Ukraine’S Naftogaz Secures $466M Financing For Purchasing Gas

The United Arab Emirates has agreed to help finance the estimated $25 billion project to build a natural gas pipeline stretching from Nigeria to Europe via Morocco. Leila Benali, the Minister of Energy Transition and Sustainable Development, informed the Moroccan parliament last week that the UAE would contribute to the ambitious project's funding alongside other financing partners, including the European Investment Bank (EIB), the Islamic Development Bank (IsDB), and the OPEC Fund.    Morocco has completed all preliminary feasibility and engineering studies for the pipeline, Benali said in comments reported by Moroccan media over the weekend.    The planned pipeline spans nearly 5,660 kilometers (about 3,517 miles), starting from the southern Moroccan city of Dakhla, connecting with the Nigerian gas network and extending northward to link with markets in Europe.  The route is expected to traverse 15 African countries.    Benali also confirmed that China's Jingye Steel Group has been awarded a contract to supply the pipes for the project.    Last month, Morocco and Nigeria agreed to create a joint venture to oversee the management of the planned intercontinental pipeline, a significant step forward for the long-discussed energy infrastructure project.

A federal jury in the Southern District of Texas has ruled in favor of Marathon Oil Company in a high-stakes natural gas trading dispute stemming from Winter Storm Uri. The jury rejected a $123.7 million breach-of-contract counterclaim filed by Koch Energy Services, siding instead with Marathon’s force majeure defense related to deliveries during the historic February 2021 storm. Marathon was jointly represented by Haynes Boone and AZA during the trial. Haynes Boone attorneys Mark Trachtenberg, Ryan Pitts and Garrett Martin worked in close coordination with AZA’s trial team, which included Tim Shelby, Sammy Ford IV, Paul Galante, Emily Adler, Michael Gorrell and Ab Henry. Trachtenberg ran point on the jury charge and argued the charge issues before the court. The Haynes Boone team also drafted key legal briefs leading up to the trial and provided appellate support.  The dispute centered on whether Marathon fulfilled its contractual obligations in Oklahoma as the storm crippled production and sent gas prices soaring. Koch argued that Marathon was required to purchase replacement gas to meet delivery obligations. The jury, however, agreed that the contract only required Marathon to use reasonable efforts to keep its own production online.  After a six-day trial and under three hours of deliberation, the jury returned a decisive verdict in favor of Marathon, now a subsidiary of ConocoPhillips. “This was a landmark result not just for our client but for the broader energy sector,” said Trachtenberg. “The verdict provides guidance to the industry regarding producers’ obligations during catastrophic weather events and affirms a common-sense understanding of what it means to exercise ‘reasonable efforts’ under a force majeure clause.”

Friedrich Vorwerk Group SE, a leading energy infrastructure provider, announced Monday it has been awarded a significant gas pipeline contract. As part of a consortium to construct another section of the South German Natural Gas Pipeline (SEL), the group will be working on the new segment, which spans approximately 61 kilometres. This latest award, valued in the low three-digit million-euro range, brings the total length of pipeline sections under contract for the joint venture to 128 kilometers.  The consortium includes Friedrich Vorwerk and Bohlen & Doyen from the Friedrich Vorwerk Group, alongside PPS Pipeline Systems and HABAU from the Austrian HABAU Group. Work on the newly contracted third section is slated to begin in summer 2025 and will partially overlap with construction on the second section, which is already underway.  The total project volume for the consortium across all three sections is now in the mid-three-digit million-euro range. The 250-kilometer SEL, planned by transmission system operator terranets bw, is a major pipeline initiative in Germany, stretching from Lampertheim in Hesse to Bissingen in Bavaria.  It is designed to enhance the security of heat and electricity supply by connecting modern gas-fired power plants to the existing grid, supporting the phase-out of coal power. Crucially, the SEL is planned to transport hydrogen starting in 2030, making it the first pipeline in the state with a connection to European transport routes capable of carrying the future clean energy carrier.  This development is expected to significantly contribute to a carbon-neutral energy supply for the Rhine-Neckar region and the greater Stuttgart area, with the pipeline being built in phases based on future demand.  Following the award of these three sections, the remaining portions of the SEL are expected to be tendered in the coming years to connect new gas plants and the planned 9,000-kilometer national hydrogen core network.

