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THE ECONOMY - OIL AND GAS

ENOC takes on chairmanship of Gulf Energy Maritime

Posted on 22/06/2010

International Petroleum Investment Company (IPIC), the Abu Dhabi-based oil and chemicals foreign investment group has handed over the chairmanship of Gulf Energy Maritime (GEM) - the Middle East's largest independent commercial product tanker operator to Dubai-based Emirates National Oil Company (ENOC). In accordance with a shareholders' agreement, the chairmanship rotates every three years between IPIC and ENOC - two of GEM's major shareholders. "Mohamed Al Mehairi's tenure as GEM's ...  >>MORE

Fujairah oil terminal 2 fully operational this year

Posted on 21/06/2010

Fujairah port authorities has said the new Fujairah oil terminal 2 facility will become fully operational later year. The new 1,500-metre facility, which will have a depth of 18 metres, will allow tankers of up to 180,000 deadweight tonnes (dwt) fully loaded, and very large crude carriers (VLCCs), partially loaded, to be handled. Last week, the 149,601 dwt vessel Brillante Virtuoso made the first call at the Fujairah oil terminal 2 facility. The new oil terminal 2 is an addition to the ...  >>MORE

Dana Gas says has adequate cash to deliver on growth plans

Posted on 17/06/2010

Dana Gas has enough cash, liquid investments and funding plans in place to deliver on its growth plans, the company's chief financial officer said Wednesday. Privately-held Dana Gas saw its shares drop by more than six per cent on Tuesday and another 2.9 per cent on Monday, weighing down on the Abu Dhabi index. "The current cash position is healthy and in excess of US$185 million [Dh680.4 million]," CFO Jim Dewar said. " We're confident on our funding arrangements for 2010, based on ...  >>MORE

Fujairah oil facility work to begin

Posted on 15/06/2010

Aegean Marine Petroleum Network (AMPN), the Greek fuel logistics company that has operations across the world, will begin the construction of its three million barrels oil storage facility in Fujairah next month, the head of company's operations in the UAE, said. "We are beginning the construction of the new facility in July," Captain Nick Kachrilas, the company's head of UAE operations, told this newspaper. He declined to comment on the cost of the project. The company, which has entered ...  >>MORE

Adnoc invites 18 bids to build Shah sulphur plant

Posted on 14/06/2010

Abu Dhabi's state-controlled oil producer is seeking engineering and construction bids to build a sulphur granulation plant at the Shah natural gas development as the capital looks to boost its fuel supply. The company aims to award a contract in the fourth quarter, two people with knowledge of the bidding process said. Abu Dhabi National Oil Co., the state oil and gas producer known as Adnoc, invited 18 construction firms to bid for the project and is seeking offers this month, one of them ...  >>MORE

UAE cuts gas wastage during refining process

Posted on 13/06/2010

The UAE is taking the lead in reducing wastage of gas through flaring during the refining process. For years, the GCC has been vilified as an emitter of greenhouse gases, particularly for the volume that has emitted when it flares the gas that gushes out of its oilfields. But the block of six nations, with four among the top 20 flaring countries of gas in the world, is undergoing a paradigm shift led by the UAE, industry insiders said. Industry insiders term Abu Dhabi's determination to ...  >>MORE

Adnoc may soon award sulphur plant contracts

Posted on 10/06/2010

State-run Abu Dhabi National Oil Company (Adnoc) will soon award contracts to build a sulphur treatment plant at its US$10 billion (Dh37bn) Shah sour gas development, industry sources said yesterday. The plant would produce 20,000 tonnes per day of sulphur granules from gas produced from the Shah field, the first development of a sour gas field in the UAE, which is short of gas and is moving ahead with the development despite the withdrawal of its partner for the project, ConocoPhillips in ...  >>MORE

