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☆ COP28 president says fossil fuels still have a role to play, prompting concerns about climate summit’s goals
▼ + stars: | 2023-05-03 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

In March, European countries agreed to promote a global phase-out of fossil fuels in a text setting out their priorities for COP28. “The shift towards a climate neutral economy will require the global phase-out of unabated fossil fuels,” the text said. Al Jaber emphasized the role of technologies like carbon capture in reducing planet-heating pollution. “All indicators… are telling us that we are way off track,” said Al Jaber. We have to get out of fossil fuels, we have to dramatically reduce emissions.”“it is no longer about visions.

First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96 billion, up from $4.8 billion in the fourth quarter of 2022 and above expectations of $4.3 billion in a company-provided survey of analysts. The profit reflects "an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result", BP said, noting the partial offset from lower oil and gas prices and refining margins. BP had reported a $6.25 billion profit in the first quarter of 2022. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. BP's profit hit a record $28 billion in 2022 on soaring energy prices and market volatility which benefited its large trading business.

☆ Chad recalls envoy to Cameroon as dispute over Exxon's asset sale escalates
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Exxon closed the sale of its operations in Chad and Cameroon to Africa-focused oil and gas producer Savannah in a $407 million deal in December. Chad has nationalized the assets on its side of the border, including Exxon's share of the over 1,000 km (621 miles) Chad-Cameroon oil pipeline. Savannah Energy has said it will pursue its legal rights over Chad's decision to nationalize Exxon's assets it had acquired. The company said on Wednesday that it had sold a 10% stake of the share capital of the Cameroon Oil Transportation Company which owns and operates the 903km Cameroon section of the Chad-Cameroon pipeline to Cameroon national oil company (SNH). Chad said in its statement that it was not informed of this sale which was contrary to the status of the pipeline company.

☆ Aramco to supply full volumes to Asia despite OPEC+ oil cuts - sources
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 10 (Reuters) - Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in May, several sources with knowledge of the matter said on Monday. People now wonder how the additional voluntary cut would reflect in the actual supply, or if it is merely a measure to shore up oil prices, a source at an Asian refiner said. Oil demand is expected to be weak as several refiners in Asia, such as Sinopec, S-Oil, Fuji Oil and Idemitsu, have planned maintenance in May. Crude benchmarks jumped 6% last week after the major oil producers jolted market with the additional output reduction. It also increased the prices of other oil grades to Asian clients amid expectations of tighter market supply.

☆ BP, ADNOC’s Mediterranean debut ticks three boxes
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - BP (BP.L) and the Abu Dhabi National Oil Company (ADNOC) are tying the knot. The duo plan to set up a joint venture to buy gas assets in the eastern Mediterranean. On the other hand, the $4 billion NewMed net asset value implied by BP and ADNOC’s bid is some way ahead of the $2.6 billion estimated by hedge fund Palliser during NewMed’s autumn dalliance with Capricorn Energy (CNE.L). And after rethinking the speed with which it’s cutting its oil and gas production, BP wants to show investors that it can identify suitable fossil fuel projects. NewMed shares only jumped 38% to around 10 shekels on Tuesday, implying doubt about whether the deal will happen.

☆ Venezuela Oil Minister Resigns Amid Widening Corruption Probe
▼ + stars: | 2023-03-20 | by ( Kejal Vyas | ) www.wsj.com time to read: 1 min

Tareck El Aissami said that he resigned to facilitate a government anticorruption probe. Venezuela’s oil minister resigned Monday amid a widening campaign by President Nicolás Maduro to root out corruption in the government and the national oil company, which in recent days has led to the arrests of several government officials on graft charges. Tareck El Aissami , who had held high posts in government and long been among Mr. Maduro’s closest confidants, said on Twitter that he was stepping down from his post to facilitate the government’s anticorruption probe into state-run Petróleos de Venezuela, or PdVSA. He couldn’t be reached to comment.

☆ Abu Dhabi’s gas IPO displays the merits of caution
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

Shares of Abu Dhabi National Oil Company’s gas processing spinoff jumped 18% on their IPO debut on Monday, valuing the company at 214 billion dirhams ($58 billion). ADNOC Gas (ADNOCGAS.AD) may be the chunkiest Gulf listing since Saudi Aramco’s (2222.SE) $1.7 trillion equivalent in 2019, but it was more sensibly priced. Aramco’s problem was that Saudi Arabian Crown Prince Mohammed bin Salman had already decreed that it should be worth $2 trillion. ADNOC Gas, by contrast, has a prospective yield of 5.6%, in line with local rivals and more in keeping with Western energy rivals. If anything, ADNOC Gas could be worth even more.

☆ Saudi Aramco Posts Record $161 Billion Profit in 2022
▼ + stars: | 2023-03-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Aramco said its annual profit swelled by 46% in 2022. DUBAI—Saudi Arabia’s national oil company reported record annual profits for 2022 and raised its dividend, riding high oil prices fueled by the Ukraine war to earn $161 billion. Saudi Arabian Oil Co., known as Aramco, said its yearly profit swelled by 46% in 2022, a period when Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices.

