OPEC+ Countries Agree on Oil Production Increase Following UAE Withdrawal
Seven OPEC+ countries with voluntary production cuts (Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) are likely to agree on another increase in oil production quotas; however, it will be adjusted to take into account the UAE’s withdrawal from the organisation, Reuters reported citing sources. The Emirates News Agency …
UAE Ministry of Energy Explained Why the Country Withdrew from OPEC
The United Arab Emirates (UAE) announced that they are withdrawing from OPEC and OPEC+ based on national interests, taking advantage of a “favourable moment” — the closure of the Strait of Hormuz. The UAE authorities claim that this will allow them to avoid a collapse in oil prices. The United …
Kuwait Plans to Cut Oil Production Due to Storage Capacity Limits
Kuwait has begun reducing oil production at a number of fields as fuel storage facilities in the country fill up, The Wall Street Journal reports, citing informed sources. According to the sources, the country, which is the fifth-largest oil producer in OPEC, is considering reducing oil production and refining to …
The Abu Dhabi National Oil Company (ADNOC) Will Collaborate with ExxonMobil to Enhance Recovery at the Upper Zakum Oil Field
The Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) and ExxonMobil Corporation of the United States will work jointly to enhance oil recovery at the Upper Zakum offshore oil field, ADNOC announced following the recent visit of U.S. President Donald Trump to the Emirates. The field …
New Gas Reserves Discovered in the Emirate of Sharjah in the Northern UAE
The Petroleum Council of the northern emirate of the UAE – Sharjah under its government announced the discovery of large new gas reserves in the Al Khadiba field, located north of the Al Sajaa industrial zone in Sharjah, the Emirates News Agency WAM reported. According to him, the new field …
CNBC: ADNOC to Spend $1 Billion a Month on Fossil Fuels, According to Global Witness Research
CNBC has exclusively received a new analysis from Global Witness, an international non-governmental organization, that says UAE oil giant ADNOC, led by Sultan Al Jaber, who is also president of the COP28 climate conference, plans to spend an average of $1.14 billion a month just on oil production and gas …
SOCAR and ADNOC Discuss Cooperation Within Development of Absheron Field
SOCAR President Rovshan Najaf met with Abu Dhabi National Oil Company (ADNOC) Executive Director Musabbeh Al Kaabi. “At the meeting, it was noted that the agreement signed in August this year between SOCAR, TotalEnergies and ADNOC on the sale of a 30% stake in the Absheron gas condensate field development …
Emirati ADNOC Acquires 30% Stake in Absheron Gas Condensate Field Development Project – SOCAR
Emirati ADNOC acquires 30% stake in Absheron gas condensate field development project – SOCAR The Abu Dhabi National Oil Company (ADNOC) has become a shareholder in the project to develop the Absheron gas condensate field in the Caspian Sea, having bought 15% of the shares from SOCAR (State Oil Company …
ADNOC Concludes First Global Gas Deal with Azerbaijan
Abu Dhabi National Oil Company Adnoc has agreed to buy a 30% stake in the Absheron gas field in the Caspian Sea, the state company said in a statement. Azerbaijan’s state oil company Socar and its French partner TotalEnergies SA will sell Abu Dhabi’s national oil company Adnoc a 15% …
Fugro Expands Its Presence in the Middle East With New Facility in JAFZA
The leading global Geo-data solutions provider, Fugro has inaugurated a new facility in the Jebel Ali Free Zone (JAFZA) expanding its footprint in the Middle East and India region. With this new facility, Fugro reaffirms its commitment to offering expertise and advanced Geo-data solutions to the rapidly growing energy, infrastructure, …