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  • Trump’s oil and gas friendly energy secretary pick seen as ‘fantastic’ in Middle East

    US President-elect Donald Trump's selection of oil industry veteran Chris Wright as energy secretary will likely be welcome in the Middle East where hydrocarbons dominate its economies, with one Saudi government official describing the nomination to S&P Global Commodity Insights on condition of anonymity as "fantastic." Wright, whose nomination to head the Department of Energy was widely reported Nov. 16 in the midst of the COP29 UN climate change summit, is CEO of oilfield services firm Liberty Energy, which has extensive operations in hydraulic fracturing. He is a climate change skeptic who has called net-zero plans "sinister."

  • Visualized: How the Oil and Gas Industry Spends Its Profits

    Unlike previous years, a majority of the oil and gas industry’s 2022 profits were channeled towards enhancing shareholder dividends and reducing debt burdens. This means that capital expenditure for oil and gas production dropped below 50% of total spending for the first time in more than 15 years.

  • PIF invests in Alkhorayef Petroleum, boosting Saudi Arabia’s oil and gas industry

    The investment comprises a 25% shareholding through a capital increase and subscription to new shares, with Alkhorayef Group retaining a 75% stake. This move aligns with PIF's broader strategy to enhance Saudi Arabia's equipment and service landscape, fostering the growth of promising private sector companies and contributing to the development of the industrial ecosystem, ultimately increasing export revenues. Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, and early production facilities, serving as the only Gulf-based manufacturer of electric submersible pumps crucial to oil and gas production.

  • ‘Unstoppable’ energy transition means demand for oil, gas, and coal set to peak by 2030

    Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency.

    Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based agency said in its annual World Energy Outlook report, published Tuesday.

    The agency said it expects there to be nearly 10 times as many electric cars on the road globally by the end of the decade, and for renewables to account for almost half of the global energy mix, up from 30% today.

  • World oil, gas, coal demand to peak by 2030, IEA says

    World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China's economy grows more slowly and shifts towards cleaner energy, the International Energy Agency said, undercutting the rationale for any rise in investment.

    The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment.

  • OPEC optimistic on demand, calls for more oil and gas investment

    OPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an energy industry event in Abu Dhabi. He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive. "We still see oil demand as quite resilient this year, as it was last year," Al Ghais said, noting the group's forecast was for year-on-year demand growth of more than 2.3 million barrels per day (bpd).

  • Saudi Arabia Considers A Surprising Bet On Iranian Oil And Gas

    Saudi Arabia is set to play its part in this turbo-charging of Iran’s oil and gas industry initially by investing in its petrochemicals sector. As highlighted recently by OilPrice.com, over the latter part of 2017 and early 2018, the Oil Ministry of neighbouring Iraq talked to Saudi Basic Industries Corporation (SABIC) about the possibility of it taking a stake in its own giant Nebras Petrochemicals Plant project.

  • Saudi PIF-backed oil and gas driller Ades may raise as much as $1.2bn in IPO

    Ades Holding, an oil and gas drilling company backed by Saudi Arabia's Public Investment Fund, plans to raise up to 4.6 billion Saudi riyals ($1.2 billion) from its initial public offering. The price range for the offering has been set between 12.5 riyals and 13.5 riyals per share, the company said on Sunday. The move follows after company announced in late August its intention to list its shares.

  • Top 5 oil and gas contracts in the Middle East: May 2023

    In case you missed the announcements, here is a list of the top five contracts secured for oil and gas projects in the region.

  • Iran And Russia Discuss Joint Development Of Oil And Gas Fields

    Iran and Russia are considering the joint development of as many as 10 oil and gas fields in Iran, media have reported following a meeting between Iranian officials and a Russian delegation led by Deputy Prime Minister Alexander Novak. The proposal has come from the Iranian side amid talks about the development of other oil and gas resources in the country.