Browsing Category: Energy

Iraq has reaffirmed its commitment to the Opec+ agreement and announced plans to present an updated strategy to compensate for previous overproduction. This follows discussions between Iraq’s oil minister, Hayan Abdel-Ghani, and officials from Saudi Arabia, Russia, and Opec. As Opec’s second-largest producer, Iraq emphasized its ongoing efforts to make up for accumulated overproduction while anticipating the resumption of oil exports from the Kurdistan Regional Government (KRG). The Opec+ group, which includes…

Turkey, which has limited domestic oil and gas reserves, is increasingly turning to biofuels as a potential solution to meet its energy needs. While the country’s renewable energy sector relies heavily on hydro, wind, and solar, biofuels—derived directly from organic materials like wood or plant matter—are becoming a significant player in both domestic markets and international exports. Biofuel pellets, created by compressing waste wood from the lumber industry, are gaining popularity as…

Saudi Arabia’s Acwa Power has announced plans to build, own, and operate a 2-gigawatt (GW) wind power generation plant in South Hurghada, Egypt. The project, worth SAR8.6 billion ($2.3 billion), is expected to generate enough power to supply nearly 2 million homes. Acwa Power, listed on the Saudi stock exchange, has signed a 25-year power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company to support the development of this major…

Brazil, the largest oil producer in South America, has officially joined the Opec+ group, which includes more than 20 countries working together to manage global oil output. The country’s membership, which was first announced in November 2023, has now been formalized, according to a statement by Opec. While Brazil is now part of the Opec+ Charter of Cooperation—a permanent forum for discussing industry-related issues—it will not be bound by agreements such as…

Opec+ is poised to lose market share to non-Opec oil producers, particularly the US, which is not bound by production quotas. The market share of Opec+ members, which stood at 53% when the group was formed in 2016, is expected to decline to 46% by 2025 and 2026, as the US ramps up oil output. Despite Opec+ members gradually reversing the production cuts made in 2023, with supply expected to increase by…

Iraq’s energy sector is under increasing strain, with electricity shortages becoming a critical issue. Despite recent improvements in economic growth and security, the country’s energy infrastructure is struggling to keep up with rapidly rising demand. Baghdad faces a challenging situation as it approaches another summer, potentially leading to widespread power shortages and unrest. Iraq’s electricity generation capacity has not kept pace with growing demand, driven by a rising population, urbanization, and the…

UAE-based renewable energy company Amea Power has signed an agreement with the Egyptian Electricity Transmission Company to develop two large-scale battery storage facilities in Egypt. The project, which aims to enhance the country’s renewable energy infrastructure, will have a combined storage capacity of up to 1,500 megawatt-hours (MWh). The two facilities will include a 500 MWh battery storage station in Banban, located in the southernmost part of Egypt, and a 1,000 MWh…

Adnoc Drilling is set to ramp up its investment efforts in the US and Europe in 2025, with a focus on expanding its oilfield services capabilities. The Abu Dhabi-listed company plans to allocate $700 million of its $1 billion investment budget for acquisitions, specifically targeting technology-related deals in these regions. The company’s priority is to strengthen its position in global oilfield services, aiming to make «at least two acquisitions» this year. Youssef…

Oman has secured a $100 million loan agreement from the Qatar Development Fund to help finance its connection to the Gulf Cooperation Council (GCC) power grid. The project, estimated to cost over $700 million, will involve constructing two 400 kilovolt (kV) overhead transmission lines linking the GCC Interconnection Authority’s (GCCIA) Al Sila station on the UAE-Saudi Arabia border to a new station at Ibri in Oman. The total length of the lines…