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THE ECONOMY - OIL AND GAS

Dana Gas increases operated gas production by over 50 per cent

Posted on 05/11/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas Company, yesterday announced that its aggressive growth strategy, driven by a capital investment programme approaching US$500 million, is delivering strong results. The gross operated gas production from operations in Egypt and the Kurdistan Region of Iraq has reached 220 million standard cubic feet per day (mmscfd), totalling more than 40,000 barrels of oil equivalent (boe) per day, an increase of over 50 per ...  >>MORE

UAE has reduced oil output under OPEC understanding : Hamili

Posted on 04/11/2008

The UAE has actually reduced its crude oil output in response to the agreement the OPEC reached on 24 October to slash its production ceiling by 1.5 million barrels per day as of current November, H.E. Mohammed bin Dhaen Al Hamili, UAE Minister of Energy, announced yesterday. 'Talking about a new round of cutting oil output is premature as the oil group will meet again on 17th December in Algeria to review the situation in the world oil market, ' Al Hamili told reporters on the sideline of ...  >>MORE

Declining oil prices should not deter investment in industry : UAE

Posted on 04/11/2008

UAE Minister of Energy H.E. Mohammed bin Dhaen Al Hamili urged yesterday the Middle East oil and gas producers to continue pumping funds in the industry despite the downturn of world oil prices. 'As you know, recent events in global financial markets have had a substantial impact on the oil industry. Oil prices have plummeted sharply to hover around US$ 60 a barrel after the unbridled rises in July of this year. However, in spite of the present market conditions I would like to stress the ...  >>MORE

ADNOC announces crude prices

Posted on 04/11/2008

The Abu Dhabi National Oil Company (ADNOC) announced yesterday the Government selling prices for crude oil FOB Abu Dhabi Ports for the month of October 2008. The company priced the Murban at US$ 69.25 per barrel, Lower Zakum at US$ 69.15, Umm Al Shaif at US$ 68.25 and Upper Zakum at US$ 65.75 per barrel. – Emirates News Agency, WAM ...  >>MORE

ADNOC, Shell Sign MoU

Posted on 04/11/2008

Abu Dhabi National Oil Company (ADNOC) and Shell Abu Dhabi B.V. (Shell) signed a Memorandum of Understanding (MoU) yesterday under which Shell will evaluate potential joint exploration, development and production with ADNOC of offshore deep gas fields prospects in Abu Dhabi. Once the evaluation is completed, Shell hopes to move forward rapidly with final agreements in order to quickly begin joint exploration and development activities. Shell is a Joint Venture partner with ADNOC in the Abu ...  >>MORE

Dolphin Energy delivers first natural gas to Oman

Posted on 02/11/2008

Dolphin Energy Limited yesterday said it began to supply gas to Oman today, completing the strategic Qatar-UAE-Oman natural gas grid first proposed in 1999. The company announced that Dolphin gas from Qatar was now flowing to the Sultanate for the very first time, as part of a 25 year Gas Sales Agreement (GSA) signed in 2005. Al Dolphin's gas is produced offshore Qatar and is processed onshore at its Ras Laffan Gas Processing Plant. The gas is then compressed and pumped through the Export ...  >>MORE

OPEC's decision to cut production aims at creating balance in the oil market: Al Hameli

Posted on 25/10/2008

Vienna - UAE Energy Minister Mohammed bin Dhaen Al Hameli, said the decision taken by the Organisation of the Petroleum Exporting Countries (OPEC) by cutting production by 1. 5 million barrel per day "is realistic and positive" and aims at creating balance in the oil market and global economy. "The effect of the decision will soon be seen in the market", he added, pointing out that next OPEC meeting will be convened in Algeria. On his part, Kuwaiti Oil Minister Mohammed Al Aleem, reiterated ...  >>MORE

