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THE ECONOMY - OIL AND GAS

Dana Gas announces a new oil discovery in Egypt

Posted on 12/01/2010

Dana Gas, the Middle East's first and largest regional private sector natural gas company, announce that the Al Baraka-4 well, drilled as an appraisal of the Al Baraka Field in the Komombo Concession in southern Egypt, has discovered a new pool in the Six Hills "E" reservoir. The Al Baraka-4 well is currently on-stream producing at a rate more than 5 times the sustained flow rate from any previous well in the field. The Al Baraka-4 well was spudded on December 5th, 2009 and reached total ...  >>MORE

Enoc favours market-based oil prices

Posted on 11/01/2010

Emirates National Oil Co (Enoc) favours pricing gasoline for retail sale based on the market cost of crude oil, ending state-set rates for the fuel, its CEO said. Enoc's retail division is losing money because the price of gasoline set by the UAE Government brings in less than it costs to buy the fuel, Saeed Khoury said in an interview with Al Ittihad newspaper published on Sunday. Dubai generated about 5.5 per cent of its US$62 billion (Dh228 billion) economy from oil and gas in 2007. Abu ...  >>MORE

Ipic increases stake in OMV to 20%

Posted on 11/01/2010

Abu Dhabi's International Petroleum Investment Company (Ipic) has raised its stake in Austria's OMV AG. OMV received a notification pursuant to Article No. 91 of the Austrian Stock Exchange Act concerning a change effective as of December 30, 2009 in the number of OMV shares owned by Ipic. Ipic now owns 60,050,273 shares (increase from 19.6 per cent to 20 per cent of the registered capital). A consortium agreement concluded by OMV's two core shareholders Österreichische Industrieholding ...  >>MORE

Dana Gas Egypt achieves 20% increase in 2009 average daily production rate

Posted on 06/01/2010

Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has announced that it has successfully achieved its end of year production target for Egypt operations by delivering a production rate in excess of 40,000 boepd on December 31st 2009. Overall, Dana Gas Egypt has delivered an average production rate of 34,750 boepd during 2009. Compared to 2008, this represents an increase of 27% on the end of year production rate and is a 20% increase on the average ...  >>MORE

Enoc to start Jebel Ali refinery in April

Posted on 06/01/2010

Dubai's Emirates National Oil Co (Enoc) aims to start its upgraded Jebel Ali refinery in April, the group's chief executive said on Tuesday. Enoc began commissioning units at the plant in December after completing the $850 million (Dh3.1 billion) overhaul. The project's initial budget was around $500 million, but Jebel Ali, like many other energy projects worldwide, suffered cost inflation as oil ran up to a record high near $150 a barrel in 2008. "Sequential commissioning is expected to ...  >>MORE

ADNOC announces GSP prices for Dec. 2009

Posted on 04/01/2010

The Abu Dhabi National Oil Company, ADNOC, announced yesterday Government selling prices (FOB Abu Dhabi ports) of its four crudes for December 2009. According to the company's statement, the prices are as follows: Murban = US$76.10 a barrel, Lower Zakum = US$75.85, Umm Shaif = US$ 75.60 and Upper Zakum = US$ 74.75. - Emirates News Agency, WAM ...  >>MORE

Rising crude boost for UAE

Posted on 31/12/2009

Strengthening crude oil prices are expected to boost the UAE Government's spending on infrastructure, supporting the growth momentum in the economy in 2010, according a report by the Dubai Chamber of Commerce and Industry. The study said a combination of dollar depreciation, rising equity prices, improvements in demand on the back of increased market sentiment and risk appetite have lifted crude oil prices significantly since they hit a trough of US$34 per barrel last February. Crude prices ...  >>MORE

ENOC considers self service filling stations

Posted on 31/12/2009

Following a series of extensive studies and a pilot project conducted in August, 2008, Emirates National Oil Company (ENOC) is evaluating the possible introduction of a modern self-serve concept, as an option for motorists buying fuel across its network of service stations in Dubai and the Northern Emirates. ENOC has been evaluating customer feedback during the past year, and the responses have helped the company add customer-friendly technical and operational aspects to the new concept. ENOC ...  >>MORE

