UAE – Oil & Gas 360

ADNOC, SLB, Patterson-UTI partner to accelerate UAE’s unconventional oil and gas program under Turnwell Industries name

September 30, 2024

(World Oil) – SLB announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. The JV will allow the three companies to leverage leading innovations in AI, smart drilling design, completions engineering and production solutions. The JV will focus on the acceleration of UAE’s unconventional oil and gas program,

UAE and LNG- Big players taking a piece of ADNOC deal

August 6, 2024

Oil and Gas 360 The United Arab Emirates (UAE) has attracted some big industry investors in its bid to challenge the U.S., Australia, and Qatar as the world’s leading LNG exporters.  Shell and fellow European energy titans TotalEnergies and BP each take 10% of Abu Dhabi’s Ruwais project; Mitsui of Japan takes another 10%. The remaining 60% will be

OPEC crude oil production remains steady as Iraq, UAE pump above quota

July 2, 2024

World Oil (Bloomberg) – OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits. OPEC produced an average of 26.98 MMbpd in June, or 80,000 bpd less than during the previous month, according to a Bloomberg survey. Small reductions in Iraq and Nigeria drove the decline. The survey showed that Iraq

Shell, TotalEnergies in talks for stakes in ADNOC’s Ruwais LNG plant

April 23, 2024

World Oil (Bloomberg) – Shell Plc and TotalEnergies SE are among several global energy companies in talks to buy stakes in Abu Dhabi National Oil Co.’s next liquefied natural gas export project in the United Arab Emirates. The two oil majors, as well as Japanese trading house Mitsui & Co., are looking for equity in the Ruwais facility, as well

Western sanctions delay payments for Russia’s oil exports

March 27, 2024

Oil Price Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary of the tighter U.S. sanctions, numerous unnamed sources with knowledge of the matter have told Reuters. Russian oil firms are struggling to collect the payments for their exports on

The UAE could raise oil production regardless of OPEC+ decision

November 20, 2023

Oil Price OPEC’s third-largest producer, the United Arab Emirates (UAE), could raise its oil output next year as it has won a higher quota under the OPEC+ agreement. The UAE, OPEC’s third-biggest producer after Saudi Arabia and Iraq, said in the summer that it would not join the Saudis in making voluntary production cuts. The UAE has argued for years that it

UAE says OPEC+ cuts are enough to support the oil market

July 21, 2023

Oil Price The current moves of OPEC+ to cut oil production are enough to support the market, Suhail al-Mazrouei, the energy minister of the United Arab Emirates (UAE), told Reuters on Friday. The actions the OPEC+ group has taken so far are sufficient, according to the OPEC heavyweight the UAE. “What we are doing is sufficient as we say today,” al-Mazrouei

UAE believes the oil industry is in “Decline Mode”

November 3, 2022

Oil Price Crude oil is in “decline mode” in the long term, OPEC heavyweight the United Arab Emirates (UAE) says. “To assume oil is going to be there forever is wishful thinking,” the UAE’s Energy Minister Suhail Al-Mazrouei said at the ADIPEC energy conference, as carried by Bloomberg. “No matter how much we defend it, it’s in decline mode,” said

The U.S. and UAE sign a $100 billion clean energy pact

November 1, 2022

Oil Price The United States and the United Arab Emirates (UEA) signed on Tuesday a partnership expected to attract $100 billion in investment in clean energy projects worldwide, the White House said today. The U.S. and the UAE have signed the U.S.-UAE Partnership for Accelerating Clean Energy (PACE), set to catalyze $100 billion in financing, investment, and other support for clean

Exclusive: Saudi, UAE save oil firepower in case of winter supply crisis

August 4, 2022

Yahoo Finance LONDON/DUBAI – OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to

France’s Macron tells Biden that UAE, Saudi pumping near oil limits

June 28, 2022

World Oil (Bloomberg) — French President Emmanuel Macron said that the United Arab Emirates’ ruler confided to him that OPEC’s two leading oil exporters are already pumping almost as much oil as they can. The UAE is “at maximum” output and neighboring Saudi Arabia can promptly add only about 150,000 barrels a day, Macron said, relaying a conversation with Sheikh

UAE sends rare cargoes of oil toward Europe amid Russia snub

May 24, 2022

World Oil (Bloomberg) — The United Arab Emirates has started shipping rare cargoes of oil toward Europe, where crude buyers are snubbing imports from Russia in the wake of the nation’s invasion of Ukraine. The oil tanker Moscow Spirit — hired by TotalEnergies SA’s shipping arm — is sailing toward Rotterdam, Netherlands with a cargo of about 1 million barrels

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