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The oil and gas fishing market targets USD4.36bn by 2031, driven by offshore drilling

The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.

AMEA Power commissions Egypt’s first large-scale battery energy storage system

AMEA Power has commissioned a 300 MWh battery energy storage system in Egypt, a first for the country, extending the Aswan solar site’s activity and consolidating its presence in the African market.

ADNOC transfers 24.9% stake in OMV to its subsidiary XRG to strengthen international strategy

ADNOC announces the transfer of 24.9% of its shares in OMV to its subsidiary XRG, continuing the streamlining of its international assets and preparing the creation of Borouge Group International.
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OPEC Cuts Forecasts but Anticipates Rising Oil Demand

OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.

Drone attacks disrupt five oil fields in Iraqi Kurdistan within one week

Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.

ACWA Power, Badeel and SAPCO to invest $8.3bn for 15,000 MW of renewables in Saudi Arabia

Three major players commit to developing five solar plants and two wind farms, with commissioning scheduled between 2027 and 2028 as part of Saudi Arabia’s national programme.
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Masdar and Iberdrola invest €5.2bn in UK offshore wind

Masdar and Iberdrola announce a joint investment of €5.2 billion in the East Anglia THREE offshore wind farm in the United Kingdom and full commissioning of the German Baltic Eagle project (476 MW).

BP and Shell sign strategic agreements to revive Libya’s oil industry

BP and Shell intensify their commitments in Libya with new agreements aimed at revitalizing major oil field production, amid persistent instability but rising output in recent months.

Russia-Saudi Arabia trade increases by 60% to USD 3.8 billion

Trade between Russia and Saudi Arabia grew by over 60% in 2024 to surpass USD 3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov, who outlined new avenues for industrial cooperation.
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OPEC+ Significantly Raises Oil Quotas with Additional 548,000 Barrels

Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.

Madagascar signs with Global South Utilities to develop up to 250 MW solar

The Emirati company Global South Utilities plans to install up to 250 MW of solar capacity in Madagascar, a project aimed at strengthening the national electricity network heavily reliant on fossil fuels and frequently facing energy deficits.

Abu Dhabi Fund allocates $205mn to connect Gulf electricity grids

The Abu Dhabi Fund for Development has granted AED752mn ($205mn) financing to the Gulf Interconnection Authority to connect the electricity grids of the United Arab Emirates and Saudi Arabia, enhancing regional energy exchange.
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Curve Energy Corp. signs strategic agreement with Saudi Aramco Technologies

Curve Energy Corp. has formalized a non-disclosure agreement with Saudi Aramco Technologies, allowing confidential exchanges of information as part of potential technological collaborations in the global market for low-sulfur marine fuels.

Pronur launches operations in Saudi Arabia to strengthen renewable energy solutions

Italian group Pronur establishes itself in Saudi Arabia with support from AstroLabs, aiming to provide advanced technologies in the renewable energy sector and develop new industrial partnerships.

The drilling fluids industry will reach $10.7bn by 2032 driven by oil expansion and chemical innovations

The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
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Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years

The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.

Hormuz Threat: Producing Countries Face an Imminent Diplomatic Crisis

The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.

Eni, BP and TotalEnergies partially evacuate Iraq; Lukoil maintains operations

Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
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EMBER: Solar with batteries becomes profitable in the world’s sunniest regions

A report from the think tank Ember reveals that falling battery prices now make year-round solar power generation economically viable in the world's sunniest regions.

Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics

The Middle East conflict forces Iraq to delay certain oil developments, disrupting field operations despite temporary stability in production and exports amid growing logistical tensions.
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Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
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Iran Launches $17 Billion Project to Boost South Pars Gas Field Extraction

Iran invests $17 billion to counteract declining reservoir pressure at South Pars, a gas field shared with Qatar, securing estimated reserves equivalent to around 363 billion barrels of oil.

GCCIA and Qatar Fund for Development Invest $100 Million in Oman-Gulf Power Interconnection

The Gulf Cooperation Council Interconnection Authority (GCCIA) and the Qatar Fund for Development (QDF) have signed a $100 million financing agreement to connect the Gulf power grid with Oman. This strategic project, with a total cost exceeding $700 million, aims to enhance regional energy security and efficiency.

