028 as energy transition gathers pace

The International Energy Agency (IEA) predicts that global oil demand growth will slow down in the coming years, with a peak in demand expected this decade. The IEA’s medium-term market report forecasts a 6% increase in global oil demand between 2022 and 2028, reaching 105.7 million barrels per day. However, annual demand growth is projected to shrink from 2.4 million barrels per day in 2023 to just 0.4 million barrels per day in 2028. The shift towards clean energy, including electric vehicles and energy efficiency, is driving this trend. The report highlights the need for oil producers to adapt their investment decisions for an orderly transition. The use of oil for transport fuels is expected to decline after 2026 due to the expansion of electric vehicles and improved fuel economy.

June 17, 2023

Russian oil refined in India sold to Pakistan through UAE

The first shipment of Russian oil arrived in Karachi after being refined in an Indian refinery. The oil was transported through the UAE to address concerns in Pakistan. Russia’s approach aims to safeguard India’s relationship and strengthen its negotiating position with the IMF by offering discounted oil to Pakistan. The discounted oil enables Pakistan to negotiate with the IMF from a stronger standpoint and retain subsidies on pump prices, avoiding potential cost increases. Russia also seeks to maintain positive relations with India and leverage the oil deal in IMF negotiations.

June 17, 2023

Iraq invites foreign bids for 11 gas blocks in new areas

Iraq has announced its plans to invite foreign companies to bid for contracts to explore and develop natural gas reserves in 11 new blocks. The country aims to produce more natural gas for its power stations and reduce its reliance on imports from Iran, which have been a burden on its budget and a strain on Baghdad’s relationship with Washington. Eight blocks are located in Anbar province, one in Mosul, and two along province borders. The bidding round is the sixth of its kind, although the specific date for the bidding process has not been set yet. Iraq, the second-largest producer in OPEC, currently flares much of its own gas due to a lack of processing facilities.

June 17, 2023

Kuwait’s oil production capacity to reach 3 mln bpd in 2025 – official

Kuwait’s oil production capacity is above 2.8 million barrels per day (bpd) now and will reach 3 million in 2025, the CEO of Kuwait oil company Ahmed Jaber al-Aydan said on Sunday. Kuwait is committed to the cuts decided by OPEC and OPEC +, al-Aydan added.

June 15, 2023

Kuwait Oil Company awards $60 million contract to HEISCO

Kuwait Oil Company (KOC) has awarded a $59.8 million contract to Heavy Engineering Industries & Shipbuilding Co. (HEISCO), the latter announced in a statement. The scope of work is related to water facilities upgradation at KOC’s project locations, HEISCO noted. This year, Kuwaiti EPC contractor HEISCO has secured several multi-million contracts in the Middle East region, including a contract from ARAMCO for the Juaymah NGL Fractionation Plant (JNGLF,) and a five-year contract from KOC for the construction of flowlines and associated works in West Kuwait Area.

June 15, 2023

Oil futures up 3% on strong China refinery data, weaker US dollar

On Thursday, oil prices gained about 3% to a one-week high on a weaker U.S. dollar, and a jump in refinery runs in top crude importer China. Brent crude futures rose $2.47, or 3.4%, to settle at $75.67 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.35, or 3.4%, to settle at $70.62. Those were the highest closes for Brent and WTI since June 8. Data on Thursday also showed China’s oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. Chinese oil demand is expected to keep climbing at an assured rate during the second half of the year, said Kuwait Petroleum Corp’s chief executive.

June 15, 2023

The IEA Believes Oman Could Become A World Leader In Hydrogen

Oman could become one of the world’s biggest hydrogen suppliers, the International Energy Agency has forecast in a recent report. The Gulf sultanate currently generates some 60% of its export earnings from oil and gas but has set itself ambitious net-zero targets that would involve leveraging its low-carbon energy potential, which the IEA notes is significant. Oman plans to be producing 1 million tons of so-called green hydrogen by 2030, further expanding that to 3.75 million tons annually five years later and to 8.5 million tons annually by 2050.

June 14, 2023

Oman’s first hydrogen blocks awarded to consortium

EnerTech Holding Company, one of the founding partners of the Green Energy Oman (GEO) international consortium, has been awarded one of Oman’s first hydrogen blocks by Hydrom. The GEO consortium, consisting of EnerTech, Oman’s integrated Energy Company OQ, Shell Oman, InterContinental Energy (ICE), and Golden Wellspring Wealth for Trading (GWWT), secured Block Z1-04, located in the Dhofar Governorate. The block is set to produce 150,000 metric tonnes per annum of green hydrogen by leveraging 4 gigawatts of renewable energy. This deal is one of three signed agreements granting the first green hydrogen blocks in the Sultanate of Oman, with a combined investment value exceeding $20 billion. The projects are expected to deliver over 750,000 tonnes of green hydrogen per year, further propelling Oman’s ambitious target of achieving one million tonnes per year of green hydrogen production by 2030.

June 13, 2023

Oman on track to become the largest green hydrogen exporter in the Middle East – IEA

Oman will be the largest hydrogen exporter in the Middle East and the sixth largest globally by 2030, per a new report released by the International Energy Agency (IEA). Oman aims to produce at least 1 million tonnes of renewable hydrogen a year by 2030, up to 3.75 million tonnes by 2040 – and up to 8.5 million tonnes by 2050, which would be greater than the total hydrogen demand in Europe today. The 2040 hydrogen target would represent 80 percent of Oman’s current LNG exports in energy-equivalent terms while achieving the 2050 target would almost double them. According to the report, scaling up renewable hydrogen production in Oman to 1 million tonnes by 2030 would require a cumulative investment of around $33 billion and an additional $4 billion to bring renewables’ share of the national electricity mix to 20 percent.

June 12, 2023

Saudi Arabia signs $5.6b deal with Chinese EV firm Human Horizons

Saudi Arabia announced on Sunday billions of dollars in investment deals between China and the Arab world on the first day of the China-Arab business conference in Riyadh. The meeting came amid growing commercial and diplomatic ties between Beijing and Middle Eastern countries, including a recent landmark Chinese-brokered rapprochement between powerhouses Iran and Saudi Arabia that has shifted regional relations. This figure includes a $5.6bn memorandum of understanding between the Saudi investment ministry and Human Horizons, a Chinese maker of electric and self-driving cars.

June 12, 2023

Aramco’s Namaat program to launch companies worth $25bn

A cloud storage company, an iron sheet manufacturer, and a logistics management center are among the firms being established by Saudi Arabian Oil Co.’s Industrial Investments Program, Namaat. The initiative, launched by the oil giant in 2021, is helping to launch 31 local and international companies with an estimated total value of SR92 billion ($24.53 billion), it has been announced. The latest developments come a year on from Namaat, revealing it had reached 55 investments, and in 2021 it announced it had signed 22 memorandums of understanding to drive forward the initiative.

June 12, 2023

Iraq needs 10,000 MW to tackle power gap

Iraq needs to execute new projects that will generate nearly 10,000 megawatts (MW) of electricity to tackle a power shortage that worsened because of internal hostilities, an Iraqi official reported on Monday. OPEC’s second-largest oil producer currently generates around 20,000 MW of electricity from existing power plants. In comparison, actual domestic demand stands at nearly 30,000 MW, said Mudhar Saleh, financial and economic adviser to the Prime Minister. Madhar said he believes Iraq could become self-sufficient in electricity generation through new conventional and renewable energy projects as well as by supplies from common power grids with neighboring Iran and the six-nation GCC.

June 12, 2023

UAE’s Masdar signs roadmap for up to 1GW Wind Power Project in Kazakhstan

Masdar has signed a roadmap for developing up to 1 gigawatt (GW) wind power plant in Kazakhstan to support the country’s goal of achieving half its energy mix from renewables by 2050. The Central Asian nation is a key strategic market for Masdar, the UAE’s flagship renewable energy company, which has been steadily investing in the region in recent years. The roadmap for developing the up to 1 GW wind project with a battery energy storage system (BEES) was signed by four partners on the sidelines of the Astana International Forum. Kazakhstan aims to become carbon neutral by 2060 and targets renewable electricity generation of 50 percent by 2050. The up to 1 GW wind farm, with BESS, is Masdar’s first project in the country.

June 11, 2023

Saudi Arabia keen to work with China in gas, crude-to-chemicals, mining

Saudi Arabia is eager to collaborate with China in developing natural gas, crude-to-chemicals, and mining projects, within and outside the kingdom, because the world’s second-biggest economy is taking the lead in various sectors, energy minister Prince Abdulaziz bin Salman said June 11. In April, Saudi Arabia was the top oil supplier to China, delivering 2.07 million b/d (8.46 million mt) of crude, down 5.3% year on year and down 1.8% from March on a barrels-per-day basis, data from China’s General Administration of Customs showed May 20. Aramco previously signed several agreements, including potential crude supply and chemical offtake agreements, with Chinese entities in December during the visit of President Xi Jinping to Riyadh.

June 11, 2023

US expected to begin unloading oil from seized Iranian tanker

The US is expected to begin unloading oil from a seized Iranian vessel, currently anchored off the coast of Texas, threatening to escalate a shadow tanker war with Tehran. The US Department of Justice seized the Suez Rajan under a court order with cooperation from at least one company involved with the vessel. The case of the Suez Rajan is one of several recent maritime incidents involving the US and Iran and threatens to increase tensions between the countries as Washington and its European allies have renewed discussions on how to engage Iran in its nuclear activity.

June 9, 2023

GCCIA and Iraq embark on a major 500 MW grid interconnection project

The Gulf Cooperation Council Interconnection Authority (GCCIA) has embarked on the implementation of a new super grid project, connecting the GCC with the southern region of Iraq, according to a press statement. The interconnection project, slated for completion by late 2024, marks the first-ever expansion beyond the electrical grid system of the GCC countries. The project will satisfy a significant portion of the electric power demand in southern Iraq, supplying 500 megawatts (MW). Boasting a transmission capacity of 1,800 megawatts (MW) and spanning an impressive length of 295 kilometers, this transmission line is set to redefine the region’s power infrastructure.

June 9, 2023

​​Saudi foreign minister: wants U.S. to bid in domestic nuclear program

On Thursday, Saudi Arabia’s foreign minister said that the kingdom would prefer to have the U.S. as one of the bidders for its civilian nuclear program. Prince Faisal bin Farhan commented in a joint press conference with U.S. Secretary of State Antony Blinken

June 9, 2023

UAE Clean Energy Firm Masdar Plans First Green Bond Sale in June

The United Arab Emirates’ clean energy producer Masdar aims to sell its first-ever green bonds within weeks to help fund an effort to boost renewable energy generation capacity five-fold by the decade’s end. Securities linked to clean energy are attracting more capital as companies and nations look to cut emissions to fight global warming by diversifying supplies away from hydrocarbons. The UAE was the first Persian Gulf oil state to declare a net zero target for carbon emissions by 2030, even though OPEC’s third-biggest producer still invests billions to boost oil and natural gas output.

June 8, 2023

Iran builds two new reactors at Bushehr nuclear plant

According to the provincial governor, Anadolu Agency reports that Iran is building two new reactors at the Bushehr nuclear power plant on the country’s southwestern coast. Bushehr Governor, Ahmad Mohammadizadeh, said the new reactors would each have a capacity of 1,800 megawatts and are being built by young Iranian engineers without foreign assistance or expertise. Bushehr nuclear power plant, the only functional reactor in Iran with a capacity of 1,000 megawatts, was built by Russian engineers and handed over to Iran’s atomic energy agency in September 2013. These developments come amid a standoff over the 2015 nuclear deal, with indirect talks between Tehran and Washington aimed at the revival of the accord stalled since last August.

June 8, 2023

Egypt, UAE firm sign 10-bln-USD deal to build wind power plant

An agreement to build a wind power plant in Upper Egypt’s Sohag province was signed on Tuesday between Egypt’s Ministry of Electricity and Masdar, a renewable energy developer based in the United Arab Emirates (UAE). Egypt’s $10-billion wind energy project announced last year moved one step closer to its execution after the consortium responsible for the renewable project signed a deal on June 6 to secure the required land. The agreement will help Egypt achieve its annual goal of slashing carbon emissions by 9 percent in conjunction with onshore wind farms, producing 47,790 GWh of clean energy annually while displacing 23.8 million tons of carbon dioxide.

June 8, 2023

EnerTech, GEO Consortium award Oman’s first hydrogen blocks

EnerTech, a Kuwaiti state-owned company specializing in clean energy investment and development, has been awarded one of Oman’s first hydrogen blocks by Hydrom. The block is set to produce 150,000 metric tons per annum of green hydrogen by leveraging 4 gigawatts of renewable energy. This deal is one of three signed agreements granting the first green hydrogen blocks in the Sultanate of Oman, with a combined investment value exceeding $20 billion. The projects are expected to deliver over 750,000 tonnes of green hydrogen per year, further propelling Oman’s ambitious target of achieving 1 million annual tons of green hydrogen production by 2030.

