Oil/Gas

ABU DHABI/WAM The Department of Energy – Abu Dhabi (DoE) introduced its regulatory roadmap for the petroleum products sector, with a focus on gas systems in residential, commercial, and industrial establishments, and called on stakeholders to unite in efforts to build safer communities across the emirate. The new regulatory journey was presented to 200 key government and private sector representatives ...

ASHGABAT/WAM Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, wholly owned by the Government of Dubai, expressed his gratitude to the President of the Republic of Turkmenistan, Serdar Berdimuhamedov, for the warm reception, hospitality, and continuous support for the company. A delegation headed by Al Tayer, held a productive meeting with Batyr Amanov, Deputy Prime ...

ABU DHABI/WAM ADNOC announced today the deployment of an industry-leading artificial intelligence (AI)-enabled process optimisation technology. Neuron 5, developed by ADNOC, has been initially deployed at ADNOC Onshore’s Northeast Bab (NEB) field and ADNOC Gas’s Taweelah gas compression plant, across hundreds of pieces of equipment. The innovative solution autonomously monitors the performance of critical equipment, enabling process optimisation and preventative ...

Bloomberg Oil falls for a second day as the European Union (EU) considered a higher-than-expected price cap on Russian crude and evidence mounted of challenges to demand. West Texas Intermediate slipped below $78, trading in a narrow range and with volumes thin due to a US holiday. EU diplomats are locked in negotiations over how strict the Russian mechanism should ...

Adani Ports and Special Economic Zone Ltd. has agreed to buy a 49.38% stake in liquid storage facility company Indian Oiltanking Ltd. for 10.5 billion rupees ($129 million) as its billionaire founder, Gautam Adani, seeks to bolster cargo handling operations in India. Adani group’s listed port company has also agreed to buy an additional 10% equity stake in IOT Utkal ...

Tanzania will sign key agreements with oil majors including Equinor ASA and Shell Plc next month to pave the way for a planned $40 billion liquefied natural gas export project, according to the nation’s Energy Minister January Makamba. “It’s happening,” January Makamba said in an interview in Sharm el-Sheikh, Egypt, where he is attending the COP27 international climate summit. “In ...

German Finance Minister Christian Lindner has laid out plans for the country to spend €83.3 billion ($83.4 billion) on gas and electricity subsidies next year, according to a ministry document obtained by Bloomberg. It shows €40.3 billion will be earmarked to cover the cost of gas and district heating, including a one-time payment in December for businesses and households. A ...

Italy will speed up drilling for new sources of domestic gas in a bid to lower energy prices for its industries, reversing a decade of restrictions on new exploration. The plan is part of the new Prime Minister Giorgia Meloni’s first budget law, and the government is pledging €30 billion of additional energy aid. The government estimated about 15 billion ...

Shares of Brazil’s state-controlled oil producer Petrobras erased their gains for the year as fears of increased political intervention with Luiz Inacio Lula da Silva as president are driving investors to dump the stock. Petroleo Brasileiro SA’s shares closed down 5.5% to 28.30 reais in Sao Paulo, and have shed over $20 billion in market value since their October peak. ...

Uniper SE reported one of the biggest losses in German corporate history, with Russia’s stranglehold on gas supplies leaving the giant utility struggling to survive. Uniper reported a net loss of about €40 billion ($39.3 billion) in the first nine months of the year after being forced to buy gas at prices far beyond what it paid Russia under long-term ...