• Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister

    Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of understanding between Turkiye and Turkmenistan, focusing on collaboration in the natural gas sector and hydrocarbon partnerships. Under the agreement, the initial phase will involve the transportation of up to two...
  • Italy’s Enel doubles net profit

    Its net profit spiked to US$3.7 billion in 2023.
  • Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout

    Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation. Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a...
  • No oil and gas majors aligned with climate targets: report

    An A grade would be potentially aligned with the goals of the 2015 Paris Agreement to limit temperature rise to "well below" 2C and if possible the safer curb of 1.5C. An H grade, according to Carbon Tracker, is the furthest from the Paris goal, with activities and strategy more...
  • Methane emissions under spotlight at global forum in Geneva

    Methane emissions from the fossil fuel industry have risen for three consecutive years, according to the International Energy Agency (IEA), hitting near record highs in 2023.
  • ADNOC and SEFE sign agreement

    ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
  • European Union and Egypt to sign $8 billion funding package

    Cairo, Egypt -- The European Union, which is seeking to stem the inflow of irregular migrants, announced Sunday a 7.4 billion euro ($8 billion) package of loans, grants and energy cooperation deals with cash-strapped Egypt. It will include billions in loans over coming years and aims to step up Egyptian energy...
  • ADNOC Drilling to pay $358m dividend

    This brings the total dividend for 2023 to $717 million.
  • Diplomacy the ‘only way’ to end Israel-Hizbollah clashes: US envoy

    "A diplomatic solution is the only way to end the current hostilities" and achieve "a lasting fair security arrangement between Lebanon and Israel", Washington's envoy Amos Hochstein told reporters in Beirut, adding that "a temporary ceasefire is not enough". "A limited war is not containable," he said after meeting with parliamentary...
  • Saudi, UAE and Iraq extend oil cuts, Russia to slash output by 471,000 bpd

    An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency reported. "Afterwards, in order to support market stability, these additional cut volumes will...
  • Sonatrach to invest $8.8bn in 2024 in gas exploration, production

    Algiers, Algeria -- Sonatrach, the state-owned energy company of Algeria, will allocate $8.8 billion investment in 2024, which represents 17.6 percent of the total Algerian investment portfolio of $50 billion for the next four years (2024-28). The company's CEO, Rachid Hachichi, told QNA that majority of the allocated funds (71...
  • Qatar says hopeful for Gaza truce before month of Ramadan

    Doha, Qatar - Qatar is "hopeful" of a Gaza war ceasefire and is pushing for an agreement before Ramadan, its foreign ministry spokesperson said on Tuesday. The gas-rich Gulf state, which hosts Hamas's political bureau, has been a key mediator in negotiations involving the Palestinian fighters, Israel, the United States and...
  • Pakistan-Iran gas pipeline recommences after 10-year delay

    Tehran, Iran -- In a significant step towards enhancing energy cooperation between Pakistan and Iran, Islamabad has given the green signal for advancing much-delayed work on gas pipelines within its territory. This marked considerable progress in the Pak-Iran gas pipeline project, Mehr News Agency reported. The approval comes as Pakistan...
  • 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 oilfield in the Bohai Sea. According to China Central Television, the Bohai 26-6 oilfield, situated approximately 170 kilometers from Tianjin Municipality, has recently confirmed an unprecedented volume of oil and...
  • 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 to India's Petronet, with the first deliveries expected from May 2028. QatarEnergy in January announced a deal with US-based Excelerate Energy to supply Bangladesh with 1.5 million tonnes of LNG...
  • Saudi Arabia announces major gas discovery in Jafurah

    Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, in addition to 2 billion barrels of condensates. Reserves at Jafurah had reached 229...
  • Price of natural gas in Europe falls to a 3-year low

    LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost three years as mild winter weather continues and European stockpiles hold up. Mid-morning on Friday, the benchmark Dutch TTF futures contract was down 3.2 percent at US$24.3 (22.45 euros) a...
  • Qatar’s Industrial Production Index up 3.9% in Dec 2023

    Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared to the previous month (November 2023), and decreased by 4.2 percent, when compared to the corresponding month in 2022. The Planning and Statistics Authority (PSA) has issued the press release...
  • Qatar minister urges Gaza ceasefire to end Red Sea insecurity

    The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to Israel, in solidarity with the Palestinians in Gaza. In December the United States announced a maritime security initiative, Operation Prosperity Guardian, to protect shipping in the area.
  • UCC Holding signs contracts for seven Kazakhstan projects

    Doha, Qatar -- UCC Holding, a Qatari company, has signed two energy contracts for seven projects in Kazakhstan. The first contract with QazaqGas comprises two gas treatment plants:1 BCMA Gas Processing Plant Project and 2.5 BCMA and the construction of a New Compressor Station CS-14 and Main Gas Pipeline CS-14...
  • Global LNG demand to rise more than 50 percent by 2040: Shell

    "Demand for natural gas has already peaked in some regions but continues to rise globally, with LNG demand expected to reach around 625-685 million tons a year in 2040, according to the latest industry estimates," Shell said in a report.
  • ADNOC and bp to form gas JV

    The JV is expected to be completed in the second half of 2024.
  • Saboteurs hit Iran pipelines disrupting gas supply: state media

    The saboteurs hit pipelines in the cities of Borujen in the southwestern province of Chaharmahal and Bakhtiari, and Safashahr in the southern province of Fars, Aghli said, adding that there were no casualties in the explosions or the ensuing fires.
  • 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, an analysis by the NGO Global Witness based on data from Rystad Energy shows that the upcoming COP29 host aims to hike its gas production from 35 billion cubic meters...
  • Barclays bank to stop financing new oil, gas projects

    London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas projects, but still ran into fierce criticism from campaigners who said the moves don't far enough. As part of its updated climate strategy, the bank added it would scale back...
  • 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 bloc's transition to a greener future was clouded by a widespread farmers' revolt. "Based on the best available science, and a detailed impact assessment, we are recommending that the 2040 target...
  • QatarEnergy signs LNG deal with Petronet

    QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
  • Shell annual profit drops to US$19.4bn

    Its revenue dived almost a fifth percent to US$316.6 billion.
  • Israeli troops bulldoze, desecrate Palestinian graves in Gaza

    Palestinian Territories - Even the dead are not spared by the Hamas-Israel war raging in Gaza, with bodies dug up by Israeli troops and hurried burials happening in hospitals and even a school. In Gaza City's Al-Tuffah district, shrouded corpses of Palestinians torn from their graves lay atop muddied earth....
  • Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023

    Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 18.7 billion ($5.13 billion), a decrease of about QR 9.5 billion, or 33.7 percent, compared to December 2022. The trade balance showed an increase by nearly QR 2.0 billion,...
  • QatarEnergy says Red Sea attacks ‘may impact’ gas shipments

    The state-owned giant confirmed in a statement that "Qatar's LNG production continues uninterrupted, and our commitment to ensuring the reliable supply of LNG to our customers remains unwavering". "While the ongoing developments in the Red Sea area may impact the scheduling of some deliveries as they take alternative routes, LNG...
  • Dragon Oil, Turkmennebit ink MoU

    Aim is to expand Dragon Oil’s investments in Turkmenistan.
  • Turkey arrests 33 suspected of spying for Israel, planning abductions

    Interior Minister Ali Yerlikaya said, "We will never allow espionage activities to be conducted against the national unity and solidarity of our country."
  • Waning influence of OPEC+ in spotlight as prices flag

    Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. But the group's enlargement has proven to be "a double-edged sword", noted Ozkardeskaya, with decision-making becoming more difficult.
  • Mubadala Energy makes gas discovery

    This is the company's second successful well in the Andaman area.
  • Russia’s Gazprom sets new daily record for gas supplies to China

