Middle East

WoodMac: National Oil Company International M&A Spending Hits 20-Year Low

Despite a surge in mergers and acquisitions by international oil companies, national oil companies have significantly reduced their international spending from a decade ago, according to Wood Mackenzie.

Iran to Receive 300 Million Cubic Meters of Russian Gas Daily: Oil Minister

Iran will receive 300 million cubic meters of Russian gas daily, the official IRNA news agency reported Iran's oil minister Javad Owji as saying on Wednesday.

Aramco Finalizes Deal to Acquire 50% of Air Products Qudra's Blue Hydrogen Business

Saudi oil giant Aramco has signed final agreements to buy 50% of the blue hydrogen industrial gases business of Air Products Qudra, it said on Tuesday, continuing the kingdom's drive to become a major hydrogen producer.

ADNOC Gas Awards $550 Million in Contracts to Expand UAE Gas Pipeline Network

ADNOC Gas has agreed to transfer ownership of the $2.4 billion UAE gas pipeline expansion project to ADNOC. This transfer aims to enhance the capacity for natural gas delivery to the Northern Emirates.

Kuwait's KPC Makes ‘Giant’ Oil Discovery in Al-Nokhatha Field

Kuwait Petroleum Corp. (KPC) said on Sunday it had made a "giant" oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels.

Kurdish Oil Smuggling to Iran Flourishes

Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan's capital Erbil, clogging the Iraqi region's often winding and mountainous highways.

Shell Invests in Abu Dhabi's Ruwais LNG Project, Eyes Expansion in Global LNG Portfolio

Shell Overseas Holdings Ltd. has announced plans to invest in ADNOC’s Ruwais LNG project, securing a 10% participating interest in the venture.

ADNOC to Allocate 40% Stake in Ruwais LNG Project to Shell, TotalEnergies, BP, and Mitsui, Sources Say

The four companies are expected to get a stake of 10% each in the project which will more than double UAE's output of the sea-borne fuel and is expected to produce about 9.6 million metric tons per annum by late 2028, the sources said.

U.S. Senate Probes Oil Producers for Alleged Price Collusion with OPEC

The U.S. Senate budget committee on Thursday launched a probe of domestic oil producers about any efforts to illegally coordinate oil prices with OPEC, in the latest effort by Democratic lawmakers to pressure energy companies.

ADNOC Explores Potential Bid for Australian Gas Giant Santos, Sources Say

Abu Dhabi National Oil Company (ADNOC) is in the preliminary stages of exploring a possible bid for Australian gas supplier Santos, two people with knowledge of the plans said, speaking on condition of anonymity.

China Backs Kazakhstan's BRICS Bid, Strengthens Energy Ties

China and Russia are pushing for the expansion of the BRICS grouping, which also includes Brazil, India and South Africa, as they seek to counter Western economic dominance.

Report: LNG Market Equilibrium Fragile Due to Supply Issues

The global LNG market remains tight despite lower prices and a 2.1% growth in 2023, reaching over 401 million tonnes, according to the International Gas Union's (IGU) 2024 World LNG Report.

Turkmenistan Signs Deal to Supply Gas to Iraq Through Iran Swap Agreement

Turkmenistan has signed a swap deal with Iran under which Ashgabat will sell 10 billion cubic meters of natural gas a year to Iraq, the Turkmen government said on Wednesday.

Saudi Arabia Discovers Seven New Oil and Gas Deposits

Saudi Arabia's energy minister announced on Monday the discovery of seven oil and gas deposits in the kingdom's Eastern Province and Empty Quarter, the official Saudi news agency SPA reported.

Aramco Awards $25 Billion in Contracts for Strategic Gas Expansion

Aramco has announced contracts totaling over $25 billion to advance its strategic gas expansion efforts. This initiative aims to achieve a more than 60% increase in sales gas production by 2030 compared to 2021 levels.

Dealmakers Optimistic for 2024 M&A Recovery Despite Slow Q2 Growth

Global mergers and acquisitions (M&A) activity grew at a sluggish pace in the second quarter, yet many dealmakers are upbeat, forecasting transactions will pick up in the second half of 2024.

Sempra Signs 20-Year Deal to Supply LNG to Aramco from Port Arthur Project

Aramco and Sempra have signed a non-binding agreement for a 20-year sale and purchase agreement for 5 million tonnes per annum of LNG from the Port Arthur LNG Phase 2 expansion project.

Gazprom Signs Memo with Iran for Russian Gas Supplies

Russian energy giant Gazprom has signed a memorandum with the National Iranian Gas Company (NIGC) to supply Russian pipeline gas to Iran, it said on Wednesday.

Trafigura Charters Supertanker to Load Diesel from Middle East

Global commodities trader Trafigura loaded diesel onto a supertanker in the Middle East this week, taking advantage of lower freight rates for crude tankers to send more fuel to the West, according to shipping data and several trade sources.

Vallourec Extends Abu Dhabi Oil Contract, Secures New Order

Vallourec has signed a two-year extension to its contract with the National Oil Company of Abu Dhabi, originally worth around $900 million.

Global News June 2024

Latest industry developments from around the world!

OPEC Sees No Peak in Long-Term Oil Demand, Secretary General Says

OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.

NextDecade, Saudi Aramco Ink 20-Year LNG Supply Deal

U.S. liquefied natural gas provider NextDecade has signed a non-binding agreement with Saudi Aramco to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday.

ADNOC Awards $5.5 Billion of Contracts for Ruwais LNG Plant

ADNOC has awarded contracts worth $5.5 billion to build its Ruwais project which will more than double the United Arab Emirates LNG output, the Abu Dhabi Media Office said on Wednesday.

Wood Completes FEED for Aramco's Carbon Capture Hub in Saudi Arabia

Wood has finalized the front-end engineering and design (FEED) for Aramco's Accelerated Carbon Capture and Sequestration project in Saudi Arabia.

Rosneft's Sechin Criticizes Increase in Spare Oil Output Capacity in Middle East, West

He said that combined spare oil production capacity of Saudi Arabia, United Arab Emirates, Kuwait and Iraq stood at 5.6 million barrels per day, or 13% of OPEC+ current output.

Sinopec Unit Secures $1.1 Billion Deal to Build Gas Pipelines for Saudi Aramco

A Sinopec service unit said on Thursday it has signed a $1.10 billion deal to build natural gas pipelines for Saudi state oil company Aramco.

Iraq Calls For Urgent Meeting To Resume Iraq-Turkey Oil Pipeline Exports

Traffic via the Iraq-Turkey oil pipeline (ITP), which once handled about 0.5% of global oil supply has been halted, stuck in legal and financial limbo, since March 2023, and talks to resume the exports have stalled.

U.S. LNG Export Pause Creates Opportunities for Middle East Producers, Says Woodside CEO

A moratorium on new U.S. LNG export projects could open up opportunities for producers in the Middle East and Russia, but Western sanctions are curbing Moscow's ambitions to expand its global gas trade, a senior industry official said.

Saudi Crown Prince Assures Japan of Stable Oil Supply Amid Postponed Visit

The crown prince told Kishida that "Saudi Arabia remains committed to the stable supply of crude oil to Japan and that Saudi Arabia would like to cooperate with Japan in other areas including the field of clean energy," it said.