News / International

Taiwan Explores Alaskan Natural Gas Imports to Mitigate US Tariff Risks

Taiwan is considering the purchase of natural gas from Alaska as part of its strategy to reduce its large trade surplus with the US and head off tariffs, according to Reuters. Taiwan's trade surplus with the United States surged by 83% last year, reaching a record $111.4 billion in exports, largely driven by high-tech products such as semiconductors. In response to the potential threat of US tariffs, Taiwan's state-run energy company, CPC is quite interested in Alaska's natural gas and will continue to assess the feasibility and is also willing to make additional purchases, according to Taiwan economy ministry.

Global LNG Trade Grows 1.6% in 2024, Demand Reaches 413M Tons

The growth rate of global liquefied natural gas (LNG) trade in 2024 recorded 1.6%, as the total LNG exports around the world reached 411.5 million tons in 2024, compared to 405 million tons in 2023.

Iran to Sign $17B Contracts For South Pars Gas Field Pressure Boost Project

National Iranian Oil Company is set to sign seven contracts for the South Pars (SP) pressure boost project valued at $17 billion, said the company’s Engineering and Development Manager, Reza Dehqa. This follows the completion of preliminary studies and the signing of initial agreements with four main contractors last year, worth up to $400 million, Dehqan added.

Oman Sees 5.1% Drop in Oil Production, 4.9% Rise in Natural Gas Imports, Production in 2024

Oman reported a 308,422,100 barrels of oil exports by the end of December 2024, a slight drop from 310,331,200 barrels recorded in the same period last year. The country reached total oil production of 363,288,500 barrels at the end of December 2024, a 5.1% drop from 382,770,200 barrels in 2023. On the other hand, Oman's total domestic production and import of natural gas reached 56,542,400 billion cubic meters (bcm) by the end of December 2024, marking a 4.9% increase compared to the same period last year, where the total stood at 53,925 bcm.

India Allocates $647M for Strategic Oil Reserves Amid Global Supply Concerns

India has allocated 55.97 billion rupees ($646.78 million) to purchase oil for its strategic petroleum reserves (SPRs) for the fiscal years 2025-26. The budget also includes allocations of 1.8 billion rupees for the operation and maintenance of the SPRs and 3.35 billion rupees for the purchase of land and construction of new storage caverns.

bp to Invest Up to $25B in Kirkuk Fields

bp plans to spend between $20 to $25 billion over the lifetime of a project to redevelop four Kirkuk oil and gas fields through a profit-sharing agreement that would last more than 25 years, a senior Iraqi oil official told Reuters.

China Announces Measures Against US Firms as Trade Tensions Escalate

Beijing has imposed a 15% tariff on coal and liquefied gas, alongside a 10% tariff on oil and agricultural equipment imported from the US, following President Trump's decision to implement a 10% tariff on goods coming from China, escalating trade tensions between the world's two largest economies. China has also announced an investigation into Google, alleging anti-monopoly law violations, according to a statement issued by China's State Administration for Market Regulation on Tuesday.

OPEC+ Challenges Trump, Maintains Production Cuts

OPEC+ agreed on Monday to maintain their policy on production cuts and gradually raise output as planned starting in April, despite President Trump’s calls for lower prices.

TA’ZIZ Awards $1.7B EPC Contract to SAMSUNG E&A for UAE’s First Methanol Plant

TA’ZIZ has signed an engineering, procurement and construction (EPC) contract with SAMSUNG E&A to construct  one of the world’s largest methanol plants in Al Ruwais Industrial City in Abu Dhabi. The plant is expected to produce 1.8 million tons per annum (mtpa) of methanol. Upon completion in 2028, the plant will be powered by clean energy from the grid, making it one of the world’s most energy-efficient methanol plants. In its initial phase, TA'ZIZ will produce 4.7 mtpa of chemicals by 2028, including methanol, low-carbon ammonia, polyvinyl chloride (PVC), ethylene dichloride, vinyl chloride monomer, and caustic soda, many of which will be produced for the first time in the UAE.

Halliburton Secures Major Drilling Services Contract Offshore Brazil

Halliburton has secured an integrated drilling services contract for the development and exploration across several offshore fields in Brazil for three years starting in 2025. The deal awarded by Petrobras, entails Halliburton to provide several drilling technologies. “This contract demonstrates Halliburton’s strength in deep and ultra-deep offshore drilling and well construction,” said Waldomiro Mendes, senior area manager, Brazil, Halliburton.

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