Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
IEA boss says COP28 bid farewell to fossil fuels
PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
Business
Oman natural gas production sees slight increase
The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...
- The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
- Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
Business
Brazil, Guyana agree to widen energy cooperation
US giant ExxonMobil announced in April the discovery of three new oil deposits in Guyana, raising estimates of the country's...
- Guyana has emerged as one of the main low-cost oil production countries
- It is now preparing to auction offshore oil blocks at the end of the year
Business
Petrobras profits rise despite hurdles
Brazilian President Jair Bolsonaro has criticized it for rising fuel prices.
- Petrobras on Thursday reported a first-quarter net profit of 44.6 billion reais ($8.6 billion)
- The result was 38 times more than the Q1 2021 result of 1.2 billion reais ($180 million)
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Business
Egypt to launch project for capturing and storing carbon di oxide
There will be a total of three projects on which Egypt and the Italian company Eni will work together.
- Egypt's Minister of Petroleum & Mineral Resources Tarek El Molla announced that investment cost of project is $25 million.
- The first project focuses on the extraction of 350,000 tons of algae oil annually to be used in biofuel production .
Business
EU members seek opt-outs from Russian oil embargo
European officials were preparing a new package of sanctions Tuesday to punish Russia for its invasion of Ukraine, but some...
- Ambassadors from the 27 EU countries will meet on Wednesday to give the plan a once-over
- The commission's proposal would phase in a ban on oil imports from Russia over six to eight months
Geostrategy
European Union readies for end of Russia gas, warns won’t pay in ruble
The European Union warned member states Monday to prepare for a possible complete breakdown in gas supplies from Russia, insisting...
- Germany's minister for economic affairs and climate Robert Habeck said Berlin would follow EU policy
- The anti-Russian measures will also target the country's largest bank, Sberbank, which will be excluded from the international SWIFT messaging system
Business
Iran oil minister meets Venezuela President amid rising oil prices
The two countries are said to have discussed ways to ‘overcome’ the effects of US sanctions against both nations.
- Javad Owji's visit to Venezuela came just weeks after a visit by US officials in the midst of rising global oil prices
- In March, a US delegation held a meeting with Maduro, whose very legitimacy as president Washington disputes
Science
Can pee help feed the world?
In the past, urban excrement was transported to agricultural fields to be used as fertilizer along with animal manure, before...
- Chemical fertilizers create emissions of the potent greenhouse gas nitrous oxide, contributing to climate change.
- Urine is not normally a major carrier of disease, so the World Health Organization recommends leaving it for a period of time, although it is also possible to pasteurize it.
Economy
Libya losing $60 million a day from oil facilities shutdown: Minister
Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall...
- The Libyan closures follow the selection of a new PM, Fathi Bashagha, by Libya's eastern-based parliament in a direct challenge to Tripoli-based interim PM Abdulhamid Dbeibah.
- Analysts say eastern Libyan forces who back Bashagha have forced the closure of the oil facilities in a bid to press Dbeibah to step down.
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Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
Company News
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Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
Business
COP28 chair Sultan Al Jaber urges energy firms to cut emissions
Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the...
Geostrategy
Gas export to Europe continues via Greenstream pipeline : Libya
Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
Business
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Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Economy
Barakah Nuclear Energy Plant refinancing completed with UAE banking partners
Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
- Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
- The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations
Geostrategy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
- Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
- Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues