Qatar curtails budget by 30% as LNG revenues collapse
The Qatari government has ordered ministries to cut their budgets by up to 30% and slash overseas aid after LNG revenues collapsed. The 2026 state budget had been set at $61 billion at the start of the year, but since then, Qatar’s LNG-dependent economy has been hit hard by war-related damage to its Ras Laffan LNG hub and persistent shipping disruptions in the Strait of Hormuz.
Technip, partners secure EPCC contract for Coral Norte FLNG
Technip Energies, together with Japan Gasoline Co. (JGC) and Samsung Heavy Industries, has secured an engineering, procurement, construction and commissioning (EPCC) contract for the Coral Norte floating LNG project off Mozambique. The contract was awarded by Mozambique Rovuma Venture, a joint venture comprising Eni, ExxonMobil and China’ CNPC.
TotalEnergies to restart Moz’LNG “quickly” with $20.5bn budget
French oil major TotalEnergies is determined to restart its Mozambique LNG project “quickly” for a budget of $20.5 billion, CEO Patrick Poyanne clarified, having asked Mozambique’s President for a $4.5 billion cost adjustment. These additional expenses were incurred during the project’s four-year suspension under force majeure, caused by militant attacks in Cabo Delgado province.
Aramco mulls sale of gas power assets to cash in billions
Saudi Armaco, the world’s largest oil producer, is reportedly preparing to divest up to five plants that currently power its refineries. The sale could generate around $4 billion and is part of the Government’s strategy to streamline Aramco’s operations, cut costs and diversify assets.