ADNOC announces GSP for May

Posted on 06/06/2010

The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for May. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of May are as follows: Murban (US$77.85) per barrel, Lower Zakum (US$77.65), Umm Shaif (US$77.30) and Upper Zakum (US$75.75) per barrel. – Emirates News Agency, WAM ...  >>MORE

Drilling starts at SOC field

Posted on 06/06/2010

Al Madam: A partnership between Sharjah-based Crescent Petroleum and Russia's Rosneft Oil Company commenced drilling Saturday on the first of four possible wells for natural gas in the Sharjah Onshore Concession (SOC) near Al Madam with an initial outlay of Dh220 million. The two companies have signed a farm-out agreement for the SOC under which they will together develop the concession comprising 1,243 square kilometres in Sharjah, adjacent to the Saja'a gas field. This is the first ...  >>MORE

The age of oil and gas is not dead yet, says Energy Minister

Posted on 02/06/2010

Baku - Energy Minister Mohammed bin Dhaen Al Hameli has predicted longer life for the oil '&' gas sector, citing an OPEC scenario for a growing energy demand. "In the world of energy, there is one certainty, namely that the age of oil and gas is not dead! Indeed, it has a long life ahead of it," Al Hameli said while addressing the 17th International Caspian Oil '&' Gas Conference in Baku. "OPEC's Reference Case Scenario sees total energy demand growing by 42% between 2007 and 2030. On the ...  >>MORE

ADNOC slashes oil production in July

Posted on 30/05/2010

Abu Dhabi National Oil Company, or ADNOC, has announced plans to cut oil shipments to customers in July. The cuts from ADNOC's 4 major oil fields will be as follows: Murban 3 per cent, Lower Zakum 5 per cent, Umm Shaif 5 per cent and Upper Zakum 10 per cent, according to a statement by the company. The oil shipment cargoes will be treated at Max/-5 per cent tolerance loading basis, ADNOC added. ADNOC said the move is in line with the decision by the Organisation of the Petroleum Exporting ...  >>MORE

Takreer awards US$463 million for Group III Base Oil Production Facilities Project at Al Ruwais Refinery

Posted on 27/05/2010

TAKREER (Abu Dhabi Oil Refining Company) announced yesterday that a Contract worth US$463 Million have been awarded to Hyundai Engineering Co. Ltd. for "Engineering, Procurement, Construction and Commissioning" (EPC) works of the Group III Base Oil Production Facilities Project at Ruwais Refinery. The planned facility will be capable of producing 500,000 tons per year of Group III Base Oils as well as 100,000 tons per year of Group II Base Oils. The project comprises a new Pre-Distillation, ...  >>MORE

UAE oil equipment and contractor demand rises

Posted on 24/05/2010

Oil equipment manufacturers and contractors in the UAE say they are seeing an increasing demand for their products and services. Propelling the demand is work on new gas fields in the region and brisk work on fields in Central Asia where many of the oil equipment contractors based in the UAE are currently working. A year after UAE-based oil rig makers and contractors reported one of the worst ever utilisation rate, there are reports that the situation has considerably improved. "We are ...  >>MORE

Taqa refinances Dh4.59 billion credit facility

Posted on 24/05/2010

Abu Dhabi National Energy Company (Taqa) has refinanced a C$1.325 billion (Dh4.59bn) credit facility of one of its units, the company said in a statement yesterday. Taqa, which is majority-owned by the Abu Dhabi government, said the original Taqa North credit facility will be replaced with a new C$1bn three-year revolving facility, funded by a syndicate of eight Canadian banks. "The facility was over-subscribed, leading to the company accepting the higher limit of its C$700 million to C$1bn ...  >>MORE

ADMA-OPCO awards Zakum Central Super Complex De-mothballing contract to NPCC

Posted on 19/05/2010

Abu Dhabi Marine Operating Company (ADMA-OPCO) has awarded an EPC contract to National Petroleum Construction Company (NPCC) to carry out the Engineering, Procurement and Construction (EPC) works for the Zakum Central Super Complex (ZCSC) Demothballing Project. The contract is valued at US$350m. The agreement was signed today at ADMA-OPCO Headquarters by Ali Al-Jarwan, ADMA-OPCO General Manager and Aqeel Madhi NPCC CEO. "It's our pleasure to have NPCC with us in this complicated project ...  >>MORE