ADNOC Gas posts record $5 billion profit in 2024

ADNOC Gas reports a net profit of $5 billion in 2024, marking a 13% year-on-year growth. The company strengthens its position with adjusted revenues of $24.43 billion and plans strategic investments through 2029. ##
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Baghdad and Erbil: the oil agreement in the background of a budget debate

Negotiations between the Kurdistan Regional Government and Baghdad officially focus on salary payments. Meanwhile, the Iraq-BP agreement to increase production in Kirkuk fuels speculation about a possible resumption of oil exports.

Shanghai Electric: Strategic Certifications Bolster Its Influence in Emerging Markets

Shanghai Electric secures multiple certifications for key energy projects in Dubai, Oman, Bangladesh, and Malaysia, reinforcing its role in the energy strategies of emerging markets.

ACME and Sungrow Sign Strategic Contract in Oman for Hydrogen

ACME Group and Sungrow have sealed an agreement to equip the 320 MW green ammonia project in Oman. An initiative that strengthens the Sultanate's strategic position in clean energy.
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Houthi: Drone Attack on a Maersk Ship off Yemen’s Coast

A Maersk vessel was struck by a drone attack claimed by Houthi rebels near Socotra, reigniting concerns over maritime security in the Red Sea amidst escalating regional tensions.

TotalEnergies launches three renewable energy projects in Oman

TotalEnergies partners with OQ Alternative Energy to develop two wind farms and a solar power plant with a total capacity of 300 MW in Oman, with production expected by 2026.

Oman and Belgium Unite for a Strategic Partnership Around Green Hydrogen

A memorandum of understanding between Oman and Belgium marks a turning point for the hydrogen economy, strengthening international cooperation and accelerating progress in technologies and infrastructures related to this clean energy.
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Oman launches a qualification process for a 280 MW solar project in Al Kamil Wal Wafi

The Sultanate of Oman continues its energy diversification efforts with the qualification process for the Al Kamil Wal Wafi solar project, planned to produce 280 MW, boosting the country’s use of clean energy.

OPEC+ faces strategic challenges ahead of a decisive meeting on oil production

OPEC+ members meet amidst tensions over production targets, global economic uncertainties, and weak demand, particularly in China.

Oman bets on hydrogen to attract international investors

Oman hosts its first gH2 Investors Day to showcase concrete projects and investment opportunities in a rapidly growing energy sector.
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Masdar and SOCAR finalize financing for 760 MW solar projects in Azerbaijan

Masdar and SOCAR Green have closed the financing for two solar parks with a total capacity of 760 MW in Azerbaijan, a strategic project valued at USD 600 million and supported by multiple international financial institutions.

Oil and gas companies spend $61 billion per year on exploration, says NGO

Despite growing calls to reduce hydrocarbon production, a report by the NGO Urgewald reveals that the oil and gas industry has invested an average of $61.1 billion annually in exploration over the past three years.

COP29 under Tension: Climate Commitments Threatened by Fossil Fuel Interests

As COP29 approaches in Azerbaijan, tensions emerge as climate ambitions clash with economic realities, and vulnerable nations express growing impatience.
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OPEC+: eight members extend their production cuts until the end of December

Saudi Arabia, Russia, and six other OPEC+ countries extend their production cuts by 2.2 million barrels per day until the end of December to support oil prices weakened by uncertain demand.

Masdar and EMSTEEL: A Pilot Project Uses Green Hydrogen to Reduce Emissions in Steel Production

Masdar and EMSTEEL, based in Abu Dhabi, conduct a pilot project to produce steel using green hydrogen, aiming to reduce the carbon footprint of the steel industry in a region where heavy industry is essential.

QatarEnergy enters Iraq’s 1.25 GW solar project with TotalEnergies

QatarEnergy acquires 50% of TotalEnergies' solar project in Iraq, aiming to diversify the country’s energy sources and reduce import dependency, supporting Baghdad's ambitions for energy independence.
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Kuwait: Toward Drastic Gas Flaring Reduction and a Path to Carbon Neutrality by 2050

Kuwait is committed to reducing greenhouse gas emissions and achieving carbon neutrality by 2050. The plan integrates an increase in liquefied natural gas (LNG) imports, an extensive carbon capture project, and the development of electric vehicle infrastructure.

Sanctions: How a Global Parallel Market for LNG is Developing Despite Restrictions

With increasing sanctions against Russian LNG, an evasion ecosystem is emerging in various global hubs, fostering transactions in local currencies and a parallel trade network.
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