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THE ECONOMY - OIL AND GAS

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

Taqa, Gazprom in Dutch gas project

Posted on 22/10/2009

Abu Dhabi National Energy Co (Taqa) yesterday said it had agreed with partners to invest 800 million Euros (Dh4 billion) to jointly develop a gas storage project in the Netherlands with Russia's Gazprom. Set to be Europe's biggest gas storage facility offering third party access, the project will be of major strategic and commercial value for both the Netherlands and its operators. Construction in a depleted gas reservoir north of Amsterdam will start after all necessary permits have been ...  >>MORE

Zadco to award US$4b worth of contracts over 18 months

Posted on 20/10/2009

Zakum Development Company (Zadco), the Abu Dhabi-based oil and natural gas exploration and production company, plans to award around US$4 billion (Dh14.6 billion) worth engineering, procurement and construction (EPC) contracts over the next 18 months, a company source familiar with the developments told Gulf News yesterday. "There are four major packages and there are three packages still to be tendered," the Zadco source, who requested anonymity, said "The tendering will be next year and ...  >>MORE

IPIC's Q1 profits surge to US$2.1b

Posted on 15/10/2009

International Petroleum Investments Company (IPIC) has announced a surge in its profits for the first half of 2009. During this time, the company's profits rose to US$2.1 billion, compared with USD 136 million made within the same period in 2008. IPIC's financial results were announced today during a meeting of the company's Board of Directors which was chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs. Sources at the company attributed the surge to the ...  >>MORE

Dana Gas discovers 86 billion cubic feet of gas in Egypt

Posted on 14/10/2009

Dana Gas, the Middle East's regional private sector natural gas company, has announced two more significant gas discoveries – ‘Faraskur-1' and ‘Marzouk-2' – in one of its concessions in the Egyptian Nile Delta. Together, the two wells are expected to add 86 billion cubic feet (bcf) of gas to the company's Egypt reserves. The Faraskur-1 discovery, which is alone expected to add up to 73 bcf to the company's Egyptian reserves, is located in the West El Manzala Concession. The well was spudded ...  >>MORE

ADNOC announces GSP for September

Posted on 05/10/2009

The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for September. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of September are as follows: Murban (US$69. 10) per a barrel, Lower Zakum (US$68.85), Umm Shaif (US$68.60) and Upper Zakum (US$67.35) per a barrel. - Emirates News Agency, WAM ...  >>MORE

UAE: source of inspiration in energy: BP CEO

Posted on 11/09/2009

An international oil expert said he was impressed with the UAE model of energy and development. 'It is tremendous to see the pace of development and scale and breadth of the ambitions of the UAE over the course of the last 20 years,' said Dr Tony Hayward, Group Chief Executive of British Petroleum (BP) at a lecture on 'Managing the Nation's Resources: The Role of Governments in Shaping the Energy Mix Through 2030' hosted yesterday by the Ramadan Majlis of H.H. Gen. Sheikh Mohammed bin Zayed ...  >>MORE

Abu Dhabi crude surging but still averages US$72.10 per barrel

Posted on 11/09/2009

The official selling price (OSP) of Abu Dhabi's crude oil grades averaged US$72.10 (Dh264.72) per barrel in August, 37.81 per cent lower than the average price of US$115.93 per barrel in August a year earlier, figures extrapolated from the state-owned Abu Dhabi National Oil Company (Adnoc) show. However, the price for Adnoc crude oil grades in August was higher than July's average price of US$65.76, an indication that demand in the international oil markets is beginning to surge following ...  >>MORE

Dubai company signs agreement to develop gas city in Yemen

Posted on 10/09/2009

Dubai Gascities Ltd., a joint venture between Dana Gas and Crescent Petroleum to roll out energy clusters across the Middle East, Wednesday said it has reached an agreement with the Yemeni Government to possibly develop a 'gas city' in Yemen. The company has been rolling out the gas city concept - in Iraq and Egypt - that will help tap potential energy resources across the region. The signing took place at Yemeni Prime Minister Ali Mohammad Mujur's office. He expressed his optimism about ...  >>MORE

Exports of UAE's refined petroleum products to rise

Posted on 07/09/2009

Stagnant demand and increasing production will help the UAE raise exports of refined petroleum products by 26 per cent next year, shows a new research. While this phenomenon holds particularly true for diesel, the country is also exporting more jet fuel and to a lesser extent fuel oil, said PFC Energy in its report. "The UAE – and in particular Abu Dhabi – has benefited in this respect from stagnant diesel consumption, which now stands flat year-on-year. While the emirate's tight balance ...  >>MORE

