By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted. Onshore drillers are poised for boom times in the Middle East, as Saudi Arabia and the United Arab Emirates aim to boost capacity, Westwood Global Energy Group predicts. A note from senior analyst onshore energy services Todd Jensen

Asian spot LNG prices fell for the third straight week on Friday to the lowest level in nearly two years due to weak demand from top regional importers and as inventories remained high. The average LNG price for June delivery into northeast Asia, which has fallen nearly two-thirds this year, slumped to $10.50 per million

Europe is betting on hydrogen to cut the use of fossil fuels and achieve climate neutrality by 2050, but the hydrogen industry faces challenges in making the sector a scalable and cost-effective replacement for natural gas. The EU’s renewables strategy includes the ambition to produce 10 million tons and import 10 million tons of renewable

Efforts to boost production of hydrogen, a fuel seen as crucial for meeting global climate goals, are racing ahead at a rapid pace, particularly in the U.S., threatening Europe’s lead, according to a report. Planned hydrogen electrolyzer projects globally have jumped by 18% in the last six months, surpassing one terawatt of electricity capacity for

Wood Mackenzie predicts a positive outlook for project development with 30 out of the viable 40+ expected to reach final investment decisions (FIDs) in 2023. But it does not come easy. WoodMac’s Vice President, Head of Upstream Analysis Frank McKay and Principal Analyst, Upstream, Greg Riddock said that achieving FIDs on oil and gas projects

More than a dozen proposed LNG export projects in the United States could stall due to cost inflation and increased competition to secure financing. Demand for LNG has soared since the war and buyers spurned  pipeline gas. Developers could launch $100 billion worth of new LNG projects over the next five years, but securing long-term deals and

·     Soaring oil prices have boosted the economies of MENA, leading to budget surpluses for some Gulf Arab states. ·     Gulf nations are diversifying their economies from oil and focusing on sustainability, with Saudi Arabia leading the way with an ambitious target for renewable energy and a shift to blue hydrogen production. ·

The European Union member states and the European Parliament on Thursday reached a political agreement to raise the targeted share of renewable energy in the EU’s energy consumption to 42.5% by 2030, up from a current target of 32%. The target is binding, Markus Pieper, a Member of the European Parliament, said on Twitter, adding

Germany and Denmark have signed a joint declaration of intent on the cooperation on renewable hydrogen and the realisation of a land-based cross-border hydrogen pipeline. The pipeline, connecting northern Germany and western Denmark, is slated to be operational by 2028. Denmark is seeking to have between 4GW and 6GW of electrolysis capacity by 2030 and

·     The UK government is considering a price floor for the windfall tax in order to ensure stability for Equinor’s Rosebank oil and gas project. ·     The windfall tax has caused concerns for Equinor, as it lacks stability compared to Norway’s higher taxed but more predictable investment climate. ·     If Equinor pulls