Middle East
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.
Saudi Aramco Signs MOUs with U.S. Firms for Lower-Carbon Energy Solutions
Saudi Aramco signed three memorandums of understanding (MOU) with U.S. companies Aeroseal, Spiritus and Rondo, the state-owned oil giant said on Friday.
QatarEnergy CEO: Qatar to Sign More Long-Term LNG Contracts This Year
Qatar has not had difficulty securing long-term liquefied natural gas contracts and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad al-Kaabi said at an economic forum on Wednesday.
Saudi Arabia to Reduce Crude Oil Supply to China by 5.8 Million Barrels in June, Sources Say
The supply cuts come after the world's top exporter Saudi Aramco hiked official selling prices (OSPs) for most of its crude to Asia to the highest in five months despite weak refining margins.
Germany's EnBW Signs 15-Year LNG Supply Deal with ADNOC
German utility company EnBW said it has signed a 15-year LNG contract with ADNOC, as Europe boosts LNG imports after Russia's invasion of Ukraine curtailed westbound pipeline gas shipments.
Iran, Pakistan Seek Ways to Complete Long-Delayed 1,180-Mile Gas Pipeline Project
Iran and Pakistan are looking at ways to complete the long-delayed gas pipeline project between the two countries, Iran's Consul General to Pakistan, Hassan Nourian, said on Monday.
U.S. Oil Executive Censure Puts Spotlight on Shale-OPEC Meetings
A U.S. regulator's censure of a top U.S. oil executive over private meetings with the Organization of the Petroleum Exporting Countries (OPEC) group of oil producers has put a spotlight on dinners attended by dozens of shale executives.
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