(World Oil) – TotalEnergies has signed an agreement to acquire a 10% interest in the Bab Gas Cap concession in Abu Dhabi, joining ADNOC and a group of international partners in the development of one of the UAE’s major gas growth projects. The concession is operated by ADNOC Onshore, which holds a 60% interest. Other partners include bp, CNPC, JODCO/INPEX, ZhenHua and GS Energy. The
(World Oil) – Brent oil fell below $75 for the first time since the Iran war began, as more tankers openly cross the Strait of Hormuz, while the U.S. and Iran signal progress toward ending the war. The global benchmark shed has much as 3.1% to the lowest since Feb. 27. Vessels are transiting the waterway with their satellite signals switched on,
(Oil Price) – Asia will bear the brunt of the energy crisis unfolding as a result of the war in the Middle East, former IEA chief Nobuo Tanaka warned this week. Speaking at a hydrogen industry event in Malaysia, Tanaka said, as quoted by the Borneo Times, that “The first oil shock created the IEA in 1973. The second transformed industries and
(Oil Price) – The processing capacity of the Habshan facilities, the biggest gas processing site in the United Arab Emirates, is expected to be restored to 80% by the end of 2026, after damage from the Iran war, ADNOC Gas said on Tuesday. The Habshan onshore facilities are part of one of the world’s largest gas processing plants, which is operated by ADNOC
(Investing) – OPEC crude production dropped by 830,000 barrels per day in April to 20.04 million bpd, marking the lowest output in more than 20 years. April’s production level represents the lowest OPEC output since at least 2000, excluding membership changes, and falls below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed. The decline came as the
(World Oil) – Iran attacked the United Arab Emirates for the first time in almost a month on Monday, as tensions between the U.S. and Islamic Republic rose. The UAE said it intercepted Iranian cruise missiles fired at different parts of the country, fracturing an uneasy calmness since a ceasefire between Tehran and the U.S.-Israel alliance took hold around April
(Oil & Gas 360) – The United Arab Emirates’ decision to exit OPEC after roughly six decades is one of the most consequential developments in the modern oil market, not because it alters global supply overnight, but because it exposes the structural limits of cartel governance in a world of diverging producer incentives. The move comes amid wider global fragmentation. Multilateral
(World Oil) – Abu Dhabi National Oil Company (ADNOC) has outlined plans to award up to $55 billion in projects between 2026 and 2028, signaling an acceleration of upstream and broader energy investment as the UAE charts its path following its exit from OPEC. The planned awards form part of ADNOC’s existing five-year capital expenditure program and mark what the company described as
(By Oil & Gas 360) – The United Arab Emirates stepping away from OPEC and the broader OPEC+ framework would mark one of the most consequential shifts in oil market governance in decades. For a group that has long relied on cohesion, quota discipline, and the political alignment of its core Gulf members, the loss of a major, technically capable
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(Oil Price) – Asia’s LNG imports slumped in March to the lowest level in seven years for the month as the closed Strait of Hormuz trapped the supply and Qatar declared force majeure following Iranian missile strikes on its LNG infrastructure. Asian imports of liquefied natural gas dropped by 4.3% from a year earlier to 21.12 million tons in March
