News / International

ADNOC, OMV Partner to Form $60B Global Petrochemical Giant

ADNOC and OMV have entered into a binding framework agreement to combine their shareholdings in Borouge plc and Borealis AG into a new entity called Borouge Group International, worth over $60 billion. Upon completion, this new company will acquire Nova Chemicals Corp. for $13.4 billion, including debt, as per the ADNOC Share and Purchase Agreement with Nova Holding Company. Combining both agreements with the ongoing Borouge-4 expansion project will establish Borouge Group International as a global polyolefins powerhouse, making it the fourth-largest producer worldwide by nameplate capacity.

Equinor Announces New Gas Discovery in Norwegian Sea

Equinor announced a gas and condensate discovery in the Mistral Sør exploration well located in the Halten area in the Southern part of the Norwegian Sea, with preliminary estimates of 3-7 million standard cubic meters of recoverable oil equivalent (19-44 million barrels of recoverable oil equivalent.

Sinopec Adds 1.3B Barrels of Shale Oil Reserves in East China

Sinopec Corp announced on Monday that the Chinese government has certified approximately 180 million metric tons, equivalent to about 1.3 billion barrels, of new geological reserves at two of its shale oil plays. These reserves are located at the Xinxing field in the Jiyang trough of the Bohai Bay basin and the Qintong field in the Subei basin.

Turkey Seeks to Resume Iraq-Turkey Pipeline Operations at Maximum Capacity

Turkey seeks to resume operations of Iraq-Turkey pipeline at maximum capacity once it resumes flows through Turkey’s Ceyhan as Reuters reported. Turkey halted pipeline operations since March 2023 following a ruling by the International Chamber of Commerce (ICC) that ordered Ankara to pay $1.5 billion in damages to Baghdad, Iraq for unauthorized exports between 2014 and 2018. "This pipeline has been ready for 1.5 years already. We want the Turkey-Iraq pipeline, especially the two pipelines of 650 km from our Silopi to Ceyhan to be used," said Turkish Energy Minister Alparslan Bayraktar. "We want some of the oil passing through this line to go to the refinery in Kirikkale and also via ships through Ceyhan to refineries in Turkey or to different refineries in the world so that the capacity of the line can be used at the maximum level," he added.

Shell Announces Next Phase of Transformation with New Executive Committee Structure

Shell announced on Tuesday its plans for further changes to its Executive Committee and leadership structure to support its strategy to deliver more value with less emissions. The company will delayer its senior leadership to focus on three primary areas: Integrated Gas, Upstream, and Downstream, Renewables and Energy Solutions, while also elevating Trading and Supply.

Libya Announces First Public Bid Round for Oil Exploration in 17 Years

Libya plans to launch a Public Bid Round for exploration after a 17-year hiatus, said Masoud Suleman, acting Chairman of the National Oil Corporation (NOC). Libya’s Prime Minister confirmed that this round represents a clear message that Libya is ready to open up to international companies within a modern and transparent investment environment, noting that the GNU worked to remove the obstacles facing the oil and gas sector, which led to achieving distinguished production rates, as crude oil production reached 1.4 million barrels per day (bbl/d), with plans to strengthen Libya's position as a major energy supplier.

Aramco Reports 12% Profit Decline in 2024 Amid Lower Crude Prices

Aramco has reported a 12.4% decline in net income in its fiscal year results of 2024, reaching 398.4 billion riyals ($106.25 billion), from 454.8 billion riyals ($121 billion) recorded in 2023 due to lower realized crude oil prices and sales revenues.

ExxonMobil Australia Invests $200M in Kipper 1B Project to Boost Gas Supply

ExxonMobil announced a nearly $200 million investment for the development of the Kipper 1B Project, aimed at bringing additional gas supply from the Gippsland Basin to the market before 2026. Approved by ExxonMobil Australia subsidiary Esso and its co-venturers Mitsui and Woodside, the project involves drilling and installing one subsea well into the Kipper field using the VALARIS 107 jack-up rig, along with upgrading the West Tuna platform. Drilling is set to begin later this year, with platform upgrades happening simultaneously.

Eni, Petronas to Jointly Combine Upstream Assets in Indonesia, Malaysia

Eni has signed a Memorandum of Understanding (MoU) with Petronas to progress discussions on establishing a joint venture holding company to oversee selected upstream assets in Indonesia and Malaysia. This venture aims to boost growth opportunities in Indonesia and Malaysia, positioning both companies as key players in the LNG in the region while delivering in the medium term a sustainable production of 500,000 barrels of oil equivalent per day (kboepd, Eni said on Thursday. The new company will also  combine approximately 3 billion barrels of oil equivalent (boe) in reserves, with an additional 10 billion boe in exploration potential.

ADNOC Signs 15-Year LNG Supply Deal with Japan Osaka Gas for Ruwais LNG Project

 ADNOC has signed a 15-year Sales and Purchase Agreement (SPA) with Japan’s Osaka Gas for the delivery of up to 0.8 million tons per annum (mtpa) of Liquefied Natural Gas (LNG) from Ruwais LNG project in the UAE. The LNG will be primarily sourced from the Ruwais LNG project, which is under development in Al Ruwais Industrial City, Abu Dhabi, and is scheduled to start commercial operations in 2028. To date, up to 8 mtpa of the Ruwais LNG project’s 9.6 mtpa production capacity has been committed to international buyers across Asia and Europe through long-term arrangements.

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