Middle East
U.S. Dominates Global Natural Gas Production and LNG Exports
The U.S. has reinforced its position as the leading global producer of natural gas and LNG exporter, with notable increases in LNG supply and significant reductions in European and Russian gas imports.
Oil Prices Rebound After Hamas Leader's Death, Gains Capped by China Concerns
Oil prices rose nearly 3% on Wednesday, rebounding from seven-week lows after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.
Citi Warns Trump Presidency Could Drive Oil Prices Lower
A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies and pushing OPEC+ to release more oil into the market, Citi said in a research note on Thursday.
U.S. Democrats Introduce Bill to Hold Oil Firms Accountable for OPEC Collusion
Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices.
Energean to Invest $1.2 Billion in Israel's Katlan Gas Project
Energean will invest about $1.2 billion to develop the Katlan project off Israel, the company said on Tuesday as it announced its final investment decision, with gas output expected to commence in the first half of 2027.
Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Global pipeline construction surged to nearly 42,000 miles in mid-2024, driven by increased LNG and hydrogen infrastructure needs, with significant expansions in North America and Europe.
Global News July 2024
Latest industry developments from around the world!
U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication
The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.
Circular Economy Initiatives for Offshore Piping and Related Infrastructure
Circular economy is a sustainable business model that aims to ensure use of resources, extraction of maximum value from the equipment during operation and the recovery and regeneration of products and materials at the end of each’s service life.
WoodMac: National Oil Company International M&A Spending Hits 20-Year Low
Despite a surge in mergers and acquisitions by international oil companies, national oil companies have significantly reduced their international spending from a decade ago, according to Wood Mackenzie.
Iran to Receive 300 Million Cubic Meters of Russian Gas Daily: Oil Minister
Iran will receive 300 million cubic meters of Russian gas daily, the official IRNA news agency reported Iran's oil minister Javad Owji as saying on Wednesday.
Aramco Finalizes Deal to Acquire 50% of Air Products Qudra's Blue Hydrogen Business
Saudi oil giant Aramco has signed final agreements to buy 50% of the blue hydrogen industrial gases business of Air Products Qudra, it said on Tuesday, continuing the kingdom's drive to become a major hydrogen producer.
ADNOC Gas Awards $550 Million in Contracts to Expand UAE Gas Pipeline Network
ADNOC Gas has agreed to transfer ownership of the $2.4 billion UAE gas pipeline expansion project to ADNOC. This transfer aims to enhance the capacity for natural gas delivery to the Northern Emirates.
Kuwait's KPC Makes ‘Giant’ Oil Discovery in Al-Nokhatha Field
Kuwait Petroleum Corp. (KPC) said on Sunday it had made a "giant" oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels.
Kurdish Oil Smuggling to Iran Flourishes
Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan's capital Erbil, clogging the Iraqi region's often winding and mountainous highways.
Shell Invests in Abu Dhabi's Ruwais LNG Project, Eyes Expansion in Global LNG Portfolio
Shell Overseas Holdings Ltd. has announced plans to invest in ADNOC’s Ruwais LNG project, securing a 10% participating interest in the venture.
ADNOC to Allocate 40% Stake in Ruwais LNG Project to Shell, TotalEnergies, BP, and Mitsui, Sources Say
The four companies are expected to get a stake of 10% each in the project which will more than double UAE's output of the sea-borne fuel and is expected to produce about 9.6 million metric tons per annum by late 2028, the sources said.
U.S. Senate Probes Oil Producers for Alleged Price Collusion with OPEC
The U.S. Senate budget committee on Thursday launched a probe of domestic oil producers about any efforts to illegally coordinate oil prices with OPEC, in the latest effort by Democratic lawmakers to pressure energy companies.
ADNOC Explores Potential Bid for Australian Gas Giant Santos, Sources Say
Abu Dhabi National Oil Company (ADNOC) is in the preliminary stages of exploring a possible bid for Australian gas supplier Santos, two people with knowledge of the plans said, speaking on condition of anonymity.
China Backs Kazakhstan's BRICS Bid, Strengthens Energy Ties
China and Russia are pushing for the expansion of the BRICS grouping, which also includes Brazil, India and South Africa, as they seek to counter Western economic dominance.
Report: LNG Market Equilibrium Fragile Due to Supply Issues
The global LNG market remains tight despite lower prices and a 2.1% growth in 2023, reaching over 401 million tonnes, according to the International Gas Union's (IGU) 2024 World LNG Report.
Turkmenistan Signs Deal to Supply Gas to Iraq Through Iran Swap Agreement
Turkmenistan has signed a swap deal with Iran under which Ashgabat will sell 10 billion cubic meters of natural gas a year to Iraq, the Turkmen government said on Wednesday.
Saudi Arabia Discovers Seven New Oil and Gas Deposits
Saudi Arabia's energy minister announced on Monday the discovery of seven oil and gas deposits in the kingdom's Eastern Province and Empty Quarter, the official Saudi news agency SPA reported.
Aramco Awards $25 Billion in Contracts for Strategic Gas Expansion
Aramco has announced contracts totaling over $25 billion to advance its strategic gas expansion efforts. This initiative aims to achieve a more than 60% increase in sales gas production by 2030 compared to 2021 levels.
Dealmakers Optimistic for 2024 M&A Recovery Despite Slow Q2 Growth
Global mergers and acquisitions (M&A) activity grew at a sluggish pace in the second quarter, yet many dealmakers are upbeat, forecasting transactions will pick up in the second half of 2024.
Sempra Signs 20-Year Deal to Supply LNG to Aramco from Port Arthur Project
Aramco and Sempra have signed a non-binding agreement for a 20-year sale and purchase agreement for 5 million tonnes per annum of LNG from the Port Arthur LNG Phase 2 expansion project.
Gazprom Signs Memo with Iran for Russian Gas Supplies
Russian energy giant Gazprom has signed a memorandum with the National Iranian Gas Company (NIGC) to supply Russian pipeline gas to Iran, it said on Wednesday.
Trafigura Charters Supertanker to Load Diesel from Middle East
Global commodities trader Trafigura loaded diesel onto a supertanker in the Middle East this week, taking advantage of lower freight rates for crude tankers to send more fuel to the West, according to shipping data and several trade sources.
Vallourec Extends Abu Dhabi Oil Contract, Secures New Order
Vallourec has signed a two-year extension to its contract with the National Oil Company of Abu Dhabi, originally worth around $900 million.
Global News June 2024
Latest industry developments from around the world!
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- TC Energy Approves $900 Million Northwoods Pipeline Expansion for U.S. Midwest
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- Enbridge Adds Turboexpanders at Pipeline Sites to Power Data Centers in Canada, Pennsylvania
- Great Basin Gas Expansion Draws Strong Shipper Demand in Northern Nevada
- Cheniere Seeks FERC Approval to Expand Sabine Pass LNG Facility
- US Poised to Become Net Exporter of Crude Oil in 2023