Strong oil prices boost UAE fiscal surplus

Posted on 06/09/2009

Strong oil prices coupled with high crude production boosted the UAE's fiscal surplus to a record high of Dh127 billion in 2008 but the balance could turn into a deficit this year, Western estimates showed yesterday. The surplus swelled to an all-time high despite a sharp increase in public expenditure by the federal government and each of the country's seven emirates, showed the figures by the London-based Economist Intelligence Unit (EIU). The consolidated finance account (CFA), which ...  >>MORE

Taqa buys four oil blocks from Shell, Exxon

Posted on 04/09/2009

The Abu Dhabi National Energy Co (Taqa) has bought four exploration blocks in Britain's North Sea from Royal Dutch Shell and Exxon Mobil, Taqa's UK subsidiary said in a statement Thursday. Taqa has amassed over $2 billion (Dh7.34 billion) of North Sea assets in the last three years as part of an aggressive global expansion. The company, 75 per cent owned by the Abu Dhabi government, is an investment vehicle used to spend state oil revenues. UK unit Taqa Bratani gave no value in the statement ...  >>MORE

ADNOC announces 15% cut of supplies for October

Posted on 31/08/2009

Abu Dhabi National Oil Company (ADNOC) on Sunday told its clients it will cut their October allocations by 15 per cent from its four fields - Murban, Upper Zakum, Lower Zakum and Umm Shaif. Cargoes from the four fields will be treated at Max/ -5% tolerance loading basis, said ADNOC in its letter to clients. ADNOC said its latest cut is in accordance with OPEC decision to reduce production. - Emirates News Agency, WAM ...  >>MORE

Abu Dhabi crude oil hovers at US$54.78

Posted on 28/08/2009

The official selling price of Abu Dhabi crude oil grades at the end of the first seven months of 2009 averaged US$54.78 a barrel, down 51.19 per cent from the same period last year, figures from the state-owned Abu Dhabi National Oil Company (Adnoc) showed. At the end of the first seven months of 2008, the price of Abu Dhabi crude oil grades was averaging US$112.23 a barrel. The average price for Adnoc crude this year was US$65.76 a barrel in July, US$71.05 in June, US$59.49 in May, US$51.46 ...  >>MORE

IPIC eyes Papua New Guinea gas stake

Posted on 26/08/2009

Abu Dhabi's International Petroleum Investment Company (IPIC) may buy a direct stake in a Papua New Guinea liquefied natural gas (LNG) development, increasing its indirect holding in the big gas export project. Oil Search, an Australian oil and gas firm that owns 34 per cent of PNG LNG, has said it is close to a deal to sell a 3.5 per cent interest in the project to IPIC, the Abu Dhabi Government-owned energy investment company, to help raise development funds. It said the transaction's price ...  >>MORE

Emal, Gasco launch natural gas pipeline

Posted on 24/08/2009

Emirates Aluminium (Emal) and Abu Dhabi Gas Industries Ltd. (Gasco) have opened a natural gas pipeline that will enable onsite power production at the world's largest single site aluminium smelter. The pipeline, directly connected to the Emal power plant, will provide Emal with a reliable and uninterrupted supply of natural gas. In turn, the gas will be used to supply power for the plant. "This is an important milestone for Emal," said Duncan Hedditch CEO of Emal "In The design and ...  >>MORE

Taweelah-Fujairah gas pipeline nearing completion

Posted on 24/08/2009

The building of the cross-country gas pipeline from Abu Dhabi's Taweelah region to Fujairah emirate is nearing completion and will be commissioned by Q3 of next year, Dolphin Energy has announced. Ibrahim Ahmed Al Ansari, General Manager, Dolphin Energy UAE said that the pipeline will play a vital role in achieving the goals of Plan Abu Dhabi 2030 by way of ensuring adequate supply of gas, which eventually will meet the energy requirements of Abu Dhabi. The Dolphin project will pump 929mn ...  >>MORE

Taqa agrees ‘cushion gas’ deal with Gazprom

Posted on 23/08/2009

A big Dutch gas storage development led by Abu Dhabi National Energy Company (Taqa) has moved ahead with a deal for the gas needed to prepare the facility for commercial operations. The project's backers said Russia's Gazprom had agreed to supply "cushion gas” for the proposed Bergermeer underground storage facility, which would be one of the biggest developed in Europe. The gas would provide optimal pressure for commercial storage, remaining permanently in the porous rock of an empty ...  >>MORE

