Energy

UAE’s ADNOC Drilling awarded $733 million contract for three AI-powered island rigs

These new rigs will support the growing operations at the offshore Zakum field

ADNOC L&S awards $2.5 billion in contracts to Korean shipyards for 8 LNG carriers

LNG carriers will be delivered by 2028 and time chartered for 20 years to ADNOC Group subsidiaries

Saudi Arabia uncovers seven new oil and natural gas discoveries in Eastern Province, Empty Quarter

In the Eastern Province, two unconventional oil fields were found - Al-Ladam and Al-Farouq

Renewable energy constitutes 44.7 percent of EU electricity production in 2023: Report

Electricity and gas bills decreased in the second half of 2023

UAE: Petrol, diesel prices for July 2024 announced

Petrol prices have reduced for the second time in July after dropping in June

Kuwait Petroleum International acquires 50 percent stake in Italy’s Ecofox

Acquisition marks a key milestone in KPC's Energy Transition 2050 strategy

Saudi Aramco emerges as world’s largest oil company with 259 billion barrels of reserves

The Saudi oil giant produced an average of 12.8 million barrels of oil per day in 2023

Japan’s Mitsui & Co. to begin construction on clean ammonia facility in UAE

Japan Bank for International Cooperation, Sumitomo Mitsui Banking Corp co-finance $27 million loan

UAE among top 10 countries with highest installed solar energy per capita: Report

With a cumulative capacity of 708 watt/capita, the UAE ranked 10th globally and first MEA country on the list

QatarEnergy strikes long-term naphtha supply deal with Japan’s ENEOS Corporation

This agreement builds on the company's successful and long-standing relationship with one of its valued Japanese partners

Global energy demand reaches new high in 2023, fossil fuels maintain dominant share: Report

Energy transition stalls as global primary energy demand rises to 620 Exajoules in 2023

Abu Dhabi’s Masdar signs $3.43 billion deal to acquire Greece’s Terna Energy

Offer values Terna Energy's total equity at 2.4 billion euros with an enterprise value of 3.2 billion euros

PTTEP acquires stake in ADNOC’s Ghasha concession

Adnoc Group owns and operates the Ghasha concession, with a controlling stake of 55 percent

Output at Kuwait’s fully operational Al-Zour refinery reaches 615,000 barrels per day

Al-Zour refinery boosts Kuwait's total refining capacity from 800,000 bpd to over 1.415 million bpd per day

GCC countries improve rankings on energy transition index: Report

The top 10 countries on the energy transition index are all in Europe

QatarEnergy enters 10-year naphtha supply agreement with India’s Haldia Petrochemicals

Agreement commencing in Q2 2024 will be facilitated through QatarEnergy's HPL Global Pte Ltd

ADNOC awards $5.5 billion contract for Ruwais LNG plant

Project to more than double ADNOC’s existing UAE LNG production capacity to around 15mmtpa

OPEC maintains forecast for 2.25 million bpd global oil demand growth in 2024, 1.85 million bpd in 2025

The organization forecasted 2.3 million bpd rise in world oil demand in the second half of 2024

ADNOC Drilling, Alpha Dhabi joint venture raises stake in Gordon Tech for $270 million

Acquisition follows Gordon Technologies' completion of setting up its Abu Dhabi business

ADNOC pays $1.19 billion to ADNOC Distribution bondholders to redeem U.S. dollar denominated bonds

Following the redemption, ADNOC Distribution’s free float remains unchanged at 23 percent

Kuwait new energy strategy takes off but oil still dominates

Revival of projects in the energy sector key to the country’s development

OPEC oil output rises in May, reaching 26.63 million barrels per day

This represents an increase of 145,000 bpd from April

5 key green projects in Dubai that are helping reduce emissions

A solar park, a green hydrogen project and a hydroelectric power plant are some of the initiatives

Upstream oil and gas investment needs to rise 22 percent by 2030 to meet surging demand, $4.3 trillion required: Report

Global upstream oil and gas capital expenditure is expected to grow by $24 billion this year