June 8, 2023

Kremlin: Russia’s Putin, Saudi crown prince praise OPEC+ cooperation

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman praised, during a telephone discussion on Wednesday, their cooperation within the context of the OPEC+ oil producers’ group, the Kremlin said on Wednesday. The statement noted the importance of agreements reached at the group’s meeting this week, under which Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024.

June 8, 2023

EU, COP28 host UAE pledge to rally support for renewable goals

The European Commission and the United Arab Emirates pledged on Wednesday to seek support for global goals to expand renewable energy, which they said would help countries shift from unabated fossil fuels. The EU and COP28 host UAE will also work together on establishing a fund to address the irreparable damage climate change is causing in vulnerable countries, they said. Countries agreed last year to launch that fund but have yet to negotiate how it will work and where the money will come from.

June 7, 2023

Kuwait’s HEISCO wins $133.33mln contract in Saudi Arabia for Aramco

Saudi Arabia – Heavy Engineering Industries and Shipbuilding Company (HEISCO), listed on Boursa Kuwait, announced that its branch in Saudi Arabia received a letter of award from the main contractor of a project in Ras Tanura City in the Kingdom. According to a bourse disclosure, HEISCO’s branch will execute the main civil and mechanical construction works for 28 months in favor of the Saudi Arabian Oil Company (Aramco). The contract value stands at SAR 500 million which is equivalent to approximately KWD 41 million, while the project is installing C3/C4 Refrigeration units and storage tanks.

June 7, 2023

GE Gas Power announces major boost to Iraq’s power generation capacity

GE Gas Power has announced a significant boost to Iraq’s power generation capacity achieved in partnership with the country’s Ministry of Electricity. The company has successfully serviced and upgraded 1400 megawatts (MW) of gas turbine capacity across the country in the first half of this year. The strategic move aims to enhance power generation capabilities and optimize the efficiency and performance of the units just in time for the peak summer demand. Two gas turbines, with a combined capacity of 200 MW, underwent comprehensive maintenance work, including major overhauls, at the Khor Al-Zubair power plant.

June 6, 2023

Total set to launch 1,000 MW power project in Iraq

France’s TotalEnergies is pushing ahead with plans to build a 1,000-megawatt solar power project in Iraq after the project was endorsed by Baghdad last week, according to a statement by the Iraqi Electricity Ministry. Electricity Minister Ziad Fadil gave the green light for the project in the Southern port of Basra during talks with a TotalEnergies delegation in Baghdad on Monday, it said. The solar park project is part of a $27 billion framework agreement signed by Iraq and France in Sept 2021.

June 6, 2023

Qatar Offers Looser LNG Contract Terms to Entice Asian Buyers

Qatar is offering shorter and cheaper liquefied natural gas contracts as it attempts to secure customers for supply from expansion projects amid rising competition with the US. A deal agreed last week between the world’s top LNG exporter and Bangladesh included more lenient payment deadlines than typically offered, according to people with knowledge of the matter. The supplier aims to be more accommodating of customers’ needs, particularly emerging nations in Asia that struggle with high energy costs or are unable to commit to long-term agreements.

June 5, 2023

UAE to cut 144,000 bpd throughout 2024

The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC+ agreement, which had previously announced voluntary cuts in April. This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC+ on June 4, 2023.

June 4, 2023

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

Saudi Arabia said Sunday that it would reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom.

June 3, 2023

Kuwait Oil Company set to award $250 million wind energy project

According to media reports, Kuwait Oil Company (KOC) is set to finalise the main construction contract for a pilot wind farm to generate electricity for the oil sector by Q3 2023. A source quoted by Zawya said that the bid submission is ongoing, and the Engineering, Procurement, and Construction (EPC) contract is expected to be awarded in early September 2023. Through this initiative, KOC aims to explore the use case for wind energy to power oilfield operations in the Ratqa oilfield. The pilot project will feature wind turbines up to a height of over 50 meters with a generation capacity of 3.4-3.6 MW.

June 2, 2023

Saudi Arabia To Expand Its Lithium Processing Industry

Saudi Arabia is planning a second lithium processing plant as it seeks to capture a piece of the energy transition pie. The plant will be a joint venture between Saudi industrial major Obeikan Investment Group and Australian startup European Lithium, the Financial Times has reported, with initial production expected in 2026. The lithium produced at the new facility will be supplied to Germany’s BMW under an existing agreement. Earlier this year, Saudi Arabia signed a deal with Australian EV Metals—a battery tech developer partly owned by Riyadh—to construct a lithium hydroxide plant. Saudi Arabia is also the biggest investor in Lucid Motors—a luxury EV maker—and has planned for local EV production in the near future.

June 2, 2023

Aramco taps Turkish firms for $50 billion building spree

Saudi Aramco met with an army of Turkish contractors this week to discuss $50 billion of potential projects in the Gulf kingdom, underlining improving trade ties between the two countries after they buried a diplomatic spat over the killing of Jamal Khashoggi. Representatives of the state-controlled oil firm met executives from about 80 building companies in workshops in the Turkish capital Ankara on Tuesday and Wednesday and are seeking to pre-qualify them for projects planned through 2025, Erdal Eren, head of the Turkish Contractors Association, said in a phone interview.

June 1, 2023

Oman’s Hydrom signs 3 deals to develop green hydrogen projects with investments of over $20 billion

Oman’s Hydrom has signed three deals to develop green hydrogen projects involving investments of over $20 billion, Oman’s state news agency reported on Thursday. The projects are a collaboration with BP Oman, Amnah Consortium, and Oman Green Energy Alliances. The International Energy Agency (IEA) said earlier this month that Oman, a country whose economy has traditionally depended on hydrocarbons, has a net zero target by 2050 as it looks to significantly increase its domestic hydrogen production from renewable electricity.

June 1, 2023

India snaps up record amount Russian oil while flows from Saudi Arabia plunge to 28-month low

Russia, which surpassed Saudi Arabia as India’s top oil supplier in October last year, sold 1.96 million barrels of crude daily to India during May, according to Vortexa data cited by Bloomberg. That’s around 15% higher than the 1.67 million barrels a day sold to India in April. Saudi Arabian oil shipments, meanwhile, fell to their lowest level since February 2021, marking a 28-month low. That’s primarily due to ever-steeper discounts on Russian crude, which has fueled Russian oil purchases by allies like China and India. According to data from India’s Ministry of Commerce, the average cost of Russian crude shipments was $68.21 a barrel in April, marking the lowest price tag on Russia’s crude since the nation first invaded Ukraine.

May 31, 2023

Adnoc signs new agreements with more than 60 companies

Adnoc announced on Wednesday, at the Make it in the Emirates Forum in Abu Dhabi, new agreements with more than 60 UAE-based and international companies to locally manufacture critical non-oil products in its supply chain. The new agreements bring Adnoc closer to its target to locally manufacture Dhs70 billion ($19 billion) worth of products in its procurement pipeline. They are estimated to contribute 10 percent of the Dhs172 billion ($46.9 billion) target in the Abu Dhabi Industrial Strategy, which will double the size of Abu Dhabi’s manufacturing sector.

May 31, 2023

U.N. Launches Operation to Remove Oil from Decaying Tanker Off Yemen’s Coast

In Yemen, the United Nations has begun an operation to salvage over 1 million barrels of oil from a decaying tanker anchored in the Red Sea. It comes after years of delay and mounting warnings of a potentially catastrophic oil spill off the Yemeni coastline after maintenance on the Safer tanker was suspended in 2015 due to the U.S.-backed, Saudi-led war in Yemen.

May 31, 2023

Iraq allocates $417 million for new marine pipeline

The Basra Oil Company (BOC) announced on Monday that strategic projects for infrastructure, production, and export will be carried out. In a step to boost oil exports, the Iraqi government allocated about $417 million to build a third offshore oil export pipeline. The state-owned BOC signed a contract with Royal Boskalis, a Dutch dredging company providing services related to the construction and maintenance of maritime infrastructure internationally, to build a pipeline with a capacity of two million barrels per day.

May 31, 2023

Bahrain launches operations at $1bln Al Dur 2 utility plant

His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, inaugurated the Al Dur 2 Phase Two Independent Water and Power Project (IWPP), which has been built at a total investment of $1 billion. The facility is the first production station in the kingdom connected to the high-voltage electricity transmission network of 400 KV. Established by Bahrain’s Electricity and Water Authority (EWA) in partnership with Acwa Power and Japanese companies, the IWPP generates 1,500 MW of electricity and processes 50 million gallons of desalinated water daily. The station brings the kingdom’s production capacity to 5,044 MW of electricity and 204 million gallons of desalinated water daily.

May 30, 2023

China’s Baoshan Oil and Steel co. invests $4bn in Ras al-Khair economic zone

China’s Baoshan Iron and Steel Co. has announced plans to invest $4 billion in a project in Saudi Arabia’s Ras Al-Khair’s new economic zone, aiming to boost the country’s manufacturing capacity. The investment is part of Saudi Arabia’s industrial outreach initiative to attract businesses to its special economic zones, offering preferential tax rates, customs duty exemptions, and allowing full foreign ownership. The Saudi SEZs have received significant investments, totalling $12.6 billion to date. Other companies, such as McDermott Arabia and Makeen Energy, have also pledged investments in the SEZs. In addition, Saudi Arabia plans to offer extra incentives to foreign investors in the SEZs to hire local workers.

May 30, 2023

Saudi First Mills’ $266.4m IPO attracts bids worth $18bn

First Mills’ IPO generated $266 million. Big investors placed orders that are roughly 69 times more than what was initially available. First Mills’ IPO is set to be the second largest in Saudi Arabia this year after Jamjoom Pharmaceuticals Factory’s IPO last month. Projections show that the IPO market in the region will remain extremely strong for the rest of the year given that a variety of Saudi companies are anticipated to go public in the upcoming months.

May 30, 2023

PetroBangla to sign 15-year LNG deal with Qatar on Thursday

Bangladesh’s state-owned gas company, Petro Bangla, is set to sign a 15-year agreement with QatarEnergy to purchase 2 million tonnes of liquefied natural gas (LNG) annually. The deal will commence in January 2026, providing Bangladesh with a long-term supply of LNG. This agreement aligns with QatarEnergy’s plans to sign a significant LNG supply deal with an Asian entity, as previously reported by Reuters.

May 29, 2023

OPEC offers its full support to the UAE COP28 Presidency

On May 29th, OPEC issued a statement endorsing the UAE’s COP28 Presidency. “The UAE”, it read, “is recognized as a global leader in addressing energy challenges, climate change, and sustainable development through significant investments in renewables and emission-reducing technologies. Dr. Al Jaber, Chairman of Masdar and Group CEO of ADNOC, is esteemed as a global energy leader.” The statement also underlined how Al Jaber’s expertise and leadership in both organizations position the UAE well for productive and inclusive discussions at COP28, emphasizing the importance of a just energy transition. OPEC’s endorsement of the UAE’s leadership comes amid slagging oil prices necessitating the need for cohesion among the group’s members.

May 29, 2023

APM Terminals Bahrain aims to become region’s 1st fully solar energy-powered port

APM Terminals Bahrain, a subsidiary of A.P. Moller-Maersk, is implementing a solar power project at Khalifa Bin Salman Port in Bahrain. The $10 million project aims to power port operations with clean and sustainable energy, reducing carbon emissions by 65%. This initiative aligns with APM Terminals’ global decarbonization plans and Bahrain’s commitment to reducing emissions and achieving net zero by 2060. By becoming the region’s first seaport fully powered by renewable energy, the project sets an example for the maritime industry but also allows Bahrain to lead the way both regionally and globally.

May 25, 2023

Aramco to develop gas field in Iraq

During the Iraqi-Saudi Coordination Council meeting, Iraq’s Minister of Oil, Hayan Abdul-Ghani, announced that Aramco, the Saudi oil company, will develop the Akkas gas field in Iraq, with a production capacity of over 400 million cubic feet per day. Abdul-Ghani invited Saudi companies to invest in Iraq’s Nibras petrochemical project and encouraged Saudi specialized companies to participate in developing oil and gas fields on the Iraq-Saudi border. The meeting also witnessed the establishment of the Saudi Iraqi Investment Company, with a $3 billion investment plan for Iraq, fully owned by the Saudi Public Investment Fund.

May 24, 2023

Welspun’s associate firm signs contract with Saudi Aramco worth SAR 1.8 bn

East Pipes Integrated Company for Industry (EPIC) signed a contract worth 1.8 billion (SAR) to supply Aramco with large-diameter steel pipes. This is one of the largest deals that EPIC has signed with Aramco. The deal is part of Aramco’s larger effort to expand its Master Gas System (MGS) to include the Western Province. This will help Saudi Arabia achieve its net-zero emission goal.

