China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Dutch court upholds $50bn payment award in Yukos case
THE HAGUE, NETHERLANDS - A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the...
Geostrategy
Geostrategy
UAE, France foreign ministers discuss strategic partnership
ABU DHABI, UAE - UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan received French...
- The UAE and French ministers discussed bilateral relations and available opportunities for expanding cooperation between the two countries.
- The two sides stressed their keenness to continue consultations and coordination on issues of mutual concern.
Geostrategy
Saudi Arabia, France ink MoU on energy cooperation
The MoU encourages cooperation between the two countries in the fields of electricity, renewable energy, energy efficiency, energy storage, smart...
- The MoU encourages cooperation between the two countries in the fields of electricity, renewable energy, energy efficiency, energy storage, smart grids
- It also promotes cooperation in digital transformation, localization of materials, products and services in the energy supply chain
Science
Europe looks to geothermal energy as gas alternative
MUNICH, GERMANY - The heating plant in Munich's southern Sendling neighborhood has been run for more than a century on gas,...
- Munich is pouring in US$1.1 billion through 2035 to develop the geothermal energy and make the city's heating carbon neutral.
- Reliable and sustainable geothermal energy seems like the perfect alternative to gas.
Business
Iraq hopes talks can resolve hitches in US$10bn Total deal
Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed...
- The French energy giant had signed the US$10-billion contract with Iraq in September 2021.
- The partnership has struggled to materialize amid reported signs of discord between the two sides.
Kuwait projects widening $16 bn budget deficit
The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up...
- The state spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies
- Oil revenues are expected to fall by 19.5 percent, they were calculated based on a price of $70 per barrel -- lower than last year's prices
Business
Dubai energy demand grew by 5.5 percent in 2022: DEWA CEO
Dubai, UAE– Dubai witnessed a 5.5 percent increase in energy demand in 2002, from 50,402 GWh to 53,180 GWh, said...
- DEWA provides electricity and water services to 3.514 million people living in Dubai and the Emirate’s active daytime population of over 4.7 million.
- These numbers are expected to grow to 5.8 million and 7.8 million, respectively by 2040.
Business
Major UAE solar plant to go online before COP summit, says energy firm
ABU DHABI, UAE - One of the world's biggest solar plants will become fully operational this year in the oil-rich United...
- The UAE, a major oil exporter, is spending billions to develop enough renewable energy to cover half of its needs by 2050.
- State-owned Emirati companies TAQA and Masdar own 60 percent of the project, which they describe as the world's largest single-site solar plant.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Geostrategy
Green energy investment tops $1 trillion, matches fossil fuels
Despite the milestone, spending on energy transition technology must immediately triple to meet the target of net-zero emissions by 2050...
- This is up 31 percent on the previous year and marks the first time the investment total has been measured in trillions.
- China -- the world's biggest polluter -- was by far the largest investor in energy transition, with the United States a distant second.
Business
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...
- The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
- In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Company News
Latest News
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
Business
UAE’s FANR grants operating license for unit 4 of Barakah Nuclear Power Plant
Dubai, UAE - The Federal Authority for Nuclear Regulation (FANR), serving as the UAE's independent nuclear regulatory body, has officially...
Most Read
Business
Almost all oil and gas producers developing unneeded fields: NGO
Germany's Urgewald, along with 50 other NGOs, analyzed the investment plans of 1,623 companies involved in the oil and gas...
- The Global Oil and Gas Exit List (GOGEL) said that of the 700 companies that produce oil and gas, 96 percent plan to develop new fields
- The report said that 1,023 companies plan infrastructure projects for the transport of fossil fuels, such as pipelines and liquefied natural gas terminals
Business
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...
- Commissioned facilities at South Ghawar have a 300 million standard cubic feet per day (scfd) of raw gas processing capacity
- Work is also progressing at the giant Jafurah unconventional gas field, which is the largest liquid-rich shale gas play in the Middle East
Economy
China emissions to fall in 2024 on renewables jump
The country has been installing renewable energy capacity at breakneck speed, with new solar in 2023 alone amounting to twice...
- China is the largest greenhouse gas emitter and has brushed aside calls for a more ambitious carbon neutrality target
- IEA says the country is projected to account for 45 percent of global emissions from existing fossil fuel assets