Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Economy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
- The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy security.
- Prime Minister Rishi Sunak recently softened policies aimed at the UK achieving net zero carbon emissions by 2050.
Geostrategy
1.5C goal on the line as countries gear up for key climate talks
Paris, France -- Facing record-shattering temperatures and a geopolitical tinderbox, countries are scrambling to lay the groundwork for crucial UN climate...
- Ministers meet next week in the United Arab Emirates to grapple with flashpoint issues, including the future of fossil fuels.
- Rich polluters are under pressure to finally meet their promise to provide $100 billion in funding by 2020 for poorer nations to prepare for climate extremes.
Business
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
- Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 a barrel, while US West Texas Intermediate (WTI) crude saw a rise of $2.33, or 2.8%, closing at $85.54
- The widening gap between Brent and WTI prices, reaching its highest level since March, is making it more enticing for energy firms to export crude from the U.S.
Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).
Economy
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
- This positive outcome is attributed to strong investment from the private and public sectors,
- Non-oil revenue growth, ongoing diversification, and economic resilience efforts has also helped.
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.
Interview
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
- Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
- She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Qatar announces 27-year gas deal with Italy’s Eni
In June last year Eni agreed a deal with QatarEnergy for a 3.1 percent share in Qatar's North Field East...
- Doha will supply one million tons of gas a year under the deal, QatarEnergy said, following an agreement with Eni
- European nations have rushed to replace lost deliveries of natural gas from Russia in the wake of Moscow's invasion of Ukraine last year
Economy
Qatar eyes North Field to boost liquefied gas output
Qatar plans a 60% boost in liquefied gas production by 2027 through North Field expansion, tapping the world's most substantial...
- Qatar plans a 60% boost in liquefied gas production by 2027 through North Field expansion, tapping the world's most substantial gas reservoir with 50.97trn cubic meters
- The project will raise global LNG by 48 million tons annually, supporting a GDP per capita over $84,000 from $132bn gas exports while producing 40% of new LNG by 2029
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
Company News
Latest News
KACST, ACWA Power sign pact
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
Business
UN COP29 host Azerbaijan sees a big boom in gas production
Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels,...
Economy
Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
Most Read
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
- The UAE's Department of Energy's integrated system focuses on clean and renewable energy to achieve climate neutrality.
- Investment in youth and their innovative ideas is essential for building a sustainable future, says DoE's Awaidha Murshed Al Marar .
Geostrategy
EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
- The 27-nation European Union is already working towards an interim target of cutting greenhouse gas emissions by 55 percent by 2030.
- However, rising discontent could deal it a tougher time in trying to get the 2040 goal of 90 percent cuts adopted.
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.