AOG - The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest $45bn alongside partners, over the next five years, to become a leading global downstream player.
OGJ - Bahrain plans to raise $1 billion for energy investments in a fund the government calls unique among Gulf Cooperation Council countries.
AOG - Shell Gas & Power Developments has signed a memorandum of understanding (MoU) with Oman’s government to cover proposed energy development projects in Oman. The agreement covers upstream gas exploration and development, gas-to-liquids (GTL), liquefied natural gas (LNG) and renewable energies.
PLATTS - Saudi Arabia's energy minister Khalid al-Falih said Wednesday that the country would work closely with OPEC as well as non-OPEC producers to mitigate the impact of any shortages that might arise following the US' decision to withdraw from the Iran nuclear deal.
REUTERS - Saudi Arabia’s first quarter budget deficit stood at 34.3 billion Saudi riyals ($9.15 billion), around 18 percent of the total gap forecast for 2018, the finance ministry said
REUTERS - Qatar is taking a nearly 19 percent stake in Rosneft (ROSN.MM), rescuing the Russian oil major from its stalled deal to sell a major stake to China’s CEFC.
BLOOMBERG - The IMF bolstered its estimate for the oil price the kingdom needs to balance the national budget this year to $88 a barrel, 26 percent more than an assessment made in October.
REUTERS - Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023.
PLATTS - Japanese imports of crude oil from Saudi Arabia in March rose 3.4% month on month to an average of 1.29 million b/d, preliminary data from the Ministry of Economy, Trade and Industry released Friday showed.
AOG - Bahrain, recently announced that it had unearthed around 80 billion barrels of unconventional oil and up to 20 trillion cubic feet of tight gas off its west coast. The discovery could potentially transform the island state’s reserves which currently total well under 200 million barrels.