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TotalEnergies of France has been given a 25% share in the world’s biggest natural gas field in Qatar. QatarEnergy, a state-owned company, will hold the remaining 75% of the company. The new joint venture will own a quarter of the 32 million tons per annum (Mtpa) North Field East (NFE) project, which is comparable to […]
Many Middle Eastern economies rely on fossil fuels to finance their budgets and sustain economic activity. The Middle East produces a third of the world’s oil. Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait, and Qatar are among the leading fossil fuel producers in the world. The Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, […]
As global oil and gas prices continue to rise, profits at the state-owned energy company, Saudi Aramco increased by 82% in the first quarter, with net income reaching $39.5 billion (£32.2 billion). During the first quarter, the Company maintained its remarkable track record as a worldwide energy supplier, achieving 99.9% dependability in deliveries to clients. […]
As global markets tighten due to the EU’s consideration of barring Russian supply, OPEC (Organization of the Petroleum Exporting Countries) and its allies once again confirmed a minor monthly rise in output. Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela are the current […]
Prime Minister Justin Trudeau of Canada announced a major federal investment in Stellantis’ project funding, which will modernize assembly plants and boost electric car production (EV). By 2035, the Canadian government plans to have 100% of new light-duty vehicle sales be zero-emission vehicles (ZEVs). By 2050, the government wants to reduce carbon emissions to zero. Stellantis […]
The construction of the first Waste-to-Energy facility is completed in Sharjah, UAE. The project, Emirates Waste to Energy Company, is a joint venture between Masdar and Bee’ah, the Middle East’s leading, award-winning environmental management company. With the signing of the Joint Development Agreement at ADSW 2017, Bee’ah and Masdar officially declared their relationship. The project […]
Gazprom, a Russian energy company, said today that it had cut off gas supplies to Bulgaria and Poland for failing to pay in roubles, the Kremlin’s harshest reprisal yet to international sanctions over the Ukraine crisis. Russian President Vladimir Putin has requested that “unfriendly” countries pay for gas in roubles or face being shut off, […]
Energy costs have risen faster than projected, and certain supply chain disruptions caused by the pandemic were expected to last until 2022. The Russian invasion of Ukraine in February shook Middle Eastern and North African stock markets and oil sectors. All these factors pose a particular problem for largely import-dependent countries like the Gulf states […]
On Monday, the Biden administration announced that it will revert to an Obama-era plan that would allow the government to lease up to 52 percent of Alaska’s National Petroleum Reserve for oil and gas exploration. It overturns the Trump administration’s decision to open up 82 percent of the reserve. The action comes after the Bureau […]
Egypt has announced two large commercial agreements to expand the country’s production of green ammonia. In Ain Sokhna, Egypt’s Suez Canal Economic Zone signed a $3 billion deal with a partnership led by EDF Renewables and the Egyptian sovereign wealth fund to produce up to 350,000 tons of green energy for ship fueling. The General […]
The majority of India’s oil imports come from the Middle East, with Iraq and Saudi Arabia being the top two suppliers. After the kingdom hiked the official selling price (OSP) to record highs for Asia, at least two Indian refiners plan to buy less Saudi oil in May than normal. Saudi Aramco, the world’s largest […]
The oil giant PETRONAS has signed a Memorandum of Understanding (MoU) with ExxonMobil Exploration and Production Malaysia Inc. to explore opportunities in carbon capture and storage (CCS) technologies to help decarbonise Malaysia Malaysia’s upstream industry and provide CO2 storage solutions for the region. Under the terms of the MoU, both parties will assess the viability […]