May 24, 2023

Iraqi Kurdistan’s first solar plant helps with power outages, boosts agriculture

KRG’s Prime Minister Mansour Barzani announced a solar power project to combat electricity shortage and boost the agriculture sector. The project will cost $100 million and aims to produce 25 megawatts of electricity per hour. KRG pointed out last year that about 20 percent of Kurdistan’s electricity is reliant on solar power. The three main reasons behind Kurdistan and Iraq’s overall electricity shortage are linked to the destruction of Iraq’s national grid amid the 1991 Gulf War, looting incidents during the US invasion of Iraq in 2003, and government corruption.

May 24, 2023

Kaabi warns Europe of gas shortages in switch to renewables

Saad bin Sherida Al Kaabi, Qatari Minister of State for Energy Affairs and QatarEnergy CEO, warned that Europe will face severe oil and gas shortages without a proper energy plan. He emphasized the limitations of renewables and the need for a balanced energy mix. Kaabi expressed concern about natural gas scarcity due to aggressive energy transition policies. He also discussed Qatar’s gas production plans and the importance of studying energy supplies for economic stability.

May 22, 2023

L&T unit wins two major power projects in Saudi Arabia

Indian engineering and construction firm Larsen & Toubro (L&T) has secured two large orders in Saudi Arabia for the construction of 380kV overhead power transmission lines along the Red Sea coast. The orders, valued between $302 million and $603.6 million, will strengthen the power infrastructure in key cities and support the growing demand in industrial and tourism hubs. Additionally, L&T has obtained an order for the design, supply, and construction of a 380kV substation in Saudi Arabia to support the country’s renewable energy goals. L&T has been successful in securing significant contracts in the Middle East and India recently. The contracts come as Saudi Arabia hopes to transform its Red Sea coast into a tourism and development project.

May 22, 2023

ACWA to Invest $120 Million in Uzbekistan Renewables Afresh

Saudi’s ACWA signed two sets of agreements to help Uzbekistan reach its goal of decarbonizing 35 percent of the energy sector by 2030. The first set of agreements will aim to decarbonize Uzkimyosanoat of Uzbekistan by implementing green hydrogen projects. The second set of agreements will consist of funding the Nukus Wind Project. ACWA’s initiative to help Uzbekistan decarbonize its energy sector is projected to reduce carbon emissions by more than 6 million tonnes by 2030.

May 22, 2023

Saudi Arabia’s $8.4bn Neom green energy mega-project hits financial close

Neom Green Hydrogen Company (NGHC) is launching a renewable power project that aims to generate 600 tonnes of green ammonia per day. The project will involve 23 local, regional, and international financial institutions that will cover $6.1 billion of non-recourse finance. The project aims to begin generating green energy by the end of 2026.

May 22, 2023

Houthis Sign Deal With China For Oil Exploration In Yemen

The Houthi-led government in Yemen has signed a memorandum of understanding with China’s Anton Oilfield Services Group (AntonOil) and Chinese officials for investment in Yemen’s upstream sector. Yemen’s Oil and Minerals Minister had invited foreign companies to explore investment opportunities in the country’s oil exploration sector. The Houthi-led government warned foreign companies against dealing with the Saudi-backed Presidential Leadership Council, the internationally-recognized government of Yemen. The recent Beijing-brokered truce between Riyadh and Tehran has positioned China to benefit from potential peace agreements, facilitating its capacity to make economic inroads in Yemen.

May 19, 2023

S. Korean power supplier to establish $451 mln solar power generation facility in Oman

Korea Western Power will construct a $451 million solar power generation facility in Oman to produce 500-megawatt hours of electricity. Following an agreement with the Oman Power and Water Procurement Company (OPWP), Korea Western Power will begin construction in Oman’s Manah region, where it will be in charge of the operation and management of the facility. OPWP has guaranteed the purchase of the electricity for 20 years once construction has been completed, expected by March 2025. As a key supplier of oil to South Korea, Oman is actively leveraging its partnerships to diversify its energy sources and expand the scope of its energy relationships.

May 18, 2023

Iran and Russia sign 10 oil cooperation agreements

Iran and Russia signed ten agreements for cooperation in the oil industry, including six MoUs, two contracts, one agreement, and a roadmap pertaining to bilateral cooperation in the industries of technology transfer and oil recovery enhancement. The agreements aim to enhance economic cooperation, particularly in technology transfer and oil recovery. Both countries expressed support for each other within OPEC and discussed the integration of banking systems and currency utilization in bilateral trade. Implementation of the agreements is expected soon, with optimism for increased trade volume in the future.

May 18, 2023

Qatar signs $10bn project to develop gas field shared with Iran

QatarEnergy and Technip Energies have signed a $10 billion deal to develop the South Pars natural gas field shared between Qatar and Iran. The project includes two LNG production lines, increasing Qatar’s total production by 60% to reach 126 million tons by 2027. Sanctions against Iran have delayed the completion of its part of the field, which requires significant investment to maintain production levels. The global demand for Qatar’s gas has risen due to the Russian-Ukrainian conflict and sanctions on Russia, signaling a movement towards increased global investment in Gulf oil and LNG industries. 

May 18, 2023

UAE to generate 6% of its power from nuclear energy

The UAE aims to transition 6% of its energy consumption to nuclear power as part of its net-zero emissions goal by 2050. The country has made progress with the Barakah Nuclear Energy Plant, which is expected to supply 25% of electricity once completed. The UAE has signed agreements with Chinese nuclear energy companies to strengthen its nuclear industry. This move towards nuclear energy is significant in the Middle East, where several countries have nuclear ambitions. China’s involvement is expected to support the UAE’s diversification efforts and forge a stronger energy partnership between the two nations. The development of a domestic nuclear industry enables the UAE to enhance its technological capabilities and establish itself as a regional leader in nuclear energy.

May 18, 2023

Qatar Energy cuts July al-Shaheen oil price to 27 month low

Qatar Energy has set the July term price for al-Shaheen oil at the lowest level since April 2021. The price, a premium of about $1.03 per barrel above Dubai quotes, reflects sluggish refining margins and ample crude supplies. Trading sources suggest that companies like Total, Shell, ExxonMobil, and Vitol have likely won the cargoes. Thin refining margins and planned refinery operations reductions have contributed to weakened spot premiums for Middle Eastern crude. Despite recent reconciliation with its GCC neighbors, the move highlights Qatar’s continued desire to conduct energy policy independent of its Gulf counterparts.

May 18, 2023

Oman to issue RfQs for three wind power projects this year

Oman Power and Water Procurement Company (OPWP) announced that RfQ and RfP would be issued this year for three wind-based Independent Power Projects (IPPs). This is part of the Omani government’s larger effort to enhance renewable energy production and consumption. OPWP has also been looking into creating a Concentrated Solar Power (CSP) plant in Oman.

May 18, 2023

Qualifying 106 companies to implement solar energy projects in homes and facilities in Saudi Arabia

As part of the Saudi government’s attempt to become a global center for solar energy, it recently provided 106 companies with permits to implement small solar PVs for homes. The capacity of these solar PV systems should not exceed 2 megawatts for the purpose of self-consumption. Saudi Arabia has pledged to be carbon neutral by 2060 as well as produce 50% of its energy needs from renewable sources by 2030.

May 16, 2023

Adnocs unit’s $607 million Abu Dhabi IPO sells out in minutes

Adnoc successfully completed the initial public offering (IPO) of its maritime logistics unit, Adnoc Logistics & Services, in the Middle East. The IPO received overwhelming demand, with orders covering all shares within minutes. Adnoc plans to sell approximately 1.11 billion shares, valuing the company at up to $4.05 billion. The deal attracted cornerstone investors, including Al Seer Marine Supplies & Equipment, National Marine Dredging, Alpha Oryx, and Abu Dhabi Pension Fund, committing around $180 million combined. This IPO marks Adnoc’s second listing this year and is set to be the region’s second-largest IPO. Despite a decline in IPO proceeds in the Middle East, the region outperforms Europe in terms of IPO activity. Adnoc has been divesting stakes in its units since 2017 to diversify its economy and reduce reliance on fossil fuels.

May 16, 2023

China’s first yuan-settled LNG trade unloaded from UAE

According to China National Offshore Oil Corporation, 05/16/2023 marked the first cross-border LNG trade using the Chinese yuan. This cross-border trade consisted of transporting roughly 65,000 tons of LNG from the United Arab Emirates. The use of yuan in cross-border trades has been on the rise amid China’s large volume of crude oil and LNG imports.

May 16, 2023

QatarEnergy awards $10bn gas contract to Tech Energies, CCC

QatarEnergy awarded a $10 billion contract to a joint venture of Technip Energies and Consolidated Contractors Company for the purpose of engineering and constructing the North Field South (NFS) project. Once the project is complete, it is projected to increase Qatar’s LNG production by roughly 60 percent in 2027. The country’s energy minister described this trade deal as, “another significant milestone in the world’s largest LNG project”. He also pointed out that the project will minimize its footprint by having one of the largest CO2 capture facilities. 

May 16, 2023

$5 billion undersea UAE-Gujarat gas pipeline proposed

South Asia Gas Enterprise (SAGE) is asking for the support of the government to construct a $5 billion undersea gas pipeline, connecting the GCC and India. The proposed pipeline will be 2,000km long and is projected to yield an annual saving of roughly 7,000 crores. This same project was originally planned between Iran and India, but Western sanctions have prevented the project from taking place. 

May 15, 2023

Iraq set to launch giant petrochemicals project

Iraq is set to launch the ‘Nibras’ project, a joint venture with Royal Dutch Shell, to construct the largest petrochemical plant in the region. The project, with an estimated cost of $8.5 billion, aims for a production capacity of 1.8 million tonnes per year. Based in the Southern oil hub of Basra, the plant will utilize Iraq’s gas resources to position the country as a global petrochemical producer. The project is expected to be completed in 5-6 years and generate revenues of approximately $90 billion over its 35-year operational period.

May 15, 2023

Global oil industry requires $12.1trln in investments up to 2045: OPEC

Haitham Al Ghais, Secretary General of OPEC, stressed the importance of collaboration and inclusive action in achieving a just and sustainable energy transition. He highlighted the challenges faced by the energy, climate, and sustainable development sectors and stated that no one-size-fits-all solution exists for a sustainable energy future and that every voice should be included in the discussions. He also mentioned the rising global energy demand and the need for increased investment and collaboration to meet this demand while reducing emissions. OPEC member countries are committed to playing a role in providing energy and reducing emissions through investments in cleaner technologies and renewable energy. Al Ghais concluded by emphasizing the importance of a multilateral approach and collaboration in tackling energy challenges and achieving a sustainable energy future.

May 14, 2023

Saudi Arabia eyes reducing liquid fuel consumption by 95% for agriculture sector

Saudi Arabia aims to achieve a 95% reduction in liquid fuel consumption in its agriculture sector by 2030. The Ministry of Environment, Water, and Agriculture’s Liquid Fuel Displacement Program will replace liquid fuels with electricity from the grid, benefiting more than 10 government entities and 20 private companies. The program will enhance operational capacity, improve sustainability, and provide support for necessary modifications in the agricultural sector. The rollout will initially target major agricultural companies, followed by large and smaller farms. The ministry is focused on increasing self-sufficiency in fruit and vegetable production and improving quality and safety standards.

May 14, 2023

Adnoc Gas IPO was world’s largest in Q1, EY report shows

The Middle East and North Africa (MENA) region experienced 10 IPOs in Q1 2023, raising a total of $3.4 billion, according to an EY report. Although there was a decrease in both the number of listings and their value compared to the previous year, the MENA IPO market remained strong amid global uncertainties. Saudi Arabia led in listing activity, followed by the UAE, whose Adnoc Gas PLC raised $2.5 billion, the largest IPO of the quarter globally.  and Despite geopolitical challenges, investor confidence in the region remains robust, and there is a promising IPO pipeline for the rest of the year, supported by various initiatives.

May 13, 2023

Iraq’s crude oil reserves increase by 10 bln barrels: oil minister

Iraqi Oil Minister Hayan Abdul Ghani announced that Iraq’s oil reserves increased by 10 billion barrels and natural gas reserves increased by eight trillion cubic feet. The increase was discovered through a seismic survey near Basra, raising Iraq’s proven crude oil reserves to around 155 billion barrels and proven natural gas reserves to about 140 trillion cubic feet. These figures are not yet officially recognized by OPEC, of which Iraq is a member.

May 13, 2023

Masdar in deal to triple renewable energy capacity by 2030

Abu Dhabi Future Energy Company (Masdar) has partnered with the International Renewable Energy Agency (IRENA) to launch a project aimed at tripling global renewable energy capacity by 2030. The collaboration will establish a global baseline for renewable energy, focusing on solar, wind, hydropower, geothermal, and battery storage technologies. Masdar, committed to growing its capacity to 100GW by the end of the decade, will work with IRENA to emphasize the role of renewable energy in combating climate change at the upcoming COP28. The project will also address regional challenges and provide recommendations for action.