The current developments make us uneasy - UAE Energy Minister

Posted on 24/10/2008

Vienna - The UAE Energy Minister HE Mohammed bin Dha'en Al-Hameli expressed uneasiness over the current developments in the oil market. 'The current developments in the oil market, especially the rapid fall in oil prices make us uneasy', Al Hameli said. He was speaking to journalists upon arrival in Vienna to participate in the emergency ministerial meeting of the Organisation of Petroleum Exporting Countries (OPEC), which opens tomorrow at the OPEC headquarters. OPEC called for the ...  >>MORE

OIAG/IPIC consortium increased shareholding in OMV to 50.7%

Posted on 23/10/2008

OMV Aktiengesellschaft received a notice concerning a change effective as of October 15, 2008 in the number of OMV shares owned by International Petroleum Investment Company (IPIC) from Abu Dhabi. IPIC now owns 57,485,686 shares (increase from 17.6% to 19.2% of the registered capital). A consortium agreement concluded by OMV's two core shareholders Osterreichische Industrieholding AG (OIAG) representing the Austrian state and IPIC provides for their coordinated behavior and for restrictions ...  >>MORE

4.5pc drop in diesel price at Enoc, Eppco, Emarat stations from Monday

Posted on 19/10/2008

The price of diesel will drop by 4.5 per cent to Dh14.55 per gallon from Dh15.25 at the Enoc, Eppco and Emarat petrol stations in Dubai from Monday, according to sources in the three companies. The diesel price would then have come down by Dh4.7 (24.5 per cent) in less than three months, sources in Eppco said. The decrease follows a drop in the international oil prices. Follow-up committees at these companies study prices of fuel on a weekly basis in line with the international prices, the ...  >>MORE

Dana Gas makes third gas discovery in Egypt

Posted on 18/10/2008

Dana Gas, the Middle East's largest private-sector natural gas company, yesterday said it has made a third gas and condensate discovery in its Egyptian concessions. As part of its US$170 million (Dh625m) drilling campaign for 2008, Dana's Al Tawil-1 exploratory well commenced drilling on September 5 and reached a total measured depth of 3,163 metres in the Qawasim formation, it said. The well is located in the West Manzala concession, approximately 15km south of Dana's El Wastani gas ...  >>MORE

Self-service begins at ENOC petrol stations

Posted on 17/10/2008

Dubai, Oct 17, 2008 (WAM) - Motorists will soon be able to use their loyalty cards at the self-service Enoc petrol stations in Dubai and the Northern Emirates according to a report in "Gulf News.” In addition to this, Enoc will go in for the latest technology at these petrol stations under which motorists will be able to pay for their petrol at the dispenser machines itself. Currently they have to go inside the store and pay, mentioning the pump number to the cashier. The cashier then hands ...  >>MORE

Dana Gas announces important gas discovery in Egypt

Posted on 16/10/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has announced a gas and condensate discovery in its Egyptian concessions, marking the third discovery in the company's US$ 170 million drilling campaign for 2008. The "Al Tawil-1" exploratory well commenced drilling on Sept. 5, 2008, and reached a total measured depth of 3163 meters in the Qawasim formation. The well is located in the West Manzala concession, approximately 15 km south of Dana Gas's El ...  >>MORE

Diesel costs set to come down in Dubai again

Posted on 11/10/2008

Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - have decided to cut the price of diesel by 50 fils a gallon at the pumps effective from October 12, oil company sources told "Gulf News” on Friday.Enoc and Eppco Group Brand and Marketing Manager, Khalid Hadi, confirmed the news on behalf of the two companies. A spokesman for Emarat wasn't immediately available for comment."As of October 12, the price of diesel will be reduced to ...  >>MORE

Adnoc's September crude selling price down almost 20% on August

Posted on 11/10/2008

The official selling price (OSP) of Abu Dhabi crude oil grades averaged US$96.90 (Dh356) per barrel in September, down 19.64 per cent from the previous month in line with falling global oil prices, latest data from the Abu Dhabi National Oil Company (Adnoc) show according to a report in "Gulf News.” The OSP of Adnoc's most popular crude grade, Murban, in September was US$98.05 a barrel, down from US$117.50 a barrel in August. Among its other crude grades, Lower Zakum had an OSP of US$98.05 a ...  >>MORE