UAE gas demand rises 7% yearly

Posted on 18/05/2010

The demand for natural gas in the UAE is growing about 7 per cent a year and is expected to touch 15 billion cubic feet (bcf) per day by 2020 due to the growing industrial and power sectors, a local energy expert said here yesterday. "The domestic demand is expected to touch 7.5 bcf per day by the end of 2010," Khalid Malallah Al Awadi told reporters on the sidelines of an industry conference. "There's currently gas supply of about 6.9 bcf per day in the UAE, which includes imports. "In ...  >>MORE

UAE oil output up slightly in April

Posted on 16/05/2010

Crude oil production by the UAE in April rose to 2.29 million barrels per day (bpd) with the country remaining among the most compliant countries with output curbs previously announced by the Organisation of Petroleum Exporting Countries (Opec) for member states, latest estimates by the International Energy Agency (IEA) show. "Saudi Arabia, the UAE and Kuwait remain most compliant with targeted output cuts, while Angola and Nigeria continue to produce above their allotted output levels," the ...  >>MORE

Dana Gas announces financial results showing profits in 1Q

Posted on 15/05/2010

Dana Gas PJSC has announced its financial results for the First Quarter which demonstrated that revenue from the sale of hydrocarbons increased to Dh411 million, with gross profit reaching Dh162 million. These figures represent increases of 66% and 138% respectively, compared to the same period last year. This is due to very strong production growth, amounting in aggregate to 36%, from the Company's operations in Egypt, where nine fields are now producing, and in Iraq where production from the ...  >>MORE

Khalifa chairs Petroleum Supreme Council meeting

Posted on 12/05/2010

President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as a Ruler of Abu Dhabi emirate, Chairman of the Supreme Petroleum Council (SPC) chaired the meeting of the SPC in the presence of HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The SPC discussed a number of projects being executed by the Abu Dhabi National Oil Company (ADNOC) and other oil companies operating in the country. It expressed ...  >>MORE

New gas pipeline to strengthen Fujairah

Posted on 10/05/2010

The new 244km pipeline that has a capacity to feed 350 million cubic feet of gas per day (cpd) into Fujairah, an emerging hub of cement manufacturing, will change the power supply equations in the emirate and strengthen its industrialisation efforts, industry insiders told Emirates Business. Dolphin Energy, the Abu Dhabi-based joint venture between Mubadala, Total and Occidental Petroleum announced recently that its engineers have completed the first phase – 128km pipeline link – that will ...  >>MORE

Dolphin Energy to transport more natural gas to ADWEC's power stations at Fujairah

Posted on 06/05/2010

Dolphin Energy yesterday announced the completion of an important milestone in the development of the Taweelah - Fujairah Pipeline (TFP) that will increase the gas transportation capacity of natural gas to the F1 and F2 power stations in Fujairah. Having commenced 'commissioning gas' to ADWEC in August 2009, Dolphin Energy is ready to transport 350 million standard cubic feet of natural gas per day to the east coast of the emirates, providing sufficient gas transportation capacity required ...  >>MORE

ADNOC announces GSP for April

Posted on 05/05/2010

The Abu Dhabi National Oil Company (ADNOC), in a statement, announced the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi Ports for the month of April. The prices of the frour ADNOC's crudes are as follows: Murban US$ 84.80 BBL, Lower Zakum US$ 84.60 BBL, Umm Shaif US$ 84.25 BBL and Upper Zakum US$ 82.65 BBL. – Emirates News Agency, WAM ...  >>MORE