☆ Saudi Aramco Posts Record $161 Billion Profit for 2022
▼ + stars: | 2023-03-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Aramco said its annual profit rose by 46% last year, the latest oil major to report a record annual profit for the year. Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm, continuing a dramatic turnaround for the industry after the Ukraine war lifted crude prices and upended commodity flows. Saudi Arabian Oil Co., known as Aramco, said its yearly profit swelled by 46% in 2022, a period when Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, rebuffed U.S. requests to pump more oil to help tame surging crude prices.

☆ Oil chief leading COP28 climate summit urges energy industry to 'up its game' to reduce emissions
▼ + stars: | 2023-03-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"Alongside all industries, the oil and gas sector needs to up its game, do more and do it faster," Abu Dhabi National Oil Company CEO Sultan al-Jaber said during a keynote speech at CERAWeek. The chief executive of one of the world's biggest oil companies, who will lead talks at the COP28 climate summit later this year, called on the energy industry to "up its game" to reduce emissions. The head of the United Arab Emirates' state oil company was seen as a controversial choice to lead the COP28 climate talks in Dubai later this year. The UAE, the third largest producer of the OPEC oil alliance, will host the U.N.-brokered climate talks from Nov. 30 through to Dec. 12. The COP28 summit will see the first global stocktake since the 2015 Paris Agreement.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ UAE's Masdar to invest $1.2 bln in British battery storage tech
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

Companies Abu Dhabi Future Energy Company PJSC FollowLONDON, March 1 (Reuters) - The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday. "We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference. Masdar bought UK-based battery company Arlington Energy last year. Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA). ($1 = 0.8310 pounds)Reporting by Ron Bousso and Sarah McFarlane; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Venezuela’s Oil Industry, Reopening to Investors, Is Major Polluter
▼ + stars: | 2023-02-22 | by ( Kejal Vyas | Patricia Garip | ) www.wsj.com time to read: 1 min

Venezuela’s oil industry suffers from maintenance and management problems, a likely challenge for Western companies looking to resume work there. Across Venezuela’s once-thriving oil industry, environmentalists say rusty pipelines and storage tanks routinely leak contaminants into the ground. Frequent spills stain the mangroves of national parks with oil. Refinery explosions in recent years have sent black smoke billowing into the sky. And Venezuela’s national oil company, unable to process the natural gas that is a byproduct of oil production, burns enough each day to supply the state of Georgia.

☆ UAE gas IPO’s $50 bln valuation looks like a floor
▼ + stars: | 2023-02-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Feb 22 (Reuters Breakingviews) - The United Arab Emirates’ bumper gas listing inevitably invites comparisons with Saudi Aramco (2222.SE). As with the five other subsidiaries which ADNOC has listed, including its distribution arm and Borouge (BOROUGE.AD), ADNOC Gas comes with juicy shareholder payouts. While ADNOC Gas benefits from a 25-year agreement with its parent to provide gas for its needs, ADNOC takes a share of the resulting profit. That said, with over two thirds of its gas serving local customers who contribute one-third of its operating profit after tax, ADNOC Gas earnings are arguably more predictable. ADNOC Gas envisages an equity valuation of at least $50 billion, people familiar with the situation told Reuters Breakingviews.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ Exclusive: UAE's Jaber says keeping 1.5 Celsius goal 'alive' is top priority for COP28
▼ + stars: | 2023-02-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +4 min

Jaber's appointment fuelled activist concern that big industry was hijacking the world's response to the global warming crisis. "I have no intention whatsoever of deviating from the 1.5 goal," Jaber said in his first interview since being assigned the role. "Keeping 1.5 alive is a top priority and it will cut across everything I do." As COP28 president, Jaber will help shape the conference agenda and intergovernmental negotiations. "How about for once we capitalise on everybody's capabilities and strengths and fight climate change rather than going after each other," he said when asked about the criticism.

☆ Hong Kong Vies for Blockbuster Aramco Listing as Saudi Ties Deepen
▼ + stars: | 2023-02-09 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

If Aramco chooses to list in Hong Kong, the deal would be a boon for the city. Hong Kong officials are making a renewed push to convince Saudi Arabia’s national oil company to list its shares in the city, two months after a visit by Chinese leader Xi Jinping to the Middle Eastern country. John Lee, Hong Kong’s chief executive, led a large delegation of government officials, bankers and other executives to Saudi Arabia this week, part of a wider tour of the Middle East. Mr. Lee told Amin Nasser , chief executive of oil giant Aramco, that Hong Kong’s stock exchange would welcome a secondary listing by the company. A deal could be valued at tens of billions of dollars, according to some bankers’ estimates.

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

☆ Exclusive: Equinor joins Western oil firms' retreat from Nigeria -sources
▼ + stars: | 2023-01-25 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said. Several Western oil giants including Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA), are seeking to exit or scale back their presence in Nigeria, particularly in onshore operations which have been plagued by theft and devastating spills for years. Equinor's exit is part of the company's efforts to focus on newer and more profitable assets, the sources said. Nigeria's offshore oil and gas operations remain lucrative due to their larger scale, better security and attractive financial terms offered by the government. Operations outside Norway account for around a third of the company's total oil and gas production.

