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Business & Finance

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Illustration; Source: International Energy Agency (IEA)
Business & Finance

Green shift in 2024: Fossil fuels to top $1 trillion but lion’s share of energy investment going to clean power

Clean energy technologies and infrastructure are poised to hit $2 trillion in 2024, which is double the amount going to coal, oil, and gas.

about 2 years ago
Illustration; Source: ADNOC L&S
Business & Finance

Shipbuilding giants rake in $2.5 billion from UAE player’s LNG fleet expansion rush

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ADNOC L&S has gone on a spending spree to bolster its liquified natural gas (LNG) carriers’ arsenal with multiple newbuild vessels.

about 2 years ago
UAE-US partnership brings autonomous vehicle services to the Middle East
Business & Finance

UAE-US partnership brings autonomous vehicle services to the Middle East

U.S.-headquartered Ocean Power Technologies (OPT) has partnered up with Unique Group, a UAE-headquartered innovator in subsea technologies and engineering, to take its autonomous vehicle services to the Middle East. The companies will collaborate to deploy OPT’s existing WAM-V unmanned surface vehic

about 2 years ago
Flurry of green hydrogen and ammonia deals underpins EU-Egypt partnership
Business & Finance

Flurry of green hydrogen and ammonia deals underpins EU-Egypt partnership

The Egyptian government and the EU are advancing green hydrogen and green ammonia incentives through new private investment agreements.

about 2 years ago
South Pars (SP) Phase 11; Source: IOEC
Business & Finance

Russia and Iran enhance energy ties as Gazprom walks off with fresh gas supply deal

Gazprom has signed a strategic MoU on facilitating pipeline supplies of Russian natural gas to Iran with the National Iranian Gas Company.

about 2 years ago
Kingdom 2 jack-up rig; Source: Lamprell
Business & Finance

Newbuild jack-up rig leaves UAE yard and sets sail to Saudi Arabia

Lamprell has completed the construction and delivery of a second of 20 planned newbuild offshore jack-up rigs, destined to work in Saudi Arabian waters.

about 2 years ago
Leviathan field; Source: NewMed Energy
Business & Finance

Chevron-operated Mediterranean gas field ready to get export boost show on road

Following government approval, partners in a gas field offshore Israel are expected to reach a decision on expanding its natural gas exports.

about 2 years ago
West Tucana jack-up rig; Source: Seadrill
Business & Finance

Three oil & gas rigs say their goodbyes to Seadrill’s offshore drilling fleet

Seadrill has sold three jack-up rigs deployed in Qatar to its ex-joint venture partner, Gulf Drilling International (GDI).

about 2 years ago
Partners to start construction of low-carbon ammonia facility in Abu Dhabi
Business & Finance

Partners to start construction of low-carbon ammonia facility in Abu Dhabi

TA’ZIZ, Fertiglobe, Mitsui & Co. and GS Energy Corporation have agreed to commence construction of a low-carbon ammonia production facility in Abu Dhabi, United Arab Emirates (UAE).

about 2 years ago
Illustration; Source: Westwood
Business & Finance

Namibia’s discoveries seen as silver lining: Global drilling costs up but exploration success rate down

High-impact exploration average discovery size is declining while costs have risen for the fifth consecutive year.

about 2 years ago
Wadad Aletheia; Source: CCCUWE
Business & Finance

Delivery of UAE player’s subsea vessel gets pushed to next quarter

The UAE-based CCCUWE has disclosed a revised schedule for the arrival of the newest member of its subsea fleet to its base.

about 2 years ago
FPSO Energean Power works at the Karish field offshore Israel; Source: Energean
Business & Finance

Energean bids farewell to Egypt, Italy, and Croatia as assets fetch $945 million

Energean has set the divestment of its portfolio in Egypt, Italy, and Croatia in motion for an enterprise value (EV) of up to $945 million.

about 2 years ago
After ExxonMobil, Petrobras and Equinor, another energy major hires French firm
Business & Finance

After ExxonMobil, Petrobras and Equinor, another energy major hires French firm

French provider of tubular solutions Vallourec has secured a contract extension with Abu Dhabi National Oil Company (ADNOC) to continue supplying tubes and connections for offshore and onshore oil and gas fields. Vallourec and the National Oil Company of Abu Dhabi signed a two-year extension to the

about 2 years ago
Illustration; Source: DNV
Business & Finance

DNV: Oil & gas witnessing confidence resurgence while energy transition price tag hampers net-zero aspirations

A new survey from DNV pinpoints the cost of the energy transition as the biggest barrier to meeting the net zero targets.

about 2 years ago