May 12, 2023

Exclusive: Iraq does not expect OPEC+ to make further cuts at June meeting

Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide. OPEC+ agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices. The announcement helped push oil prices sharply higher, but those gains have since been erased as fears of a global economic slowdown took hold.

May 12, 2023

Iraq expects Total to begin $27 bln energy project in second half of 2023

Iraq expects TotalEnergies to begin operations on a long-delayed $27 billion oil, gas, and renewables project in the second half of 2023 after finalizing side contracts with a state oil company, an Iraqi deputy oil minister said on Friday. The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms. Iraq said last month it had agreed to a smaller 30% stake in the project, reviving the deal that Baghdad hopes could lure foreign investment back into a country enjoying relative stability after years of conflict and tensions.

May 11, 2023

Iraq invites bids for 13 oil sites

Iraq has invited international companies to bid for projects to develop oil and gas sites within a new licensing round. According to a Ministry statement carried by Aliqtisad News network, the sites are located in the Southern Basra province, Baghdad, Nineveh in the North, the Southeastern Maysan Governorate, Wasit in the East, and Saladin in Central Iraq.

May 11, 2023

Saudi Aramco to postpone mega IPO of energy trading unit

Saudi Aramco is pushing back a planned Riyadh initial public offering of its energy-trading business, a deal that would have ranked as one of the world’s largest share sales this year, sources confirmed. Aramco had been planning to list the business in late 2022 or early this year and was considering seeking a valuation of more than $30 billion, Bloomberg News reported previously. It now feels it could be difficult to list such a large business on the Riyadh bourse at the moment.

May 11, 2023

ADNOC Drilling eyes major drilling growth in Abu Dhabi

In an exclusive interview with Oil & Gas Middle East, CEO of ADNOC Drilling Abdulrahman Abdulla Al Seiari, discusses the company’s fleet expansion, first-quarter results, and increased decarbonization focus. Since its initial public offering in October 2021, ADNOC has secured more than $12 billion in contract backlog. In April they were awarded a $412 million IDS contract which will be the first of a number of significant awards anticipated this year.

May 11, 2023

Qatar: 54% of waste recycled and converted to energy, fertiliser, says minister

The Ministry of Municipality recycles approximately 54% of the waste generated from households as well as commercial and industrial establishments in the country and converts it into energy or fertilizer, and aspires to reach a 95% recycling rate by the end of 2030, Minister of Municipality Dr. Abdullah bin Abdulaziz bin Turki al-Subaie has said. This is a good indicator, and there is an eagerness to improve this percentage through raising public awareness, while the rate of recycling and re-conversion into energy and other uses has also been studied.

May 10, 2023

US House committee to consider bill on pressuring OPEC oil group

The House Judiciary Committee was set to consider a bill on Wednesday to pressure the OPEC oil production group to stop making output cuts that can result in higher fuel prices for U.S. drivers. The committee was expected to vote on the so-called No Oil Producing and Exporting Cartels, or NOPEC, bill, which would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. OPEC+’s members include Saudi Arabia and Russia.

May 10, 2023

Saudi Aramco to begin bitumen exports from Yanbu

Saudi Aramco will begin bitumen cargo exports in June from Yanbu on the Red Sea coast, home to the 400,000 b/d Yasref refinery. The move would add to global supply at a time when concerns over bitumen production and availability in many parts of Europe have been heightened by the EU and UK ban on imports of Russian crude, refinery feedstocks, and bitumen.

May 9, 2023

China’s April crude oil imports fall to lowest since January

China’s crude oil imports fell in April to the lowest level since January, customs data showed on Tuesday, as the country’s post-COVID economic rebound slowed amid a weaker global macroeconomic backdrop. Imports in March had surged 22.5% on last year to 12.3 million bpd – the highest level since June 2020 – as refinery throughput set a new monthly record of 14.9 million bpd. Slower economic activity has put the brakes on refined fuel demand, particularly for diesel.

May 9, 2023

Oman LNG eyes expansion of Qalhat plant capacity to 12mln tonnes per year

Buoyed by a slew of recent commitments to offtake its LNG output, Oman LNG plans to expand its gas liquefaction capacity through the Qalhat complex — a move that also bodes well for its efforts to secure an extension of its concession to operate beyond its current mandate expiring in 2024. The uptick will further strengthen the majority government-owned company’s positioning in a global energy market still roiled by the effects of a gas supply crisis triggered by the Russian-Ukrainian conflict, according to Oman LNG CEO Hamad al Numani. Next in its sights is a capacity ramp-up to 12 million tpy of production — a goal Oman LNG seeks to achieve within a “year or two”, alongside its efforts to secure a government mandate to operate well into the foreseeable future.

May 9, 2023

QatarEnergy enters Suriname offshore exploration

QatarEnergy has entered into two Production Sharing Contracts for Blocks 6 and 8 offshore the Republic of Suriname, following successful bids in these blocks, as previously announced in June 2021. Commenting on the signing of the agreements, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said: “We are pleased to have concluded our entry into Blocks 6 and 8 along with our partners, TotalEnergies and Staatsolie, and look forward to commencing exploration in this promising basin.”

May 9, 2023

Oman, Belgium sign pact for green hydrogen certificate pilot

Oman’s Ministry of Energy and Minerals, and Belgium’s Ministry of Energy have signed an agreement for a Green Energy Certificate pilot project for the ‘Hyport Duqm’ project, the state-owned Oman News Agency (ONA) reported. The report said the agreement aims to evaluate the adherence of green hydrogen projects in Oman to the European Union’s criteria to pave the way for exporting green hydrogen to European markets in the future.

May 8, 2023

Iraq unveils plan for 300,000-bpd oil refinery

Iraq is planning to build an oil refinery in the Southern Faw Peninsula with a production capacity of 300,000 barrels per day (bpd), the official news agency said on Monday. Iraq, OPEC’s second-largest oil producer, is planning to build several oil refineries in a post-war drive to develop its hydrocarbon sector and other facilities.

May 8, 2023

Bahrain aims to double renewable energy targets as Gulf countries step up production

Bahrain aims to double renewable energy targets to achieve 20% of the total energy mix by 2035, according to the kingdom’s Minister of Electricity and Water Affairs. Bahrain is among the GCC countries seeking to boost renewable energy production to reduce emissions and become net zero in the coming decades.

May 8, 2023

Senior EU Official, Oman’s Energy Minister Discuss Bloc’s Gas Purchasing Platform

European Commission Vice-President Maros Sefcovic held a meeting with Oman’s Minister of Energy and Minerals Salim Al Aufi to discuss the EU’s joint gas purchasing platform and green transition. According to Sefcovic, the two discussed Oman’s potential involvement in AggregateEU, the EU’s mechanism to aggregate gas demand and make joint purchases at better prices. This program is part of the EU’s effort to pivot from Russian gas by switching to more reliable alternatives.

May 7, 2023

PDO to diversify into carbon capture, blue hydrogen in Oman

Petroleum Development Oman (PDO) has announced a landmark foray into Carbon Capture, Utilisation and Storage (CCUS). At the same time, the majority state-owned energy company also plans to diversify into the production of blue hydrogen, a commercially valuable low-carbon commodity closely associated with the deployment of CCUS technologies. The announcement is set to further buoy a nascent bid, led largely by a handful of climate-tech startups, to kindle the growth of a CCUS industry in Oman.

May 7, 2023

Sineng signs with L&T for Saudi’s 700mw solar project

Sineng Electric has signed a contract with Larden & Toubro (L&T) to supply the former’s Turnkey Stations to power the Rass solar PV Independent Power Plant (IPP), one of Saudi Arabia’s National Renewable Energy Program (NREP) large projects. The project aims to maximize renewable energy share, diversify energy sources, and decarbonize the local economy. A consortium led by ACWA Power is behind the development of the $450mn project, a power purchase agreement signed for 25 years with the Saudi Power Procurement Company (SPPC). The plant will contribute to Saudi Vision 2030 by powering approximately 132,000 households in central Saudi Arabia with clean energy.

May 7, 2023

UAE signs nuclear energy cooperation agreements with China bodies

Emirates Nuclear Energy Corporation (ENEC) has signed three agreements with Chinese nuclear energy organizations as it looks to boost low-carbon nuclear power. The three Memorandums of Understanding (MoU) cover cooperation in nuclear energy operations, in high-temperature gas-cooled reactors, and in nuclear fuel supply and investment, according to ENEC. When completed, Barakah will have four reactors with 5,600 megawatts (MW) of total capacity – equivalent to around 25 percent of the UAE’s peak demand.

May 6, 2023

Achieving reduction in oil and gas emissions will require a $600 billion expenditure, says IEA

Around $600 billion in spending is required this decade to achieve the cut in oil and gas emissions, according to a new IEA report. The report identifies five key levers to achieve this reduction, including: tackling methane emissions; eliminating all non-emergency flaring; electrifying upstream facilities with low-emissions electricity; equipping oil and gas processes with carbon capture, utilization, and storage; and expanding the use of low-emissions hydrogen in refineries. Tackling methane emissions is the most important measure to limit emissions from the industry’s operations. It is also one of the most cost-effective and impactful measures to cut emissions across the economy and limit near-term global warming.

May 5, 2023

Oil prices jump but post third straight weekly fall on economic woes

Oil prices rose on Friday, but fell for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and amid concern that the U.S. banking crisis will slow the economy and sap fuel demand. The Brent benchmark finished the week with a decline of about 5.3%, while WTI plunged 7.1%, even after the rebound on Friday. Both benchmarks were down for three weeks in a row for the first time since November. However, expectations of potential supply cuts at the next meeting of the OPEC+ producer group in June have provided some price support, said Kelvin Wong, a senior market analyst at OANDA in Singapore.

May 5, 2023

Oman’s OETC expects to hook up 2.25GW of renewable energy by 2026

Oman Electricity Transmission Company (OETC) expects to connect up to 2.25 gigawatts (GW) of renewable energy to its transmission grid by 2026, according to the company’s latest five-year capability statement. OETC also noted that Oman Power and Water Procurement Company’s (OPWP) seven-year statement indicates that two renewable energy plants, the Ras Madrakah wind farm and MIS Solar IPP, would be energized by the second quarter of 2027. Oman’s fuel diversification policy targets 30 percent of generation output from Renewable Energy Sources (RES) by 2030 and 39 percent by 2040

May 4, 2023

TotalEnergies’ $27 billion Iraq project to begin in two weeks

Iraq and TotalEnergies expect to begin work on a long-delayed $27 billion project within the next two weeks. Five side agreements related to the deal are to be signed in the next two weeks, paving the way for implementation to commence. The initial agreement was signed in 2021 for TotalEnergies to build four oil, gas, and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but political infighting has delayed the process. Iraq eventually agreed to a smaller 30% stake. 

May 4, 2023

Abu Dhabi receives bids from two consortia for Waste-to-Energy IPP

EWEC (Emirates Water and Electricity Company), the main procurer for water and electricity in Abu Dhabi, and Abu Dhabi Waste Management Company (Tadweer) announced on Thursday that they have received proposals from two consortia for the development of the greenfield Abu Dhabi Waste-to-Energy (WtE) Independent Power Project (IPP). The project will have an expected annual processing capacity of 900,000 tonnes of waste, enabling an expected carbon emissions reduction of 1.1 million tonnes per year. It is expected to generate enough electricity to power up to 52,500 households. The WtE project aims to commercially operate by the fourth quarter of 2026.

May 3, 2023

Oil falls 4%, extending losses after Fed rate hike

Oil prices fell 4% after the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. Brent was down 4% to close at $72,33 per barrel (lowest since December 2021), and WTI fell 4.3% to $68.80. Yet, the Fed also signaled it may pause further increases, which should support oil prices.

May 3, 2023

IMF: Saudi Arabia Needs Oil Prices At $80.90 To Balance Budget

According to the International Monetary Fund (IMF), Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year and finance its megaprojects such as NEOM. This is lower than the $83.60 and $85.80 a barrel levels of 2021 and 2022, but comes amid an expected economic slowdown for Riyadh from 8.7% growth last year to 3.1% this year and next.

May 3, 2023

U.S. says Iranian forces seize second oil tanker within a week

Iran’s Revolutionary Guard seized a Panama-flagged oil tanker in the Strait of Hormuz, the second-such capture by Tehran in recent days according to the U.S. Navy. While Iran did not acknowledge the seizure, tanker captures have been a part of its shadow war with the West since 2019, when the Trump administration withdrew from the Joint Comprehensive Plan of Action. 

May 2, 2023

TotalEnergies, Sinopec pitched for role in Saudi gas project

Saudi Arabian oil giant Aramco is receiving pitches from Sinopec Corp and TotalEnergies for a slice of the Jafurah shale gas development project worth about $10 billion. With reserves estimated at 200 trillion cubic feet of raw gas and the expectation to produce 2 billion cubic feet of gas per day by 2030, it is the largest shale gas development outside the U.S. The project was initially aimed at satisfying domestic demand, but amid growing competition in shale oil production from the U.S., Aramco has signaled that Jafurah might become a gas export hub.

