Analysis Oil & Gas The big deals that shaped oil and gas in 2023 Throughout 2023, Gulf states sought to ramp up their potential production output, even as thoughts turned to Cop28 and an eventual transition away from hydrocarbons. As the year draws to a close, AGBI looks at some of the biggest deals in the regional oil and gas sector in 2023 Jafurah Basin In Saudi Arabia, Saudi […] December 25, 2023
Oil & Gas Angola’s Opec exit points to growing divisions on quotas Angola’s decision to leave the Organisation of the Petroleum Exporting Countries (Opec) over a production quotas dispute will have a limited impact on oil supply but highlights cracks in the organisation’s long-term unity, industry analysts have said. Diamantino Pedro Azevedo, Angolan mineral resources minister, said the African country’s role in the organisation was not deemed […] December 22, 2023
Aviation Wizz Air to add more routes after strong year Wizz Air Abu Dhabi has reported a 150 percent rise in passengers this year. The company, a joint venture between Hungary’s Wizz Air and Abu Dhabi state holding company ADQ, carried 3 million passengers in 2023, up from 1.2 million in the previous 12 months, Johan Eidhagen, the managing director, told AGBI. It also doubled […] December 21, 2023
Oil & Gas BP and Equinor divert tankers from Red Sea Two European oil and gas companies, BP of the UK and Equinor of Norway, have joined a group of shipping lines that are diverting their tankers away from the Red Sea, following missile and drone attacks by Yemen’s Houthi militants. BP said in a statement: “The safety and security of our people and those working […] December 19, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Sustainability Doha-based carbon credit group signs West Africa deal The Qatar-backed international carbon credit programme Global Carbon Council (GCC) has signed a deal to develop decarbonisation projects in West Africa. The Doha-based GCC signed the agreement at the UN climate conference Cop28 in Dubai last week with the West African Alliance for Carbon Markets and Climate Finance (WAA), a group of 16 West African […] December 18, 2023
Video length: 04:21 Oil & Gas ‘Oil will still be needed’ – producers react to Cop28 Saudi Arabia’s energy minister said the final Cop28 deal would not affect the kingdom’s oil and gas exports, as the fossil fuels sector reacted to being included in the climate change conference’s final wording for the first time in its three-decade history. “The text provides alternatives. But I think these texts do not affect our […] December 14, 2023
Renewable Energy Morocco reveals strategy to speed up energy transition Morocco is accelerating plans to add 9 gigawatts to its electricity generation capacity – enough power for nearly 8 million homes – with 7GW coming from renewables. But the country will need to discover or import more gas as it bets on creating a new hydrogen economy, according to Leila Benali, its minister of energy […] December 11, 2023
Oil & Gas Libyan Oil Company commits to cut gas flaring The Libyan National Oil Company is joining the wider global oil and gas industry in committing to near-zero gas flaring by 2030, as part of wider efforts by the state-owned energy producer to reduce greenhouse gas emissions. LNOC chairman Farhat Bengdara said in an interview with AGBI at the UN Cop28 climate conference in Dubai […] December 7, 2023
Energy John Kerry unveils US roadmap for nuclear fusion John Kerry, the US special envoy on climate, has unveiled his country’s roadmap for international collaboration on nuclear fusion. Speaking on the sidelines of the Cop28 summit on Tuesday, Kerry said he believed fusion could provide abundant clean energy without the harmful emissions of traditional sources. “Fusion can be a critical piece of the energy […] December 5, 2023
Energy Arab Energy Fund pledges $1bn for energy transition The Arab Energy Fund, formerly known as Apicorp, is planning to invest up to $1 billion over the next five years in energy transition, including decarbonisation technologies. Based in Saudi Arabia, Apicorp – the Arab Petroleum Investments Corporation – was founded in 1975 by the ten Arab oil-exporting states. The latest investment announcement is part […] December 5, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
Oil & Gas Oil markets stand by ahead of Opec+ meeting Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […] November 29, 2023
Analysis Renewable Energy Adnoc seeks to turn carbon capture into revenue stream In the mountains of Fujairah, in the north of the UAE, an industrial site built by Adnoc sucks carbon directly from the air and converts it into rock. The CO2 is injected into the Hajar mountains, where the peridotite rock is capable of sequestering the greenhouse gas, thanks to technology developed by 44.01, an award-winning […] November 28, 2023
Oil & Gas Opec says IEA has ‘vilified’ oil and gas producers Opec has hit out at the International Energy Agency, saying the IEA has “unjustly vilified” the oil and gas industry by accusing it of being behind the climate crisis. The organisation of leading oil producers responded on Monday to the IEA’s latest report about the industry’s transition to net zero. Its statement highlighted the divergence […] November 28, 2023
Oil & Gas Fossil fuel company valuations set to take a hit The International Energy Agency (IEA) has urged the oil and gas industry to actively participate in the fight against climate change by investing more in clean energy, despite the fact the declining demand for fossil fuels will lead company valuations to decrease by up to 60 percent. The IEA predicts that global demand for oil […] November 24, 2023
Oil & Gas Tensions over quotas and cuts delay Opec+ meeting Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said. Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […] November 23, 2023
Analysis Aviation Mena’s use of green jet fuel ‘needs incentives’ to take off On Wednesday morning, an Emirates A380 took off from Dubai International Airport and headed down the coastline. It’s a familiar route, but this was something new: one of the Airbus’s four engines was 100 percent powered by sustainable aviation fuel. The 45-minute test flight came in a week of advances for sustainable fuels, known as […] November 23, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
Oil & Gas IEA shifts forecast closer to Opec, but expects 2024 surplus The International Energy Agency expects the oil market to shift into surplus in 2024 – implying lower prices – on the back of slowing growth in demand. The IEA, which largely represents Western oil consumer nations, said that this slowdown would be down to efficiency gains and a weakening in the post-Covid rebound. A more […] November 15, 2023
Retail Adnoc Distribution reports 9% quarterly profit rise Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week. The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a […] November 10, 2023
