#oil and gas

SNB Capital launches fund with a focus on oil and gas

Saudi Arabia’s SNB Capital launches $230m oil and gas fund

The transaction creates a unique opportunity to acquire a large-scale portfolio with a production capacity of 600,000 barrels of oil equivalent per day


OPEC’s Al Ghais: We stand by our forecast of long-term demand for oil

OPEC raised its world oil demand forecasts for the medium and long term in its annual outlook published in October

Oil rig - OPEC

OPEC+ leaves oil production levels unchanged, to review production cut extension in March

OPEC said its “committee will continue to monitor” countries’ conformity with output decisions

Arabian Drilling posts SAR920m on higher rig activity

Arabian Drilling’s Q3 revenue surges by 16% on higher rig activity

The company’s Q3 2023 net income remained flat QoQ, with the increase in operating profit mostly offset by higher finance costs


ADNOC to acquire 30% equity stake in Absheron gas field

The first gas from Absheron was successfully delivered in early July 2023

oil refinery

Saudi’s Nesma & Partners to acquire Dubai-based energy services firm Kent

The completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions

ADNOC Drilling

ADNOC Drilling acquires two new jack-up rigs for $220m

The rigs will become operational in the fourth quarter of 2023

Arabian Drilling operations

Arabian Drilling’s Q1 revenue surges by 4% to SAR779m

The drilling company’s earnings before interest, taxes, depreciation and amortisation in Q1 2023 reached SAR323m, with a margin of 41.5 per cent

Aramco’s Abha bulk plant

Saudi Aramco Q1 profit drops to $31.9bn on lower oil prices

Global crude oil prices declined in the first quarter of 2023 mainly driven by macroeconomic events contributing to market volatility


Abu Dhabi’s ADNOC sets up new gas processing, operations and marketing entity

ADNOC Gas will serve domestic and international customers with an expanding portfolio of gas products


UAE’s Alec Group furthers regional expansion through acquisition

The firm has signed a share purchase agreement to acquire Target Engineering Construction Company


Kuwait commits to reach carbon neutrality in oil and gas by 2050

Kuwaiti foreign minister Sheikh Salem Abdullah Al-Jaber Al-Sabah said that the country executed many projects to preserve the environment and reduce emissions

ADIPEC 2022 concludes, event attended by 15,000 industry professionals

Held under the theme of ‘The future of energy: secure, affordable and sustainable’, ADIPEC brought together global leaders to discuss critical issues around energy security and sustainability

Saudi Aramco makes second highest profit on surging oil prices

Saudi Aramco makes second highest profit on surging oil prices

Aramco’s net income was $41.6bn in the third quarter, slightly above analysts’ expectations

ADNOC Drilling Rig at Upper Zakum

ADNOC Drilling sets new record for longest well at Upper Zakum Concession

Stretching 50,000 feet, the well is around 800 feet longer than the previous world record set in 2017

ADNOC announces $548m contract for a new main gas line at its lower Zakum field

Abu Dhabi’s ADNOC awards $548m contract for new main gas line

The contract will increase Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day

ADNOC Rig Photo

ADNOC awards $1.83bn framework agreements for drilling-related services

The framework agreements, the largest of such awards in the oil and gas industry, cover ADNOC’s onshore and offshore fields and will run for five years

Oman posts $2bn surplus in first half on high oil, gas

Oman has implemented a series of reforms to balance its budget and lower its debt, including the introduction of value-added tax last year

Saudi Arabia raises oil prices for Asia to record levels

State producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asia to $9.80 a barrel

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+ 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

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

Saudi Aramco plans to go big carbon storage

Aramco to acquire Valvoline Global Products for $2.65bn

Aramco will benefit from VGP’s robust manufacturing and distribution network, significant R&D capabilities, strong partnerships with major OEMs

ADNOC Drilling confirms $2bn in contracts for Hail, Ghasha Gas Development Project

ADNOC Drilling confirms $2bn contract award for Ghasha mega project

The contracts are valued at $1.3bn for Integrated Drilling Services and $700m for the provision of four island drilling units

Hub71 AIQ

Abu Dhabi’s Hub71, AIQ partner to accelerate AI-driven transformation of the energy industry

The collaboration will see both companies accelerate the development of digital technologies to unlock greater value from oil and gas operations

Mubadala Petroleum starts gas production from Malaysia’s Pegaga field

Mubadala Petroleum, which has been present in Malaysia since 2010, is the operator of Block SK 320 and holds a 55 per cent interest in it

Getty Images

Kuwait Gulf Oil Company implements Oracle cloud applications to drive business growth

More than 60 core business processes automated to enhance efficiency, drive business continuity and enable seamless remote working

UAE’s Dana Gas receives $39m from Egypt in December

Dana Gas has invested over $2bn since first entering Egypt in 2007

ADNOC board approves Dhs466bn spending plan for 2022-26

ADNOC also announces an increase in national reserves of 4 billion STB of oil and 16 trillion SCF of natural gas

Beyond limits at ADIPEC

Beyond Limits shows how AI can support sustainability at ADIPEC

Recent studies found that high-performance AI frameworks powered by GPUs can improve profitability by over 13 per cent in oil field planning scenarios