ADNOC announces oil prices for September 2008

Posted on 08/10/2008

The Abu Dhabi National Oil Company (ADNOC) has announced the prices of its crude oil for last month, September. According to a press release from the company, Murban has been pegged at US$98.05 per barrel, Lower Zakum at US$98.05, Umm Al Sheif at US$97.15 and Upper Zakum at US$94.35 per barrel. – Emirates News Agency, WAM ...  >>MORE

UAE's Dana Gas and Crescent Petroleum announce 1st gas in Kurdistan region of Iraq

Posted on 05/10/2008

Dana Gas PJSC, the Middle East's first regional private-sector natural gas company, and its partner Crescent Petroleum, the Middle East's oldest private oil and gas company, yesterday announced the start-up of natural gas production, processing and transportation by pipeline in their major joint project in the Kurdistan Region of Iraq. Dana Gas and Crescent Petroleum are 50:50 partners on the project, and are investing US$650 million under a Strategic Alliance and service contracts signed with ...  >>MORE

Abu Dhabi favours low equity in oil investments

Posted on 29/09/2008

Abu Dhabi said yesterday it remains committed to long-term projects in its overseas oil investments but would favour low equity in the targeted ventures. The International Petroleum Investment Company (Ipic), the government's downstream investment arm, said it avoids getting involved in direct management of the companies it invests in as it is pushing ahead with a major drive to expand its assets in the UAE and other countries. The company, which was created 24 years ago to utilise Abu Dhabi's ...  >>MORE

UAE to add 650,000bpd in two years

Posted on 29/09/2008

The UAE is pressing ahead with mega projects to add nearly 650,000 barrels per day (bpd) to its sustainable crude production capacity within two years to maintain its position as one of the world's largest oil suppliers, a Gulf study said yesterday. The majority of the projects are carried out by the country's two main oil producers – the Abu Dhabi Company for Onshore Oil Operations (Adco) and the Abu Dhabi Marine Oil Operations Company. Adco, the largest crude producer in the UAE and one of ...  >>MORE

Dana Gas selected for S'&'P Shariah Indices

Posted on 25/09/2008

Dana Gas, the Middle East's first regional private-sector natural gas company, has confirmed that it has been approved by the Shariah board of Standard and Poor's, and has achieved the required ratios for inclusion in the S'&'P Pan Arab Shariah Index and the S'&'P GCC Shariah Index. Demand for Shariah-compliant products across all sectors has been increasing steadily over the past few years, and the financial markets are no exception. In 2006, in response to this growing demand and the urgent ...  >>MORE

Taqa Energy signs new deal with Cirrus

Posted on 25/09/2008

The Abu Dhabi National Energy Company (Taqa) said yesterday its wholly-owned subsidiary, Taqa Energy B.V., had signed a farm-in agreement with Cirrus Energy Corporation with respect to three licences and one unit area in the Dutch North Sea. Cirrus is a Canada-based oil and natural gas company, exclusively focused on international exploration and development opportunities in lower-risk environments. "In this agreement, Taqa will acquire interests ranging from 15 per cent to 30 per cent in ...  >>MORE

Dolphin Energy all set to supply Gas to Oman

Posted on 24/09/2008

Dolphin Energy Limited confirmed today that it will supply gas to Oman during October 2008, as soon as Oman is ready to receive it. The Gas Sales Agreement (GSA) to deliver an average of 200 million standard cubic feet of gas a day (mmscf/day) to Oman was signed with the Oman Oil Company (OOC) on September 5 2005, in Abu Dhabi. It provides for Dolphin gas from Qatar to be delivered through Dolphin's Eastern Gas Distribution System (EGDS), via a hook-up near Al Ain on the UAE-Oman border. The ...  >>MORE