Sharjah deal to boost gas supply

Posted on 23/08/2009

The Sharjah Economic Development Department (SEDD) has signed a contract with an industrial services company for large supply of liquid gas cylinders that comply with the SEDD standards to meet market demand. The contract states that Haifa Industrial is to provide SEDD with 7,086 48-litre liquid gas cylinders with an overall value of Dh900,000. All gas cylinders must be delivered before the end of 2009. Saif Ibrahim of the SEDD's Control and Commercial Protection Department said: "SEDD is ...  >>MORE

Adnoc's average crude price down steeply

Posted on 19/08/2009

The official selling price (OSP) of Abu Dhabi's crude oil grades averaged US$65.76 (Dh241) in July, down 51.53 per cent from an average price of US$135.68 a barrel during the same month a year earlier, figures from the state-owned Abu Dhabi National Oil Company (Adnoc) show. As well, Adnoc's average crude price in July was lower than the June average of US$71.05 a barrel in line with the international oil market price trends. In May, Adnoc crude prices averaged US$59.49 a barrel, down 52.06 ...  >>MORE

Total signs deal for storage in Fujairah

Posted on 19/08/2009

France's Total has signed a deal to lease fuel storage at the UAE port of Fujairah as it seeks to expand its fuel oil business into East Africa, officials said yesterday. Total's international trading arm Totsa signed a lease to take between 75,000-100,000 cubic metres of storage for residual fuel oil, they said Representatives of Paris-based Total were not immediately available for comment. The lease started at the start of the second-quarter, said the officials, but it was unclear how long ...  >>MORE

No talks on gas importation with NIOC: Mubadala

Posted on 18/08/2009

A Mubadala Development spokesperson has made the following statement: "Neither Mubadala nor any of its subsidiaries is involved in discussions with the National Iranian Oil Company (NIOC) regarding the importation of gas to the UAE." - Emirates News Agency, WAM ...  >>MORE

Dana Gas achieves Dh392 million net profits for Q2

Posted on 16/08/2009

Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced its financial results for the quarter ending 30 June 2009, posting a net profit of Dh 392 million for the second quarter, as compared to Dh 34 million in the same period last year, and highlighting the strength of the Company's operations and business development strategy in this challenging economic climate. Revenue from the sale of hydrocarbons reached Dh 303 million, with gross profits ...  >>MORE

Stable oil price drives UAE credit risk lower

Posted on 13/08/2009

A stable oil price at US$60-plus a barrel levels has brought the risk perception of Gulf sovereign paper crashing down in July and August, with the credit default swap (CDS) spread on Abu Dhabi five-year sovereign bonds falling by more than 70 basis points to the 150bps level, banking sources confirmed yesterday. Dubai's sovereign CDS spread is still above 500bps and displays a sideways trend as global investors absorb the possible ramifications of steps the emirate has taken to deal with its ...  >>MORE

UAE diesel exports rise as local demand falls

Posted on 11/08/2009

Diesel exports from Abu Dhabi have picked up sharply as supplies that were previously diverted to fuel the once-booming local construction sector are now being sent abroad, according to a new study. Exports of the fuel, used in lorries, compressors and other heavy equipment on construction sites, hit a two-year high in May, and will spike again in August, according to estimates by PFC Energy, a Washington-based consultancy. The UAE consumed nearly all the diesel produced at Abu Dhabi's ...  >>MORE

First UAE company enters Northern Iraq's oil exploration, production

Posted on 08/08/2009

BlackGold - a fully owned subsidiary of Al Zarooni Enterprises - has become one of the first UAE companies to enter the lucrative energy exploration and production market in northern Iraq, according to its CEO Najib Al Zarooni. In press statements, Al Zarooni said Black Gold had invested millions of US dollars in the Northern Iraq project, and that exploration is scheduled to start in 2010, with production likely commencing in early 2011. "Northern Iraq holds great promise for both ...  >>MORE

ADNOC announces prices of crude oil for July

Posted on 04/08/2009

The Abu Dhabi National Oil Company, ADNOC, announced today the prices of its crudes oil for July, According to the company's statement, the prices are as follows: Murban = US$66.20 a barrel, Lower Zakum = US$65.95, Umm Shaif = US$ 66.70 and Upper Zakum = US$ 64.45. - Emirates News Agency, WAM ...  >>MORE

UAE provides Japan with one fifths of its oil requirements in June

Posted on 04/08/2009

Japan's Agency for Natural Resources and Energy announced that 19.4pc of its oil imports in June this year came from UAE. Japan imported 18.81mn barrels of oil from UAE during this period, making it the second largest exporter of oil. Saudi Arabia was the single largest exporter of oil to Japan during this period with 30.51mn barrels representing 31.4 of the total oil imports of Japan in June this year. Over 77pc of all the oil imported to Japan during this month came from Arab exporting ...  >>MORE

