UK-headquartered oil and gas giant BP has recorded a fall in profit on a quarterly and year-over-year (y-o-y) basis driven by the downturn in energy prices. However, Britain’s oil major still raked in a multimillion-dollar profit in the first quarter of 2024 while upping its oil production ante.
ADNOC increased its oil production capacity to 4.85 million bpd ahead of the next OPEC meeting.
The country’s stated aim is to reach 5 million bpd capacity by 2027.
OPEC’s current production cuts are set to run through the end of June, but the group may decide to extend those cuts at its next meeting.
The Director of the Media Office at the Tripoli based Libyan Ministry of Oil and Gas, Ahmed Al-Tarhouni, told Libya Herald, that talk of the National Oil Corporation’s (NOC) intention to contract with a coalition of Eni / Adnoc /Total and grant them a 40 percent share of production is a legal violation that should be alerted to.
COP28 president Sultan Ahmed Al Jaber speaks during a meeting at the United Nations climate summit in Dubai on December 2, 2023. The COP28 conference opened on December 1 with an early victory as nations agreed to launch a “loss and damage” fund for vulnerable countries devastated by natural disasters
Abu Dhabi National Oil Company (Adnoc) has awarded a $219 million engineering, procurement and construction contract to compatriot National Petroleum Construction Company (NPCC) for work on a key offshore pipeline replacement project.
Chinese contractor China Petroleum Engineering and Construction (CPECC) has won a major contract from ADNOC Onshore, the onshore unit of ADNOC, to upscale production of its mature fields.
BP and the Abu Dhabi National Oil Company (ADNOC) have bid to acquire a 50% stake in Israel’s NewMed Energy, an offshore natural gas producer. The proposal, valued at roughly $2 billion, could signify a significant shift in relations between the Middle East and Israel.