Crude oil market on tenterhooks over OPEC meet. Image credit: Getty Images

Oil watchers predict OPEC+ to maintain steady supply

Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories

ADNOC Drilling acquires 6 rigs

ADNOC Drilling signs $75m deal for six newbuild hybrid power land rigs

The rigs are being built by Honghua Golden Coast and will progressively enter the fleet from the second quarter of 2024

ADNOC Group Onshore Drilling Rig

ADNOC, TAQA invest $2.4bn to supply sustainable water to onshore operations

The project will develop a centralised seawater treatment facility for operations at the Bab and Bu Hasa fields in Abu Dhabi

NEOM green hydrogen plant

NEOM Green Hydrogen Company closes $8.4bn deal for production facility

The green hydrogen production plant is currently being built at Oxagon in Saudi Arabia’s NEOM region

TAQA, Uzbekistan power generation

TAQA to explore investments worth $3bn in Uzbekistan’s energy sector

The investment opportunities include new and existing power plants as well as associated power infrastructure with a combined value of more than $3bn

ACWA Power Riyadh Headquarters Office

ACWA Power, PIF unit jointly invest $3.25bn in three solar projects

The new solar projects, which will be jointly owned with ACWA and PIF’s Badeel, will have a combined production capacity of 4.55 GWac

Empower adds DXB to its portfolio

Empower adds Dubai International Airport to its district cooling portfolio

The total capacity of the plants is equivalent to 11 times the consumption of the world’s tallest tower, the Burj Khalifa

MAsdar Uzbekistan JDA for clean energy projects

UAE’s Masdar to develop over 2GW of clean energy in Uzbekistan

Uzbekistan, which aims to achieve 25 percent of its energy mix from renewables by 2030, is a strategic destination for Masdar

Saudi Aramco appoints presidents for upstream and downstream businesses

Saudi Aramco promotes upstream, downstream heads to new president roles

Nassir Al-Naimi remains in charge of Aramco’s oil and gas production while Mohammed Al Qahtani will continue to run the refining and chemicals business

Masdar - Airbus Agreement

Masdar, Airbus ink deal to boost global sustainable aviation fuel sector

The agreement marks a collaboration between the two companies focusing on sustainable aviation fuels, green hydrogen and direct air capture technologies


ADNOC L&S sets IPO price range, seeks to raise $607m

The company expects the final offer price to be announced on May 26, after the book-building process

Arabian Drilling operations

Arabian Drilling’s Q1 revenue surges by 4% to SAR779m

The drilling company’s earnings before interest, taxes, depreciation and amortisation in Q1 2023 reached SAR323m, with a margin of 41.5 per cent

TAQA Group CEO and managing director Jasim Husain Thabet

UAE’s TAQA Group posts $3.2bn in Q1 net income

The Abu Dhabi-listed firm said its revenues jumped 6 per cent in Q1 2023 to Dhs13.14bn, bolstered by higher bulk supply tariffs and transmission charges

DEWA’s high-water usage alert service reduces carbon emissions by 218,373 tonnes

The service sends instant notifications to customers if the smart meter system detects any unusual increase in consumption

Oil industry

Global oil industry requires $12.1tn in investments up to 2045: OPEC secretary-general

Recent annual levels have been significantly below this amount, due to industry downturns, the pandemic and the increasing focus on environmental, social and governance issues

ADNOC Distribution

ADNOC Distribution’s Q1 net profit jumps 5.5% to Dhs551m

The energy provider said its net profit soared 19.4 per cent quarter-on-quarter and free cash flow stood at Dhs1.04bn

Emirates Development Bank joins IRENA's AFID

Emirates Development Bank joins IRENA’s Alliance for Industry Decarbonization

Emirates Development Bank will showcase its flexible financial solutions to support companies operating within the renewables sector

ADNOC Gas first Q1 results

ADNOC Gas’ Q1 net income surges by 9% to $1.3bn

The net income for the quarter ended March 31 included a one-time tax benefit of $300m following its formation earlier this year

Dana Gas

UAE’s Dana Gas reports Dhs183m net profit in Q1 2023

Profitability for the quarter dropped 7 per cent compared to a 22 per cent decrease in the company’s realised prices during the period

Octopus Energy Masdar ink deal for UK battery storage

Octopus Energy, Masdar ink deal to manage battery storage in UK

The companies will assess joint participation possibilities in renewable energy and explore collaborative opportunities in renewable energy generation

ADNOC Baker Hughes agreement

ADNOC, Baker Hughes partner to advance hydrogen technology

The partnership builds on ADNOC Group’s $15bn commitment towards decarbonisation projects by 2030

Aramco’s Abha bulk plant

Saudi Aramco Q1 profit drops to $31.9bn on lower oil prices

Global crude oil prices declined in the first quarter of 2023 mainly driven by macroeconomic events contributing to market volatility

DEWA first quater net profit

DEWA’s Q1 2023 net profit up 10.4% to $208m

The utility company’s revenue for the first three months of the year hit Dhs5.44bn, up 7.3 per cent year-on-year

Barakah Nuclear Energy Plant unit 3

UAE’s ENEC inks nuclear energy deals with Chinese firms

The agreement covers cooperation in nuclear energy operations, in high-temperature gas-cooled reactors and fuel supply and investment

ADNOC Group AlRuwais plant

ADNOC Group to build new low-carbon LNG plant in Ruwais

The location’s proximity to ADNOC’s current operations and its future growth projects were all important factors in the decision


ADNOC Gas, TotalEnergies Gas and Power ink 3-year LNG supply deal

The three-year contract is expected to commence in 2023 and will run through 2025

Oil extends second weekly drop on new China recovery concerns

West Texas Intermediate futures slipped 0.7 per cent, after rallying 2.7 per cent on Friday

UAE increase petrol price

UAE raises fuel prices for May 2023

The fuel price committee marginally increased petrol prices by 15 fils for the month of May


Oil set for sixth monthly loss on deteriorating demand outlook

West Texas Intermediate steadied near $75 a barrel after closing 0.6 per cent higher on Thursday

air pollution

Less than 1% of Earth has safe levels of air pollution, study finds

While scientists and public health officials have long been at alert to the dangers — air pollution kills 6.7 million people a year