May 2, 2023

UAE’s ADNOC swaps Fujairah for Ruwais as location for LNG export project

ADNOC announced that its planned liquefied natural gas (LNG) project would move forward in the Al Ruwais Industrial City in Abu Dhabi instead of the emirate of Fujairah. ADNOC’s current operations, its future growth projects as well as its local supplier base motivated the decision. ADNOC plans to more than double its LNG production capacity to meet rising global demand, especially in Europe.

May 1, 2023

Aramco, PIF and China’s Baosteel agree to set up steel complex in Saudi Arabia

Saudi oil giant Aramco, Chinese conglomerate Baoshan Iron & Steel Co., Ltd. (Baosteel) and the Public Investment Fund have agreed to set up an integrated steel plate manufacturing complex in Ras al-Khair, one of the four new Special Economic Zones in the kingdom. The project aims to enhance the domestic manufacturing sector and export heavy steel plates to the GCC and MENA. It is expected to produce 1.5 million tonnes of steel plates per year.

May 1, 2023

ADNOC Gas signs LNG supply deal with TotalEnergies unit for $1.2bln

ADNOC Gas plc announced a three-year supply agreement valued at $1.2 billion with the French company TotalEnergies Gas and Power Limited for the export of liquefied natural gas (LNG). TotalEnergies LNG wil then export the LNG around the world, with a particular focus on the growing Asian market.

May 1, 2023

ADNOC scraps multibillion-dollar contracts for Hail and Ghasha Project

ADNOC has recently terminated two pre-construction services agreements for onshore and offshore operations on its Hail and Ghasha sour gas development project. Among the largest oil and gas ventures in the UAE, it plays a vital role in Abu Dhabi’s plans to boost its gas production capacity as the project would produce 1.5 billion cubic feet of gas per day.

April 29, 2023

Total of 96.6% of Japan’s March Imports of Oil Came from Arab Countries, Led by Saudi Crude

In March, Japan imported 96.6% of its crude oil from Arab countries, with Saudi Arabia and the UAE accounting for over 80% of the total. The five Arab Gulf Cooperation Council countries and the neutral zone between Saudi Arabia and Kuwait were the main sources as Japan has boycotted Iranian oil due to US sanctions.

April 29, 2023

US Confiscates Iran Oil Cargo on Tanker Amid Tehran Tensions

The U.S. confiscated Iranian oil from a tanker at sea as part of a sanctions enforcement operation. In response, Iran seized another U.S. oil-laden tanker. The tensions between the two countries have escalated over Iran’s nuclear program with the U.S. Navy confirming Iran’s seizure of a Marshall Islands-flagged tanker in the Gulf of Oman. U.S. senators have urged President Biden to remove policy hurdles preventing the seizure of Iranian oil shipments while the UN Secretary-General expresses his support for international maritime law.

April 29, 2023

Thousands of Iran Energy Workers to be Sacked, Replaced

After taking to the streets in protest of pay and working conditions, thousands in Iran’s petrochemical sector will be sacked and replaced, according to the CEO of the Pars Special Economic Energy Zone. The decision comes after employees in the Bushehr province, the site of Iran’s South Pars gas field, demanded salary increases and improved benefits. Previous labor protests in Iran have also highlighted dissatisfaction with low wages and high living costs, made worse by the sanctions.

April 28, 2023

Iran Navy Seizes Tanker Near Oman that was on Route to Houston

Iran’s navy has seized a Marshall Islands-flagged oil tanker, the Advantage Sweet, in the Gulf of Oman as it was heading to the U.S. The seizure comes amid tensions over Iran’s nuclear program. The U.S. Navy’s 5th Fleet has called for the immediate release of the tanker, stating that Iran’s actions are contrary to international law. Iran claims the seizure was in response to a collision with an unidentified ship in the Persian Gulf.

April 28, 2023

Seera’s Unit Pens $128.33mln Deal with Saudi Aramco

Lumi Rental Company, a subsidiary of Seera Group Holding, has signed a contract worth SAR 471.18 million with Aramco. The agreement entails leasing 3,003 vehicles to Aramco for a period of three to five years, as Lumi seeks to expand its operating assets through long-term leasing contracts.

April 27, 2023

Saudi Arabia and Iraq Discuss Electrical Interconnection Project

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, met with Iraq’s Minister of Electricity, Ziyad Ali Fadel, in Riyadh to discuss the progress of the electrical interconnection project between the two countries. The project aims to enhance energy exchange, support reliable electrical networks, and promote renewable energy cooperation. The ministers also explored opportunities for Saudi companies to contribute to smart meter infrastructure development in Iraq and discussed exchanging experiences in financial and regulatory reforms within the electricity sector.

April 27, 2023

Saudi net reserves fall to $410 billion, lowest since 2010

Saudi Arabia’s foreign reserves have fallen to the lowest level in over 13 years. The country’s net foreign assets declined for the fifth consecutive month to $410 billion in April and are down more than 44% since peaking in August 2014. The decrease in reserves follows a change in Saudi Arabia’s approach to managing its oil wealth, with officials deciding to hold onto the money before determining its allocation. The government aims to maintain a specific level of reserves as a safeguard against potential economic shocks. The country’s fiscal outlook is also becoming less favorable, with the IMF projecting a budget deficit of 1.1% of GDP in contrast to the government’s expectation of a surplus. To address its financial needs, Saudi Arabia recently issued $6 billion worth of Islamic bonds.

April 26, 2023

Saudi Arabia’s Rabigh Solar Project Begins Operations

The photovoltaic power station project in Rabigh, Saudi Arabia has successfully connected to the grid and entered the operational phase. It is a significant component of the Saudi government’s ‘Vision 2030’ plan for diversifying energy sources and promoting energy transformation. The project will supply green and clean power to approximately 45,300 households, with an annual power generation of 894 million kWh and an estimated reduction of 779,900 tons of carbon dioxide emissions.

April 26, 2023

ACWA Power Receives Financing for 200MW Egyptian Solar Project

Saudi Arabia’s Acwa Power has secured a funding package of $123 million for the development of the 200MW Kom Ombo solar project in Egypt. The package was provided by international financial institutions including the EBRD, OPEC Fund, AfDB, GCF, Arab Bank, and SEFA. The project, while previously delayed due to global supply chain disruptions caused by the pandemic, is expected to generate enough clean energy to power 130,000 Egyptian households and offset 280,000 tons of carbon emissions annually, contributing to Egypt’s renewable energy targets.

April 26, 2023

Malaysian Contractor Lands $50 million Contract for Qatar Gas Field

Ranhill Utilities, in a joint venture with Worley, has secured a $50 million engineering contract for Qatar’s North Field Production Sustainability (NFPS) project. The contract, awarded by the Saipem subsidiary, involves engineering design work for offshore compression facilities. The project aims to sustain natural gas production at Qatar’s North Field and is expected to be completed by the third quarter of 2024.

April 26, 2023

Iraq to Achieve Gas Self-Sufficiency Within 3-5 Years

Iraqi Prime Minister Mohammed Shia’ al-Sudani announced that gas projects and a partnership with French energy giant TotalEnergies will enable Iraq to achieve self-sufficiency and become a gas exporter within 3-5 years.  The agreement with TotalEnergies involves the construction of oil, gas, and renewables projects in southern Iraq, in exchange for a 40% stake in The Gas Growth Integrated Project. 

April 25, 2023

Oman to Sign Multibillion-Dollar Hydrogen Deals

Oman’s Hydrom is set to sign official contracts with developers for multiple green hydrogen projects in the country. The agreements include a 47-year period of development and production and aim to support Oman’s goal of producing 1 million tonnes of green hydrogen annually by 2030. Developers will bid in consortiums and partner with a government-owned entity after the award.

April 25, 2023

ACWA Power Gets $174m Loan for 2 Uzbekistan Wind Power Projects

Saudi Arabia’s ACWA Power will develop two wind power plants in Uzbekistan with $174 million in loans from the Asian Development Bank (ADB). The projects, located in Bash and Dzhankeldy, will form the largest utility-scale wind power facility in Central West Asia and will also support the construction of a transmission line. 

April 25, 2023

Iraq to Begin Construction of Three Refineries

Iraq’s Ministry of Oil has launched a tender process for the construction of three refineries as public-private partnership projects. The refineries include Al-Samawah, Al-Kut Investment, and Al-Nasiriyah, with capacities ranging from 70,000 to 150,000 barrels per day. The closing date for offers and required documents is 28 May 2023, with crude oil supply prices based on international prices with an 8% discount.

April 24, 2023

Oil Workers Strike Spreads Across Iran

Strikes by Iranian oil industry workers over inadequate wage growth are spreading rapidly across the country. This is part of broader protest and strike movements in recent weeks, which include teachers and retirees. Iran’s Gasoline supply issues have been exacerbated by this work slowdown.

April 24, 2023

Oman’s First Green Ammonia Plant By ACME To Launch By Mid-2025

Indian energy developer ACME will launch Oman’s first green ammonia plant in Duqm’s Special Economic Zone by mid-2025. The plant will be capable of producing 1.2 million tonnes of green ammonia per year. The total investment of $6 billion also covers the creation of a desalination facility, a hydrogen storage plant, and storage facilities for green ammonia.

April 23, 2023

Iran Hits Bottom Of Barrel On Gasoline Supply

Nationwide strikes in Iran’s energy industry have led to warnings of gasoline supply problems. Growing consumption is attributed to heavily subsidized low prices but the fear of triggering protests and concerns over inflation have prevented fuel price increases. Iran also faces shortages due to refining capacity limitations and fuel smuggling.

April 22, 2023

Iran to Begin Production from Sepehr, Jufair Oil Fields

Iran will officially start production from seven wells at Sepehr and Jufair oil fields in the Khuzestan Province, as of April 22nd. Iran’s Pasargad Energy Development Company is responsible for the plants” development and production, which is rising to 21,000 bpd. At full capacity, the Sepehr and Jufair fields would be capable of producing 450 million and 390 million bdp, respectively.

April 21, 2023

Putin Calls MBS to Discuss OPEC+ deal

Russian President Vladimir Putin called the Crown Prince of Saudi Arabia, Mohammed bin Salman, to discuss the OPEC+ deal to cap oil production. Earlier this month, OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day in a surprise move.

April 20, 2023

OPEC+ Move to Extend Oil Cuts to Stir LPG Output Loss

OPEC+’s April decision to extend production cuts is projected to trigger a 1.6 million mt/year loss in LPG output should the reduction be fully achieved, according to a report by S&P Global Commodity Insights. This production cut adds to the 2 million b/d from November 2022 to December 2023, leading to a total cut of 3.16 million b/d. Non-OPEC+ countries such as the US, Canada, and Qatar are likely to offset these cuts.

April 20, 2023

Saudi’s Aramco Offers More Vacuum Gasoil Supplies for May

Saudi Aramco offered more vacuum gasoil (VGO) supplies – three cargoes of 525,000 barrels of VGO each – to be exported from its Jizan refinery in May, according to traders and shipping data. This signals that Aramco’s newest facility is yet to ramp up to full output as it had been expected to increase output for 10-ppm gasoil and cut VGO. 

April 19, 2023

Iraq To Restart Kurdistan Oil Exports

Iraqi Prime Minister, Mohamed Shia al-Sudani, stated that exports of crude oil from the Kurdistan region to Turkey will resume by the end of the week. Kurdish crude oil exports were halted in late March after the ICC ruled that Turkey requires Iraqi approval to accept Kurdish oil exports. Part of the compromise between Erbil and Baghdad is that exports will go through the Iraqi state-owned oil company SOMO rather than the Kurdish authorities.

April 18, 2023

Oil Prices Dip As Recession Fears Resurface

Oil prices dipped on April 19th, as the market assessed the latest hints from the Fed that one more rate hike could be coming in early May. Fed officials suggested that the new rate hike could be needed to offset bullish economic data from China, which recorded a higher-than-expected GDP growth in the first quarter of 2023. The potential move fuels concerns about a material economic slowdown that could further weigh on oil demand.

April 18, 2023

UAE Launches Global Competition for Sustainability Tech Startups

The UAE will host 24 high-potential technology startups from around the world to participate in its ‘Make it in the Emirates Startup Competition’. The competition consists of companies with sustainability-related innovations that can transform existing industries and plant the seed for green industries of the future. Here, the startups will have the opportunity to meet investors, policymakers, and industry partners to showcase their ideas as well as to develop and potentially deploy their technologies in the UAE.  

April 17, 2023

ACWA Power to develop 1,000 MW solar plant in Iraq

ACWA Power will build a 1,000 megawatt solar power plant in Iraq, the first clean energy project in the country. The joint venture project will be developed in Central Iraq’s Najaf city, around 160 km south of the capital, Baghdad.  