Subsidiaries of energy major TotalEnergies have applied for an environmental permit for a $16-B green hydrogen and ammonia project in southern Chile, a regulatory filing showed on Monday. The project, run by the Chilean subsidiary TEC H2 MAG, is expected to begin operations in 2030 and includes a wind farm, seven electrolysis centers for green hydrogen, a desalination plant, an ammonia plant and maritime infrastructure for shipping. The Andean nation has been promoting the development of clean hydrogen projects, but some companies say lengthy permitting and a lack of infrastructure has led the country to the head start it had in green hydrogen. According to the project's website, the environmental permit process is expected to take two years, with construction to begin in 2027. The ammonia plant, which will be commissioned in stages, will produce up to 10,800 metric tons per day.

ADNOC Gas has announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.  ADNOC Gas attributed the performance to continued demand for domestic gas - up on the equivalent quarter last year - as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the company’s plants were offline led to a rise in processed volumes.  “This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations,” said Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas. “These results come on the back of successful supply agreements and the optimization of our ongoing shut-down program designed to power our continued growth. Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA* growth of over 40% between 2023 and 2029.” ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company’s international customer base as well as the transformation of global energy systems.  Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025. As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.

(P&GJ) — Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt, the U.S. fuel supplier said on May 5, in a move the companies said would create the largest independent fuel distributor in the Americas. The companies announced the agreement on May 2, stating that Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction, including assumed debt. As part of the deal, Sunoco will form SUNCorp, a new publicly traded Delaware limited liability company that will hold limited partnership units economically equivalent to Sunoco’s common units. The new entity, treated as a corporation for tax purposes, will maintain equivalent dividends for two years following closing. Under the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 per share, reflecting a 25% premium over the companies’ recent share prices. Shareholders may alternatively elect to receive C$44.00 per share in cash or 0.536 SUNCorp units, subject to proration. Sunoco has secured a $2.65 billion bridge loan to fund the transaction, which is expected to close in the second half of 2025 following shareholder and regulatory approvals. “This acquisition enables advantaged fuel supply, diversifies Sunoco’s portfolio, and accelerates growth,” the company said in a statement. Sunoco expects the deal to deliver $250 million in synergies within three years. Sunoco also pledged to maintain Parkland’s Canadian operations, including its Calgary headquarters and the Burnaby refinery. The company said it will continue to invest in Parkland’s Canadian transportation energy infrastructure and support low-carbon fuel production. The acquisition will also expand investment opportunities in Canada, the Caribbean and the United States, the company added.

(P&GJ) — SiEnergy Operating, a wholly owned subsidiary of Northwest Natural Holding Company, has reached an agreement to acquire EPCOR USA’s Texas natural gas utility business for $60 million. The deal covers the acquisition of 100% of the capital stock of Hughes Gas Resources Inc., known as EPCOR Texas Gas, which serves 12 communities northeast of Houston. The utility’s assets include approximately 6,900 metered connections and 353 miles of pipeline. EPCOR has owned and operated the system since 2017, which is expected to have a rate base of about $46 million at the end of 2025. The acquisition, expected to close in the second quarter of 2025, will further expand SiEnergy’s footprint in Texas, a region where it has established itself as a major provider of natural gas utility services. “With a similar business model as SiEnergy, Hughes has grown organically by providing infrastructure to residential and commercial developments in high-growth areas surrounding Houston,” said NW Natural Holdings CEO Justin Palfreyman. EPCOR, meanwhile, will shift its strategic focus toward water operations in Texas. “Today’s announcement reflects a strategic decision by EPCOR USA to focus growth plans in Texas on water opportunities,” said John Elford, President and CEO of EPCOR Utilities Inc. “Our natural gas customers and operations teams will also benefit from SiEnergy’s scale and experience.” SiEnergy president June Dively said the acquisition aligns with the company’s growth strategy. “We are excited for this opportunity to expand SiEnergy’s presence in metro Houston,” she said. Joe Gysel, Senior Vice President of North American Commercial Services for EPCOR, added, “SiEnergy is a proven, high-quality natural gas utility founded in the Houston area. Our customers in Texas will benefit from SiEnergy’s substantial footprint in natural gas utilities while EPCOR continues to focus on growing its water business in the United States.”

