Saudi Aramco and Enowa, Neom’s energy and water subsidiary, have signed a joint development agreement to construct and establish a synthetic electro-fuel (e-fuel) demonstration plant. The plant will be located in Enowa’s Hydrogen Innovation and Development Centre (HIDC). The plant aims to demonstrate the technical feasibility and commercial viability of …
Read More »Turkey Boosts Energy Ambitions with Bulgaria Gas Import Deal
Bulgaria on Tuesday signed a long-term deal to access Turkey’s liquefied natural gas (LNG) terminals, a move that could help diversify the region’s gas supply away from Russia and advance Turkey’s aim to be a regional energy hub. The agreement between Bulgaria state-owned gas operator Bulgargaz and Turkish state gas …
Read More »Turkey Announces Big Boost in Black Sea Gas Reserves
Turkey has upped the estimate of its natural gas reserves in the Black Sea by nearly a third, putting its total deposits at 710 billion cubic metres (bcm) in a boost to its aims of increasing its energy independence. Speaking after a cabinet meeting, President Recep Tayyip Erdogan said Turkey …
Read More »Italian Energy Company to Own Stake of Qatar Energy after Russian Sanctions
Italian company Eni joined Qatar Energy’s project to expand production from the world’s most extensive natural gas field on Sunday, days after Russia cut supplies to Italy. Eni, the multinational oil and gas company, will now own a stake of just over three percent in the $28bn North Field East …
Read More »Russia-Ukraine War Boosts Hopes for East Mediterranean Energy
Russia’s invasion of Ukraine has given a new boost to long-running efforts of Eastern Mediterranean states to tap into regional gas reserves amid concerns over energy security in Europe, experts have said. On Tuesday, Israeli Foreign Minister Yair Lapid travelled to Athens to meet with his Greek and Cypriot counterparts, …
Read More »Middle East to Become Major LNG Supplier as Global Fossil Fuel Demand Wanes
The Middle East is expected to become one of the world’s main suppliers of liquefied natural gas (LNG) as climate policies see a rapid decline in demand for oil and coal, leading to a shrink in fossil fuel consumption for the first time in modern history, BP said in its …
Read More »OPEC+ Extends Record Oil Cuts as Saudis, Russians Reach Agreement
OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supplies from the market. It’s a victory for Saudi Arabia and …
Read More »Oil Nations End Price War with Biggest-Ever Output Cut Amid Pandemic
OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing about 10 percent of global supply, to support oil prices amid the coronavirus pandemic. The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, …
Read More »Iran-Turkey Gas Exports Halted after Pipeline Explosion Near Border
Natural gas exports from Iran to Turkey were halted early on Tuesday after an explosion and fire at a pipeline just inside the Turkish border, an official at Turkey’s energy ministry has said. The official said that “all necessary efforts” were underway to manage the situation, but that currently it …
Read More »Saudi Arabia to Hike Crude Oil Production to ‘Unprecedented’ Level in April
Saudi Arabia is set to hike its crude oil supply to a record high, flooding markets as it continues to escalate a trade war with Russia. The kingdom will up its supply to an unprecedented height of 12.3 million barrels per day in April, said Amin Nasser, CEO of Saudi …
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