April 16, 2023

Oil holds above $80/bbl on OPEC+ cuts and traders eye China recovery

Oil prices edged up, supported by OPEC+’s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world’s No. 2 oil consumer. The IEA warned that OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery. 

April 15, 2023

Qatar ‘reclaims’ position as world’s largest LNG exporter in 2022

Qatar “reclaimed” its position as the largest liquefied natural gas (LNG) exporter in the world with 80mn tonnes of LNG exports in 2022. In 2022, global LNG exports increased by 5% (18 mn tonnes) y-o-y to 399 mn tonnes, which represents a slowdown in the pace of growth in LNG exports.

April 14, 2023

Iraq’s Oil Exports Still Seeing 450,000 bpd offline

Turkey still hasn’t resumed the flow of crude oil from Iraq, with 450,000 bpd in Iraqi oil exports still offline, and is holding out for in-person negotiations to take place. After the International Chamber of Commerce ruled that Turkey must pay Iraq damages for receiving oil from the Kurdistan region of Iraq without Baghdad’s permission, Turkey responded by halting the flow of crude oil overseen by the Kurdistan Regional Government.

April 14, 2023

PTT to make $7 billion green hydrogen investment with ACWA Power

PTT Group, Thailand’s state-owned oil and gas conglomerate, is set to make a $7 billion green hydrogen investment with ACWA Power with the intention of powering clean vehicles in ASEAN (Association of Southeast Asian Nations). The objective of the clean energy project is to build a plant in Thailand that will be capable of producing 225,000 tons of green hydrogen annually.

April 12, 2023

China’s Sinopec to take 5% share in Qatar’s North Field East

China’s Sinopec will take a 5% stake in Qatar’s North Field East expansion, part of the world’s largest liquefied natural gas project. QatarEnergy has said it plans to retain a 75% stake overall in the North Field expansion which will cost at least $30 billion, including construction of liquefaction export facilities.

April 12, 2023

Masdar acquires 50% of U.S. solar project from EDF Renewables

Masdar closed the acquisition of a 50% stake in a combined solar and battery storage project from EDF Renewables North America. Masdar and EDF Renewables North America agreed in 2020 to jointly partner on the 1.6 GW portfolio, which includes three utility-scale wind projects in Nebraska and Texas totalling 815 MW, and five solar projects in California totalling 689 MW, two of which include battery energy storage systems representing 75 MW. The operational projects are displacing over 3 million tons of emissions per year.

April 11, 2023

Saudi and Iraqi officials discuss linking of power grids

Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Minister of Electricity Eng. Ziyad Ali Fadel discussed the progress of the project for linking power grids between the two countries. The Saudi-Iraqi interconnection project will support the reliability of the electrical networks in the two countries, enhance savings, ensure optimal energy exchange for electricity production, and attract optimal investments in electricity generation projects in Saudi Arabia and Iraq.

April 11, 2023

OPEC’s share of oil production growth to shrink this year

The U.S. Energy Information Administration has predicted that non-OPEC countries will account for a higher percentage of oil production gains in 2023 and 2024. According to the EIA, the total non-OPEC liquid fuels production is expected to grow by 1.9 million barrels per day (bpd) in 2023 and by 1 million bpd in 2024, while OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024.

April 10, 2023

Kuwait Oil Company awards $76 million oil flow lines contract

Combined Group Contracting, headquartered in Kuwait, has announced that it has secured a five-year contract worth $76.5 million for oil flow lines project issued from Kuwait Oil Company. The flow line projects will be in Umm Niqa And South Ratqa in Kuwait. 

April 9, 2023

Saudi maintains crude supply to Asian refiners despite OPEC+ cuts

Aramco will supply full crude contract volumes loading to several North Asian buyers. This comes after OPEC+ surprised markets by announcing an extra output cut of 1.16 million barrels per day from May for the rest of the year.

April 8, 2023

White House Hails Erbil-Baghdad Oil Accord and Iraq-Total Agreement on $27 Billion Energy Project

White House National Security Advisor Jake Sullivan issued a statement welcoming the “significant progress in Iraq this week with respect to energy deals.” Sullivan hailed the agreement between Erbil and Baghdad on procedures that facilitate the resumption of oil exports from the Kurdistan Region through a pipeline to the Turkish port of Ceyhan as well as an energy project agreement between Baghdad and TotalEnergies. 

April 7, 2023

Qatar to build two more solar power plants with a combined capacity of 880 MW

Qatar will have two more solar power plants with combined capacity of 880 megawatts within the next two years. The power plants in Mesaieed and Ras Laffan will have a capacity of 410 and 470 MW respectively. Building the power plants comes as part of implementing QatarEnergy’s updated Sustainability Strategy, which re-emphasises its commitment, as a major energy producer, to responsible production of clean and affordable energy to facilitate the energy transition.

April 5, 2023

Abu Dhabi’s Adnoc Seeks About $1 Billion in Logistics Unit IPO

Abu Dhabi National Oil Co. (ADNOC) is seeking to raise about $1 billion from the initial public offering of its shipping and logistics unit. ADNOC, which listed its gas business in March 2023, has added banks EFG Hermes, Credit Agricole SA, Societe Generale SA, Arqaam Capital Ltd., Abu Dhabi Commercial Bank PJSC and International Securities as joint bookrunners on the potential IPO of Adnoc Logistics & Services. Adnoc has been selling stakes in several of its units in recent years as the United Arab Emirates and Saudi Arabia lead a regional drive to fund the diversification of their energy-reliant economies and open up their markets to international investors. 

April 5, 2023

QatarEnergy to acquire 25% stake in major Iraqi gas project

QatarEnergy has agreed to buy a 25% stake in Iraq’s Gas Growth Integrated Project, which was launched by TotalEnergies in 2021. The project aims to treat seawater for injection into oil reservoirs to boost production and to develop facilities to recover natural gas from flares in several oil fields in southern Iraq. The World Bank estimates that Iraq flares nearly 18 billion cubic meters of gas a year, a volume that, if recaptured, could be worth more than $2 billion.

April 4, 2023

Iraq agrees to 30% stake in TotalEnergies $27 bln energy project

Iraq has agreed to a smaller 30% stake in TotalEnergies’ long-delayed $27 billion project. The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but it has experienced several setbacks amid disputes between Iraqi politicians over terms. A revival of the project is considered key to Baghdad’s efforts to reverse the exit of major oil companies from the country.

April 3, 2023

Oil prices soar after OPEC+ announces production cuts

Oil prices soared nearly 6% after Saudi Arabia and other major oil producers said that they will cut production by 1.15 million barrels per day from May until the end of 2023. The cuts in oil output by OPEC+ countries immediately pushed crude costs higher and are expected to boost gas prices in the U.S. and other countries. Higher oil prices will also complicate the efforts by central banks to rein in inflation.

April 3, 2023

Oman’s refinery products output jumps by 44%

According to preliminary statistics issued by the National Centre for Statistics and Information (NCSI), total refinery products in the Sultanate of Oman grew by 44% at the end of February, 2023. The NCSI statistics also showed that liquefied petroleum gas production rose by 62.9%, to reach 1,285,700 barrels, compared to 789,100 barrels during the same period last year.

April 2, 2023

Iraq and KRG reach deal to resume oil exports

Iraq’s federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to resume northern oil exports. The agreement will remain in effect until the oil and gas law bill is approved by the Iraqi Parliament. However, the resumption of pipeline flows from the KRG will still need approval from Turkey.

April 2, 2023

Iraq’s oil exports at 3.25mln bpd in March

Iraqi oil exports averaged 3.255 million barrels per day in March, 2023. The country’s March revenue was $7.4 billion with an average price per barrel of $73.37.

April 2, 2023

OPEC+ oil alliance announces surprise production cuts from May

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts, starting in May, to their production, amounting to about 1.15 million barrels per day (bpd) and calling it a “precautionary measure” aimed at market stability.  These voluntary cuts come in addition to the 2 million bpd output cuts agreed upon by OPEC+ in October, 2022.

April 1, 2023

Saudi Aramco and Chinese partners join forces to build a major refinery

Aramco has announced an agreement with North Huajin Chemical and Panjin Xincheng to begin construction of a petrochemical and refinery complex in China’s Liaoning province. The complex will have a crude oil processing capacity of 400,000 barrels per day and a petrochemicals production capacity of 1.5 million tonnes per year. The construction will mark the first time Aramco has directly operated a refining plant outside of Saudi Arabia and is part of the company’s long-term goal of becoming an integral source of energy and chemicals for China.

March 31, 2023

US urges Iraq and Turkey to end disruptive oil export stoppage

The United States has urged Baghdad and Ankara to end the stop to the flow of Kurdistan Region’s oil through the Iraq-Turkey pipeline. The stoppage occurred as a response to the ruling from a Paris arbitration court that Turkey had violated an agreement with Iraq by allowing the Kurdistan Region to begin independent oil exports in 2014. Prior to the court ruling, the Kurdistan Region was exporting about 450,000 barrels per day, and the stoppage has contributed to a rise in oil prices.

March 31, 2023

Kazakhstan and UAE in Talks to Increase Tanker Fleet for Oil Exports via Caspian & Black Sea Regions

The Abu Dhabi Ports Group, a major logistics company, and KazMunayGas, Kazakhstan’s state-owned oil company, met to discuss expanding the Caspian Integrated Maritime Solutions tanker fleet with the aim to transport oil across the Caspian and Black Sea regions. The two sides plan to add tankers with a deadweight capacity ranging from 8,000 to 12,000 tonnes to the fleet.

March 30, 2023

According to delegates, OPEC+ unlikely to tweak oil policy

After oil prices recovered following a drop to 15-month lows, OPEC+ is likely to stick to its existing deal to cut oil output according to OPEC+ delegates. In November, 2022,  OPEC+ reduced its output target by 2 million barrels per day and plans to maintain the reduction for the rest of 2023.

March 29, 2023

Qatar takes stakes in two Exxon oil and gas projects offshore Canada

QatarEnergy signed a deal for stakes in two of ExxonMobil’s offshore explorations in Canada. The agreement gives QatarEnergy a 28% interest in license EL 1167 as well as 40% in license EL 1162.  QatarEnergy has in recent years expanded internationally, gaining stakes in oil and gas projects around the world by signing deals with major energy companies.

March 28, 2023

Qatar’s first Green Guarantee issued for a solar project

Standard Chartered Bank and Siemens Energy have issued Qatar’s first Green Guarantee for a solar power project. The project is projected to play a significant role in the country’s national climate change action strategy and Qatar’s goal of reducing its carbon footprint while enhancing its energy independence.

March 28, 2023

Saudi Aramco invests billions in China refinery deals

Saudi Arabia’s Aramco will invest billions of dollars in China’s downstream petrochemicals industry, including the construction of a new refinery. Aramco will acquire a 10% interest in China’s Rongsheng Petrochemical Co. Ltd., a purchase valued at $3.6 billion, and the company also plans to construct a new refinery and petrochemical complex in northeastern China through a joint venture.

March 27, 2023

BP and ADNOC offer to buy 50% of Israel’s NewMed Energy

BP and ADNOC have offered to jointly acquire 50% of NewMed Energy, an Israeli offshore natural gas producer, for around $2 billion. ADNOC and BP said they intend to form a new joint venture as part of the deal that will be “focused on gas development in international areas of mutual interest including the East Mediterranean.” The offer is also a sign of the strengthening economic links between Israel and the United Arab Emirates since the two countries agreed to normalize ties in 2020.

March 27, 2023

Oman’s OQ seeks bookrunners for gas pipelines IPO

Oman’s OQ Gas Network, the pipelines business of the oil giant OQ, has invited banks to pitch for bookrunner roles in its planned initial public offering. OQ Gas Network is preparing for a public share sale that could take place as early as June, and OQ could raise more than $500 million from the deal.

March 26, 2023

Oman Offers 3 Oil and Gas Concession Areas for Local and International Companies

According to a statement by the Ministry of Energy and Minerals, Oman is offering three oil and gas concession areas for local and international local companies between March 26 and June 25, 2023.

March 25, 2023

Iraq halts northern crude exports after winning arbitration case against Turkey

Iraq halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields after the country won a longstanding arbitration case against Turkey. The decision to stop shipments of 450,000 barrels per day of crude relates to a case from 2014, when Baghdad claimed that Turkey violated a joint agreement by allowing the Kurdistan Regional Government to export oil through a pipeline to the Turkish port of Ceyhan. A ceasing of exports through the pipeline would trigger an economic collapse for the Kurdistan Region of Iraq, and Turkey would need to source more crude from Iran and Russia to make up for the loss of northern Iraqi oil.

March 24, 2023

Saudi Aramco signs MoU with Samsung on localizing 5G tech

Aramco signed a Memorandum of Understanding with Samsung to localize 5G technology in Saudi Arabia. The collaboration aims to contribute to the digital transformation of various industrial sectors, such as energy, petrochemical, and manufacturing. The agreement with Samsung comes after the launch of Aramco Digital Company, which is also seeking to accelerate digital transformation in Saudi Arabia and the wider MENA region.