(Reuters) — Indonesian state coal miner Bukit Asam is studying a plan to invest $3.1 billion into a plant to convert coal into synthetic natural gas, its chief executive said on May 5. It would be Bukit Asam's latest attempt to produce gas from coal, as the government pushes for domestic value addition on its natural resources, after its partner pulled out from a project to produce dymethyl ether gas. Bukit Asam plans to convert 8.4 million metric tons of low-grade coal of around 3,700 kcal/kg GAR into 240 billion British thermal unit per day (1.6 million metric tons per year), Arsal Ismail, chief executive of Bukit Asam told members of parliament. "Some of Bukit Asam's low-grade coal reserves would be very suitable for conversion into synthetic gas," Arsal said, adding the project is aimed at meeting future gas demand in Indonesia. The company plans to form a joint venture with state-controlled gas distributor Perusahaan Gas Negara (PGN) and a technology provider to build the plant, he said, without naming the technology provider. Bukit Asam and PGN are currently conducting a feasibility study for the project, including the projected cost of the gas it will produce and its competitiveness against liquefied natural gas. Arsal said an initial study indicated that the synthetic gas would be competitive against imported LNG. Indonesia is currently a net exporter of LNG, but some analysts expected that it could turn into a net importer by early 2040s. Bukit Asam previously partnered with U.S. firm Air Products to convert coal into dimethyl ether, to produce substitution to liquefied petroleum gas popularly used as cooking fuel. Air Products, however, pulled out of the project in 2023 to redeploy its capital in other projects. Bukit Asam is currently in talks with a number of Chinese companies for potential partnership to replace Air Products, Arsal said.

(Reuters) — Subsidiaries of energy major TotalEnergies have applied for an environmental permit for a $16 billion green hydrogen and ammonia project in southern Chile, a regulatory filing showed on May 5. The project, run by the Chilean subsidiary TEC H2 MAG, is expected to begin operations in 2030 and includes a wind farm, seven electrolysis centers for green hydrogen, a desalination plant, an ammonia plant, and maritime infrastructure for shipping. The Andean nation has been promoting the development of clean hydrogen projects, but some companies say lengthy permitting and a lack of infrastructure has led the country to the head start it had in green hydrogen. According to the project's website, the environmental permit process is expected to take two years, with construction to begin in 2027. The ammonia plant, which will be commissioned in stages, will produce up to 10,800 metric tons per day.

Indonesian state coal miner Bukit Asam is studying a plan to invest $3.1 B into a plant to convert coal into synthetic natural gas, its chief executive said on Monday. It would be Bukit Asam's latest attempt to produce gas from coal, as the government pushes for domestic value addition on its natural resources, after its partner pulled out from a project to produce dymethyl ether gas. Bukit Asam plans to convert 8.4 MM tonnes (t) of low-grade coal of around 3,700 kcal/kg GAR into 240 billion British thermal units (BBtu) per day (1.6 metric MMtpy), Arsal Ismail, chief executive of Bukit Asam told members of parliament. "Some of Bukit Asam's low-grade coal reserves would be very suitable for conversion into synthetic gas," Arsal said, adding the project is aimed at meeting future gas demand in Indonesia. The company plans to form a joint venture with state-controlled gas distributor Perusahaan Gas Negara (PGN) and a technology provider to build the plant, he said, without naming the technology provider. Bukit Asam and PGN are currently conducting a feasibility study for the project, including the projected cost of the gas it will produce and its competitiveness against liquefied natural gas (LNG). Arsal said an initial study indicated that the synthetic gas would be competitive against imported LNG. Indonesia is currently a net exporter of LNG, but some analysts expected that it could turn into a net importer by early 2040s. Bukit Asam previously partnered with U.S. firm Air Products to convert coal into dimethyl ether, to produce substitution to liquefied petroleum gas (LPG) popularly used as cooking fuel. Air Products, however, pulled out of the project in 2023 to redeploy its capital in other projects. Bukit Asam is currently in talks with a number of Chinese companies for potential partnership to replace Air Products, Arsal said.

