Qatar to ramp up gas output with new mega field expansion
At the start of this month, Qatar said it would supply 7.5 million tonnes of LNG per year for 20 years...
Economy
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
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Geostrategy
Fight global warming without harming economic growth: COP28 chief
The UAE is pushing the merits of carbon capture -- removing carbon dioxide as fuel is burned, or from the...
- Sultan Al Jaber, the UAE's special envoy for climate change and CEO of oil giant ADNOC, said the energy transition needed to make the planet "wealthier and healthier".
- The UAE, one of the world's biggest oil producers, argues that crude remains indispensable to the global economy and is needed to finance the energy transition.
Economy
Saudi Arabia explores space to secure solar energy
The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important...
- The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important role in combating climate change
- The project's cost is likely to exceed tens of billions of dollars amid expectations that the space solar energy project will be completed by 2040, reports suggest
Business
DEWA commissions 17 transmission substations worth US$871m in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) inaugurated 17 new substations in 2022. These include fifteen 132kV stations...
- The transmission substations include 15 132kV stations with a conversion capacity of 2,280 megavolt amperes (MVA) and two 400kV stations with a conversion capacity of 4,000 MVA.
- DEWA installed 5km of 400kV overhead transmission lines and 247km of 132 kV ground cables to connect the substations to the main transmission network.
Economy
Libya and Italy sign US$8bn gas deal as Europe searches for energy
The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of...
- Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields
- During her trip to Libya, Giorgia Meloni was expected to discuss the issue of migration amid rising numbers of irregular migrants from Libya to Italy
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Norwegian firm expects first cross-border transport of CO2 in 2025
Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
Business
Gaza conflict casts shadow on Israel’s gas industry
War with Palestinians disrupts Israel's gas exports, causing economic losses and altering energy strategies.
Economy
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
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Business
Tabreed 9M profit at $218m
This is due to the steady growth in its consumption volumes.
- Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
- This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.
IAEA greenlights 3 national projects in Qatar
Doha, Qatar - The International Atomic Energy Agency (IAEA) has given the green light to three new national projects in...
- The projects undertaken by Qatar under the IAEA framework aim to harness nuclear energy for peaceful and scientific sectors
- The partnership also aims to address pressing global challenges such as plastic pollution in seas through advanced technologies and awareness initiatives
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