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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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Asia accounts for 71% of new renewable capacity, Africa remains marginalised

Asia dominated global new renewable energy capacity in 2024 with 71% of installations, while Africa recorded limited growth of only 7.2%, according to the latest annual report from IRENA.

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).

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.
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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.

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.

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.
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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.

Oman launches tender for semiconductor centre of excellence

Oman’s Ministry of Transport, Communications and Information Technology is seeking consultants to create a national semiconductor ecosystem, including a centre of excellence in Muscat.

Israel strikes Iran, uncertainty over US nuclear negotiations in Oman

Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
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Adnoc Gas awards $5bn in contracts to expand gas infrastructure

Adnoc Gas commits $5bn to the first phase of its Rich Gas Development project to boost profitability and processing capacity at four strategic sites in the United Arab Emirates.

Stargate Hydrogen opens modular electrolyser factory in Estonia

Stargate Hydrogen launches 140 MW factory in Estonia with modular expansion model amid cautious hydrogen investment climate.

Mazoon Mining secures USD 270 million strategic financing for copper project in Oman

Mazoon Mining, a subsidiary of Minerals Development Oman (MDO), has secured USD 270 million in financing and signed key contracts for Oman’s largest copper concentrate project, aimed at supporting the country’s mining sector.
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Shell reports over $28bn in payments to governments in 2024

Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.

Masdar signs agreement with Samruk-Kazyna for renewable energy projects in Kazakhstan

Masdar and Samruk-Kazyna are collaborating to develop renewable energy and storage projects in Kazakhstan, targeting 500 MW of baseload energy and up to 2 GW of storage capacity.

Putin calls for a regulated nuclear deal between Washington and Tehran

Russia positions itself as an active supporter of nuclear talks between Iran and the United States, advocating for a balanced legal framework in line with international law.
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Oman signs 15-year deal with Amigo LNG to diversify LNG supply sources

OQ Trading has signed a long-term sales agreement with Amigo LNG in Mexico to purchase 0.6 million tonnes of liquefied natural gas annually, with deliveries scheduled to begin in 2028.

Shanghai Electric signs major energy deals in Saudi Arabia and Oman

Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
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MN8 Energy raises $575mn with Natixis CIB to strengthen its US solar debt
Carbon2Nature and Uría Menéndez launch reforestation of 90 hectares in Salamanca
TNB, Petronas and Terengganu Inc launch green hydrogen hub and hybrid solar in Malaysia
Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
Azule Energy announces major offshore gas discovery in the Angolan Congo Basin

Lower Chinese export quotas: Impact on LSFO’s Asian market

China's lower export quotas for LSFO led to an increase in imports from Singapore, stabilizing the Asian market despite increased supply from the West.

Holtec chooses South Yorkshire for its first SMR plant in the UK

Holtec International has selected South Yorkshire as the location for its new Small Modular Reactor (SMR) plant, with the aim of supplying Europe and the Middle East while strengthening the UK nuclear supply chain.

Westinghouse and EDF maintain their objections to the KHNP nuclear project

KHNP has won the tender to build two reactors in the Czech Republic, but appeals from Westinghouse and EDF are calling into question the finalization of the project.
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Electrification of oilfield sites cuts CO2 emissions by 80

The electrification of oil and gas infrastructures could reduce production-related CO2 emissions by up to 80%, a strategic step forward for the sector, according to a study by Rystad Energy.

Saudi Arabia cuts oil exports to 5741 million b/d

Saudi Arabian crude oil exports hit their lowest level ever in July, revealing strategic adjustments in the face of uncertain market dynamics. This situation raises crucial questions about the future of the global energy sector.

CNOOC powers Asia with 17900 barrels per day at Liuhua 11-1 field

CNOOC Limited launches production from the Liuhua 11-1/4-1 oil field, a major breakthrough in the China Sea. This innovative project, combining technology and sustainability, promises to transform Asia's energy landscape while addressing contemporary environmental challenges.
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Turkey and TotalEnergies join forces for a sustainable energy future

Turkey strengthens its position in the energy market by signing a 10-year agreement with TotalEnergies for the import of liquefied natural gas. This initiative aims to diversify supplies and become a regional hub for Europe.

Russian oil exports up in October despite internal challenges

Russian oil exports could rise in October, despite internal challenges related to refining capacity. This dynamic raises questions about the potential impact on the global market and the country's energy policy.
Port de Primorsk, Russie

Strengthened nuclear relations between South Korea and the Czech Republic

South Korean President Yoon Suk-yeol's visit to the Czech Republic marks a turning point in bilateral nuclear relations. The visit highlights an ambitious nuclear reactor project that promises to transform Europe's energy landscape.
Yoon suk-yeol and Petr Pavel

Oman launches five wind power projects for an ambitious energy transition

Oman is moving towards a major energy transition by selecting twelve developers for five wind power projects. These initiatives aim to diversify the national energy mix and achieve the goal of zero net emissions by 2050. Find out more about this transformation.

Strategic agreement between IOC and ADNOC for 1 million tonnes of LNG per year

Indian Oil Corporation has signed a major agreement with ADNOC for 1 million tonnes of LNG per year for 15 years. This commitment strengthens the energy relationship between India and the Emirates, while meeting the growing demand for LNG in India.
LNG Ruwais project

Northvolt between financial challenges and an uncertain future

Europe's electric battery sector is in crisis, with Northvolt facing financial challenges and production delays. The Swedish government refuses to intervene, leaving the company's future in the hands of its shareholders.

Saipem wins $4 billion contract for LNG expansion in Qatar

Saipem SpA has won a $4 billion offshore contract with QatarEnergy for the expansion of the North Field gas field. This ambitious project aims to double Qatar's LNG production by 2030, strengthening its position on the world market.
North field project

Egypt strengthens its position in the global LNG market

Egypt strengthens its position in the global LNG market by awarding a tender for 20 cargoes, despite price fluctuations and increased competition. This decision raises strategic issues for future supply.

AMEA Power launches Africa’s largest battery-powered solar project

AMEA Power signs agreements with the Egyptian Electricity Transmission Company for a 1,000 MW solar project and 600 MWh energy storage, setting a significant milestone for energy infrastructure in Africa.
Signature des PPAs entre AMEA et la compagnie de distribution électrique égyptienne

IEA lowers oil demand growth forecast for 2024

The International Energy Agency (IEA) cuts its forecast for global oil demand growth to 910,000 b/d for 2024, citing the economic slowdown in China and an accelerated transition to alternative energy sources.

ADNOC faces challenges to launch Upper Zakum futures contract

ADNOC's Upper Zakum exports are falling, making it difficult to launch a futures contract for this medium-sulphur crude. Liquidity and market challenges emerge as OPEC+ plans a quota increase.

Rising carbon prices in regulated markets, vagueness on voluntary markets

Regulated carbon markets saw their prices rise in August, while the voluntary market faced difficulties linked to the quality of credits and a lack of liquidity.
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Iran: Petrochemical exports grow despite sanctions

Despite Western sanctions, Iran plans to increase its petrochemical exports in 2024-2025, bypassing restrictions through strategic partnerships with Russia and other markets.

BlackRock invests in the strategic pipeline between Saudi Arabia and Bahrain

BlackRock acquires a minority stake in Saudi Bahrain Pipeline Company (SBPC) to support the management of Bahrain's energy assets and explore new collaborations in infrastructure.
Pipeline
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