ADNOC confirms implementation of Shah Gas Field Development Project

Posted on 02/05/2010

Abu Dhabi National Oil Company (ADNOC) has confirmed its commitment to go ahead with development of the Shah Gas Field Project in spite of the decision made by Houston-based Philips to pull out from the gas project joint venture agreement. It said in a statement on Thursday that the Shah Gas Field Development is a world-class project that will develop a key resource for the emirate of Abu Dhabi. ADNOC has awarded the preparatory works' contract to the project site during March 2010. It added ...  >>MORE

ADNOC March oil averages US$77.63 as demand rises

Posted on 02/05/2010

The official selling price of Abu Dhabi National Oil Company's (ADNOC) crude oil grades averaged US$77.63 (Dh285) a barrel in March on the back of firming international crude oil prices, higher than US$73.56 per barrel average in February, latest data from ADNOC, extrapolated by Gulf News shows. The official selling price of Murban, ADNOC 's most popular crude grade was US$78.30 per barrel in March, while Lower Zakum's was US$78.15 a barrel. This was followed by Umm Shaif at US$77.80 a ...  >>MORE

Adnoc to go ahead with Shah deals sans Conoco

Posted on 29/04/2010

The Abu Dhabi National Oil Company (Adnoc) plans to award deals to build the Shah gas project shortly though US company ConocoPhillips has pulled out of the project, a UAE energy official said yesterday. The estimated project cost is $10 billion (Dh36.73bn), the official said. "The prices are good, the project is going ahead," the official said. "Deals will be signed with or without them." The deals could be signed in the next two days, he added. Sources at firms bidding for the deals to ...  >>MORE

Engine oil prices zoom up after crude cost increase

Posted on 29/04/2010

Changing the engine oil in vehicles has become a bit costlier as the prices of lubricants have increased by five to six per cent recently, Gulf News has learnt. Though prices of lubricants including the engine oils remain the same at major car service centres such as Eppco, Emarat, Adnoc and Enoc Petrol Stations, the majority of the other car servicing centres have already started charging increased rates. "A surge in the prices of crude oil in the international market has forced lubricant ...  >>MORE

ADNOC announces nomination cut for June 2010

Posted on 28/04/2010

The Abu Dhabi National Oil Company (ADNOC) announced today nomination cut during June 2010. The move is in accordance with the OPEC decision to reduce production, a company press statement said. ADNOC said the cut for June allocation will be as follows: Murban 12%, Lower Zakum 20% and Umm Shaif 10% and Upper Zakum 15%. It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all clients. – Emirates News Agency, WAM ...  >>MORE

Crude prices to aid UAE's development drive

Posted on 28/04/2010

The UAE can expect increased revenues from oil exports this year as the price of crude has risen substantially on the back of improved demand, after a steep fall last year due to the global economic crisis. According to a new report issued by the Dubai Chamber of Commerce and Industry (DCCI), titled 'Oil Market Outlook: Implications for the UAE Economy', higher oil demand will lead to higher oil receipts for the country. "At the onset of the economic slowdown in the last quarter of 2008, ...  >>MORE

Fuel prices may increase further

Posted on 26/04/2010

The four government-owned petrol distribution companies are looking to increase their prices again next month by 15 per cent for petrol and 20 per cent for diesel, Gulf News has learnt, as efforts continue to lower government subsidies. Sources at one of the petrol companies, speaking on condition of anonymity because the government has yet to make a formal announcement, said prices of the ‘regular' and ‘special' petrol grades are set to rise by Dh0.23 per litre to Dh1.64 and Dh1.75, ...  >>MORE

UAE was Opec's third biggest earner in Q1

Posted on 19/04/2010

The Organisation of Petroleum Exporting Countries (Opec) earned nearly US$187 billion (Dh686bn) in the first quarter of 2010, nearly 96 per cent higher than its income in the same period of 2009, official US figures showed yesterday. Saudi Arabia, the world's oil powerhouse, netted more than a quarter of the 12-nation group's total income while Iran and the UAE were the second and third largest earners, showed figures by the Energy Information Administration (EIA) of the US Department of ...  >>MORE

