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
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...
Business
Business
Gazprom suspends gas export to Latvia as tensions escalate
Russian energy giant Gazprom Saturday suspended gas supplies to Latvia following tensions between Moscow and the West over the conflict...
- Gazprom suspended its gas supplies to Latvia due to "violations of the conditions" of purchase, the company said on Telegram.
- Gazprom drastically cut gas deliveries to Europe via the Nord Stream pipeline on Wednesday to about 20 percent of its capacity.
Geostrategy
‘Kuwait an important partner in oil exploration sector’
Secretary-General of the Malaysian Foreign Ministry said Kuwait is an important partner in oil explorations sector, urging closer investment relations...
- Secretary-General, Malaysian Foreign Ministry says Kuwait is an important partner in oil explorations sector
- The official urges closer investment relations between the two countries.
Business
Eni reports Q2 net profit of US$3.9bn
Italian energy giant Eni said Friday that its profits sky-rocketed in the second quarter as energy prices soared in the...
- Eni said in a statement that bottom-line Q2 net profit increased 15-fold to $3.9 billion
- For the whole of 2022, Eni confirmed it was aiming for operating profit of 'at least' $1.22 billion
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
ExxonMobil Q2 profits rises to US$17.9bn
ExxonMobil's second quarter profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil...
- ExxonMobil's Q2 profits nearly quadrupled to $17.9 billion that underscored the oil and natural gas prices
- The US oil giant's revenues in the second quarter rose 68.7 percent to $111.3 billion
Economy
Algeria, Nigeria, Niger discuss gas pipeline to Europe
The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres (2,565 miles) from Nigeria...
- The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres (2,565 miles) from Nigeria in West Africa
- Algeria, Africa's largest natural gas exporter, has already seen increased demand following Moscow's invasion of Ukraine
Business
ADNOC eyes stake in key Egypt firm
ADNOC Distribution will acquire 50 percent stake in TotalEnergies Egypt.
- ADNOC Distribution said it will acquire a 50 percent stake in TotalEnergies Egypt for about US$186 million
- The acquisition will also see the refurbishment of several service stations to full ADNOC branding
Business
TotalEnergies doubles Q2 profit
Rising oil, gas prices are yielding bumper profits across the sector.
- TotalEnergies profit amounted to $5.8 billion in the period from April to June.
- TotalEnergies second-quarter sales were up 37 percent at 74.8 billion euros.
Economy
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...
- The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
- Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
Economy
Turkey to drill for gas in Mediterranean early next month
Turkey will resume gas exploration off its coast in the Mediterranean on August 9, the energy ministry said Tuesday. "Turkish...
- The EU came close to sanctioning Ankara in 2020 for pushing into contested east Mediterranean waters in search of fresh natural gas reserves
- Turkey disputes its maritime borders in the eastern Mediterranean with EU members Greece and Cyprus
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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
Company News
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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...
Economy
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...
Business
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...
Geostrategy
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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.