Spain's energy operator Enagás has officially launched the public participation plan for the country's ambitious hydrogen backbone network, a sprawling infrastructure project poised to become Europe's largest of its kind. Unveiled at the National Hydrogen Centre in Puertollano, Castilla-La Mancha, the announcement marks a pivotal moment in Spain's strategy to position itself as a leading continental hydrogen hub. The proposed network will span 2,600 kilometers, reaching 13 autonomous communities and connecting more than 550 municipalities across Spain.  Recognized by the European Union as a Project of Common Interest (PCI), the hydrogen backbone has already secured over 75 million euros ($80.5 million) through the EU's Connecting Europe Facility.  This substantial backing underscores Brussels' view of Spain's potential to anchor Europe's future hydrogen economy, linking renewable energy sources in Iberia with industrial demand centers further north. According to Enagás, a significant portion of the infrastructure will utilize converted natural gas pipelines, a method expected to accelerate deployment and reduce costs while minimizing environmental impact compared to building entirely new lines. Last week, during the launch of the public consultation related to the massive hydrogen project, Arturo Gonzalo, CEO of Enagas, said the project was advancing ahead of schedule in Spain, adding that it could be operational by 2030.  "The project is starting to become a reality, it is progressing at a very good pace, even faster than expected," he said last Friday. "Today, we are setting in motion a key milestone to make a hydrogen infrastructure a reality in Spain." Currently, Enagás is moving forward with engineering studies for critical components such as compression stations, valve points, and necessary safety upgrades to ensure reliable network operations upon completion. The final investment decision is anticipated in 2027, with the construction work beginning in 2028. The finished network will feature five primary corridors, including strategic routes like the Vía de la Plata and the Ebro Valley. Additionally, it will integrate with the cross-border H2Med corridor, establishing direct hydrogen links between Spain, Portugal, and France and solidifying Spain's role as a vital energy bridge for Europe.

The African Export-Import Bank (Afreximbank) has unveiled a $3 billion Revolving Intra-African Oil Trade Financing Program, aimed at reducing the continent’s reliance on imported petroleum products. The initiative is expected to finance between $10-14 billion worth of intra-African petroleum trade – including premium motor spirit, automotive gas oil, heavy fuel oil, kerosene and jet fuel – bolstering the continent’s internal refining capacity. It supports key objectives of the African Continental Free Trade Area, including promoting trade, industrialization and job creation, while also advancing Afreximbank’s mission to enhance energy security and economic resilience across Africa. “While the program will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyze critical investments in shipping and marine logistics for intra- and extra-African trade of crude oil and refined products,” said Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank. The bank aims to help build a combined refining capacity of 1.3 million barrels per day across the continent. Projects benefiting from its support include Nigeria’s Dangote Refinery, the 210,000-barrel-per-day (bpd) Port Harcourt facility, the Bua and Azikel refineries, Angola’s upcoming 200,000-bpd Lobito and 60,000-bpd Cabinda refineries, and Ivory Coast’s SIR refinery.

(Reuters) — Indian Oil Corp. has signed a five-year import deal with trader Trafigura to buy 2.5 million metric tons of liquefied natural gas (LNG) in a $1.3–$1.4 billion deal, Chairman Sahney said on April 30. Supplies under the deal would begin from the second half of this year, he said, adding that the price of the LNG is linked to the U.S. Henry Hub benchmark. Trafigura will supply 2.5 million tonnes of LNG, equivalent to about 27 cargoes under the deal, he said. Earlier in the day, Reuters had reported, citing sources, that Trafigura will supply three to four LNG cargoes this year and six cargoes annually from next year. India is looking to raise its imports of U.S. energy to fix its trade balance with the world's top economy, and traders are looking to reroute some of the LNG meant for China into India, one of the sources said. India is the world's fourth-largest LNG importer, shipping in 26.58 million metric tons of the fuel last year, according to Kpler data. The U.S. is India's second-biggest supplier, but the two sides are looking to ramp up volumes for India's energy-hungry economy, one of the fastest growing in the world. Reuters reported in March that India is considering a proposal to scrap import taxes on U.S. LNG to boost purchases and cut its trade surplus with Washington. LNG importer GAIL India had also recently issued a tender seeking a stake in an LNG project in the U.S., along with a 15-year import deal.

