Latest news with #BlueHydrogen
Zawya
12-05-2025
- Business
- Zawya
Aramco reports $26bln net income for Q1
Aramco, one of the world's leading integrated energy and chemicals companies, has announced a net income of $26 billion for the first quarter of this year (Q1), compared to $27.3 billion in Q1 2024. The company's robust financial performance highlights reliability, efficiency and low-cost operations, Aramco said. Cash flow from operating activities was $31.7 billion (Q1 2024: $33.6 billion); free cash flow was $19.2 billion (Q1 2024: $22.8 billion). Gearing ratio was 5.3% as at March 31, 2025, compared to 4.5% at end of 2024. Board declared a base dividend of $21.1 billion for Q1 2025, up 4.2% year-on-year, and performance-linked dividend of $0.2 billion, to be paid in the second quarter. The company's capital expenditures totalled $12.5 billion in Q1 to support long-term strategic growth, it said. It said the Ministry of Energy announcement of new oil and gas discoveries reflects sustained advantage in exploration. The company average realised crude oil price in the quarter was $76.3 per barrel, compared to $83 per barrel in Q1 2024 and $73.1 per barrel in Q4, 2024. Other Q1 highlights: * Definitive agreements to acquire 25% equity stake in Unioil Petroleum Philippines support strategic growth in downstream value chain • Completed acquisition of 50% equity interest in Blue Hydrogen Industrial Gases Company aims to capitalize on emerging opportunities for lower-carbon energy • Launch of CO2 Direct Air Capture pilot plant paves way for further scale up of innovative emission-reduction technology Commenting on the results, Aramco President & CEO Amin H Nasser said: 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the Company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology. 'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend. 'With all forms of energy key to meeting energy demand we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.' - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
11-05-2025
- Business
- Trade Arabia
Aramco reports $26 billion net income for Q1
Aramco, one of the world's leading integrated energy and chemicals companies, has announced a net income of $26 billion for the first quarter of this year (Q1), compared to $27.3 billion in Q1 2024. The company's robust financial performance highlights reliability, efficiency and low-cost operations, Aramco said. Cash flow from operating activities was $31.7 billion (Q1 2024: $33.6 billion); free cash flow was $19.2 billion (Q1 2024: $22.8 billion). Gearing ratio was 5.3% as at March 31, 2025, compared to 4.5% at end of 2024. Board declared a base dividend of $21.1 billion for Q1 2025, up 4.2% year-on-year, and performance-linked dividend of $0.2 billion, to be paid in the second quarter. The company's capital expenditures totalled $12.5 billion in Q1 to support long-term strategic growth, it said. It said the Ministry of Energy announcement of new oil and gas discoveries reflects sustained advantage in exploration. The company average realised crude oil price in the quarter was $76.3 per barrel, compared to $83 per barrel in Q1 2024 and $73.1 per barrel in Q4, 2024. Other Q1 highlights: * Definitive agreements to acquire 25% equity stake in Unioil Petroleum Philippines support strategic growth in downstream value chain • Completed acquisition of 50% equity interest in Blue Hydrogen Industrial Gases Company aims to capitalize on emerging opportunities for lower-carbon energy • Launch of CO2 Direct Air Capture pilot plant paves way for further scale up of innovative emission-reduction technology Commenting on the results, Aramco President & CEO Amin H Nasser said: 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the Company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology. 'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend. 'With all forms of energy key to meeting energy demand we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.' - TradeArabia News Service
Zawya
24-03-2025
- Business
- Zawya
‘Trailblazer Projects' status for 3 CCUS ventures in Oman
MUSCAT: OQ Gas Networks (OQGN), the majority state-owned operator of Oman's gas transportation network, says it has begun conceptualising the rollout of a pipeline network for the transportation of carbon dioxide (CO2) in support of the country's broader decarbonisation and Net-Zero strategies. Also as part of this initiative, OQGN — part of OQ Group — is collaborating with a number of energy companies and public sector stakeholders in the development of 'trailblazer projects' based on carbon capture, utilisation and storage (CCUS) technologies. The revelations came during an online discussion on OQGN's 2024 financial and operational performance during 2024, hosted by the company as part of its obligations as a publicly listed entity. Representing OQGN were Ali Mohammedi, Head of Network & Business Development, Khalifa al Maamari, Chief Operating Officer, Khalid al Qassabi, Chief Financial Officer and Faisal al Maamari, Chief People, Technology and Culture Officer. The officials noted that CO2 transportation represents an 'attractive' business opportunity for OQGN, in addition to its role in supporting green hydrogen transportation when the country's energy transition advances. Decarbonisation by carbon capture, they pointed out, is one of the key pillars to achieving Net-Zero by 2050, with OQGN set to play a big role in the transportation of CO2 from generators to end-users. According to the officials, the Ministry of Energy and Minerals is currently developing CCUS and Blue Hydrogen regulations and key policies with sector stakeholders. To spur investment in this key segment of the energy transition journey, the Ministry has set up a CCUS Core Team with representatives from, amongst others, Oxy Oman (with a focus on carbon capture), OQGN (transportation), Petroleum Development Oman (CO2 storage), Shell (Blue Hydrogen products and Synthetic Fuels) and the Ministry (CO2 utilisation for Oil & Gas and International investment in CCUS). Already, three commercial-scale CCUS initiatives have been designated as 'Trailblazer Projects' by the Ministry as part of its support for first-movers. 