ACWA Power announes H1 2022 results

ACWA Power reports consolidated net profit of SAR542m in H1 2022, reflecting a 21% YoY rise

ACWA Power reported an adjusted net profit of SAR516m, which was marginally lower than the adjusted net profit of SAR520m earned during the same period last year

OPEC sees global oil market tipping into surplus this quarter

OPEC cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day

Saudi Aramco plans to go big carbon storage

Saudi Aramco plans to go big on carbon storage

Saudi Aramco plans to begin permanently storing carbon dioxide from 2026 in one of the largest facilities of its kind, as the state oil giant seeks to reach its goal of net-zero emissions by 2050

Kalyon Enerji Turkey

Abu Dhabi’s IHC acquires 50% stake in Turkish clean energy company Kalyon Enerji

Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the construction, energy and aviation industries

ADNOC awards ADNOC L&S Dhs4.3bn contract to hire jack-up barges to boost offshore operations

ADNOC awards Dhs4.3bn contract to hire jack-up barges to boost offshore operations

The contract was awarded to ADNOC Logistics & Services, which will provide 13 self-propelled jack-up barges to be deployed across ADNOC’s offshore fields

DEWA announces Dhs12.08bn revenue in H1 2022

DEWA announces net profit of Dhs3.30bn for H1 2022

DEWA also reported its second quarter 2022 financial results, recording quarterly revenue of Dhs7.01bn and net profit of Dhs2.61bn

Oil edges lower as market tightness eases, pipeline restarts

Oil edges lower as market tightness eases, pipeline restarts

West Texas Intermediate declined toward $91 a barrel in early Asian trading

EWEC and ADDED sign agreement/ image: WAM

UAE’s EWEC, ADDED collaborate to enable adoption of Clean Energy Certificates

The Abu Dhabi Department of Energy issued the Regulatory Policy for Clean Energy Certificates in August 2021 to drive the transition to a sustainable decarbonised energy sector

TAQA-Generation Abu Dhabi

Abu Dhabi National Energy Company reports net income of Dhs4.3bn in H1 2022

The group revenues were Dhs25.4bn, 15 per cent higher than the prior-year period, primarily due to higher commodity prices within the oil & gas segment

ADNOC Distribution reports net profit of Dhs1.56bn in H1 2022

ADNOC Distribution reports net profit of Dhs1.56bn in H1 2022

ADNOC Distribution accelerated its growth strategy throughout H1 2022, with the opening of 12 new stations in the UAE

Oil steadies as Traders weigh Russian pipeline halt, stockpiles

Oil extends 10% weekly drop as demand concerns spur caution

Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop

Masdar-Tanesco sign JDA

Masdar, Tanzania’s TANESCO sign agreement to develop renewable energy projects

The two companies are initially targeting the development of renewable energy projects with a capacity of about 600 MW

ADNOC awards Adnoc drilliing two contracts

Contracts worth over Dhs12.6bn awarded to ADNOC Drilling to expand offshore drilling activities

Over 80 per cent of the contract value will flow back into the UAE’s economy under ADNOC’s In-Country Value program

DEWA Innovation Centre launches second CleanTech Youth Programme

The programme targets young leaders from various fields to develop their knowledge and expertise in the field of clean and renewable energy

Shell records strong performance in second quarter, adjusted earnings of almost $11.5bn

$6bn share buybacks are expected to be completed by Q3 2022 results

OPEC+meeting

OPEC+ agrees to increase 100,000 barrels a day for September oil production

For July and August, the group had pledged to add more than 600,000 barrels a day to the market

Saudi-Aramco signs MoU with SInopec

Saudi Aramco, China’s Sinopec sign MoU to boost strategic collaboration

The companies are looking at opportunities to establish a local manufacturing hub in King Salman Energy Park in Saudi Arabia

Servomex sets up at AD Airport Free zone/ Image couretsy: WAM

Global gas services company Servomex launches operations at Abu Dhabi Airports Free Zone

Servomex designs, manufactures and distributes a wide range of industrial gas analysis products and services, including combustion analysers, process analysers, emissions analysers, and sensing technology

Masdar Solar energy_pexels-pixabay-356036-800x526-1

Masdar announces financial close on Garadagh Solar PV Plant in Azerbaijan

The project will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes

Oil declines as OPEC+ decision on production takes center stage

Oil declines as OPEC+ decision on production takes center stage

Ahead of the OPEC+ session, the American Petroleum Institute reported that US crude stockpiles expanded by more than 2 million barrels

OPEC Haitham Al Ghais

Haitham Al Ghais takes office as OPEC Secretary General

He was appointed for a three-year term at the special meeting of the OPEC Conference held on January 3

Oil August 1

Oil drops at start of week as China data raises demand concerns

West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July

ADNOC DISTRIBUTION gets 50% STAKE IN TOTALENERGIES EGYPT

ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt

The acquisition is expected to be completed in Q1 2023 pending satisfaction of certain conditions, including customary regulatory approvals

ADNOC Second-Gas-Discovery

ADNOC announces second gas discovery from Offshore Block 2 Exploration Concession

According to ADNOC, the discovery from a new deeper reservoir indicates between 1–1.5 trillion standard cubic feet of raw gas

Borouge announces strong revenue growth of 16.4% YoY

Borouge announces strong revenue growth of 16.4% for H1 2022

Borouge reported that the adjusted EBITDA increased 1.7 per cent to $1,512m, whilst net income increased 2.5 per cent to $853m

Oil extends gains after US crude stockpiles drop, exports soar

Oil extends gains after US crude stockpiles drop, exports soar

West Texas Intermediate futures climbed near $98 a barrel after closing 2.4 per cent higher in the previous session

Oil

Oil slips as investors weigh demand outlook ahead of Federal Reserve meet

West Texas Intermediate futures edged lower toward $96 a barrel after rising 2.1 per cent on Monday

DEWA announces spend of Dhs40bn in next five years on projects

DEWA to invest Dhs40bn in water, electricity projects in next five years

DEWA says it will continue to invest in and enhance renewables’ generation capacity

ACWA and Posco sign MoU ACWA's Paddy Padmanathan

ACWA Power, POSCO Holdings to jointly explore the production of green hydrogen and green ammonia  

The agreement will involve the joint development of green hydrogen and green ammonia, to decarbonise South Korean POSCO Group’s power generation, and its steel manufacturing processes

Oil August 1

Saudi crude exports set to rise in July on stronger China flows

Shipments for June were the lowest since September