UAE firms grab slice of US$10bn Turkmenistan gas deal

Posted on 31/12/2009

Two UAE oilfield services firms are part of a five-company consortium that has won US$9.71 billion of contracts to develop Turkmenistan's biggest gasfield. The central Asian state said its government-owned gas company, Turkmengaz, awarded the deals to a group consisting of China National Petroleum Corporation (CNPC), Abu Dhabi's Petrofac Emirates, Dubai's Gulf Oil and Gas, and South Korea's LG International and Hyundai Engineering to develop the South Yolotan field, which is thought to ...  >>MORE

ADNOC announces oil production cut

Posted on 29/12/2009

The Abu Dhabi National Oil Company (ADNOC) has announced oil production cut beginning from February, 2010. The move is in line with 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%, Umm Shaif 15%, while the Upper Zakum will have a 10% cut. It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis for all its clients. - Emirates News ...  >>MORE

ADGAS, Hyundai Heavy Industries sign US$1 billion IGD project

Posted on 29/12/2009

Abu Dhabi Gas Liquefaction Company Ltd. (ADGAS) has signed yesterday an agreement for a US$1 billion project with Hyundai Heavy Industries Co., Ltd. (HHI) for the Engineering, Procurement and Construction (EPC) of the Integrated Gas Development (IGD) Plant on Das Island. The agreement was signed at ADGAS Abu Dhabi Headquarters on Monday, December 28, 2009, by Fahim Kazim, ADGAS General Manager and Chang June Kang, Hyundai's Senior EVP and COO of Offshore '&' Engineering Division. The ...  >>MORE

UAE has 14.6% of proven Arab oil reserves

Posted on 28/12/2009

The UAE has the fourth-largest confirmed reserves of crude oil among Arab countries, accounting for 14.6 per cent of the Arab World's total, said the Unified Arab Economic Report for 2009. Saudi Arabia came first with 39.3 per cent of the total, followed by Iraq with 17.1 per cent and Kuwait with 15.1 per cent. Libya came fifth with a share of 6.5 per cent. The five countries combined, therefore, have 92.6 per cent of the confirmed reserves of crude oil in all Arab countries, said the ...  >>MORE

NPCC secures a total contract award of Dh1.6 billion from ONGC India in the last 2 months

Posted on 27/12/2009

The Abu Dhabi-based "National Petroleum Construction Company (NPCC)" has been awarded by Oil '&' Natural Gas Corporation Limited (ONGC), an Indian Government Undertaking Enterprise, a major EPC contract for RS-12 Well Platform Project at offshore Mumbai High Field. The contract value is approximately 162 million U. S. Dollars. This will make a total contract value awarded to NPCC Dh1.6 Billion from ONGC, India since October 2009. The Scope of Work under the above project consists of survey, ...  >>MORE

All Adnoc stations to be converted for per-litre fuel sales by Q3 2010

Posted on 24/12/2009

Abu Dhabi National Oil Company (Adnoc) Distribution will have all its service stations converted for selling fuel by litre instead of gallon before the end of Q1 2010 in addition to having 17 CNG (compressed natural gas) filling facilities by 2011 , according to a senior official. Talking to Emirates Business, Saeed Mubarak Al Rashedi, Assistant General Manager for Operations at Adnoc Distribution, said they have already started the work on converting the filling stations as per the ...  >>MORE

First ADNOC crude cargo lands at Japan

Posted on 22/12/2009

Tokyo - The first crude oil shipment from Abu Dhabi National Oil Company (ADNOC) were offloaded yesterday at the port of Kagoshima in southern Japan, bringing a memorandum of understanding signed by the Abu Dhabi's Supreme Petroleum Council (SPC) and Japan's Agency for Natural Resources and Energy on oil storage facility into force. The facility has the capacity of storing 3.56 million barrels. ADNOC said the enforcement of the agreement, the first of its kind between the governments of Abu ...  >>MORE

