NEWS
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Business models to nurture innovation in the energy transition

by Matthew Amlot

Companies need to consider the conditions that they need to cultivate if they are to innovate and produce the technologies needed for a low-carbon future

The United Nations’ Sustainable Development Goals (SDGs) include ambitious energy conversion efficiency targets and to significantly accelerate the deployment of renewable energy by 2030. Along with the Paris Agreement, these international frameworks for action show that the transformation of the energy sector is critical if we are to meet our sustainability targets. Fortunately, technology to […]

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The critical role partnerships play in the future of the energy industry

by Matthew Amlot

Azim Akhmadkhadjaev, First Deputy Minister for the Ministry of Energy in Uzbekistan spoke with Oil & Gas Middle East about how his country handled the pandemic, the role of gas in the energy transition, and the importance of cultivating partnerships for growth

How did the country’s gas sector fare during the pandemic? In 2020, natural gas production decreased by 12%. However, Uzbekistan recovered from this pandemic-induced drop during 2021, achieving more than 95% of pre-pandemic output. Overall, Uzbekistan’s economy was one of the few posting positive growth (1.7%) during the pandemic year. Considering almost the entire volume […]

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Oil price could reach $240 this year if sanctions on Russia supply continue: Rystad

by Angitha Pradeep

This is the largest energy crisis in decades and the impact on the world’s most important commodity is going to be unprecedented, says Rystad Energy’s head of oil Bjørnar Tonhaugen

On Tuesday, the United States imposed a ban on Russian oil exports in its latest effort to intensify sanctions on Russia. In a bid to counter Russia’s invasion of Ukraine, Western nations have pursued a strategy of sanctions to isolate Moscow. Rystad Energy’s Head of Oil Markets Bjørnar Tonhaugen said that prices will skyrocket if […]

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The Middle East’s role in a net zero future

by Matthew Amlot

The Middle East region will continue to be hugely important as an energy player even after the world transitions away from hydrocarbons, Gavin Towler, VP and CTO, Honeywell told Oil & Gas Middle East

The Middle East region is “hugely important” both throughout the energy transition and afterwards, Gavin Towler, the VP and CTO of American conglomerate Honeywell says. Currently, countries across the region are making big bets on the future of energy, often to the tune of billions of dollars. Headline grabbing investments include Saudi Arabia’s $5 billion […]

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Russia sanctions already impacting oil supply, says IEF

by Matthew Amlot

Sanctions cause commodity prices to surge and equities to sink as economic fears increase

Non-energy sanctions have already taken effect on the Russian supply of oil, with reduced supplies, leading to further price spikes and volatility, the International Energy Forum (IEF) said on Monday. Data on exports from Russia’s hubs in the Baltics and the Black Sea have indicated that demand for the country’s oil has disappeared as the […]

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Embracing diversity

by Ahmed AlMughanni

Ahmed AlMughanni, Senior Vice President, Human Capital and Support Services for ADNOC drilling explains how his firm has sought to deepen diversity and close the gender gap

Since at least 2000, the relative lack of diversity in the global oil and gas industry has been a concern for company leaders around the world. According to research conducted by the World Petroleum Council and Boston Consulting Group and released in December 2021, only 22% of the workforce in the global industry are female, […]

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BEEAH Energy, Chinook Sciences sign agreement to develop first waste-to-hydrogen plant in Middle East

by Matthew Amlot

The new plant aims to help the UAE achieve its goal of becoming a low-carbon hydrogen hub

BEEAH Energy and UK-based Chinook Sciences signed an agreement Monday to develop the Middle East’s first waste-to-hydrogen plant. The plant will produce green hydrogen. Hydrogen has often been touted as a fuel of the future, helping to decarbonise industries that are difficult to electrify, such as shipping. Green hydrogen is one form of hydrogen that […]

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Hydrogen could be $1 trillion per year industry by 2050

by Felicity Bradstock

With greater numbers of energy companies and governments investing in hydrogen projects, it could form a major part of the energy mix in the coming years

New reports suggest that the hydrogen market could be worth $1 trillion per year by 2050 as it becomes viewed as a vital energy source in the transition from fossil fuels to greener alternatives. With greater numbers of energy companies and governments investing in hydrogen projects, it could form a major part of the energy […]

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Oil prices likely to go higher as IOCs quit Russia: Experts

by Matthew Amlot

International oil majors have been exiting investments in Russia following the country’s invasion of Ukraine

Oil giants have been exiting their investments in Russia after the country initiated military action in Ukraine. The conflict has caused oil prices to soar as fears have increased regarding supply shortages. The exit from international oil firms is likely to cause prices to continue to rise, experts said. “Oil giants are mostly falling in […]

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bp to exit 19.75% shareholding of Rosneft amid Russia-Ukraine crisis

by Matthew Amlot

Both of bp’s nominated directors will resign from Rosneft’s board with immediate effect

UK energy giant bp announced Sunday that it would be exiting from its 19.75 percent shareholding in Rosneft following Russia’s military action in Ukraine. bp CEO Bernard Looney and bp group chief executive Bob Dudley will both also be resigning from the board of Rosneft with immediate effect. Russia’s action in Ukraine has “led the […]

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