Dana Gas wins 'Company of the Year' award

Posted on 22/09/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has been designated 'UAE Company of the Year' as part of ACQ Magazine's First Annual Country Awards for Achievement. The award comes in recognition of Dana Gas' aggressive growth strategy, which came to light following its acquisition of Centurion Energy at the beginning of 2007, and the company's subsequent expansion into the upstream gas sector with its projects in the Kurdistan region of Iraq. Dana ...  >>MORE

Energy minister off to Vienna for OPEC meet

Posted on 10/09/2008

Energy minister, Mohammed bin Dha'en Al Hamili, left Abu Dhabi Tuesday morning for Vienna to attend the ordinary half year meeting of the Organisation of Petroleum Exporting Countries (OPEC), to be held at the organisation's headquarters in the Austrian capital. Oil and energy ministers of the 13 OPEC member countries will discuss the latest developments on the oil market in view of the falling oil prices. They will also elect a new president for 2009 and approve joint action plan for the last ...  >>MORE

UAE oil minister: OPEC will continue to meet demand

Posted on 09/09/2008

OPEC's fundamental policy of ensuring that the market remains well supplied has not changed and will not change when OPEC ministers meet in Vienna on September 9th, UAE Minister of Energy Mohammed Bin Dhaen Al-Hamli told WAM. "However, it is fair to point out that the determining factor behind any decision on production levels is whether or not the market is well supplied. Commercial crude oil stock levels in OECD countries are within the five-year average level which indicates that the ...  >>MORE

Helicopter crash in Gulf Sea

Posted on 05/09/2008

The B212 helicopter carrying 7 persons crashed in Gulf sea Wednesday at 20:23 local time, on 50 NM west of Dubai Airport, killing all passengers and crew. Those killed in tragic crash included American, British, two Indians, Pakistani, one Pilipino and Venezuelan. The helicopter was flying from Dubai International Airport to one of Oil fields in the Gulf Sea. An investigation is currently being conducted to determine the causes of the accident. – Emirates News Agency, WAM ...  >>MORE

ADNOC announces retrospective oil prices

Posted on 04/09/2008

The Abu Dhabi National Oil Company (ADNOC) today announced the retrospective prices for August 2008, for Abu Dhabi's four main grades of crude oil. The price for the onshore Murban crude was set at USD 117.50 per barrel, while prices for the three offshore crudes were set at USD 117.40 for Lower Zakum, USD 116.50 for Umm Shaif and USD 112.30 for Upper Zakum. – Emirates News Agency, WAM ...  >>MORE

Mubadala, Petrofac establish new joint venture

Posted on 02/09/2008

Petrofac Limited, the international oil '&' gas facilities service provider, and Mubadala Petroleum Services Company LLC (MPSC), a wholly owned subsidiary of Mubadala Development Company, announced yesterday their plans to establish a joint venture company, Petrofac Emirates LLC. Based in Abu Dhabi and scheduled to begin operation within the next few months, the new company will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, ...  >>MORE

ADNOC-FOD in new drive to solve congestion at filling stations

Posted on 28/08/2008

The Abu Dhabi National Oil Company for Distribution (Adnoc-Fod) asserted yesterday that it has started to implement a set of new standards in an effort to ease up congestion at its diesel filling stations. In a statement, the Company said that it is working with all seriousness to contain all the problems related to diesel and make it available to the customers. The additional demand for diesel in the country brought about by the economic boom has resulted in congestion at the filling stations ...  >>MORE

Dubai diesel prices will fall further

Posted on 28/08/2008

Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - will further slash diesel prices at the pumps by 50 fils a gallon effective September 1, marking their sixth straight cut in prices in a little more than a month, oil company sources told Gulf News yesterday. "The price of diesel will be cut to Dh16.25 per gallon from Dh16.75 per gallon from Monday," a spokes-man for Enoc and Eppco confirmed the news on behalf of the two ...  >>MORE

