Sohar International has reaffirmed its commitment to supporting Oman’s energy sector and sustainable economic growth through a joint symposium titled “Oman’s Energy Sector in a Reshaped Gulf: Driving Economic Growth, Investment, and Global Competitiveness.”
Nigeria is aiming to attract between $30 billion and $50 billion in offshore oil and gas investments by 2030 as it works to revive crude production, increase energy output, and strengthen its position as Africa’s leading energy producer.
Enowa, the energy, water and hydrogen subsidiary of mega Saudi futuristic city NEOM, has announced that it has commissioned a new power substation at Oxagon, thus increasing the manufacturing and innovation city's available electricity capacity to 3.15GW.
Saudi utility giant Acwa Power has reported mixed first-half results, with its revenue soaring to SAR4 billion ($1.2 billion) mainly driven by higher energy sales and increased O&M services earnings, while its net profit for the six-month period fell 28% to SAR653.2 million ($174.2 million).
Oil prices remained under pressure on Tuesday after suffering steep losses over the previous two sessions, as growing optimism over a potential breakthrough in US-Iran diplomacy raised hopes that the Strait of Hormuz could soon be reopened to normal shipping, easing fears of disruptions to global crude supplies.
The International Trade Centre (ITC) said disruptions to shipping through the Strait of Hormuz are weighing on global trade, exposing the vulnerability of supplies of energy and fertilisers to one of the world's busiest maritime chokepoints. LNG exports plunged 95%, while urea was down 83%.
Saudi energy services company Tarshid has completed the second phase of an energy efficiency retrofit project at the Islamic University of Madinah, covering 43 buildings and facilities. It involved upgrades to cooling, AC and lighting systems aimed at improving energy efficiency.
Oil prices recovered on Tuesday after suffering their steepest one-day decline in weeks, as persistent concerns over potential supply disruptions in the Middle East outweighed optimism that diplomatic efforts could quickly end the five-month-old conflict between the United States and Iran.
BP reported a sharp rebound in second-quarter earnings, helped by stronger oil and gas prices, improved refining margins and robust cash generation, as new Chief Executive Officer Meg O'Neill outlined an ambitious strategy to improve performance and restore shareholder confidence.
MWG Enterprises, a US-based energy development company, said it has - in partnership with Patel Family Office and PWS, a company of Saudi Arabia’s AHQ Group - entered the final stage of site selection for its planned $5 billion integrated refinery and energy export corridor.