(P&GJ) — Vaquero Midstream announced plans to significantly expand its natural gas gathering and processing infrastructure in the Southern Delaware Basin with a new 70-mile high-pressure pipeline and a 200 MMcf/d cryogenic processing plant. The Dallas-based company said the 24-inch pipeline will loop its existing gathering system, running from its processing complex near the Waha Hub in Pecos County, Texas, to its existing infrastructure in Loving County. The expansion will increase gathering capacity from 400 MMcf/d to approximately 800 MMcf/d and extend Vaquero’s reach into Ward, Winkler and Loving counties. RELATED: Vaquero Midstream Secures $400 Million for Delaware Basin Expansion Projects “Vaquero is dedicated to maintaining its position as one of the most reliable midstream operators in the Delaware Basin,” said Harrison Holmes, CEO of Vaquero Midstream. “This expansion of our gathering system will be key in providing direct access on Vaquero’s system from northern Reeves and Loving Counties to our processing complex near Waha. Our continued goal is to offer producers a unified gathering platform, supported by downstream market connectivity and reliable power infrastructure.” Project Highlights: Gathering System Expansion Cryogenic Processing Plant Both projects are backed by the company’s $400 million credit facility, led by BOK Financial.

Ukraine-based Naftogaz has secured a total of €410m ($466.4m) in funding for the immediate procurement of one billion cubic metres of natural gas. This financial package, which will be disbursed via the European Bank for Reconstruction and Development (EBRD), comprises a €270m loan from the EBRD and a €140m grant from the Norwegian Government through the NORAD fund. The gold standard of business intelligence. Find out more The agreements were signed by Roman Chumak, acting chairman of the board at Naftogaz, and Mark Magaletsky, deputy director of the EBRD in Ukraine. Chumak confirmed that the financing is already accessible and that the company is promptly utilising it for gas imports. He emphasised that collaboration with international financial institutions is a pivotal element of Naftogaz’s long-term strategy to diversify supply sources and ensure Ukraine’s energy stability. “These funds are critical for Naftogaz. They will allow us to purchase nearly 1bcm of gas, which is essential to ensure a stable heating season amid the ongoing war and repeated attacks on energy infrastructure. We are grateful to all partners supporting our preparations for next winter,” Chumak said. Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. The financing was secured with support from the Ukrainian Government, the Ministry of Economy of Ukraine, Ukraine’s Ministry of Finance, the Ministry of Energy of Ukraine and Norway’s Ministry of Foreign Affairs. Naftogaz also recently expanded its partnership with Polish energy company Orlen, signing a deal for the additional supply of 100 million cubic metres of natural gas to Ukraine. This marks the third contract under a long-term collaboration framework between the two entities, aimed at bolstering regional energy security.

