Shell announced a plan to divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses
The state energy firm offloaded 880 million shares at Dhs3.90 apiece, approximately 70 per cent above the IPO price of Dhs2.30
ADNOC’s first investment in Mozambique complements its efforts to expand its lower-carbon LNG portfolio to meet growing gas demand and support the transition to cleaner fuel sources
Saudi Arabia and Japan signed over 30 memorandums of understanding during the bilateral talks between the Crown Prince and Japanese PM
The fund has already begun building a portfolio of assets in the western Balkans region, with two wind farms totalling 456 MW
Crude exports from the world’s largest oil exporter increased 1.5 per cent to 6.413 million barrels per day in March
The 11.7 per cent equity stake in Phase 1 of Rio Grande LNG marks ADNOC’s first strategic investment in the US and complements its efforts to expand its lower-carbon LNG portfolio
This investment will help reduce carbon emissions and reliance on imported fuels, aligning with Japan’s domestic and international emission reduction targets
The drilling firm has incorporated Turnwell Industries to service the contract and explore future opportunities
Despite the volatility in the region, oil prices moved only slightly
The field has production capacity of up to 100 million standard cubic feet of gas per day
ADNOC has been stepping up its global expansion in recent years, including building trading operations since 2018
Equities, which tend to move in tandem with oil prices, rose on the rate cut hopes, with the Dow reaching an all-time high of 40,000 for the first time
Qatar, one of the world’s largest LNG exporters, announced an additional expansion of its LNG production in February
The company’s earnings before interests, taxes, depreciation and amortisation rose by 4.9 per cent to reach Dhs5.5bn
Mubadala’s Indonesian unit said the company was fully aligned with Jakarta’s desire to accelerate the project
OPEC sounded an upbeat tone on the economic outlook as well as future oil demand
The Tangkulo-1 discovery aligns with the company’s gas-focused strategy and serves as a significant milestone in the region’s development
Iraq has repeatedly said it is committed to voluntary cuts but pumped over its output quota by a cumulative 602,000 bpd
The market share of OPEC crude has fallen to a multi-decade low of 27 per cent after Angola’s exit at the end of last year
The visit is a continuation of long-standing engagement between the US and this region
The volume of Saudi crude to be loaded for China is estimated to fall by 5.8 million barrels in June from 45 million barrels in May
The wind farm, which is on track to start operations by the end of the year, will consist of 50 wind turbines built on monopile foundations
The oil major reported a 14 per cent decline in first-quarter net income to $27.3bn in the three months to March 31
Power cuts are hurting Egypt’s small businesses that play a crucial role in an economy where growth has slowed
Saudi Arabia raised the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June
The move by Reliance comes as India, the world’s third-biggest oil importer and consumer, is looking to diversify its oil supplies
Oil inventories and prices close to the long-term average imply ministers are likely to decide to keep output unchanged, based on their behaviour in the past
The announcement comes just ahead of a June 1 meeting in Vienna of the OPEC+ alliance
SABIC’s fall in net profit is attributed to lower revenues, lower results and losses from discontinued operations