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SABIC signs MoU with Aramco, PKN Orlen on petrochemical expansion in Central, Eastern Europe

by Matthew AmlotJanuary 13, 2022January 13, 2022

If all parties agree to pursue a petrochemical project they will enter into a separate project joint development agreement

Saudi Arabia-based petrochemical firm SABIC announced it had signed a memorandum of understanding with energy giant Aramco and Polish energy group PKN Orlen for the exploration of potential petrochemical growth or expansion projects in Poland and Central and Eastern Europe. According to a statement, the agreement will help enable the study of several potential collaboration […]

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Middle East Energy Awards 2022: Coming February 23, 2022

by Matthew AmlotJanuary 11, 2022January 11, 2022

With record nominations and an overwhelming industry response, the Middle East Energy Awards is set to come back in physical form on February 23, 2022

Following record nominations for the Middle East Energy Awards, the hosting editors have decided to organise a gala event on February 23, 2022 to be able to further expand the event. We have received overwhelming response and a record number of nominations have been filed from the key industry players in different categories, so we […]

Nabil Al-Nuaim, Chief Digital Transformation Officer, Aramco (Left), Ahmad Al Sa’adi, SVP Technical Services, Aramco, Walid Abu Khalid, Chairman AEC & CEO SAMI, and Ziad Al-Musallam AEC President & CEO, at the signing of a memorandum of understanding between Aramco and Advanced Electronics Company, to accelerate the Kingdom’s digital ecosystem development.

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Aramco, AEC announce partnership focused on accelerating Saudi Arabia’s digital ecosystem

by Matthew AmlotJanuary 3, 2022January 3, 2022

The announcement comes as Aramco pursues several business digitalisation programmes

Saudi Arabian energy giant Aramco and Saudi-based Advanced Electronic Company (AEC) announced late last week that they had signed a memorandum of understanding (MoU) to help promote the localisation of digital businesses in the Kingdom. AEC, a Saudi Arabian Military Industries (SAMI) company, and Aramco said that the MoU would support efforts to enable the […]

Sustainability, reducing greenhouse gas emissions, and the energy transition have been hot button issues for the oil and gas industry as the sector looks to build back from the COVID-19 pandemic. Policy makers around the world have been examining methods to encourage companies to reduce carbon emissions. Among these, instituting carbon pricing, a term referring to a policy that would put a dollar cost on emissions that emitters would have to pay, has emerged as a popular topic of discussion. A new report from multinational professional services firm Pricewaterhouse Coopers (PwC) has found that an international carbon price floor (ICPF) for carbon dioxide and other greenhouse gas emissions could reduce global greenhouse gas emissions by 12.3 percent. Encouragingly, the firm found that the cost of implementing the policy would be equal to less than one percent of GDP, and, more importantly, that this cost would effectively pay for itself by avoiding economic losses associated with global warming. “We found that introducing an ICPF could be done without severe economic damage to livelihoods and business, although the effects would be somewhat uneven across the world. The costs to society and business of failing to act are far greater,” says Robert Moritz, global chairman of the PwC network. PwC analysed a proposal from the International Monetary Fund announced in June to set an ICPF of greenhouse gas emissions that by 2030 would reach $75 per tonne for high-income countries, $50 per tonne for middle-income countries, and $25 per tonne for low-income countries. Importantly, this policy is designed to encourage greenhouse gas emissions to be lowered everywhere, rather than emitters simply moving operations to countries were the cost of greenhouse gas emissions would are lower. Today, carbon is priced anywhere between $0 and $130 per tonne of CO2 equivalent in different territories around the world. As such, countries have been reluctant to place onerous costs on the production of carbon due to the risk of decreasing their international competitiveness. By implementing a global policy, this problem is greatly reduced – along with reducing the possibility businesses shifting carbon production from one area to another in a bid to avoid additional costs, a dynamic referred to as carbon leakage. PwC’s scenario found that an ICPF would not lead to major carbon leakage, but also found that its impact would be uneven across territories and sectors, with lower-income countries that rely heavily on coal for energy being harder hit, for example. As such, PwC noted that examining the use of the revenue gained from carbon pricing would be key to understanding the efficacy of the policy. “The political and technical challenges remain very significant, but we hope the research will encourage countries to consider pricing carbon in such a way that it scales up effort to reach net zero in time to limit the worst effects of climate change on people and our planet,” Moritz says. Revenues that would be raised from a carbon pricing policy would be significant, which could then be used to help ease the transition. In some regions, PwC found that revenues from an ICPF could be as high as three percent of GDP. In the firm’s scenario, these funds are collected and then redistributed to all regions where the revenues were collected, creating, in effect, a carbon dividend which would help households that have been hit by the additional costs caused by the introduction of the ICPF. Additionally, these revenues could be used to supplement innovation research, create jobs, or lower taxes. PwC estimates that for low-income economies, only 13 percent of revenues raised by the ICPF in high-income economies would be needed to compensate for GDP losses caused by the policy. In particular, the firm points to the South African Customs Union and China as regions which would be most heavily impacted by the ICPF. In these regions, PwC believes carbon pricing revenues could reach 2.8 percent and 1.7 percent of GDP, respectively. “The results of analysis of the ICPF are extremely positive. Public-private cooperation will be key for next steps and to accelerate efforts for a more sustainable and inclusive recovery,” Børge Brende, President at the World Economic Forum says. The firm also analysed the differences between the application of an ICPF if it were limited only to high-income countries versus middle-income countries as well. PwC found that if only high-income countries were included, the global emission drop would reach just 1.9 percent, compared to estimated 2030 figures without an ICPF. However, if middle-income countries, particularly China, are included then the drop in emissions would jump to eight percent. For the 12.3 percent figure to be hit, an ICPF would need to be applied to all countries globally. If the ICPF were implemented globally, and when combined with countries’ existing pledges for emission reductions, global warming could be limited to 2C, the firm said. While this figure is still significantly higher than the 1.5C limit that scientists have previously pointed to as essential to prevent catastrophic climate damage, PwC believes that an ICPF, combined with additional climate ambition and action, would give the world a much greater chance of adhering to 1.5C.