'Some of the opportunities we're looking at as part of this core group are projects identified as trailblazers. These are projects that are in a bit more advanced stage, where transportation will be required, along with other parts of the value chain,' one official said. 'So we've been working with our partners over the past one year to mature these opportunities, one of which is the Northern Ecosystem opportunity, which is looking at potential decarbonisation of the Suhar industrial area, finding sinks and usage of the CO2. This could entail a CO2 pipeline extending more than 200 kilometres potentially.' Likewise, OQGN is working with Shell, OQ and PDO on the pre-FEED for the Blue Horizons project — a first large-scale initiative of its kind to produce low carbon blue hydrogen and ammonia for local and international markets. 'OQGN is exploring attractive commercial models with regard to the CO2 transport pipeline, ensuring bankability and shareholder value,' officials shared in a presentation. Additionally, building on an MoU signed in 2023, OQGN is collaborating with Oxy to develop an attractive CCUS value chain to meet Oxy's requirement of CO2 for EOR projects. This encompasses commercial aspects with regard to the CO2 transport pipeline. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
23-03-2025
- Business
- Observer
‘Trailblazer Projects' status for 3 CCUS ventures in Oman
MUSCAT, MARCH 23 OQ Gas Networks (OQGN), the majority state-owned operator of Oman's gas transportation network, says it has begun conceptualising the rollout of a pipeline network for the transportation of carbon dioxide (CO2) in support of the country's broader decarbonisation and Net-Zero strategies. Also as part of this initiative, OQGN — part of OQ Group — is collaborating with a number of energy companies and public sector stakeholders in the development of 'trailblazer projects' based on carbon capture, utilisation and storage (CCUS) technologies. The revelations came during an online discussion on OQGN's 2024 financial and operational performance during 2024, hosted by the company as part of its obligations as a publicly listed entity. Representing OQGN were Ali Mohammedi, Head of Network & Business Development, Khalifa al Maamari, Chief Operating Officer, Khalid al Qassabi, Chief Financial Officer and Faisal al Maamari, Chief People, Technology and Culture Officer. The officials noted that CO2 transportation represents an 'attractive' business opportunity for OQGN, in addition to its role in supporting green hydrogen transportation when the country's energy transition advances. Decarbonisation by carbon capture, they pointed out, is one of the key pillars to achieving Net-Zero by 2050, with OQGN set to play a big role in the transportation of CO2 from generators to end-users. According to the officials, the Ministry of Energy and Minerals is currently developing CCUS and Blue Hydrogen regulations and key policies with sector stakeholders. To spur investment in this key segment of the energy transition journey, the Ministry has set up a CCUS Core Team with representatives from, amongst others, Oxy Oman (with a focus on carbon capture), OQGN (transportation), Petroleum Development Oman (CO2 storage), Shell (Blue Hydrogen products and Synthetic Fuels) and the Ministry (CO2 utilisation for Oil & Gas and International investment in CCUS). Already, three commercial-scale CCUS initiatives have been designated as 'Trailblazer Projects' by the Ministry as part of its support for first-movers. 'Some of the opportunities we're looking at as part of this core group are projects identified as trailblazers. These are projects that are in a bit more advanced stage, where transportation will be required, along with other parts of the value chain,' one official said. 'So we've been working with our partners over the past one year to mature these opportunities, one of which is the Northern Ecosystem opportunity, which is looking at potential decarbonisation of the Suhar industrial area, finding sinks and usage of the CO2. This could entail a CO2 pipeline extending more than 200 kilometres potentially.' Likewise, OQGN is working with Shell, OQ and PDO on the pre-FEED for the Blue Horizons project — a first large-scale initiative of its kind to produce low carbon blue hydrogen and ammonia for local and international markets. 'OQGN is exploring attractive commercial models with regard to the CO2 transport pipeline, ensuring bankability and shareholder value,' officials shared in a presentation. Additionally, building on an MoU signed in 2023, OQGN is collaborating with Oxy to develop an attractive CCUS value chain to meet Oxy's requirement of CO2 for EOR projects. This encompasses commercial aspects with regard to the CO2 transport pipeline.