The cumulative gas injection volume of the Liaohe gas storage group exceeded 20 billion cubic meters. The 12th round of gas injection is currently being carried out, injecting more than 10 million cubic meters of natural gas into the ground every day to continue to "prepare for" winter supply. The Liaohe gas storage complex is a key project planned by the state and the largest gas storage complex in operation in Northeast China. In recent years, Liaohe Oilfield has vigorously promoted the construction of "10 billion cubic meters of gas storage" and promoted the expansion and production of gas storage. At present, three gas storages, Shuangtaizi, Lei 61 and Ma 19, have been put into operation. At present, Liaohe Gas Storage Company uses high-precision seismic exploration technology in Shuangtaizi Gas Storage Double 6 Block to accurately locate high-quality reservoirs, increase gas storage space, and improve gas storage capacity. At the same time, it continues to improve supporting facilities, build multiple gas pipelines, and connect the gas storage with the three major gas transmission networks; actively explore new technologies, develop gas storage injection and production optimization technologies, and use big data and artificial intelligence technologies to predict natural gas demand and gas storage operation status, reduce operating costs, and ensure efficient and stable operation. To ensure the smooth progress of this round of gas injection, the Liaohe gas storage group accurately assessed the geological conditions and expanded the effective storage capacity of the gas storage. Based on historical gas usage data and market demand forecasts, a detailed injection and production plan was formulated. With the help of information technology, the pressure, flow and other operating parameters of the gas storage were monitored in real time, and the injection and production strategy was scientifically adjusted to ensure that quick and effective measures could be taken in the face of various emergencies.

(Reuters) — Plans to build a 2,600 km (1,615 mile) hydrogen network in Spain are advancing ahead of schedule and the infrastructure is on track to start operations in 2030, the chief of Spanish gas grid operator Enagas said on Friday. The network will be part of the planned trans-European H2Med corridor aimed at connecting the Iberian region with northwest Europe. The company plans to take a final investment decision in 2027 and start construction the following year, CEO Arturo Gonzalo said at an event to launch a public consultation process related to the project. The Spanish network will include new pipelines as well as some repurposed gas assets, he said, for an overall investment of some 2.6 billion euros ($2.95 billion). "The project is starting to become a reality, it is progressing at a very good pace, even faster than expected," he said. "Today we are setting in motion a key milestone to make a hydrogen infrastructure a reality in Spain." Enagas is among the staunchest supporters of a green hydrogen industry, which uses renewable energy for its production, and still faces high costs, heavily depends on subsidies and is struggling to find buyers for its production. With Spanish gas demand falling, the company is diversifying into managing a network of hydrogen infrastructure. It is also targeting ammonia and CO2 capture. To fund its plans, it has sold assets, reduced dividends and cut debt. The plans are in line with Spain's ambitious green agenda. Thanks to abundant solar and wind power, the country is vying to be a European leader in green hydrogen. It set a 2030 target of 12 gigawatts for electrolyzers used to make green hydrogen. ($1 = 0.8811 euros)

Oman’s natural gas network operator OQ Gas Networks (OQGN) is planning to build a dedicated hydrogen pipeline by 2030, in line with a strategy to develop the sultanate’s renewables sector.  The funding approval for the 300-400 kilometre project is expected by 2027, Oman Daily Observer reported, citing the majority state-owned company’s 2024 annual report. OQGN will follow a phased approach, starting with regional pipelines which can expand into a nationwide network.  “By 2030, the company expects 300-400km of hydrogen pipelines to be built, with the final investment decision expected by 2027,” the company said in the annual report. The pipeline will support eight consortiums currently developing green hydrogen projects in Al Wusta and Dhofar governorates.  OQGN is collaborating with Oman’s state-run hydrogen company Hydrom on the technical aspects of the pipeline system.  The company also conducted a study last year to evaluate the complexities of developing hydrogen infrastructure and its commercialisation.  Additionally, OQGN is planning a carbon dioxide (CO₂) transport network to link emission sources with storage and utilisation sites.  Some CO₂ will be stored underground for carbon capture and storage (CCS) projects, while other volumes will be used as feedstock in industries such as fertilisers, desalination, and enhanced oil recovery in upstream oil and gas operations, OQGN said in the annual report. Oman has announced a number of hydrogen-related projects this year.  The HyDuqm green hydrogen project in Oman, led by a consortium of France’s Engie and South Korea’s Posco, said in March it expects to attract $7 billion to $8 billion in investment to reach full capacity. Earlier this month, the Gulf state also signed an official agreement to develop a liquefied hydrogen corridor for exports to Europe. The idea was first announced during Cop28 in Dubai in 2023. The hydrogen rainbow The hydrogen rainbow AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Already registered? Sign in I’ll register later