☆ Greta Thunberg on Abu Dhabi's oil chief leading COP28 climate summit: 'Completely ridiculous'
▼ + stars: | 2023-01-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Climate activist Greta Thunberg speaking on the main stage in George Square as part of the Fridays for Future Scotland march during the Cop26 summit in Glasgow. Swedish climate activist Greta Thunberg on Thursday became the latest vocal critic of the United Arab Emirates' decision to name the head of the Abu Dhabi National Oil Company (Adnoc) as president of this year's COP28 climate summit. The UAE, one of the world's top oil producers, will host the U.N.-led climate summit from Nov. 30 to Dec. 12, 2023. And the hard reality is that, in order to achieve this goal, global emissions must fall 43% by 2030." According to the panel, roughly 90% of global CO2 emissions come from fossil fuels and the heavy industry.

☆ Op-ed: Oil CEO Sultan Al Jaber is the ideal person to lead the UN climate conference this year
▼ + stars: | 2023-01-14 | by ( Frederick Kempe | ) www.cnbc.com time to read: +7 min

Nowhere is this shift among climate activists more evident than in Germany, where Vice Chancellor Robert Habeck, the Green Party leader, is serving as the pragmatist-in-chief. Some climate activists were aghast this Thursday when the UAE named Sultan Al Jaber, the CEO of the Abu Dhabi National Oil Company (ADNOC), as president of this year's COP 28. Al Jaber, speaking to the Atlantic Council Global Energy Forum on Saturday, captured his ambition to drive faster and more transformative results at COP 28. "We are way off track," said Al Jaber. "We will work with the energy industry on accelerating the decarbonization, reducing methane, and expanding hydrogen," said Al Jaber.

☆ ConocoPhillips in Talks to Sell Venezuelan Oil in U.S. to Recover Billions It Is Owed
▼ + stars: | 2023-01-13 | by ( Patricia Garip | ) www.wsj.com time to read: 1 min

ConocoPhillips , which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S. as a way to recover the close to $10 billion it is owed by Venezuela, according to people familiar with discussions between the company and Venezuela representatives. In what are preliminary talks between ConocoPhillips and national oil company Petróleos de Venezuela SA, the two sides are looking at a proposal that could allow the Houston-based company to load, transport and sell Venezuela’s oil in the U.S. on behalf of PdVSA, as the state oil company is known. This would give ConocoPhillips a chance to recover the money it lost in the country and help the U.S. meet its energy needs, the people said.

☆ U.A.E. Names Oil Chief to Run COP28 Climate Summit
▼ + stars: | 2023-01-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

DUBAI—The United Arab Emirates named the chief executive of its national oil company as the president of this year’s United Nations climate summit, drawing criticism from environmental activists. The Gulf state said Thursday that Sultan al-Jaber, chief executive of Abu Dhabi National Oil Co., or Adnoc, would be tasked with framing the agenda of the COP28 summit in Dubai, which opens at the end of November. Mr. Jaber, a top Emirati technocrat, is also the country’s minister for industry and technology and special envoy on climate change, playing a leading role in the country’s move to finance and produce more renewable and nuclear energy.

☆ UAE sparks furious backlash by appointing Abu Dhabi oil chief as president of COP28 climate summit
▼ + stars: | 2023-01-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In a statement confirming his appointment as COP28 president-designate, Al Jaber said, "The UAE is approaching COP28 with a strong sense of responsibility and the highest possible level of ambition." The United Arab Emirates announced Thursday that the head of the state oil giant Abu Dhabi National Oil Company (ADNOC), one of the world's largest oil companies, will lead the COP28 climate talks in Dubai later this year. The appointment of Sultan al-Jaber as COP28 president-designate provoked a furious backlash from climate activists and civil society groups. The UAE, the third largest producer of the OPEC oil alliance, will host the U.N.-brokered climate talks from Nov. 30 through to Dec. 12. In a statement confirming his appointment al-Jaber said, "The UAE is approaching COP28 with a strong sense of responsibility and the highest possible level of ambition."

☆ Philippines top court voids old South China Sea energy deal
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Companies Philippines Oil FollowMANILA, Jan 10 (Reuters) - The Supreme Court in the Philippines on Tuesday declared the country's 2005 energy exploration agreement with Chinese and Vietnamese firms was illegal, ruling the constitution does not allow foreign entities to exploit natural resources. The decision, on an agreement that expired in 2008, could complicate efforts by China to revive oil and gas exploration talks with the Philippines in areas of the South China Sea that are not in dispute. China and the Philippines have sparred for decades over sovereignty and natural resources in the South China Sea, which led to a landmark arbitration case in 2016 won by Manila. Efforts to find a legally viable way to work together on energy exploration have repeatedly hit walls. China claims jurisdiction over almost the entire South China Sea and the risk of energy activities being disrupted have made it tricky for the Philippines to find foreign partners, despite an arbitration court clarifying what Manila's entitlements were.

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