UAE second largest Arab gas consumer

Posted on 27/08/2008

High economic growth has combined with a rapid population increase and ongoing plans to switch to gas in power generation have turned the UAE into the second largest gas consumer in the Arab world, according to the official data. Gas demand in the UAE due to the increased consumption has grown by more than seven per cent since 2003 to peak at 620,000 barrels of oil equivalent per day (boe/d) in 2007 compared with 480,000 boe/d in 2003. The figures by the Organisation of Arab Petroleum ...  >>MORE

Adnoc to develop small reservoirs

Posted on 27/08/2008

In an effort to boost its oil production by up to 25 per cent in the next several years, the offshore arm of the Abu Dhabi National Oil Company (Adnoc) is working to develop a new class of slightly smaller reservoirs. "We are going to the second-size fields to increase the production,” said Ali Rashid al Jarwan, the general manager of the Abu Dhabi Marine Operating Company (Adma-Opco), which produces up to 600,000 barrels of oil per day (bpd). Mr Jarwan described the fields as big by ...  >>MORE

Dubai diesel retailers slash price

Posted on 25/08/2008

Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - slashed the price of diesel at the pumps by 50 fils a gallon yesterday, marking their fifth straight cut in less than a month, sources said. "The price of diesel has come down to Dh16.75 a gallon, from Dh17.25 a gallon, effective immediately," an oil company source told Gulf News. Pump attendants at Dubai's oil filling stations confirmed the news. – Gulf News ...  >>MORE

IPIC signs MoU with two partners to build fertilizer complex in Uzbekistan

Posted on 21/08/2008

Abu Dhabi government owned-International Petroleum Investment Company (IPIC) of Abu Dhabi and Borealis signed a Memorandum of Understanding (MoU) with Uzbekistan's State Joint-Stock Company (Uzkimyosanoat) to conduct a feasibility study for the construction of a world-scale Fertilizer complex in Uzbekistan. State Joint-Stock Company Uzkimyosanoat consists of 12 chemical plants, 13 distributing companies, two engineering and scientific research institutes and a logistics company. Borealis is ...  >>MORE

ENOC to enhance customer service

Posted on 20/08/2008

Cylingas, a subsidiary of ENOC, has launched a productivity programme aimed at providing enhanced services to customers. As part of the programme, Cylingas invested in a Dhs6m Electronic Synchronised Full Hydraulic Rolling machine to double the rolling/forming of steel plates towards increasing of production capacity from 3,250 tons per year to 6,500 tons per year. Inaugurated by Saeed Khoory, ENOC Group Chief Executive, the machine comprises 'MCB 3070' four rolls 3000mm x 70mm with 'HP ...  >>MORE

Dana Gas profit surges 17% in Q2

Posted on 18/08/2008

A surge in its oil and gas revenue boosted the net profit of Dana Gas by nearly 17 per cent in the second quarter of 2008 and the company expects further growth through the year. Net earnings grew to around Dh34 million in the second quarter from nearly Dh29m in the same period of last year, an increase of 17 per cent, Dana Gas said in a statement yesterday. Revenue from oil and gas production surged by 28 per cent to Dh309m while EBITDA (Earnings before Interest, Depreciation and Depletion ...  >>MORE

Dubai to cut diesel prices again

Posted on 18/08/2008

Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat will cut the diesel price at the pump by 50 fils a gallon as of today, marking their fourth cut in prices in less than a month, company sources told Gulf News on Sunday. "The price of diesel at Dubai's pumps will come down to Dh17.25 a gallon from Dh17.75 a gallon from midnight," said one of the sources. Gulf News last week reported the extent of the cut being planned by the oil ...  >>MORE

