Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
- The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
- NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
US aims to deploy troops on tankers to deter seizures by Iran
The US military says Iran has either seized or attempted to take control of nearly 20 internationally flagged ships in...
- The US security forces would provide a further layer of protection for the tankers in addition to the warships and planes operating in the strategically vital area
- Pentagon spokesman Brigadier General Pat Ryder and National Security Council spokesman John Kirby both declined to confirm reports of the planned deployment
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
Geostrategy
Saudi Arabia, Kuwait reject Iran claims to disputed gas field
Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the...
- The offshore field has long been focal point of contention between Saudi Arabia, Kuwait and Iran
- Kuwaiti and Saudi authorities said that "they alone have full sovereign rights to exploit the wealth in that area"
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Geostrategy
UK to issue hundreds of new oil and gas drilling licenses in North Sea
The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
- "Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
- "The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
Geostrategy
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
- ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
- ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
Business
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
- National Leasing Holding was established in 2003
- It was listed on QSE in 2003 with a capital of $135.9 million.
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Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
Company News
ENEC, CNNC sign MoU
Business
Latest News
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
Most Read
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
- US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said
- Drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to mixed trading update ahead of British oil major's annual earnings due next month
Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.