March 23, 2023

ENOC Group unveils five-pillar growth strategy to fuel its long-term sustainable vision

ENOC Group unveiled a five-pillar long-term growth strategy to fulfill the growing demands for reliable, secure, and sustainable energy locally and internationally. This new strategy comes after ENOC Group recorded its best performance in three decades in 2022.

March 22, 2023

Iran Seeks To Expand Nuclear and Renewable Energy Partnership With Russia

Iran’s Economy Minister Ehsan Khandouzi has stated that the country is looking to expand its partnership with Russia in the energy sector, including projects involving nuclear power and renewables. Both Russia and Iran are seeking to expand their economic and trade ties in order to offset Western sanctions.

March 21, 2023

Trina Solar and Al-Raebi signed 500MW solar energy deal for Yemen Market

Trina Solar and Al-Raebi for Trading signed a 5-year partnership agreement to supply 500MW of module shipments for the Yemeni market. Trina Solar will supply Al-Raebi with 100MW of its n-type i-TOPCon cell technology modules in 2023. The 5-year agreement will cater to Yemen’s increasing energy needs.

March 20, 2023

Iraq and TotalEnergies to finalize $27 billion deal soon

French oil major TotalEnergies and Iraq will soon finalize a long-delayed $27 billion energy deal and talks “have reached advanced stages.” The proposed deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years. Baghdad hopes the deal will revive foreign investment in the country.

March 20, 2023

Saudi ACWA Power signs deals to invest $2.5bln in green projects in Uzbekistan

Saudi Arabian utility developer ACWA Power has signed three power purchase agreements and investment agreements with Uzbekistan to develop solar and battery storage projects with a combined value of $2.5 billion. The project will potentially offset 16 million tonnes of carbon dioxide emissions a year in the Central Asian republic. Uzbekistan has set targets to generate 35%, or 15,000 MW, of its electricity from renewable sources by 2030, with 10,000 MW coming from solar and 5,000 MW from wind power.

March 19, 2023

Russia overtakes Saudi Arabia as China’s top oil supplier

Russia overtook Saudi Arabia to be China’s top oil supplier in the first two months of 2023. Western sanctions and a price cap on seaborne Russian crude following Russia’s invasion of Ukraine have limited the buyer pool for Russian supply, leading the country to trade at deep discounts to international benchmarks.

March 19, 2023

Oil prices recorded weekly loss of 12%, lowest since Dec 2021

Crude oil futures recorded losses of 12% in trading as a result of banking turmoil from the US Silicon Valley Bank’s bankruptcy, which has caused fears of a new global financial crisis and growing expectations regarding the US policy to raise interest rates. Al-Salem, chairman of the Kuwaiti Business Council, expects that bankruptcy and the diminishing ability to borrow will curb economic growth in the upcoming period, which will weaken demand for energy derivatives and reduce corporate profits.

March 19, 2023

Iraqi Foreign Minister announces that Baghdad expects to supply gas and oil to Europe

Fuad Hussein, head of the Iraqi Foreign Ministry, said that the country intends to invest in the development of oil and gas fields, and then arrange supplies to European countries. Hussein also stated that “Iraq, which is already an oil-producing country, will also become a gas-producing country.”

March 17, 2023

Saudi Arabia and Russia confirm oil production cuts until end of 2023

Saudi Arabia and Russia reaffirmed their commitment to the OPEC+ decision to cut production until the end of 2023 during a high-level meeting held in Riyadh. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation, met in Riyadh with Alexander Novak, Deputy Prime Minister of the Russian Federation and head of the Russian side in the joint committee, who had visited the Kingdom.

March 16, 2023

OPEC+ views oil price drop as financially driven

OPEC+ considers the drop in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilize. Oil sank to a 15-month low on March 15th on concerns about contagion from a banking crisis, and then stabilized on March 16th after Credit Suisse was thrown a financial lifeline by Swiss regulators. The comments will dampen speculation that OPEC+ is concerned about weakening prices and might consider further steps to support the market.

March 16, 2023

Iran’s Oil Exports Reach Five-Year High

Iran’s oil exports surged last year to their highest level since 2018. The country has exported 83 million more barrels of oil since the start of the Iranian year on March 21, 2022, than in the same period of the previous year. This was the highest level since the US reimposed sanctions on Iran 5 years ago.

March 15, 2023

OPEC+ to stick to production cut

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman has said that the OPEC+ alliance will stick to the agreed production cuts until the end of the year.

March 15, 2023

Iran’s South pars gas company reports 42% increase in LPG production

Ahmad Bahoush, the managing director of South Pars Gas Company (SPGC), has announced that the production of liquefied petroleum gas (LPG) at the complex has increased by 42% during the 2023 Iranian calendar year, which ends on March 20th. The rise of LPG production at SPGC comes as Iran seeks to increase its non-oil exports to boost its economy, which has been struggling under the weight of international sanctions.

March 14, 2023

Oman Hydrogen signs $20 billion green hydrogen agreements

Oman Hydrogen has signed 6 agreements for green hydrogen production in Oman worth more than $20 billion. Oman aims to increase green hydrogen production from 32,500 to 3.75 million tonnes per year by 2040 and from 3.5 to 8.5 million tonnes per year by 2050. The country estimates that it will need a cumulative investment of $140 billion over this period to reach its production target by 2050.

March 14, 2023

OPEC predicts “modest” oil surplus amidst demand lull for Q2 2023

According to OPEC, global oil markets appear on track for a modest surplus next quarter amid a seasonal lull in demand. OPEC is pumping about 28.92 MMbpd, or about 300,000 barrels a day, more than it expects will be needed in the second quarter. The surplus could be even larger if Russian oil production continues to prove resilient to international sanctions, since OPEC’s outlook assumes a sharp drop in the country’s output next quarter.

March 14, 2023

Saudi Aramco eyes additional 3 million bpd export capacity by 2030

Saudi Aramco has said it is aiming for 3 million barrels per day of additional oil export capacity by the end of this decade. This increase would be led by incremental oil and gas projects in the country and by replacing liquid fuels.

March 14, 2023

Saudi energy minister: Kingdom will not sell oil to any country that imposes a price cap

Saudi Energy Minister Prince Abdulaziz bin Salman has said that the Kingdom will not sell oil to any country that attempts to impose a price cap on its supplies. According to Prince Abdulaziz, placing a ceiling on oil prices would inevitably lead to market instability, and Saudi Arabia would reduce its oil production.

March 13, 2023

Oman awards 500MW Manah Solar II IPP to Sembcorp Utilities-Jinko Power JV

Singapore-based energy company Sembcorp Industries has announced that it has received an award from Oman Power and Water Procurement Company (OPWP) to build, own and operate the Manah Solar II Independent Power Project in Manah, Oman. The 500 MW solar power plant is expected to be operational by 2025 and will be backed by a 20-year power purchase agreement with OPWP.

March 12, 2023

UAE’s ADNOC Gas shares surge 19% in $2.5bn IPO

Shares in the United Arab Emirates’ ADNOC Gas rose 19% on their first day of trading in a $2.5 billion initial public offering. At more than 50 times oversubscribed, it was the biggest demand ever seen for an initial public offering in the Middle East and North Africa.

March 12, 2023

Iran reports highest oil exports yet since US applied sanctions over nuclear deal

Iran has said that its oil exports had risen over the past year, reaching their highest level since the US imposed fresh sanctions in 2018. Oil Minister Javad Owji has stated that 83 million more barrels of oil were sold since the start of the Iranian year on March 21, 2022, than in the same period over 2021-2022.

March 11, 2023

Saudi Aramco makes a historic $161B profit in 2022

Saudi Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company. Profits rose 46.5% thanks to the rising energy prices after sanctions were placed on Russia for invading Ukraine.

March 11, 2023

Oman: Oil production increases by 3.6% in 2023

Oil production in the Sultanate of Oman increased by 3.6%. Crude oil production reached 25,978,600 barrels and condensate oil production reached about 7,45,200 barrels with the average price of oil in 2022 being $94/bbl.

March 9, 2023

Saudi Arabia And China Sign Clean Hydrogen Energy Agreement

The Saudi Ministry of Energy and the National Energy Administration of China have signed an agreement regarding clean hydrogen energy. The signing occurred after the Shura Council, one of the two main branches of Qatar’s legislative body, approved the draft agreement.

March 9, 2023

Saudi Aramco signs $6bn deal with Korea Eximbank

Korea Eximbank, also known as the Export-Import Bank of Korea, has signed a framework deal with Saudi Aramco. Korea Eximbank can lend as much as $6bn, with $1bn is set aside for the hydrogen and renewable energy deals, to Aramco, which in turn pays South Korean companies involved in projects whose orders were placed by the state-owned oil major.

March 8, 2023

Abu Dhabi’s EWEC aims to boost solar power generation capacity by 600%

Emirates Water and Electricity Company is targeting 7.3 GW, a 606% rise, in its solar power generation capacity by 2030 as the UAE pursues its target of achieving net zero by 2050. This requires an additional 3 gigawatts of solar power capacity by 2029 on top of the 1.5 gigawatts procured from the Al Ajban Solar PV Project once it becomes operational in 2026. The Emirates plans to invest $160 billion in clean and renewable energy sources over the next three decades.

March 7, 2023

Siemens Energy signs contracts for power plant maintenance in Iraq

Siemens Energy has signed contracts with Iraq’s Ministry of Electricity to maintain three power plants of around 1 GW for five years as well as train local employees in the field. Siemens Energy had already signed a memorandum of understanding for the expansion of electricity infrastructure with Iraq’s Minister of Electricity, Siad Ali Fadhil, in Berlin. Several projects, which together are expected to run into the billions, are intended to reduce the Iraq’s frequent power outages and cut CO2 emissions.

March 7, 2023

Oman’s OQ drilling unit raises $244m in IPO

Abraj Energy Services of OQ raised about 94 million Omani rials ($244 million) from its initial public offering. The IPO, the country’s biggest since 2010, sold more than 377 million shares and was “heavily oversubscribed,” generating more than 790 million Omani rials ($2 billion) in bids.

March 6, 2023

Adnoc Drilling recommends dividend of $341m for second half of 2022

Adnoc Drilling has recommended a dividend of $341.25 million for the second half of 2022. This represents a 5% annual increase and comes after the company posted a sharp rise in net profit for the year.

March 6, 2023

Iran says it’s discovered what could be the world’s second-largest lithium deposit

Iran says it has discovered a massive deposit of lithium in one of its western provinces. The ministry believes the deposit holds 8.5 million tons of lithium, which, if true, would make the deposit the second-largest known lithium reserve in the world after Chile. After several years of international sanctions, Iran’s economy would greatly benefit from the export of this valuable resource.

March 6, 2023

Oman set to award over $700 million contracts for solar energy projects

Oman Power and Water Procurement Company is awarding solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation. The Manah 1 and 2 projects, which will jointly produce a total of 1,000MW, is set to come up on a 15 million sq m area within the Governorate of A’Dakhiliyah. About 2 million solar panels will be installed in these two stations, which will be the largest solar panel project for Oman.

March 6, 2023

Houston summit brings OPEC officials and heads of US oil companies together to discuss energy issues

Executives from major U.S. oil companies and top OPEC officials held private meetings on the sidelines of a Houston conference to discuss energy issues, continuing a tradition that began nearly five years ago when the two sides were at odds. Both parties are enjoying strong global demand for oil and gas and have posted record profits over the past year.

March 6, 2023

Russian crude oil heads to UAE as sanctions divert flows

The United Arab Emirates has been taking more cargoes of Russian crude oil, an example of how Western sanctions on Russia have adjusted traditional energy trade flows. Russia has been selling both crude and refined products at discounted prices after international sanctions over its invasion of Ukraine. The development also highlights growing cooperation between Russia and top Gulf oil producers, such as Saudi Arabia and the UAE.

March 5, 2023

Japan’s JBIC to provide $103mln green loan for Saudi-Egypt interconnection project

The Japan Bank for International Cooperation will provide a “green” loan of $103 million to the Saudi Electricity Company for an electricity interconnection project that will link Saudi Arabia and Egypt. The interconnection project comprises a 3,000 MW high-voltage direct current system with 1,350 km of overhead power lines and 22 km of submarine cables to connect northwestern Saudi Arabia and Egypt.

March 5, 2023

ADNOC Raises $2.5 Billion in Gas IPO

Abu Dhabi National Oil Co (ADNOC) has netted $2.5 billion from the initial public offering of its subsidiary ADNOC Gas. This biggest-ever issue in Abu Dhabi was oversubscribed more than 50 times as investors placed offers worth $124 billion for a 5% stake in the United Arab Emirates-based firm.