Dh50 million modernisation drive for ENOC's stations

Posted on 21/12/2009

Emirates National Oil Company (ENOC) is investing Dh50 million to modernise and automate all of its ENOC/EPPCO service stations in Dubai and Northern Emirates. The initiative is aimed at leveraging advanced technology to improve customer service, operational efficiency and environmental performance. The new systems will be up and running by early 2010. Services at the revamped stations will be managed from a remote facility, saving time and introducing new ‘interactive' features for ...  >>MORE

Japan to begin stockpiling UAE-produced crude Monday

Posted on 20/12/2009

Tokyo - Japan will start stockpiling crude oil produced in the United Arab Emirates on Monday under a bilateral agreement that stipulates that Tokyo could receive emergency supplies with priority in the event of a global supply shortage. Kyodo News quoted a source from Japan's Natural Resources and Energy Agency as saying the first batch of shipments from Abu Dhabi is to arrive in Kagoshima Prefecture, south-western Japan, on Monday, where Abu Dhabi National Oil Company leases a storage tank ...  >>MORE

Ipic to finish projects by 2014

Posted on 16/12/2009

Abu Dhabi's International Petroleum Investment (Ipic) plans to finish refinery projects in the UAE and Pakistan in five years, Ipic's managing director said yesterday. Government-owned Ipic is one of the vehicles Abu Dhabi uses to invest oil revenue. It plans to build a refinery of around 200,000 barrels per day (bpd) at Fujairah on the east coast of the UAE, one of the world's busiest ship refuelling ports. "We should finalise the studies on the Fujairah refinery in four months," Khadem Al ...  >>MORE

Ipic-owned Ferrostaal sets up unit in Trinidad

Posted on 13/12/2009

Ferrostaal, a German-based industrial services company which is 70 per cent owned by Abu Dhabi International Petroleum Company (Ipic), is setting up a subsidiary in Trinidad and Tobago. Ferrostaal Trinidad will be the company's first expansion move since its acquisition from MAN Group by Ipic earlier this month. The company, previously known as MAN Ferrostaal, is keeping its headquarters in Munich. The new company will be formed and registered in Trinidad and Tobago to offer improved ...  >>MORE

Emarat tests healthier methods to fill tank

Posted on 12/12/2009

Three Emarat petrol stations in Dubai are currently being used to test two methods to recover toxic and invisible benzene vapours that escape from vehicles every time they top up a tank. All 180 nationwide Emarat stations will implement vapour-recovery systems by 2011, Gulf News has learnt Exposure to smelly hydrocarbon vapours at petrol stations while refuelling your car can have a negative impact on health — from a heady "high" to nausea or even cancer. The UAE federal air pollution law ...  >>MORE

IPIC may decide next year on site for Abu Dhabi chemical plant

Posted on 12/12/2009

International Petroleum Investment Co., the Abu Dhabi company seeking partners for a chemical venture, hasn't yet determined where in the emirate to locate the plants and may decide next year, a company
 executive said. Abu Dhabi National Chemicals Co. may be located near Abu Dhabi city or at the industrial town of Ruwais, Borealis AS Chief Executive Officer Mark Garret said in Dubai today. Borealis is owned by IPIC, and Garret chairs the committee planning the first chemical facilities ...  >>MORE

ADNOC announces GSP for November

Posted on 08/12/2009

The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for November. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of November are as follows: Murban (US$78. 60) per barrel, Lower Zakum (US$78.35), Umm Shaif (US$78.10) and Upper Zakum (US$77.20) per barrel. - Emirates News Agency, WAM ...  >>MORE

UAE calls for integrated synergy between oil producers and consumers

Posted on 08/12/2009

Doha - The huge investments, needed in the fields of research, exploration and production to develop new productive energies to meet the world demand, call for integrated efforts and synergy between the producing and consuming countries, and the companies which conduct research and develop production technology, according to H.E. Mohammed Bin Dhaen Al-Hameli, UAE Minister of Energy. "The producing countries have to assign a significant part of revenues to invest in research, exploration, and ...  >>MORE

