Latest news with #EnergyPlatform
Shafaq News
13-05-2025
- Business
- Shafaq News
Iraq lags in Arab renewables race as energy risks grow
Shafaq News/ Iraq's progress in renewable energy remained stagnant through the end of 2024, even as several Arab nations advanced in their clean energy agendas, according to figures by the US-based Energy Platform. While countries across the region—particularly in the Gulf and North Africa—have ramped up investment and capacity in solar and wind power, Iraq 's position remained largely unchanged. The country remains heavily reliant on Iranian gas and electricity imports, which once supplied up to 40% of the country's power needs. That dependency has become a strategic vulnerability following the expiration of the US sanctions waiver that previously allowed Iraq to continue energy transactions with Iran. The lapse has raised the risk of widespread blackouts, particularly during the summer months when demand surges dramatically.
Saba Yemen
09-03-2025
- Business
- Saba Yemen
Rare Algerian oil shipment heads to European country for first time in 7 years
Algeria - Saba: A unique Algerian oil shipment has made its presence felt on the February 2025 export map, as it is the first in 7 years. Exports of Algerian Saharan Blend crude oil recorded an increase last month, in a rebound from the level of exports last January, which was the lowest in more than two years. According to the oil shipments database at the Energy Platform, Algerian crude exports increased by a third last month. The export estimate came a few days after the disclosure of a huge shipment of up to one million barrels of Algerian crude to the largest refineries in Africa, for loading during the current month of March. A rare Algerian oil shipment Saharan Blend crude exports last February included a rare Algerian oil shipment to Ireland. The rare shipment from Algeria to the European country is the first of its kind since June 2018, although the data did not detail the size of the shipment. Total exports of Saharan Blend crude last month were about 445,000 barrels per day (bpd), up 31% month-on-month. These volumes are up from January's exports of light sweet crude, which amounted to 341,000 bpd, the lowest since November 2022. Overall, Algeria's oil exports increased by 7% in 2024, as it shipped 778,000 bpd of crude and derivatives by sea, up from 729,000 bpd the year before. South Korea was the largest importer of Algerian seaborne shipments, with about 120,000 bpd, followed by France, with about 103,000 bpd. Algerian Saharan Blend Crude Exports The destination of Algerian Saharan Blend crude exports changed in February, with an increase to European and Asian markets, while shipments to the Americas decreased. Europe and the Mediterranean Algeria shipped 348,000 barrels per day of Saharan Blend crude to northwestern Europe and the Mediterranean, up 26% month-on-month. France captured a third of the exports, with Algerian shipments recording 111,000 barrels per day. In addition, a rare Algerian oil shipment to Ireland was added, according to shipping data monitored by Argus Media, an energy platform. Asia-Pacific During the past month, Saharan Blend crude exports to countries in Asia-Pacific increased by 86% month-on-month. Exports averaged 72,000 barrels per day, following the loading of a shipment to South Korea containing 2 million barrels. Americas In contrast to higher shipments to Europe and Asia, Algerian crude exports to the Americas fell last month. Exports reached 25,000 barrels per day, down 3%.
Shafaq News
07-03-2025
- Business
- Shafaq News
Iraq's oil boom: Three deals sealed in February
Shafaq News/ Iraq finalized three significant oil deals in February, strengthening its crude production capacity and integrating advanced technology into its operations, economic media outlets revealed on Thursday. The agreements, detailed in a monthly report by the Washington, DC-based Energy Platform, encompass crude oil export and sales, acquisitions of project stakes, and the establishment of large-scale ventures. The most substantial deal involved a partnership between Iraq's North Oil Company and British energy major BP to develop four oil fields in Kirkuk, with estimated reserves of nine billion barrels. Iraq's Ministry of Oil stated that the agreement follows prior negotiations on technical and contractual aspects, formalized in memorandums of understanding signed in London on January 15. In a separate agreement, Iraq's Basra Oil Company partnered with US-based Halliburton to enhance production at the Nahr Bin Omar and Sindbad fields. Under the terms, Halliburton will conduct initial assessments to optimize production while improving resource efficiency. The development plan aims to boost output at Nahr Bin Omar from 45,000 barrels per day (bpd) to 300,000 bpd, marking a significant rise in Iraq's crude supply. As for the third deal, it introduced artificial intelligence (AI) technology to oil field operations. Iraq's Midland Oil Company inked an agreement with China's SBS to deploy AI-based monitoring solutions at the East Baghdad Field, one of Iraq's largest, stretching over 120 kilometers in length.