March 5, 2023

QatarEnergy strikes oil again in Namibia

QatarEnergy announced a light oil discovery in the Jonker-1X deep-water exploration well, which marks the company’s third recent discovery offshore Namibia. QatarEnergy announced two similar discoveries in February 2022 in the Graff-1 well and in the Venus-1X prospect, both located in the Orange Basin offshore Namibia.

March 4, 2023

Saudi Arabia’s ACWA Power to build two solar plants in Uzbekistan

According to Uzbekistan’s Energy Ministry, Saudi Arabia’s ACWA Power will build two solar plants in Uzbekistan with a total capacity of 1.4 gigawatts and three power storage systems with a combined capacity of 1.2 gigawatts. The two parties have signed investment agreements on the project worth $2.5 billion and deals under which Uzbekistan will buy power from the facilities. Uzbekistan plans to produce more than a third of its energy from renewable sources by 2030.

March 4, 2023

Eni agrees on energy deal with UAE’s ADNOC as Italy rebuilds relationship

Italian oil and gas group Eni has said it will cooperate with Abu Dhabi National Oil Co (ADNOC) on energy transition projects. State-controlled Eni said that together with ADNOC it will explore opportunities in renewable energy, blue and green hydrogen and carbon dioxide capture and storage. They will also work on reducing greenhouse gas and methane gas emissions, as well as routine gas flaring. The two countries are working to rebuild ties after tensions from 2021.

March 4, 2023

Iran Says Questions About Suspected Highly Enriched Uranium Are Resolved

The head of Iran’s Atomic Energy Organization, Mohammad Eslami, has claimed that “ambiguities have been resolved” over the presence of the particles at its Fordow enrichment plant. However, the International Atomic Energy Agency’s director has also stated that more work needs to be done. The International Atomic Energy Agency reported a week before that inspectors detected uranium particles enriched to 84% purity, near weapons-grade level, in Iran.

March 3, 2023

Adnoc Gas Draws $124 Billion of Orders for $2.5 Billion IPO

Abu Dhabi’s Adnoc Gas raised $2.5 billion from its initial public offering. Investors placed $124 billion of orders for a 5% stake in Adnoc Gas, an oversubscription level of more than 50 times.

March 2, 2023

TotalEnergies expands its upstream portfolio in UAE with several offshore fields

TotalEnergies has inked a deal with CEPSA to acquire its upstream assets in the United Arab Emirates, which will enable the major oil company to add multiple offshore fields to its asset portfolio. The company will acquire a 20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher, and Al Bateel offshore concession.


March 2, 2023

SABIC announces strategic project to manufacture catalysts

SABIC announced a strategic project to manufacture catalysts with the aim of transforming Saudi Arabia into a manufacturing hub for specialized materials. The project will contribute to industrial advancements as envisioned in Saudi Vision 2030, including improving competitiveness of the energy sector, developing industries associated with oil and gas, and raising the level of local content in the area.

March 1, 2023

$8.5 Billion Financing Agreement for Green Hydrogen Project in Saudi’s Neom

Acwa Power has closed a financing agreement worth $8.5 billion for a sizable green hydrogen project that will be built at Saudi Arabia’s futuristic city Neom. The project’s funding will come from a combination of long-term debt and equity.

March 1, 2023

ACWA Power signs MoU with Pupuk Indonesia for large-scale green hydrogen project

ACWA Power and Indonesia’s state-owned fertilizer producer Pupuk Indonesia have signed a Memorandum of Understanding to develop a large-scale green hydrogen project. Pupuk Indonesia PT is the largest fertilizer manufacturer in Southeast Asia with a total production capacity of 12.71 million tons per year.

February 28, 2023

Arab Crude Oil Reaches 94.4% Of Japan’s Imports In January

The total crude oil Japan imported in January amounted to 84.423 million barrels with 94.4% of that amount coming from the five GCC countries of Saudi Arabia, UAE, Kuwait, Qatar and Oman, according to data from the Agency for Natural Resources and Energy of the Japanese Ministry of Economy, Trade and Industry.

February 28, 2023

IAEA report pressing Iran on uranium enrichment to near bomb-grade

The International Atomic Energy Agency is in discussions with Iran on the origin of uranium particles enriched up to 83.7% purity, very close to weapons grade, at its Fordow enrichment plant. Iran has denied ever having sought nuclear weapons and states that it only wants to master nuclear technology for civil uses.

February 27, 2023

Madayn Signs Agreement With Solar Wadi For 100-MW Solar PV Plant In Suhar Industrial City, Oman

The Public Establishment for Industrial Estates (Madayn) signed an agreement with an Oman renewable energy company, Solar Wadi, for the allocation of land in Suhar Industrial City for the construction of a 100-MW solar PV plant. The total investment in Suhar Industrial City is RO 2.3 billion. There are more than 360 industrial projects on an area of 29 million square metres.

February 27, 2023

Saudi Arabia Moves Forward With Bids For Nuclear Plant

Saudi Arabia is progressing with its plans to build its first nuclear power plant and has received a number of bids. The Saudi Ministry of Finance’s 2023 budget statement published on February 15 notes that bids to build the plant were received last December. Saudi Arabia has been interested in nuclear energy for decades and recently, it has been considering developing nuclear energy for peaceful purposes. This is also in line with the kingdom’s strategy to diversify its energy mix and in doing so, reduce its dependence on oil.

February 27, 2023

IPO final session highlights detailed offerings of Abraj Energy’s shares

As part of its IPO introductory sessions tour, Abraj Energy, a subsidiary of OQ, organized its last introductory meeting, in cooperation with the branch of the Oman Chamber of Commerce and Industry in Dhofar Governorate. Eng. Saif Al Hamhami, Chief Executive Officer of Abraj Energy Services said that by listing its shares for the public offering, the company aims to build a strategic partnership with local, regional, and international investors.

February 26, 2023

Oman’s Abraj Energy Forms Strategic Partnership To Explore Oil In Kuwait

Oman’s oil and gas drilling services firm, Abraj Energy, is set to explore oil in Kuwait. It has signed an agreement with the Kuwaiti national oil company, Kuwait Gulf Oil Co., and the Saudi Arabian-based chemical plant, Saudi Chevron Co. Abraj Energy will explore ways to extract oil in Kuwait. The agreement aims to strengthen and expand Abraj Energy’s operations in the Middle East and North Africa region.

February 25, 2023

Baynouna Solar Energy Station Opens

The Baynouna Solar Park, the largest clean energy project in Jordan, was inaugurated in a ceremony. The 200-megawatt station was carried out by Baynouna Solar Energy Company, a joint venture between the UAE’s energy company, Masdar, and Finnish investment and asset management group Taaleri. This project is said to have strengthened the strategic relationship between the UAE and Jordan and support Jordan’s goal of receiving 50% of its electricity from renewable sources by 2030.

February 24, 2023

Iraq’s January Output Hits 10-Month Low

Iraq’s crude output fell by around 100,000 barrels per day in January to 4.29 million b/d, according to Energy Intelligence estimates, its lowest in 10 months and 140,000 b/d below its Opec production target, due to weather-related loading disruptions at Basrah and refinery turnarounds. The weather disruptions caused a build in Basrah crude stocks which forced the oil ministry to cut production.

February 23, 2023

Adnoc Gas $2 billion IPO covered in hours

Within hours after the initial public offering kicked off, Adnoc Gas’ initial public offering order book was fully covered. Abu Dhabi National Oil Co. sold a 4% stake in Adnoc Gas, offering 3 billion shares between Dh2.25 and Dh2.43. The company will be valued at $50.8 billion, making it one of the world’s largest listed gas firms.

February 23, 2023

Japanese corporation to explore role in Oman green ammonia project

Japanese heavy engineering manufacturer IHI Corporation and Indian green energy developer ACME Group have signed a Memorandum of Understanding. Backed by India, Japan could potentially be participating in a green ammonia project currently under development in Oman. The cooperation between Japan and Oman would build on a broader pledge by the two countries to cooperate across the green energy value chain.

February 22, 2023

Iraq Partners With UAE And Chinese Firms To Develop Six Oil And Gas Fields

Iraq has signed deals with two Chinese companies and UAE-based Crescent Petroleum for the development of six oil and gas fields. This is an effort by the country to cut gas imports by improving domestic production of oil and gas. Under the 20-year contract, Crescent will develop the Gilabat-Qumar and Khashim fields in Diyala. The fields are expected to initially produce 250 million standard cubic feet per day of natural gas. Crescent Petroleum exploration and production executive director Abdulla Al Qadi said, “Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.” This comes in light of Iraq signing two other contracts with China’s Geo-Jade for the exploration and development rights to the Huwaiza oilfield in the south, and the Naft Khana, northeast of Baghdad.

February 22, 2023

Iran Ready To Build Oil Refineries For Turkmenistan: Deputy Minister

Iran’s Deputy Minister of Oil for Engineering, Research and Technology Vahidreza Zeydifard has said that Tehran is ready to build oil refineries in the Central Asian country. Over 70% of the equipment used to build the refineries is to come from Iran itself and will be exported to Turkmenistan. There have been positive dynamics in the growth of trade between the two countries. In June 2022, the Iranian and Turkmen presidents signed a series of nine Memorandums of Understanding ranging from finance to energy.

February 22, 2023

Saudi Arabia’s Oil Revenues Reach $326bn IIn 2022, Highest In 10 Years

According to local reports released on 21 February, Saudi Arabia achieved its highest oil revenues in 2022 in the past 10 years, amounting to $326 billion. However, even though it reached its highest revenue, Bloomberg reported that the kingdom’s monthly oil revenues decreased in the second half of the year. Saudi Arabia’s oil exports amount to 70% of its total exports that year. 

February 21, 2023

TotalEnergies becomes QatarEnergy’s first partner on the North Field South LNG project

TotalEnergies, already involved in the North Field East liquefied natural gas (LNG) project, has been chosen as the first international partner for the North Field South LNG project. Under the new agreement with QatarEnergy, TotalEnergies will gain a 9.375% stake in the North Field South project. TotalEnergies has taken stake with what is claimed to be the world’s largest LNG project in terms of capacity.

February 21, 2023

UAE’s Crescent Petroleum signs agreements to develop Iraqi oil and gas fields

Sharjah energy company Crescent Petroleum has signed three 20-year agreements to develop oil and gas fields in Iraq, as the country seeks international collaboration to boost its energy supply. The company will produce gas in two oil and gas blocks in the northern Diyala province and explore a third block in Basra. These operations are expected to increase local economic development within Iraq.

February 20, 2023

Saudi energy minister says OPEC+ is flexible enough to change decisions whenever required

At a media forum in Riyadh, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman stated that the OPEC+ alliance is flexible enough to change decisions whenever it is required.

February 20, 2023

Energy Giant Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech

Saudi Arabian Oil Group (Saudi Aramco) has signed a memorandum of understanding with droppGroup to explore co-developing a range of Web3 technologies. The Web3, the third generation of the internet driven by blockchain technology, applications will be aimed at helping Aramco’s employees, including potential on-boarding, training ecosystems, as well as a tokenized network and rewards program.

February 20, 2023

Omani oil and gas sector to witness growth over next 5 years

According to a report, Oman’s oil and gas sector will witness growth with a compound annual growth rate of more than 5 percent during the period from 2023 to 2028. Factors such as supportive government policies and efforts to develop the sector along with future projects are expected to drive the growth of the market.

February 19, 2023

Executive Director of IEA warns of energy supply shortage next winter

Executive Director of the International Energy Agency (IEA) Fatih Birol has warned of possible energy shortages next winter. Birol has said an additional 23 billion cubic metres of LNG is expected this year and that China would likely swallow 80 percent of the extra gas. He has also stated that European households and firms need to continue efforts to reduce gas usage, renewable energy outputs need to expand faster, and countries should reconsider their plans to phase out nuclear energy.

February 18, 2023

US and Canada ready to work with Iraq to tackle gas flare

According to the US and Canada ambassadors, the two countries are willing to help Iraq by investing in gas capture technology in order to boost power production and reduce the adverse health implications of the emissions. Iraq is the second-highest emitter of gas flares in the world, flaring around 16 billion cubic meters of gas on a daily basis. If captured, the gas could potentially power around 3 million homes.

February 18, 2023

Iraqi Premier and European Commission address European investments in Iraq

Iraqi Prime Minister, Muhammed Shia Al-Sudani, met with European Commission President, Ursula von der Leyen, on the sidelines of the 59th Munich Security Conference. The President of the European Commission expressed the EU’s cooperation and determination to forge productive partnerships in energy, particularly in the renewable energy sector.

February 17, 2023

ExxonMobil Sells Iraq Stake To Pertamina

American giant ExxonMobil has confirmed that “ExxonMobil Iraq Limited reached an agreement with Pertamina to sell 10% of EMIL’s interest in West Qurna I.” Exxon has been seeking to quit the field and Iraq entirely since January 2021, but Baghdad blocked its planned sale to Chinese firms, prompting Exxon to file for arbitration.


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