UAE to chair OAPEC by 2010

Posted on 06/12/2009

Cairo - The UAE will be a chair of the Arab Petroleum Exporting Countries (OAPEC) from 2010 in the framework of rotational presidency of the OAPEC among 10 country-members. The announcement was made at the conclusion of the Ministerial Council meeting of the OAPEC, which was held in Cairo yesterday. The Ministerial Council of the Arab Petroleum Exporting Countries (OAPEC) has also endorsed the budgets of OAPEC and the judicial authority of the organisation of year 2010: 2million dinars and ...  >>MORE

Rio Tinto's exit not to slow Abu Dhabi project

Posted on 06/12/2009

BP, Europe's second-largest oil company, said Rio Tinto Group's withdrawal from a venture to build a hydrogen-fuelled power plant in Abu Dhabi will not delay the US$2 billion (Dh7.34bn) project. Rio Tinto, the world's third-largest mining company, said yesterday it agreed to sell its 50 per cent stake in the venture, Hydrogen Energy International, to BP in order to focus on the partners' carbon capture and storage project in California. The Abu Dhabi plant is due to start in 2013. "It's not ...  >>MORE

Enoc to start new units at refinery

Posted on 24/11/2009

The Emirates National Oil Company's (Enoc) Jebel Ali refinery will be back in operation in the first quarter of 2010 after upgrades are completed on the facility. Speaking on the sidelines of an economic forum organised by the Economist magazine in Abu Dhabi, CEO Saeed Khoury told reporters that the full production capacity of the refinery will be 120,000 barrels per day and it will operate at 80 per cent capacity in the first quarter. Khoury said Enoc's offer price for Irish-registered ...  >>MORE

Takreer awards US$4.4 billion balance contract for Ruwais Refinery expansion project

Posted on 20/11/2009

TAKREER (Abu Dhabi Oil Refining Company) announced yesterday that balance three Contracts worth US$4.4 billion have been awarded to three South Korean Companies for "Engineering, Procurement, Construction and Commissioning" (EPC) works of the Ruwais Refinery Expansion Project. TAKREER had announced on 3rd November 2009 the award of 2 Contracts at US$5.2 billion for the process packages of the project. This brings the total value of awarded Contracts of the project to US$9.6 billion. ...  >>MORE

Dana Gas achieves revenue of Dh359 million in the third quarter

Posted on 14/11/2009

Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced its financial results for the quarter ending 30th September 2009. Revenue from the sale of hydrocarbons increased to Dh359 million, with gross profit reaching Dh143 million. These figures represent increases of 12% and 64% respectively, compared to the same period last year, mainly due to new condensate sales from the Company's operations in the Kurdistan Region of Iraq (which commenced in ...  >>MORE

Construction of Dh2.3 billion man-made islands, ports at Zakum offshore oil field

Posted on 14/11/2009

National Marine Dredging Company won a bid for construction of four man-made islands at Zakum oil field for the Abu Dhabi National Oil Company ADNOC at Dh2.3 billion. HE Mohammed Thani Murshid Al Rumaithi, Board Chairman of the National Marine Dredging Company, said in a statement that the project, which will be implemented over three years, is part of the Zakum Development Company's (ZADCO) plan to increase oil production. Al Rumaithi noted that his company will embark on operations to ...  >>MORE

TAQA third quarter and nine month 2009 financial results

Posted on 12/11/2009

Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the third quarter and the first nine months of 2009. Total revenue was Dh12.5 billion compared with AED 13.1 billion for the same period in 2008. Revenue from the electricity and water business, excluding supplemental fuel, increased 13% to Dh4.6 billion, from Dh4.0 billion for the same period in 2008, primarily due to the expansion ...  >>MORE