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Carbon pricing could be vital in preventing severe climate change

by Matthew AmlotDecember 26, 2021December 26, 2021

The policy represents an effective way to reduce emissions, while paying for itself in revenues gained, PwC finds

Sustainability, reducing greenhouse gas emissions, and the energy transition have been hot button issues for the oil and gas industry as the sector looks to build back from the COVID-19 pandemic. Policy makers around the world have been examining methods to encourage companies to reduce carbon emissions. Among these, instituting carbon pricing, a term referring […]

M701JAC gas turbine for the Fujairah F3 power plant

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Mitsubishi Power ships natural gas power plants to UAE

by Matthew AmlotDecember 16, 2021December 16, 2021

The plant will the the largest natural gas fired gas turbine combines cycle (GTCC) facility in the UAE

Mitsubishi Power announced Thursday that it had shipped three M701JAC gas turbines to the Fujairah F3 power plant in the UAE from its Takasago Machinery Works in Hyogo Prefecture. The plant will the the largest natural gas fired gas turbine combines cycle (GTCC) facility in the UAE. “This project is the first in the Middle […]

Peter Wood, the chief energy adviser for Shell

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The uneven, uncertain future for energy

by Matthew AmlotDecember 12, 2021December 12, 2021

Shell Chief Energy Adviser Peter Wood explains to Oil & Gas Middle East the outlook for the energy industry's transition to renewables

The energy transition and the fight against climate change are big, bold ideas that have consistently been making their way up the table in terms of importance among policy makers, industry stakeholders, and the general public. While industry leaders across the board are investing in climate action initiatives, disagreements persist around how to decarbonise effectively […]

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Saudi Arabia’s Aramco, India’s Larsen & Toubro announce collaboration on manufacturing

by Matthew AmlotDecember 7, 2021December 7, 2021

Construction is due to start on the facility imminently, with production expected to begin by Q3 2022

Saudi Arabian energy giant Aramco and Indian conglomerate Larsen & Toubro (L&T) announced Tuesday that the two firms would work to develop manufacturing capabilities in the Kingdom. The two companies signed a Memorandum of Understanding outlining how the collaboration would take place, with L&T’s efforts to establish the region’s first Heavy Wall Pressure Vessels facility […]

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Saudi Aramco signs agreements with five French firms on hydrogen, CCS and more

by Matthew AmlotDecember 5, 2021December 5, 2021

The agreements were signed at an event held in Jeddah.

Saudi Arabian energy giant Aramco announced Saturday that it had signed five agreements with French companies on a variety of projects. The agreements included an announcement between Aramco and French renewable energy technology firm Gaussin to establish a modern manufacturing facility in Saudi Arabia focused on on-road and off-road hydrogen powered vehicles. In a statement, […]

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Saudi oil giant Aramco awards $10bn worth of contracts for Jafurah field development

by Matthew AmlotNovember 30, 2021November 30, 2021

The field will make Saudi Arabia one of the world’s largest natural gas producers.

Saudi Arabian energy giant Saudi Aramco announced Tuesday that it would start the development of the Jafurah unconventional gas field, the largest non-associated gas field in the Kingdom. In addition, Aramco announced that it had awarded subsurface and engineering, procurement, and construction (EPC) contracts worth $10 billion. The capital expenditure of the Jafurah field is […]

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IBM, AWS to accelerate digitalisation in oil & gas sector

by Carla SertinNovember 17, 2021November 30, 2021

The collaboration will bring together AWS and IBM Open Data for Industries for a comprehensive OSDU data solution

IBM and Amazon Web Services will work together to pair IBM Open Data for Industries for IBM Cloud Pak for Data and the AWS Cloud to serve energy customers. The solution is built on Red Hat OpenShift and will run on the AWS Cloud, simplifying the process of running workloads in the AWS cloud and on-site. The companies also […]

Search results

SABIC signs MoU with Aramco, PKN Orlen on petrochemical expansion in Central, Eastern Europe

Middle East Energy Awards 2022: Coming February 23, 2022

Aramco, AEC announce partnership focused on accelerating Saudi Arabia’s digital ecosystem

Carbon pricing could be vital in preventing severe climate change

Mitsubishi Power ships natural gas power plants to UAE

The uneven, uncertain future for energy

Saudi Arabia’s Aramco, India’s Larsen & Toubro announce collaboration on manufacturing

Saudi Aramco signs agreements with five French firms on hydrogen, CCS and more

Saudi oil giant Aramco awards $10bn worth of contracts for Jafurah field development

IBM, AWS to accelerate digitalisation in oil & gas sector

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