Petrol prices to go up by 15 fils

Posted on 18/04/2010

Motorists in the UAE will have to shell out a few more dirhams in the next few days as petrol pump prices will increase by Dh0.15 per litre beginning on Wednesday. In a statement released Saturday oil companies said they have decided to raise the prices of petrol by Dh0.15 as of April 21. The companies added that the prices will be "liberalised and increased gradually," a report by news agency WAM said. The statement also explained that the increase is undertaken in a "small percentage [as] ...  >>MORE

UAE oil production capacity can control price

Posted on 15/04/2010

The UAE will be one of three countries that can help control the rise in oil prices in case it rises beyond US$90 a barrel, oil economists and analysts said. The country has been one of the strict adherers of Organisation of Petroleum Exporting Countries (Opec) guidelines and has produced 2.2 million barrels of crude a day for most of 2009 substantially below its capacity of three million barrels a day. The country, therefore, has a spare capacity of about 800,000 barrels a day. Saudi ...  >>MORE

ADNOC announces GSP for March

Posted on 05/04/2010

The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for March. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of March are as follows: Murban (US$78.30) per barrel, Lower Zakum (US$78.15), Umm Shaif (US$77.80) and Upper Zakum (US$76.25) per barrel. – Emirates News Agency, WAM ...  >>MORE

Fujairah fuels up to expand oil hub

Posted on 04/04/2010

The world's second-largest pit-stop venue for international shipping will more than double in size in three years as Fujairah undergoes a transformation into an oil hub to rival Singapore and Rotterdam. The business of supplying and trading fuel is the quieter side of an oil industry that dominates Middle Eastern economies. Gulf states are big exporters of crude oil but many also import fuel oil, a viscous product of the refining process used in shipping and power stations. Much of that fuel ...  >>MORE

UAE becomes hub of Middle East base oil trade

Posted on 01/04/2010

The UAE and particularly the ports of Jebel Ali and Sharjah have become the hub of base oil trade in the Middle East, industry insiders told ‘Emirates Business'. The price of base oil in the UAE has also risen in the last one month by about US$45 to US$55 a tonne. Base oil is used in the making of lubricants. Argus Media, the world's largest energy price reporting agency, recently launched a pricing benchmark for base oil being traded in the UAE. Termed the Argus cif UAE, the benchmark ...  >>MORE

Abu Dhabi's oil reserves to last another 150 years

Posted on 31/03/2010

Oil-rich Abu Dhabi is on a strong growth trajectory and the emirate will remain in a strong economic position in the future, too, after having weathered the economic downturn considerably well. The figures quoted in a new report by Isthmus Partners 'Abu Dhabi Investment Environment', shows that with 33 per cent of the country's population, the emirate contributes around 60 per cent to the UAE's GDP and has a GDP per capita of 1.8 times the national average. "Abu Dhabi has one of the highest ...  >>MORE

ADNOC announces nomination production cut for May 2010

Posted on 26/03/2010

The Abu Dhabi National Oil Company (ADNOC) has announced oil production for May 2010. The move is in line with the OPEC decision to cut production. ADNOC said the rate of production cut from its various sources will be as follows: Murban 13%, Lower Zakum 15% and Umm Shaif 10%. It added that Murban, Lower Zakum and Umm Shaif cargoes will be treated at Max/-5% tolerance loading basis for all clients. – Emirates News Agency, WAM ...  >>MORE

ADCO award US$560 million contract for development of Qusahwira Field

Posted on 24/03/2010

Abu Dhabi Company for Onshore Oil Operations (ADCO) has awarded a US$560 million contract to the locally based National Petroleum Construction Company (NPCC) to develop the first phase of the new Qusahwira Field located south east of Abu Dhabi Emirate that was discovered in 1975. General Manager of ADCO Abdul Moneim Al Kindi and General Manager of NPCC Aqeil Madi signed the contract yesterday. A company press release said yesterday that seven (7) qualified companies submitted bids for the ...  >>MORE

