OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt. ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green …
Read More »Abu Dhabi Is Determined to Lead the Energy Transition in the Arab World
Abu Dhabi is simultaneously preparing for an increase in oil and gas demand in the coming years and for the global rise of renewable energy. News has emerged that the emirate is considering the sale of a $4 billion stake in one of the most successful Arab energy companies, TAQA, …
Read More »Iraq Plans to Double Oil Production Capacity by 2029
Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no …
Read More »World Still Waiting for US Climate Target as Biden Summit Looms
The United States is still putting the finishing touches on its plan to cut its greenhouse gas emissions by 2030, ahead of a summit this week with world leaders, including Russia’s President Vladimir Putin and China’s President Xi Jinping. President Joe Biden’s administration has been pressing other countries to make …
Read More »Gazprom to Continue Hydrogen Energy Development
Russian gas company Gazprom plans to grow its hydrogen production and use and is considering several areas for utilising hydrogen as an energy source. At the moment, Gazprom produces over 350,000 tonness of hydrogen by various technologies at its facilities, which is then used to derive different products from it. …
Read More »Another Libyan Oil Firm to Cut Production as Funding Row Worsens
One of Libya’s state oil producers said it would have to cut as much as 100,000 barrels a day of output this week, a further sign that a budgetary crisis is threatening the OPEC member’s energy industry. Sirte Oil Co. will be forced to “reduce production and halt it completely …
Read More »Global Oil Demand to Peak in 2026
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway’s biggest independent energy consultancy Rystad said on Wednesday. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, …
Read More »Russia’s Novak: OPEC+ may Confirm or Tweak Its Plans
OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, …
Read More »Chinese Company to Develop Iraq’s Mansuriyah Gas Field
The Chinese company Sinopec (China Petroleum & Chemical Corporation) has won a contract to develop the Mansuriyah gas field in Diyala. The field, near the Iranian border, is expected to produce 300 million standard cubic feet (Mmscf) per day of gas, which will be used for electricity generation. In 2010, …
Read More »OPEC+ Oil Cut Compliance at 113% in March
OPEC+ achieved a compliance level with its agreed oil production cuts of 113 per cent in March, unchanged from levels in February, two sources from the producer group told Reuters on Tuesday. Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) reached 124 per cent, while non-OPEC …
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