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.
ADNOC Gas, affiliated to Abu Dhabi National Oil Company (ADNOC), reported net profit of $665 million for the second quarter (Q2) of 2026, exceeding its guidance range of $400 million-$600 million despite disruptions to maritime movements through the Strait of Hormuz.
However, net income fell 52% year-on-year (YoY) from $1.39 billion in Q2 2025. Reuters reported that the decline came as the closure of the Strait of Hormuz disrupted the company’s operations following US and Israeli attacks on Iran.
The United States is set to import around 600,000 barrels per day (bbl/d) of crude oil from the Middle East in August, marking the highest level since the Iran war began, as a temporary reopening of the Strait of Hormuz and alternative shipping routes push regional barrels toward US refiners, Reuters reported.
Middle Eastern LNG buyers are seeking Canadian gas supplies to diversify their portfolios and hedge against geopolitical risks and disruptions in key energy routes, including the Strait of Hormuz.
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.
Harbour Energy, an independent energy company, generated $6.4 billion in revenue during the six-month period ending June 30, 2026, representing a 20% increase compared to the same period of 2025.Â
Harbour Energy also recorded a rise in adjusted profit after tax amounting to $562 million in H1 0f 2026, up from $410 million in H1 of 2025.Â
This was mainly driven by record production resulting from strong operational execution and higher oil and European natural gas prices, according to the company's release on August 6.Â
The White House is expected to extend a temporary waiver of the century-old Jones Act in the coming days as part of efforts to curb US gasoline prices, Reuters cited sources familiar with the matter, while President Donald Trump intensifies pressure on ExxonMobil and Chevron, accusing the oil majors of earning "enormous profits."
Multiple trade sources and vessel-tracking data show China state-owned Sinopec, the world’s largest refiner, stepping up purchases of Russian Far East crude to offset disruption in Middle Eastern supplies caused by the US-Israeli war on Iran, according to Reuters.Â
Crude oil and condensate exports from the Gulf remained broadly stable in July 2026, at around 10.7 million barrels per day (bbl/d), although shipments were still approximately 40% below the pre- US-Iran-war levels, underscoring the continued impact of regional conflict on global energy flows, according to Reuters citing tanker tracking data from Kpler and Vortexa.
Vaalco Energy has successfully drilled, completed and placed on production the ETBNM-3 gas-supply well offshore Gabon, while advancing drilling operations at the SEENT platform, according to a company update.
The ETBNM-3 well, located in the crestal portion of the North Tchibala structure, was drilled into the Dentale D-15 reservoir. Vaalco said reservoir properties exceeded pre-drill estimates, with strong porosity and permeability and more than 10 meters of net reservoir pay.