Dana Gas adds 76 billion cubic feet to Egypt reserves with 2 new discoveries

Posted on 02/08/2009

Dana Gas, the Middle East's first and largest private sector natural gas company, has announced two more gas discoveries at its concessions in the Egyptian Nile Delta: Sharabas-1 and Sama-1. These are the latest in a string of discoveries resulting from the company's aggressive drilling campaign in Egypt, which began in 2008. The Sharabas-1 discovery, located in the West El Manzala concession, tested at 7 million standard cubic feet per day (MMscf/d) of gas with 198 barrels per day (bbl/d) of ...  >>MORE

Ipic buys Spanish energy group Cepsa

Posted on 01/08/2009

International Petroleum Investment Company (Ipic), an investment arm of Abu Dhabi's government, has completed the purchase of a stake in Compania Espanola de Petroleos (Cepsa), one of Spain's largest energy companies. Ipic said it would seek exemption from launching a takeover bid, Ipic, which now holds a 47 per cent stake, commented in a regulatory filing. The value of the Ipic deal with Cepsa has not been disclosed. – Emirates Business 24|7 ...  >>MORE

ADNOC announces 19% nomination cut during September

Posted on 29/07/2009

The Abu Dhabi National Oil Company (ADNOC) has announced a 19% cut in September 2009 allocations for its clients. The move is in line with OPEC decision to reduce production, ADNOC said. ADNOC's production cut includes its 4 wells Murban, Lower Zakum, Umm Shaif and Upper Zakum. 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 Agency, WAM ...  >>MORE

Dolphin likely to raise US$1bn through 10-year bond sales

Posted on 27/07/2009

Dolphin Energy of Abu Dhabi, in a move to increase its Qatari gas supply by one billion cubic per feet per day to meet growing UAE and Omani demand and covering its refinancing debt, is likely to announce a bond sale of more than US$1 billion (Dh3.67bn). According to market sources, the bond sale of more than US$1bn will be announced shortly and managed by several local and international banks. The official announcement for the 10-year bond issue is likely within this week. The announcement ...  >>MORE

UAE has 97.8 billion barrels of oil reserves

Posted on 18/07/2009

The UAE's proven oil reserves have slipped by only around 300 million barrels over the past two decades although the country has pumped in excess of 14 billion barrels, according to new statistics by British Petroleum (BP). From around 98.1 billion barrels at the end of 1988, the UAE's recoverable oil deposits dropped by just 300 million barrels to 97.8 billion barrels at the end of 2008, BP said in its annual statistics review of global oil and gas resources. "Global proved oil reserves in ...  >>MORE

Gasco awards contracts worth Dh34bn for integrated gas systems project

Posted on 16/07/2009

Abu Dhabi Gas Industries Ltd. (GASCO) has confirmed the award of the contracts for Engineering, Procurement, Construction and Commissioning (EPC) works for the Integrated Gas Development (IGD) Project on Lump Sum Turnkey Basis, covering the following Packages: 1. Habshan 5 Process Plant 2. Habshan 5 Utilities'&'Offsites ( U'&'O) 3. Ruwais 4th NGL Train 4. Ruwais Storage Tanks The Contract were awarded as follows: 1. Habshan 5 Process Plant: To a Joint Venture of JGC of Japan and Tecnimont of ...  >>MORE

ADGAS awards US$1 billion contract of IGD

Posted on 16/07/2009

Abu Dhabi Gas Liquefaction Company Ltd. (ADGAS) has awarded the contract of the Integrated Gas Development (IGD) project to Hyundai Heavy Industries Co. The US$1 billion IGD project will produce 1 Billion Standard Cubic Feet Per day (BMSCFD) from the Umm Shaif offshore gas fields of ADMA-OPCO. The gas will then be pumped through a sea pipeline to GASCO's Habshan plant. The project, which includes three units to process high pressure gas, aims at enabling ADMA to raise its crude oil output and ...  >>MORE

IPIC announces opening of the first publicly accessible hydrogen filling station in Baden, Germany

Posted on 16/07/2009

Stuttgart, Germany - The Abu Dhabi-based International Petroleum Investment Company (IPIC) said yesterday that Europe's leading oil and gas group OMV, in which it owns a 19.6 share, has opened the first publicly accessible hydrogen filling station in Baden, Germany in cooperation with Linde AG and Daimler AG. The new filling station on the site of the OMV service station at Stuttgart Airport, a major transport hub, marks successful cooperation between the participating companies and is ...  >>MORE

