Middle East
QatarEnergy Signs Charter Deals for 25 LNG Vessels with Nakilat
QatarEnergy has entered time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25 conventional-size LNG vessels.
PetroVietnam Gas Signs Deal with QatarEnergy for LNG Purchase
PetroVietnam Gas said on Wednesday it has signed a contract with QatarEnergy to buy 70,000 metric tons of liquefied natural gas for delivery on April 12-13.
U.S. Opposes Pakistan-Iran Gas Pipeline Project, Warns of Sanctions
The U.S. said on Tuesday it does not support a Pakistan-Iran gas pipeline project from going forward and cautioned about the risk of sanctions in doing business with Tehran.
Sudan War Causes Stoppages on South Sudan Oil Pipeline, Officials Say
The main pipeline carrying oil from South Sudan through Sudan for export has been suffering stoppages since last month due to problems linked to the war between Sudan's army and the Rapid Support Forces (RSF), according to three Sudanese officials.
Iraq, Oil Firms Trade Blame Over Shut Turkey Pipeline
Foreign oil firms operating in Iraq's Kurdistan region are partly to blame for the delay in resuming crude exports after failing to submit contracts for revision, Iraq's oil ministry said.
CEO: Other Nations Will Fill LNG Gap if U.S. Retreats, Baker Hughes Affirms
If the U.S. pulls back from permitting new LNG export plants, demand for the fuel will still be met from projects in Qatar, Argentina and Africa, the CEO of Baker Hughes, the world's largest provider of equipment for the LNG sector, said on Thursday.
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.
Projects March 2024
FERC approves MVP’s Southgate gas pipeline extension; Regulator clears Trans Mountain, completion back on; Santos’ subsea pipeline clears construction hurdle; and more!
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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.
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