Category: Highlights

After braving high-level market volatility in Britain’s biggest IPO of the year, North Sea oil and gas producer Ithaca Energy warned that any further boost to a UK windfall tax would render the aging basin uneconomical as an energy crisis engulfs Europe.  “The government has structured the EPL in a very thoughtful manner to continue to promote investment in the on Wednesday, the day the company went public.  However, Myerson continued, if the windfall tax is strengthened, and if “they take away the investment allowance, then obviously it will become…

Read More

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary to respond to rising interest rates in the West and a weaker global economy. The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group,…

Read More

United Arab Emirates President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Abdel Fattah El Sisi of Egypt witnessed the signing of an agreement between Masdar, one of the world’s fastest-growing renewable energy companies, along with its Infinity Power joint venture with Infinity, Egypt’s main renewable energy developer, and Hassan Allam Utilities, to develop a 10-gigawatt (GW) onshore wind project in Egypt – one of the largest wind farms in the world. The Memorandum of Understanding was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry…

Read More

Turkey has begun to pay partially in rubles for the Russian gas it receives, Turkish Energy Minister Fatih Donmez told a local broadcaster on Tuesday. Over the coming months, Turkey will increase the share of ruble payments for Russian gas, the minister told the TRT Haber television channel. Shortly after the invasion of Ukraine, Russia demanded that the so-called “unfriendly” countries – a designation of Moscow for most of the Western countries – pay for their Russian gas supply in rubles. Several EU countries have refused and saw their gas supply from…

Read More

The key driver of the rising inflation causing economic mayhem across the developed world remains historically elevated oil and gas prices that have been in play since the prospect of Russia’s invasion of Ukraine first came into view, which was in September last year, when the oil price was around US$65 per barrel (pb) of Brent. This rise, when combined with the huge rise in global liquidity caused by the various long-running quantitative easing programs that followed the Great Financial Crisis, have led Western government to embark on a series of…

Read More