ADNOC takes a knock as Japanese oil imports decline

Posted on 10/11/2009

The UAE and its chief oil producer, the Abu Dhabi National Oil Company (ADNOC), have taken the hardest hit from a decline in Japanese oil purchases. In recent years, Japan has been the biggest buyer of ADNOC's crude, placing the UAE consistently among the top two oil exporters to Asia's biggest economy. But in September, Japan's oil imports from the country had dropped 28 per cent from a year earlier, by more than 278,000 barrels per day (bpd), Japanese government figures show. The decline ...  >>MORE

UAE says oil cuts should remain

Posted on 08/11/2009

The UAE has joined a growing OPEC contingent that has been calling for the group to stay the course on production cuts when it meets on December 22. Raising output to put the brakes on rising crude prices "is not on the agenda”, said Mohammed al Hameli, the Minister of Energy. Internationally, the oil market remained "a little bit oversupplied” due to stubbornly high global inventories of crude and refined oil products, he said. "There are certainly signs of (economic) recovery that have ...  >>MORE

TAKREER awards $US5.2 billion refinery contracts

Posted on 05/11/2009

TAKREER (Abu Dhabi Oil Refining Company) announced yesterday that two Contracts worth $ 5.2 billion have been awarded to two international companies as part of the overall plan to expand the oil refining capacity in the Ruwais refinery. The Contracts are for "Engineering, Procurement, Construction and Commissioning" (EPC) works for two packages of the Ruwais Refinery Expansion Project which comprises of seven EPC packages. Eight companies competed for these two contracts. SK Engineering '&' ...  >>MORE

GASCO signs four landmark contracts for IGD at Dh 40 billion

Posted on 03/11/2009

Abu Dhabi Gas Industries Ltd. (GASCO) has signed four landmark contracts for its Integrated Gas Development (IGD) Project that links offshore and onshore gas fields owned by ADNOC within the Emirate of Abu Dhabi. This project, with a total value in excess of US$9 Billion, is the Government of Abu Dhabi's strategic initiative towards meeting the growing demand for energy within the Emirate. All facilities under the 4 contracts are expected to be completed by the 3rd quarter of 2013. This ...  >>MORE

ADNOC announces GSP for October

Posted on 03/11/2009

The Abu Dhabi National Oil Company (ADNOC) announced yesterday the prices of its crude oil for October. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of October are as follows: Murban (US$74. 30) per a barrel, Lower Zakum (US$74.00), Umm Shaif (US$73.80) and Upper Zakum (US$72.70) per a barrel. - Emirates News Agency, WAM ...  >>MORE

Enoc moves upstream with US$1.9b Dragon bid

Posted on 03/11/2009

London - Dubai's Emirates National Oil Company (Enoc) has agreed to pay US$1.9 billion (Dh6 billion) to take control of Dragon Oil in a further push by the state-owned refiner into exploration, even as the emirate struggles under a huge debt burden. Dragon's committee of independent directors, formed after the bid approach was announced in June, advised investors to accept the 455 pence a share bid for the 48 per cent of Dragon Enoc does not own, valuing the Turkmenistan-focussed oil explorer ...  >>MORE

Aabar makes Dh1.4b profit in third quarter

Posted on 02/11/2009

Abu Dhabi's Aabar Investments PJSC on Thursday reported profit of Dh1.478 billion for its third quarter. Aabar's book value per share increased from Dh3.50 in the second quarter, to Dh3.97 in the third quarter. Aabar's shareholder equity has increased from Dh10.93 billion in the second quarter to Dh12.41 billion in the third quarter and the statements show a net profit of Dh1.478 billion in the third quarter. Khadem Al Qubaisi, chairman of Aabar, said: "The increase in Aabar's profit for ...  >>MORE

Gasco awards construction deals to Korean firms

Posted on 01/11/2009

Abu Dhabi Gas Industries (Gasco) has closed two deals with South Korean construction companies. South Korea's Hyun-dai Engineering and Construction said it had won a 2.03 trillion won (Dh6.24 billion) construction deal from the United Arab Emirates. Hyundai said in a filing to the Korea Exchange that it had signed the deal with Gasco. The agreement includes plans to build sulphur storage and wastewater treatment facilities, according to the statement. A second company, GS Engineering and ...  >>MORE

