The decline in revenue is due to lower gas prices.

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011. Over the past decade, Libya has been regularly plagued by clashes...

Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the demarcation of their maritime borders to settle the issue, according to the statement carried by the official Saudi Press Agency (SPA). Recent attempts to revive negotiations have failed.

The Qatari gas firm's net profit rose to US$213m in H1 of 2023.

Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian military operations in Ukraine after a drop in prices reduced the regions appeal. LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since...

On July 11, Prime Minister Mohammed Shia al-Sudani announced that Iraq would start paying for Iranian gas with oil, as a way of circumventing the complicated mechanism. "Work is continuing with the American side concerning unpaid bills, which have fallen to 9.2 billion" euros ($10 billion), Sudani told reporters at...

From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in 2022 when prices surged in the wake of Russia's invasion of Ukraine, but they nevertheless remain comfortably profitable this year. BP was the last to report earnings, reporting Tuesday a...

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies. (AFP) The main opposition Labour party has said it will not issue any new North Sea drilling licenses if it regains power in a general election due next year.

Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points compared to 106.7 points in 2021. According to the data issued by the National Centre for Statistics and Information (NCSI), there was a rise in the prices of main groups...

ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion refinery project here. Aramco will inject the initial 30% equity into the project while Pakistan State Oil (PSO), Pak Arab Refinery (Parco), Oil and Gas Development Company Limited (OGDCL), Pakistan...

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said, crediting last year's surge in oil prices. The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

It will export annually up to 1.2m metric tonnes of LNG.

QE is working to increase LNG production capacity by 64%.

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent overall in June compared with the same month last year, government data showed on Sunday. Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent,...

The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed with the US in order not to violate the sanctions. Gas is crucial for Iraq's electricity generation, but US sanctions on Iranian oil and gas impose restrictions on how Baghdad...

Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies. The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in...

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States to unlock pending payments to Tehran for crucial gas imports. Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third...

TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on Saturday by the UN, after military strongman Khalifa Haftar sought a "fair" split. Haftar, who backs the country's eastern administration, had last Monday called for a committee to address the...

PARIS, FRANCE - Greenhouse gas emissions from agriculture are expected to increase by 7.5 percent in the next decade, said a report by the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD). The projected greenhouse gas emissions are just less than half the projected...

BAGHDAD, IRAQ -  Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of Iraq in the oil and gas sector. Iraqi Ministry of oil said in a statement, “Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul Ghani, met GECF Secretary...

LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and...

Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the industry must "urgently decarbonize its operations and take collective action to eliminate operational emissions".

Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export operations to Europe through the Greenstream pipeline, local media reports said. He noted that an increase in gas exports is currently unfeasible, but could be considered in the future, after...

Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of its ambitious $1.8 billion offshore exploration program. According to Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, the country is developing several exp fields in the Mediterranean Sea,...

Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011.

KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready to start drilling in a disputed gas field in the resource-rich Gulf. Kuwait insisted it held "exclusive rights" to the maritime field along with Saudi Arabia, after the neighboring countries...

PARIS, FRANCE- Common standards unveiled on Monday for companies to report their greenhouse gas emissions could curb misleading climate claims in the corporate world, the chair of the body that wrote the norms told AFP. Currently, most large companies report how many tons of carbon they emit into the atmosphere each...

The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a November deal with China's Sinopec as the longest ever seen in the industry.

The balti -- a curry of spices, coriander, onions, tomatoes and green peppers with meat or fish -- was created by Pakistani migrants to feed hungry customers from nearby pubs.

DOHA, QATAR- The Industrial Production index (IPI) of Qatar for April 2023 reached 106.4 points which is an increase of 2.8 percent compared to the previous month (March 2023), and increased by 2.1 percent, when compared to the corresponding month in 2022. The index of the mining sector showed an...

Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner energy.

"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. "Oil producers need to pay careful...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

Doha, Qatar--QatarEnergy, and its joint-venture partners TotalEnergies, Petrobras, and PETRONAS Petroleo Brasil Ltda. (PPBL) has signed the production sharing contract (PSC) for the Agua-Marinha block. The contract was awarded to the consortium on 19 December 2022 in the 1st Cycle Permanent Offer round by Brazil's National Agency of Petroleum, Natural...

The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050. Investment in clean energy and fossil fuels was equal only five years...

Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages, saying a warm winter had prevented greater difficulties in recent months. "The only thing that saved humanity and Europe this year was a warm winter, and the slowdown in the...

Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3 percent. It said that after very strong growth in 2022 boosted by the World Cup, the...

Tehran, Iran-- Iran is looking to deepen energy ties with Russia as the latter is keen to explore and develop oil and gas projects in the Islamic Republic. This was stated by Russian Deputy Prime Minister Alexander Novak during talks with Iranian Oil Minister Javad Owji in Tehran. He is...

The construction contract was awarded to a joint venture of France's Technip Energies and Consolidated Contractors Company for the North Field South project.

PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by US$1.7 billion despite Western sanctions, the International Energy Agency said on Tuesday. The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month, estimating...

Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of warming relations between the estranged countries. According to Bahrain News Agency, the resumption of flights between Bahrain and Qatar “comes within the framework of the brotherly relations between the two...

ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders and industry stakeholders to explore economic development opportunities as the sector transitions to net-zero. The Aviation Sector Summit, held in collaboration with Boston Consulting Group (BCG), consist of talks, panel...

Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over $500 billion each year to maintain a steady supply, Al Ghais said.

TEHRAN, IRAN - Iranian authorities have arrested eight people for "leading" a workers' strike at a key gas site in the south of the country, local media reported on Sunday. "Eight main leaders of the workers' strike in the South Pars projects have been arrested by the intelligence services," Akbar Pourat,...

The cost to secure thousands of inactive oil and gas wells in the US Gulf of Mexico could top $30 billion, as per research published weighing potential environmental damage against estimated price tag. With new US government funding available for plugging old fossil fuel wells, the authors focused on offshore...

Adjusted earnings rose six percent to $10.6 billion.

Tehran, Iran -- Iranian authorities have arrested managers at a major petrochemical company for backing a workers' strike over pay and conditions in an energy-producing region in the south, Iranian media reported Wednesday. "A number of managers" were arrested for "having supported the acts of counter-revolutionary elements" and "organized strikes"...

The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed a decrease by 2.94% when compared with PPI of February 2023.

The firm had sold its oil sands activities in Canada to SunCor Energy.