The company's revenue rose 30 percent to $452 million in 2021.

French giant TotalEnergies signed a $27-billion contract to invest in oil, gas and solar production in Iraq Sunday, as the country faces an acute energy crisis. The announcement of the deal, supposed in part to reduce Iraq's reliance on fossil fuels, came as Oil Minister Ihsan Ismail signed the contract...

The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).

The company aims to cut emissions by 50 percent by 2030.

Lebanon’s Fuel Distributors Representative Fadi Abu Chakra has confirmed that "there is no diesel oil crisis" in the country. The rumors of oil crisis started to circulate after a ship carrying 42 thousand tons of diesel met with a marine accident due to strong winds near the Amchit coast. Abu...

Around 60,000 metric tons of diesel, which is the seventh shipment of the Saudi oil derivatives grant for Yemen, arrived in Aden, media reports said. The oil derivatives grant is provided by Saudi Arabia to Yemen under the Saudi Development and Reconstruction Program for Yemen (SDRPY) to fuel the monthly...

From oil prices to company stocks buoyed by positive results, several factors resulted in changes in key benchmark indices.

GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies making significant progress.

The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of Abu Dhabi. Interim results from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 – 2 trillion standard cubic feet (TSCF)...

Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.

The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in March.

The island's economic woes have left thermal power generators unable to keep the lights on, as traders run desperately low on foreign currency to fund imports.

ExxonMobil reported a profitable fourth-quarter Tuesday to conclude a strong comeback year in 2021 on higher oil prices amid recovering energy demand.

Analysts expect that this meeting will decide to boost output by 400,000 barrels per day in March, in line with their strategy to slowly re-open the taps since May last year.

The Emirati indices managed to show gains throughout the week, while the Saudi index was unchanged.

A US judge on Thursday canceled the sale of oil and gas exploration leases of some 80 million acres in the Gulf of Mexico, after a coalition of environmentalist groups sued President Joe Biden’s administration to stop the drilling, citing major concerns.

Finance Minister of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that his government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislative framework and infrastructure to allow exchanges to consolidate their presence regionally and globally. Sheikh Maktoum added...

According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5% in November 2021.

The ministry of oil endeavors to support all initiatives and efforts to gradually shift from traditional to clean and renewable energy

The surge in oil prices fueled the start of the week's high for the Saudi stock market, while the UAE indices fluctuated throughout the week.

Turkey's state oil operator Botas said the fire at the pipeline had been fully extinguished late on Tuesday, but gave no indication for what caused the blast. It said early on Wednesday that ‘all the necessary precautions have been taken,’ and oil flows would resume later in the day.

Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus variant, the Organization of Petroleum Exporting Countries said on Tuesday. But the Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global...

Oman and the United Kingdom have agreed to bolster relations and high-value investment volume, Omani media reports said. To this effect, an agreement of partnership was signed in London between the Oman Investment Authority and the British Office for Investment. The agreement of partnership aims to invest in specific fields,...

Dana Gas and its partner Crescent Petroleum have reported record sales gas production from their operations in the Kurdistan Region of Iraq (KRI), reaching 452 million standard cubic feet per day (MMscf/d) at the end of 2021. The production milestone is the culmination of numerous process improvements at the Khor...

Poland's state-owned refiner PKN Orlen announced Wednesday plans to sell oil assets to Saudi Aramco and Hungary's MOL in order to meet EU conditions for its merger with domestic rival Grupa Lotos. Saudi Aramco will buy a stake in Lotos's refinery and MOL will purchase several hundred Lotos petrol stations...

Over the week, crude prices gained about 5 percent and on Friday Brent exceeded $83 per barrel.

Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.

The company slumped into a huge loss in 2020.

The FAO’s Food Price Index, which tracks monthly changes in international prices, averaged 125.7 points.

The Oil Minister of Iran Javad Owji has said that his country has not faced the need to cut the gas in any area despite decreased pressure problem, and thanked his colleagues and people for it, Iranian media reports said. The petroleum minister was referring to the gas consumption in...

Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022 in compliance with its new crude output quota after the OPEC and non-OPEC alliance's decision to upwardly adjust output level by 400,000 bpd as of next month. Deputy Prime Minister...

At the global scale, 56.5 percent of oil reserves and 26.7 percent of natural gas reserves are owned by Arab countries.

The Gulf financial markets ended 2021 on the rise, waiting to achieve significant gains next year.

Dana Gas has received a payment of $39 million (AED143 million) from the Egyptian Government in December, the company announced Wednesday. The payment reduced its receivables in Egypt to its lowest levels at below $30 million since commencing operations there in 2007, local media reports said. It complements a year...

Saudi Arabia’s overall merchandise exports increased by 90 percent in October 2021 compared to October 2020, when international trade was impacted by the lockdowns and the travel bans due to the breakdown of Covid-19 in many world countries. According to the international trade report for Oct. 2021, released by the...

With the worst of the repercussions of Covid-19 expected to be in the rearview mirror, there are some specific sectors Saudi Arabia is focusing on in 2022.

The International Energy Agency warned in May that an immediate halt to new investment in fossil projects is needed if the world is to reach net-zero carbon emissions by 2050 and to stand any chance of limiting warming to 1.5 degrees C.

The economy of Iraq depends upon oil as it constitutes 45 percent of the GDP and affects about 80 percent of the growth of the economy, contributing to 93 percent of the government’s revenues.

Iran has agreed to accept Ceylon tea in payment for a Sri Lankan oil debt valued at $251 million, Iranian media reported Thursday. "In recent negotiations, we reached a written deal to reimburse Iran's debt and interest on it in the form of a monthly shipment of tea produced in...

The country is aiming for a budget surplus for the first time in eight years amidst increasing oil prices and the gradual opening of global markets, say market research firms.

ADNOC announced on Wednesday "significant conventional oil, condensate and gas discoveries" of up to 1 billion barrels of oil equivalent (BOE) from an exploration well in Abu Dhabi’s Onshore Block 4 Concession, which is operated by Japan’s INPEX/JODCO. ADNOC announced the discovery on a Twitter post and said it comprises...

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be "more comfortable" in 2022, the International Energy Agency said on Tuesday. The oil market "appears to stand on a better footing than it has for some time," the IEA wrote in its...

Oil and gas returns are set to comprise 68 percent of total revenues, against 32 percent for non-oil and gas revenues.

Total expenditures were budgeted at SAR955 billion, and revenues at SAR1.045 trillion, giving a surplus of SAR90 billion.

Iran's Vice President for parliamentary affairs, Mohammad Hosseini said his country stood by Syrian people and government to the best of its ability to help preserve its territorial integrity.

The 2022-2023 budget allocates about $5 billion to boost "defense capacities and strategic research", up from $4 billion the previous year.

The oil production in Majnoon Oil field will be increased to 450,000 barrels per day, said the Oil Minister of Iraq, Ihsan Abdul Jabbar Ismail.

US giant ExxonMobil and Qatar Energy signed a contract Friday for oil and gas exploration and production-sharing off the divided island of Cyprus despite Turkey’s opposition to the deal. Cypriot Energy Minister Natasa Pilides, Varnavas Theodosiou, CEO of ExxonMobil Cyprus, and Ali al-Mana, director of Qatar Energy’s International Upstream and...

A minister said the rise in budget was due to the ‘temporary increase’ in expenses related to the World Cup.

The deficit had fallen to RO1 billion ($2.6 billion) by October-end from RO2.71 billion ($7.05 billion) during the same period in 2020.