Middle East
Saudi Aramco CEO Foresees Prolonged Oil Demand Growth Amidst Shipping Disruptions
Global oil demand will not peak for some time, so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday.
U.S. Export Credit Agency Approves $500 Million Support for Bahrain Oil Project
The U.S. export credit agency on Thursday voted to approve a $500 million loan guarantee for an oil and gas drilling project in Bahrain, testing a U.S. climate pledge to stop backing projects that expand the use of fossil fuels.
IEA Forecasts Non-OPEC+ to Lead 2024 Oil Production Growth, Offset Output Cuts
Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday.
Israel's NewMed Delays $2 Billion BP, ADNOC Buy-In Offer Amid Regional Uncertainty
A $2 billion offer by Abu Dhabi's national oil company and BP to buy a 50% stake in Israeli gas producer NewMed has been put on hold due to uncertainty in the region, NewMed said on Wednesday.
CarbonCapture Raises $80 Million from Saudi Aramco, Others for Carbon Removal Technology
Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, said it had raised $80 million from investors that include Saudi oil giant Saudi Aramco.
Venezuela Rushes to Strengthen Iran Relationship as U.S. Sanctions Loom
Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps that had boosted crude exports and helped stem domestic fuel shortages.
Turkey Inks Oil and Gas Cooperation Pact with Somalia
Turkey signed an offshore oil and natural gas cooperation deal with Somalia on Thursday, the Turkish Energy Ministry said, further strengthening bilateral ties after agreeing a defense deal last month.
IEA Forecasts Well-Supplied Oil Market in 2024 Despite Demand Slowdown
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas, the head of the International Energy Agency's (IEA) oil markets and industry division told Reuters on Thursday.
Montfort in Talks to Sell UAE Fuel Oil Facility to Sinopec
Geneva-based trading house Montfort Group is in discussion to sell part or all of its refining facility in the United Arab Emirates to the fuel oil arm of Chinese state giant Sinopec Corp., at least five industry sources told Reuters.
Temasek Shortlists Saudi Aramco, Shell for Pavilion Energy Asset Sale
Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of LNG trading firm Pavilion Energy, sources with knowledge of the matter said.
ADNOC Completes Acquisition of 24.9% Stake in Austria's OMV
Abu Dhabi National Oil Company said on Thursday it formally closed the acquisition of a 24.9% stake in Austria's Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.
Saipem Expects 20% Drop in Aramco Orders Following Capacity Target Cut
Italian energy contractor Saipem's CEO said on Thursday it expects a 20% drop in average annual orders from Saudi Aramco to 2027 as a result of the state oil company's decision to drop its capacity expansion plans.
BP to Invest $1.5 Billion in Egypt Gas Projects, Forms Joint Venture with ADNOC
BP is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday.
Qatar's LNG Expansion Plans Set to Squeeze Out U.S., Rivals
Qatar's planned expansion of LNG production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts said.
Qatar Expands Gas Output Amid Plummeting Global Prices
Qatar will further raise gas production despite a steep drop in global gas prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
ADNOC Executive Emphasizes Gas-Centric Strategy, Eyes Egypt Market Potential
A top executive of state-owned Abu Dhabi National Oil Company (ADNOC) on Monday said the company's strategy was anchored around gas output and that Egypt has been identified as a market with a lot of potential.
Shell Forecasts 50% Surge in Global LNG Demand by 2040
Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell said on Wednesday.
Caspian Pipeline Consortium Sees 7% Increase in Oil Exports Year-on-Year in January
The Caspian Pipeline Consortium (CPC) increased crude oil exports by 7% in January from the same month a year ago to 6.116 million metric tons (1.55 million barrels per day), industry sources told Reuters on Tuesday.
Iran's Main Gas Pipeline Hit by Sabotage, Oil Minister Says
Two explosions along Iran's main south-north gas pipeline network on Wednesday were caused by sabotage, the Iranian oil minister told state TV, without naming any suspects.
Saudi Aramco Begins Trading U.S. Crude to Influence Brent Oil Benchmark
Saudi Aramco initiates trading of U.S. crude, impacting the Brent oil benchmark and reflecting market shifts.
Saudi Arabia Attributes Oil Capacity U-turn to Energy Transition, Ensures Ample Spare Capacity
Saudi Arabia's U-turn on its oil capacity expansion plans was because of the energy transition, its energy minister said on Monday, adding that the kingdom has plenty of spare capacity to cushion the oil market.
Petrobras Explores LNG Projects with Qatar, CEO Says
Brazil's state-run Petrobras is in talks with other national oil companies in China, India and the Middle East, including Kuwait Petroleum and Qatar Energy, to collaborate on energy projects, its chief executive said on Wednesday.
Saudi Aramco Explores Investment Opportunities with Indian Firms
State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday.
Brent, U.S. Crude Futures Give Up Some Gains on Talk of Gaza Ceasefire
Brent and U.S. crude futures initially climbed over $1 a barrel on Tuesday after the U.S. Energy Department said crude oil production would grow less than forecast but then gave up some of the gains on talk of a possible lengthy cease-fire in the Gaza War.
Saudi Arabia Keeps Arab Light Crude Price to Asia Unchanged in Surprise Move
Top oil exporter Saudi Arabia unexpectedly kept March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the OPEC leader strives to maintain its market share.
QatarEnergy and Petronet LNG Sign 20-Year LNG Deal
The deal will see Qatar supply 7.5 million metric tons per year of LNG to Petronet LNG on a delivered ex-ship basis (DES) from 2028 to 2048, according to a Petronet LNG statement.
Kazakhstan Doubles Amount of Oil Circumventing Russia
Kazakhstan almost doubled oil exports circumventing Russia's ports in 2023 to 3.73 million metric tons (74,600 barrels per day) from 1.91 million tons in 2022, according to industry sources and Reuters calculations.
Guest Perspective: Aramco’s Best of Both Worlds
Saudi Aramco’s energy strategy should teach The West a lesson: invest in hydrocarbons now. Not only is oil and gas crucial for near- and medium-term energy security and affordability, but there is also a huge amount of money to be made that can be put toward the transition.
Projects February 2024
East African Crude Pipeline delivers first shipment; Pembina acquires Enbridge’s stake in Alliance Pipeline; KM boosts Permian Highway pipeline capacity by 550 MMcf/d; and more!
QatarEnergy Signs 10-Year Condensate Supply Deal with Japan's Mitsui
QatarEnergy has signed a deal to supply Japan's Mitsui & Co. with 11 million barrels of condensate per year for 10 years starting in April, Qatar's state-owned energy company said on Sunday.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- U.S. House Passes Bill to Reverse Biden's LNG Pause
- Mexico Orders Seizure of Hydrogen Plant at Pemex Oil Refinery
- EnCap Eyes $5 Billion Sale of Bakken Shale Producer Grayson Mill
- Sunoco to Acquire NuStar Energy in $7.3 Billion Deal for Midstream Expansion
- U.S. Regulators Approve Mexico Pacific LNG's Saguaro Connector Pipeline
- U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September
- AG&P LNG Acquires 49% Stake in Vietnam's Cai Mep LNG Terminal
- BP's Carbon Emissions Increase in 2023, Ending Decline Since 2019
- Texas Sues EPA Over Methane Emission Rules for Oil and Gas Sector