Opec urged to follow UAE on clean energy

Posted on 24/03/2010

The Organisation of Petroleum Exporting Countries (Opec) should join the UAE in developing cleaner sources of energy and supporting efforts to curb oil consumption and combat pollution, a veteran Arab energy expert has said. Nicolas Sarkis, Director of the Paris-based Arab Petroleum Research Centre (APRC), said the 12-nation Opec should not rejoice at the failure of the recent Copenhagen summit to reach an agreement on the proposed carbon tax [scheme] but should instead work with consumers to ...  >>MORE

RAK Petroleum tests gas in Oman's block 30

Posted on 24/03/2010

RAK Petroleum, the oil and gas exploration and production company, said yesterday it has tested gas in Oman's Hamrat Duru 4 well in Block 30. "Success in the Hamrat Duru 4 well is a positive step forward for development of Block 30," stated Abdulaziz Al Ghurair, Chairman of RAK Petroleum. The company holds a 100 per cent interest in Block 30, subject to a 25 per cent government back-in right upon declaration of commerciality. The Hamrat Duru 4 appraisal well was drilled to test the Shuaiba ...  >>MORE

ADMA-OPCO wins Emirates Energy Award for second time

Posted on 21/03/2010

Abu Dhabi Marine Operating Company (ADMA-OPCO), an Adnoc group subsidiary, has won the prestigious Emirates Energy Award of the Dubai Quality Group. At a ceremony attended by government officials and energy sector bigwigs, Sheikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Culture and Arts Authority, presented the award to ADMA-OPCO General Manager Ali Rashid Al Jarwan. ADMA-OPCO won the Runner-up position in the ‘Private Corporation Category' for its project titled ...  >>MORE

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Quick List

ENOC takes on chairmanship of Gulf Energy Maritime


Fujairah oil terminal 2 fully operational this year


Dana Gas says has adequate cash to deliver on growth plans


Fujairah oil facility work to begin


Adnoc invites 18 bids to build Shah sulphur plant


UAE cuts gas wastage during refining process


Adnoc may soon award sulphur plant contracts


ADNOC announces GSP for May


Drilling starts at SOC field


The age of oil and gas is not dead yet, says Energy Minister


ADNOC slashes oil production in July


Takreer awards US$463 million for Group III Base Oil Production Facilities Project at Al Ruwais Refinery


UAE oil equipment and contractor demand rises


Taqa refinances Dh4.59 billion credit facility


ADMA-OPCO awards Zakum Central Super Complex De-mothballing contract to NPCC


UAE gas demand rises 7% yearly


UAE oil output up slightly in April


Dana Gas announces financial results showing profits in 1Q


Khalifa chairs Petroleum Supreme Council meeting


New gas pipeline to strengthen Fujairah


Dolphin Energy to transport more natural gas to ADWEC's power stations at Fujairah


ADNOC announces GSP for April


ADNOC confirms implementation of Shah Gas Field Development Project


ADNOC March oil averages US$77.63 as demand rises


Adnoc to go ahead with Shah deals sans Conoco


Engine oil prices zoom up after crude cost increase


ADNOC announces nomination cut for June 2010


Crude prices to aid UAE's development drive


Fuel prices may increase further


UAE was Opec's third biggest earner in Q1


Petrol prices to go up by 15 fils


UAE oil production capacity can control price


ADNOC announces GSP for March


Fujairah fuels up to expand oil hub


UAE becomes hub of Middle East base oil trade


Abu Dhabi's oil reserves to last another 150 years


ADNOC announces nomination production cut for May 2010


ADCO award US$560 million contract for development of Qusahwira Field


Opec urged to follow UAE on clean energy


RAK Petroleum tests gas in Oman's block 30


ADMA-OPCO wins Emirates Energy Award for second time