OPEC+ kept its oil production policy unchanged for October as disruptions from the Iran war continue to restrict crude exports through the Strait of Hormuz and limit the group’s ability to influence physical supply.
ADNOC has restored its 922,000 bbl/d Ruwais refinery to full capacity after the facility was halted during the regional war, according to Bloomberg.
TotalEnergies is moving discounted Middle Eastern crude through the Strait of Hormuz at a profit, even as higher shipping costs and security risks continue to restrict traffic through the waterway, CEO Patrick Pouyanne said at a Norwegian energy conference on Monday, Reuters reported.
ADNOC Gas is considering building an LNG export facility on the UAE’s east coast as the country seeks to reduce its reliance on the Strait of Hormuz following disruptions caused by the Iran war, Bloomberg reports.
Abu Dhabi National Oil Company Logistics and Services (ADNOC L&S) has spent $1.3 billion to expand its tanker fleet as the UAE increases crude exports and relies on maritime transport through the Strait of Hormuz, according to Bloomberg.
Iraq has signed a $450 million investment agreement with US-based Excelerate Energy to construct the country’s first floating storage and regasification unit (FSRU) at the port of Khor al-Zubair, officials told Reuters.
The facility will enable Iraq to import, store, and regasify liquefied natural gas (LNG), which will be integrated into the national power grid to strengthen the country’s energy security. The project’s total investment includes Excelerate’s newest FSRU vessel, currently under construction in South Korea, with a regasification capacity of up to 500 million standard cubic feet per day (mmscf/d).
Egypt has not signed a new agreement to import Israeli gas, clarified Moataz Atef, the Undersecretary for the Minister's Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources, during a prime-time talk show on Friday night.
His comments came in response to media reports suggesting Egypt had entered a new $35 billion deal to import gas from Israel through 2040. Atef explained that this is not a new agreement, but rather an extension of an existing 2019 deal.
Prime Minister Mostafa Madbouli held a meeting on Friday afternoon to review the government's plan to secure the country’s needs of oil and natural gas following the Israeli military operation in Iran. The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt, Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Karim Badawi, Minister of Petroleum and Mineral Resources
Minister of Petroleum and Mineral Resources Karim Badawi has held a meeting with TotalEnergies CEO Patrick Pouyanné at the company's headquarters in Paris.
The Tinrhert EPC2 Development Project in Algeria has been awarded to Petrofac's consortium with Genie Civil et Batiment (GCB). Petrofac's share of the contract is approximately US$200 million, valued at approximately $300 million.