    Moscow, Russia--Gazprom has set a new record for daily gas supplies to China via the Power of Siberia pipeline on December 16, the company said in a statement. "On December 16, China’s application for the supply of Russian gas through the Power of Siberia gas pipeline once again exceeded the...
  • COP28 goes into overtime as negotiators wrestle over fossil fuel

    COP28 has debated a historic first-ever global "phase-out" from oil, gas and coal, the main culprits in a planetary crisis of warming. A draft put forward on Monday by COP28 president Sultan Al Jaber fell well short, instead presenting reductions in fossil fuels as one of several options.
  • OPEC chief says ‘single solution’ non existent for energy transition

    Dubai, UAE - The OPEC oil cartel said Saturday there was no "single solution" to the energy transition as pressure grows to agree a phase-out of fossil fuels at the COP28 climate talks. "There is no single solution or path to achieve a sustainable energy future," said a speech by OPEC secretary...
  • China pushes for ‘acceptable’ to all deal on fossil fuel at COP28

    Despite efforts by the OPEC oil cartel to block any text targeting fossil fuels at COP28, Chinese envoy Xie Zhenhua told reporters that "some progress" has been made on the issue. "If we do not resolve this issue, I don't see much chance in having a successful COP28," he said.
  • Fossil fuels usage must end by 2040 to restrict warming to 1.5C

    In a note to the UN Secretary-General Antonio Guterres and UN Climate Change body, shared with AFP, climate scientists from the Potsdam Institute for Climate Impact Research (PIK) and Exeter University said there was very little room for anything but a total phase-out of fossil fuels.
  • Shell eyes $6bn in Nigeria

    The investment opportunities are being explored in offshore gas projects.
  • Egypt to sign agreement on curbing methane emissions

    Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting methane emissions of the petroleum and gas sector in Egypt via the offered technical support. According to the Middle East News Agency (MENA), the agreement is scheduled to be signed...
  • UAE and Turkmenistan pledge to ramp up ties ‘in all fields’

    Dubai, UAE-- The UAE and Turkmenistan have agreed to enhance bilateral ties in all fields, particularly in the development sectors, in the "interests of the two friendly countries and peoples." The resolve to boost ties was expressed during a meeting between UAE's vice president Sheikh Mansour bin Zayed and Turkmenistan...
  • COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action

    Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production have...
  • 134 nations to put food, agriculture in national climate plans

    "This declaration is the moment when food truly comes of age in the climate process, sending a powerful signal to the nations of the world that we can only keep the 1.5 degree goal in sight if we act fast," said the group's CEO Ani Dasgupta.
  • COP28 puts spotlight on state oil giants

    Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but a less visible lineup of powerful state companies dominates the industry. They will all share the limelight at the UN climate talks that opened Thursday in Dubai, as COP28 president...
  • UAE to pump CO2 into rock as carbon capture debate rages

    Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump it into rock -- part of controversial attempts to target planet-heating emissions without abandoning fossil fuels. Using novel technology developed by Omani start-up 44.01, the solar-powered plant will suck carbon...
  • US, Israel intel chiefs in Qatar to explore ‘next phase’ of Gaza truce

    The leaders of the US Central Intelligence Agency and Israel's Mossad were scheduled to meet Qatari Prime Minister Mohammed bin Abdulrahman Al Thani, the source said, adding that Egyptian officials were also taking part. The informed source said CIA director Bill Burns and Mossad head David Barnea would hold a...
  • Every industry should be held accountable on climate, says COP28 president

    Paris, France - The president of a pivotal UN climate summit defended on Saturday the large presence of industry representatives at the negotiations, saying private sector engagement was essential to curb global heating. "Everyone needs to be part of this process and everyone needs to be held responsible and everyone needs...
  • Oil industry faces moment of truth as clean energy transitions advance: IEA

    Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA. The report shows how the industry can take a more responsible...
  • IEA urges oil firms to pour half their investments into clean energy by 2030

    Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean energy by 2030, urging them to face a "moment of truth" at next week's COP28, the largest UN climate change conference ever held. The IEA urged producers to make the...