China Petroleum Network News, after the coordinated adjustment of the steam injection volume of two surrounding related well groups, the daily output of the Liaohe Oilfield SAGD well - Du 84-Guan H59 well increased by more than 20 tons. "By changing 'one well, one policy' to 'one reservoir, one policy', and changing the single well regulation to regional overall regulation, the remaining oil underground has been more fully utilized." Xiao Juan, a third-level engineer at the Shuguang Oil Production Plant of Liaohe Oilfield, said. Faced with the difficulties of increasing imbalance between reserves and production and difficulty in reducing costs, Liaohe Oilfield took the new round of "changing concepts, daring to innovate, strengthening management, and creating first-class" themed education activities as an opportunity to place "changing concepts" in a more prominent position. Through multi-form learning, multi-dimensional lectures, and multi-angle discussions, it promoted cadres and employees to change ten concepts such as "one policy for each well" and "alley thinking", and established ten new concepts such as "one policy for each layer, one policy for each storage area", and "breaking a penny into three petals", so as to lead a major breakthrough in development with a major change in concepts. The Liaohe Oilfield Party Committee has integrated the study and application of the Party's innovative theories throughout the entire process of the theme education activities. Team members, in combination with their division of labor, systematically sorted out outdated concepts in their respective business areas that are not adapted to the new situation, and focused on development goals to clarify new ideas and measures. The company's Party Committee has set up a "Sound of Liaohe" lecture group led by the main leaders, and adopted methods such as company leaders taking the lead in speaking, the heads of the headquarters' departments and offices going to the second-level units to carry out full coverage lectures, the headquarters sending people to speak at the grassroots level, and AI radio cloud lectures to promote new concepts and new requirements to take effect at the grassroots level. Party organizations at all levels held a large discussion around the theme of "Restoring Glory with Me" to further consolidate the ideological synergy of crude oil "returning to tens of millions of tons". Change the concept, the headquarters takes the lead. "In the past, fracturing measures were concentrated on oil wells, and water well fracturing was less, resulting in insufficient energy replenishment..." In the theme education discussion organized by the Oilfield Development Division, various new viewpoints and new ideas collided fiercely, promoting the development concept from "developing oil and gas reservoirs" to "operating oil and gas reservoirs". Since the beginning of this year, the development system has promoted the "seven thousand projects" such as fine injection of 1,000 wells and fracturing transformation of 1,000 wells to replenish the underground "vitality" and rebuild a good development order. As of the end of March, more than 1,500 wells have implemented various production increase measures this year, increasing oil by 756 tons per day and increasing water (steam) injection by more than 600 cubic meters per day. All grassroots production units take "changing concepts" as the forerunner to solve problems. "The temperature of heavy oil pipeline transportation cannot be lower than 45 degrees Celsius, otherwise it will block the pipeline." This is the practice that Station 13 of Huanxiling Oil Production Plant has adhered to for more than 30 years. In the theme education activities, the party branch of the station focused on the hypothesis of "whether cold transportation without heating is feasible" to discuss, guide everyone to establish the cost control concept of "breaking a penny into three petals", and organize party members and technical backbones to tackle the cold transportation technology of some high-water-content heavy oil wells. After the shutdown of the furnace for cold transportation of 4 wells with a wellhead temperature of about 30 degrees Celsius, the daily solar term of a single furnace reached 150 cubic meters.

Saudi Arabia’s crude oil exports in February rose to 6.55 million barrels per day (bpd) from 6.07 million bpd in January, official data showed on Tuesday. The world’s largest oil exporter’s crude output for February was at 8.95 million bpd, up from 8.92 million bpd in January. Saudi refineries’ crude throughput was at 2.62 million bpd in February, up 0.16 million bpd from January’s 2.46 million bpd, the data showed. Direct crude burning increased by 8,000 bpd to 283,000 bpd in February, having fallen in January by 4,000 bpd from December to 275,000 bpd. Saudi Arabia and other members of Opec provide monthly export figures to the Joint Organisations Data Initiative, which publishes them on its website. AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Already registered? Sign in I’ll register later