The Middle East is expected to commence 621 projects between 2023 and 2027, according to data from GlobalData Energy. Out of these, upstream projects would be 81, midstream would be 141, the refinery at 84, and petrochemicals would be the highest with 315 projects. New build projects are expected to lead the upcoming project landscape […]
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African banks invest $16 billion in oil and gas projects
The African Export-Import Bank (Afreximbank) and the African Finance Corp (AFC) have invested about $16 billion in oil and gas projects across Africa, the Guardian reported. This was disclosed at the recent African Refiners and Distribution Association conference in South Africa, where stakeholders urged companies to keep funds within the continent to finance the over […]
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Offshore oil and gas workers threaten mass strikes; demand fair share of profits
Oil and gas workers are planning large-scale North Sea strikes amid bumper profits for fossil fuel firms, which have fueled calls for better pay for employees. About 1,400 workers across five rig-servicing companies plan to strike between late March and early June as part of a dispute over jobs, pay and conditions, potentially shutting down […]
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Kuwait Oil Company declares ‘state of emergency’ after oil spill
Kuwait Oil Company declared a “state of emergency” on Monday following an oil spill on land although no injuries or disruption to production was reported. The emergency followed an “oil leak in the west of the country”, the state-owned company said in a statement, after a video posted by Kuwaiti media showed a gushing pipe […]
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Iraq, TotalEnergies to finalise $27 billion deal soon, says oil minister
French oil major TotalEnergies and Iraq will soon finalise a long-delayed $27 billion energy deal and talks “have reached advanced stages”, Reuters reported, citing Iraqi oil minister Hayan Abdel-Ghani. “We will activate the deal very soon,” Abdel-Ghani said at an energy event. The proposed deal, which Baghdad hopes will revive foreign investment in the country, […]
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Saudi Arabia, Russia confirm oil production cuts until end of 2023
Saudi Arabia and Russia reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023 during a high-level meeting held in Riyadh on Thursday, Saudi Gazette reported. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on […]
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Iraq launches bids for seven oil refinery projects
Iraq has invited investors to build seven oil refineries in various parts of the country as part of a post-war drive to rebuild its oil and gas sector, Zawya Projects reported, citing the local press reports. Bids for three refineries opened on Wednesday while offers for three other refineries will be submitted in April, they […]
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Aramco targets $55 billion investments; eyes increased oil and gas production
Aramco, the world’s most profitable energy company forecast its capital expenditure for 2023 between $45 to $55 billion in its largest spending exercise to date as it looks to increase its output capacity to 13 million b/d by 2027, the Saudi giant said in its full year financial results on March 12. Aramco continues to […]
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Oman ramps up oil production, data shows
Oil production in the Sultanate of Oman increased by 3.6%, reaching 33.23 million barrels by the end of January 2023. Crude oil production recorded 25.9 million barrels, while the production of condensate oil reached about 7.45 million barrels, according to preliminary data issued by the National Center for Statistics and Information. China topped the list […]
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Aramco reports record net income of $161.1 billion on higher oil prices
Saudi energy giant Aramco today announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The exceptional financial performance was underpinned by stronger […]