Crescent seeks arbitration on Iran contract

Posted on 16/07/2009

The UAE-based oil and gas exporter Crescent Petroleum said it is seeking international arbitration concerning a gas supply contract with Iran, which has been delayed for more than three years, the company said in a statement. The 25-year contract, which is Iran's first contract for gas export from the south of Iran, was signed between Crescent and NIOC in 2001 after several years of negotiations. NIOC contractually committed to commence gas deliveries in December 2005. The deal provides for ...  >>MORE

Two firms show interest in IPIC's Fujairah refinery

Posted on 14/07/2009

Abu Dhabi's government-owned International Petroleum Investment Company (IPIC) is talking to two international companies that could operate and part-own the Fujairah oil refinery project, IPIC's managing director said on Monday. IPIC is one of the vehicles used by Abu Dhabi to invest oil export revenues. Abu Dhabi pumps most of the oil produced in the UAE, the world's third-largest oil exporter. "We are in touch with two well-known companies to operate and own a stake in the refinery," ...  >>MORE

UAE traders store diesel raising bunker premium

Posted on 14/07/2009

High capacity oil storage tanks in Jebel Ali and Fujairah are following the global trend of storing diesel for sale six to seven months later, market insiders told Emirates Business. Even though crude oil is no longer in a contango, diesel, one of its distillated by-products, is priced higher by US$3 (Dh11) to US$6 for contracts due for clearance six to seven months later. This has prompted traders to resort to storing diesel. And according to recent reports, this method has substantially ...  >>MORE

UAE oil income dips in first half

Posted on 13/07/2009

A sharp decline in crude prices allied with output cuts to reduce the UAE's oil export revenues by nearly US$40 billion (Dh146.8bn) in the first half of 2009 while OPEC lost a whopping US$415bn, official US figures showed yesterday. From nearly US$61bn in the first half of 2008, the UAE's oil export income plunged to about US$21bn in the first half of 2009, the Energy Information Administration (EIA) said. EIA, an affiliate of the US Department of Energy, also expected the combined oil ...  >>MORE

Dana Gas' production at "Sondos" Field exceeds expectations

Posted on 12/07/2009

Dana Gas, the Middle East's first and largest regional private sector natural gas company, has announced that production from the recently discovered Sondos gas field has delivered outstanding results. The Sondos field, found in the West El Manzala concession in Egypt's Nile Delta region, was discovered in February 2009, with estimated gas reserves of 20 billion cubic feet, and was tested at 11.1 million standard cubic feet per day (mmscfd) of dry gas. It currently has two producing wells, ...  >>MORE

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Quick List

OPEC to keep oil market well supplied: Al Hameli


Taqa, Gazprom in Dutch gas project


Zadco to award US$4b worth of contracts over 18 months


IPIC's Q1 profits surge to US$2.1b


Dana Gas discovers 86 billion cubic feet of gas in Egypt


ADNOC announces GSP for September


UAE: source of inspiration in energy: BP CEO


Abu Dhabi crude surging but still averages US$72.10 per barrel


Dubai company signs agreement to develop gas city in Yemen


Exports of UAE's refined petroleum products to rise


Strong oil prices boost UAE fiscal surplus


Taqa buys four oil blocks from Shell, Exxon


ADNOC announces 15% cut of supplies for October


Abu Dhabi crude oil hovers at US$54.78


IPIC eyes Papua New Guinea gas stake


Emal, Gasco launch natural gas pipeline


Taweelah-Fujairah gas pipeline nearing completion


Taqa agrees ‘cushion gas’ deal with Gazprom


Sharjah deal to boost gas supply


Adnoc's average crude price down steeply


Total signs deal for storage in Fujairah


No talks on gas importation with NIOC: Mubadala


Dana Gas achieves Dh392 million net profits for Q2


Stable oil price drives UAE credit risk lower


UAE diesel exports rise as local demand falls


First UAE company enters Northern Iraq's oil exploration, production


ADNOC announces prices of crude oil for July


UAE provides Japan with one fifths of its oil requirements in June


Dana Gas adds 76 billion cubic feet to Egypt reserves with 2 new discoveries


Ipic buys Spanish energy group Cepsa


ADNOC announces 19% nomination cut during September


Dolphin likely to raise US$1bn through 10-year bond sales


UAE has 97.8 billion barrels of oil reserves


Gasco awards contracts worth Dh34bn for integrated gas systems project


ADGAS awards US$1 billion contract of IGD


IPIC announces opening of the first publicly accessible hydrogen filling station in Baden, Germany


Crescent seeks arbitration on Iran contract


Two firms show interest in IPIC's Fujairah refinery


UAE traders store diesel raising bunker premium


UAE oil income dips in first half


Dana Gas' production at "Sondos" Field exceeds expectations