Abu Dhabi could develop offshore sour gas field

Posted on 17/08/2008

Abu Dhabi Gas Industries Co (Gasco) is studying the development of an offshore sour gas field and is unlikely to involve foreign firms in early planning, the Middle East Economic Digest (MEED) reported. Gasco, a unit of Abu Dhabi National Oil Co (Adnoc), is conducting its own study on the potential for the offshore Hail sour gas field, the magazine reported on Friday. "This is early work but no international contractors are being canvassed, which suggest the initial engineering and design ...  >>MORE

Dubai retailers slash diesel price by 50 fils

Posted on 13/08/2008

Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - have slashed the retail price of diesel again at the pumps by 50 fils a gallon, in line with the falling global crude and oil product prices, oil company sources told Gulf News on Tuesday. "The new diesel price is Dh17.75 per gallon. The fuel's price reflects the downward trend in international oil prices," said one of the sources. Spokesmen for oil companies were unavailable for comment when reached ...  >>MORE

Self service at 10 ENOC stations from today

Posted on 12/08/2008

Motorists will have to fill petrol and diesel on their own at 10 ENOC (Emirates National Oil Company) stations in Dubai and the Northern Emirates from Tuesday. According to Khalid Hadi, ENOC Group brand and marketing manager, this self-service is a pilot project being started following the global trend. "In the US and Europe, all use the self-service method. Now we want to test the reaction across the UAE." Asked why the project is being launched in the summer, Hadi said this is the best time ...  >>MORE

ENOC to introduce self-service at 10 select service stations

Posted on 07/08/2008

In keeping with international trends, ENOC recently announced that the company will be implementing the self-service concept for buying fuel at select stations in Dubai and the Northern Emirates. The pilot project will commence at three sites in Dubai and seven in the Northern Emirates on August 12, 2008. The 10 ENOC service stations where the self-service scheme will be introduced include Al Bada'a, opposite Jumeirah Jail, Al Manara on Jumeirah Beach Road, Al Hashimi, behind Sahara Centre, Al ...  >>MORE

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Quick List

Dana Gas increases operated gas production by over 50 per cent


UAE has reduced oil output under OPEC understanding : Hamili


Declining oil prices should not deter investment in industry : UAE


ADNOC announces crude prices


ADNOC, Shell Sign MoU


Dolphin Energy delivers first natural gas to Oman


OPEC's decision to cut production aims at creating balance in the oil market: Al Hameli


The current developments make us uneasy - UAE Energy Minister


OIAG/IPIC consortium increased shareholding in OMV to 50.7%


4.5pc drop in diesel price at Enoc, Eppco, Emarat stations from Monday


Dana Gas makes third gas discovery in Egypt


Self-service begins at ENOC petrol stations


Dana Gas announces important gas discovery in Egypt


Diesel costs set to come down in Dubai again


Adnoc's September crude selling price down almost 20% on August


ADNOC announces oil prices for September 2008


UAE's Dana Gas and Crescent Petroleum announce 1st gas in Kurdistan region of Iraq


Abu Dhabi favours low equity in oil investments


UAE to add 650,000bpd in two years


Dana Gas selected for S'&'P Shariah Indices


Taqa Energy signs new deal with Cirrus


Dolphin Energy all set to supply Gas to Oman


Dana Gas wins 'Company of the Year' award


Energy minister off to Vienna for OPEC meet


UAE oil minister: OPEC will continue to meet demand


Helicopter crash in Gulf Sea


ADNOC announces retrospective oil prices


Mubadala, Petrofac establish new joint venture


ADNOC-FOD in new drive to solve congestion at filling stations


Dubai diesel prices will fall further


UAE second largest Arab gas consumer


Adnoc to develop small reservoirs


Dubai diesel retailers slash price


IPIC signs MoU with two partners to build fertilizer complex in Uzbekistan


ENOC to enhance customer service


Dana Gas profit surges 17% in Q2


Dubai to cut diesel prices again


Abu Dhabi could develop offshore sour gas field


Dubai retailers slash diesel price by 50 fils


Self service at 10 ENOC stations from today


ENOC to introduce self-service at 10 select service stations