Tag Archives: Gulf News

BP Plc plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country. The spending, which will be net to BP, follows the London-based major’s announcement earlier this month it will form a gas-focused …

The oil market appears to be bracing for a weeks-long disruption to shipping in the southern Red Sea, where Houthi militants have for months been attacking merchant vessels in response to Israel’s war in Gaza. Charters of tankers to haul crude and fuels “- which for some vessels are arranged …

The ADX-listed ADNOC Gas has landed a multi-year LNG supply contract valued between $500 million to $700 million from Jera Global Markets of Japan. The deal obviously builds on Japan’s higher offtake of its energy requirements from the UAE. In fact, ADNOC Gas has had ties with Jera Co. – …

Oil steadied as persistent demand concerns and dollar strength were offset by declines in crude stockpiles in the US. West Texas Intermediate traded above $75 a barrel, after declining by 0.5 per cent on Wednesday. Nationwide inventories fell with stockpiles at the Cushing, Oklahoma, storage hub shrinking by the most …

Around $600 billion spending is required this decade to achieve the cut in oil and gas emissions, according to a new IEA report. This is only a fraction of the record windfall income that oil and gas producers accrued in 2022. Many of the measures also generate additional income streams …

A year into an unprecedented energy crisis that rocked the European Union, officials in Brussels are ready to unveil their plan to prevent consumers from facing huge swings in electricity prices in the future. While some EU leaders pledged massive overhaul, what’s likely to emerge is anything but radical. Power …

Europe’s natural gas market will tighten again in 2023 as stockpiles will have to be replenished over the summer without the usual Russian supply, according to TotalEnergies SE CEO Patrick Pouyanne. “Europe will get less Russian gas than in 2022 and will have to again massively re-import LNG,” Pouyanne told …

Oil dipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap. West Texas Intermediate fell toward $79 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin on February 1 and last until at least …

Oil rallied to a three-week high and clinched a second straight weekly gain after Russia warned it may cut output by as much as 700,000 barrels a day in response to sanctions on the nation’s crude. With trading volumes dwindling heading into the Christmas holiday, Russia’s threat outweighed the impacts …

Oil fell for a third day on a challenged Chinese demand outlook and after an industry report pointed to rising US inventories. West Texas Intermediate sank toward $88 a barrel after sliding 4 per cent over the first two days of the week. Swelling virus outbreaks in China show the …