ADNOC Distribution reported its highest-ever EBITDA of $1.05 billion in 2024, marking a 4.8% year-on-year increase. The underlying EBITDA, excluding inventory gains and one-off items, rose by 11.4% to $989 million. This performance was driven by robust fuel volumes, significant non-fuel retail growth, and increased contributions from international operations in Saudi Arabia and Egypt, said ADNOC Distribution.
Canada-based energy infrastructure firm AltaGas has signed long-term agreements with pipeline operator Keyera for processing liquefied petroleum gases (LPGs), as Canada seeks to reduce their dependence on US market in light of recent tariffs imposed by US President Donald Trump.
Dana Gas has reported revenue growth of 5% in 2024, reaching $445 million, up from $423 million in 2023, driven primarily by the recognition of additional revenue from improved fiscal terms under the recently signed Consolidated Concession Agreement in Egypt. Net profit stood at $151million, compared to $160 million in 2023, after a one-off impairment charge of $33 million in Egypt related to past costs of old concessions. Excluding this one-off impairment, net profit for the year was $184 million, a 15% increase from $160 million in 2023.
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.
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.
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 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 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 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.
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.