ADNOC announces production cut for December 2009

Posted on 30/10/2009

Abu Dhabi National Oil Company (ADNOC), Thursday told its clients it will cut their December allocations by 10-15 per cents from its four fields - Murban, Lower Zaku, Upper Zakum and Umm Shaif, according to the decision issued by the Organisation of the Petroleum Exporting Countries (OPEC). As per this decision, Murban will be reduced by 15 per cent, Lower Zakum by 10 per cent, Umm Shaif by 15 per cent and Upper Zakum will be reduced by 10 per cent. ADNOC added that the cargoes from the ...  >>MORE

Diesel prices at Enoc and Eppco go up by Dh0.50

Posted on 28/10/2009

Diesel prices at all 170 gasoline stations belonging to Emirates National Oil Company (Enoc) and its subsidiary Emirates Petroleum Products Company (Eppco) will go up by Dh0.50 to Dh10.70 per gallon from today, due to surging oil prices, Gulf News has learnt. "This is the third increase this year. We raised the price last time by 30 fils from Dh9.90 to Dh10.20 on August 18," a company official told Gulf News. Oil was trading at around $79 (Dh290) per barrel amid dollar volatility. The ...  >>MORE

OPEC to keep oil market well supplied: Al Hameli

Posted on 27/10/2009

Minister of energy H.E. Mohammed bin Dhaen Al Hameli yesterday affirmed OPEC member countries' commitment to provide adequate, secure and affordable oil supplies to the consumers through continuing their huge investments in developing spare capacity production. Addressing the International Energy Forum, which began yesterday in Moscow, Al Hameli said that the UAE has demonstrated its determination to assume global leadership in the development of renewable energies through the Masdar ...  >>MORE

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Quick List

Dana Gas announces a new oil discovery in Egypt


Enoc favours market-based oil prices


Ipic increases stake in OMV to 20%


Dana Gas Egypt achieves 20% increase in 2009 average daily production rate


Enoc to start Jebel Ali refinery in April


ADNOC announces GSP prices for Dec. 2009


Rising crude boost for UAE


ENOC considers self service filling stations


UAE firms grab slice of US$10bn Turkmenistan gas deal


ADNOC announces oil production cut


ADGAS, Hyundai Heavy Industries sign US$1 billion IGD project


UAE has 14.6% of proven Arab oil reserves


NPCC secures a total contract award of Dh1.6 billion from ONGC India in the last 2 months


All Adnoc stations to be converted for per-litre fuel sales by Q3 2010


First ADNOC crude cargo lands at Japan


Dh50 million modernisation drive for ENOC's stations


Japan to begin stockpiling UAE-produced crude Monday


Ipic to finish projects by 2014


Ipic-owned Ferrostaal sets up unit in Trinidad


Emarat tests healthier methods to fill tank


IPIC may decide next year on site for Abu Dhabi chemical plant


ADNOC announces GSP for November


UAE calls for integrated synergy between oil producers and consumers


UAE to chair OAPEC by 2010


Rio Tinto's exit not to slow Abu Dhabi project


Enoc to start new units at refinery


Takreer awards US$4.4 billion balance contract for Ruwais Refinery expansion project


Dana Gas achieves revenue of Dh359 million in the third quarter


Construction of Dh2.3 billion man-made islands, ports at Zakum offshore oil field


TAQA third quarter and nine month 2009 financial results


ADNOC takes a knock as Japanese oil imports decline


UAE says oil cuts should remain


TAKREER awards $US5.2 billion refinery contracts


GASCO signs four landmark contracts for IGD at Dh 40 billion


ADNOC announces GSP for October


Enoc moves upstream with US$1.9b Dragon bid


Aabar makes Dh1.4b profit in third quarter


Gasco awards construction deals to Korean firms


ADNOC announces production cut for December 2009


Diesel prices at Enoc and Eppco go up by Dh0.50


OPEC to keep oil market well supplied: Al Hameli