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THE ECONOMY - OIL AND GAS

Importers of low quality diesel will be brought to book: FEA

Posted on 15/08/2007

The UAE environment watchdog agency will cooperate and coordinate with other competent circles in the country to formulate proper mechanisms to ban entry and use of low quality and under specification diesel, according to Dr. Salim Al Dhahiri, Director General of Federal Environment Agency (FEA). Al Dhahiri said that national oil producing, marketing and distributing companies began as of the first of July introducing the Ultra Low Sulphur Diesel (ULSD) as fuel in vehicles and industry in ...  >>MORE

Dana Gas announces gas discovery in Egypt

Posted on 09/08/2007

Dana Gas has announced a new gas and condensate discovery from its Dabayaa-1 exploration well in the West Manzala Exploration Concession in Egypt. The well penetrated a gas bearing interval in the Lower Abu Madi Sandstone. An extensive DST programme was carried out giving a production rate of 16.5 million cubic feet of gas per day (2,800 barrels of oil equivalent), and 330 barrels of condensate per day through a 32/64' choke. Centurion Petroleum Corporation, the upstream division of Dana Gas, ...  >>MORE

Abu Dhabi in US$3b Borouge expansion

Posted on 05/08/2007

Abu Dhabi will invest Dh11 billion (US$3 billion) to expand the capacity of the Borouge petrochemicals facility to two million tonnes per year. Abu Dhabi, which has 98 billion barrels of proven crude oil reserves, has targeted an increase in its production capacity to four million barrels of oil per day, as well as raising its natural gas supplies through the development of sour gas reserves and optimisation of existing sweet gas production. Earlier this week, The Executive Council of Abu ...  >>MORE

Ministry of Energy announces key initiatives in 2008-2010 plan

Posted on 02/08/2007

The Ministry of Energy yesterday unveiled details of its 2008-2010 strategic plan which incorporates 16 key initiatives including a proposal for a nation-wide regulatory framework for the water and electricity sector. The ministry's plans include a study to update strategic oil reserves while another study will focus on developing water and electricity services by encouraging private investment. The plan has been drafted following the recommendations of the UAE Government Strategy which was ...  >>MORE

IPIC delegation visits Turkmenistan

Posted on 02/08/2007

Ashgabat - A delegation from International Petroleum Investment Company ("IPIC") of Abu Dhabi headed by Khadem Al Qubaisi, the Managing Director, visited Turkmenistan on 31 July 2007. "The IPIC delegation met with the President of Turkmenistan and also discussed with the Turkmen officials the cooperation in the Energy Sector between IPIC and Turkmen companies and the investment opportunities in oil and gas. This was in accordance with the Memorandum of Understanding that has been signed on 4 ...  >>MORE

Aabar reports strong second-quarter financial results as oil production

Posted on 01/08/2007

Aabar Petroleum Investments Company PJSC ("Aabar") has announced that net revenues in the second quarter 2007 climbed more than two-fold to Dh 378 million from Dh 186 million in the same period a year ago following a sharp increase in the group's oil production at its Southeast Asia operations. Operating profit jumped to Dh 160 million from Dh 29 million a year ago. Aabar reported a net profit to shareholders of Dh 23 million for the quarter, with basic and diluted earnings per share from ...  >>MORE

Emarat introduces Low Sulphur Gas Oil in UAE

Posted on 01/08/2007

Emirates General Petroleum Corporation "Emarat" is marketing Gas Oil (also known as Diesel fuel or D-2 fuel) through its Retail Outlets as well as directly to the users of the fuel. The fuel is used not only for Surface Transport of people and goods but also to produce power in power plants. "Sulphur is an essential part of all crude oils which are refined to produce Diesel. At the refinery, almost all the Sulphur is removed, leaving practically few parts per million (ppm). In UAE, Sulphur was ...  >>MORE

Sharjah seeks BP help to offset gas shortfall

Posted on 01/08/2007

Sharjah has asked BP and several other firms to help meet a shortfall in energy supply because of a delayed Iranian gas deal, an official said. The request made by Sharjah Electricity & Water Authority (Sewa) is due to the delayed supply of two billion cubic feet a day of Iranian gas from Crescent Petroleum, Waleed bin Khadem, Director-General of Sewa, told Dow Jones Newswires yesterday. "We are negotiating with several suppliers including BP and Dolphin Energy to bring gas supply to Sharjah,” ...  >>MORE

Introducing green diesel to Abu Dhabi

Posted on 31/07/2007

The Environment Agency-Abu Dhabi (EAD) is chairing the Higher Steering Committee for the Introduction of Ultra Low Sulphur Diesel (ULSD) as Fuel in Vehicles and Industry. This Committee was formulated by the Abu Dhabi Executive Council (in its Decree No 5 Session 2/2006). It comprises of ADNOC Distribution, Abu Dhabi Police, TAKREER, Emirates Standardization and Metrology Agency and Department of Transportation as members. This Committee has drafted a policy and action plan to phase out the ...  >>MORE

Aabar agrees sale of drilling services unit

Posted on 30/07/2007

Aabar Petroleum Investments Company PJSC ("Aabar") announces that it has reached agreement with GulfCap Group Limited ("GulfCap") for the sale of its wholly owned drilling services subsidiary, Dalma Energy LLC ("Dalma"), for a debt free cash adjusted enterprise value of approximately US$446 million (subject to working capital adjustments) following a strategic review of Aabar's activities. Under the terms of the transaction, 100% of Aabar's interest in Dalma will be transferred to GulfCap, a ...  >>MORE

Enoc hikes diesel price for fourth time

Posted on 30/07/2007

Dubai's Emirates National Oil Company (Enoc) yesterday raised the price of diesel by six per cent to Dh10.60 per gallon, the company's fourth price increase in less than 40 days. On the previous three occasions the state-run company, which operates Enoc and Eppco filling stations, increased diesel prices by 20 fils each time. The latest price hike makes diesel 24 per cent costlier in Dubai than in Abu Dhabi. Diesel was available for Dh8.60 per gallon at the filling stations operated by Abu ...  >>MORE

NPCC awarded contract for gas facilities in UAE

Posted on 26/07/2007

The National Petroleum Construction Company (NPCC), jointly with Technip, has been awarded by Abu Dhabi Marine Operating Company (ADMA-OPCO) an Engineering Procurement and Construction (EPC) contract for the Zakum Gas Processing Facilities in the offshore areas of Abu Dhabi. The contract value is approximately Dh1.4 billion. The project consists of installing gas processing and compression facilities to increase the production capacity of the Zakum field, while maintaining the reservoir ...  >>MORE

ENOC introduces low sulphur

Posted on 26/07/2007

Placing an emphasis on the environment, ENOC has introduced lower sulphur diesel at ENOC/EPPCO service stations across Dubai, Sharjah and the Northern Emirates. The sulphur content in the newly introduced greener diesel has 500 parts per million (PPM) (0.05%) sulphur content down from 2500 PPM (0.25%) content in the previous diesel. This new move is in keeping with a directive of the UAE Government and the vision of H.H Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime ...  >>MORE

Aabar to sell shares in Dalma Energy

Posted on 24/07/2007

Aabar Petroleum Investments PJSC, the Middle East's first publicly listed company operating in the petroleum sector, yesterday said it plans to sell its shares in Dalma Energy on a competitive basis. The board has decided to convene an extraordinary general meeting (EGM) of shareholders to consider the sale of Aabar's shares in Dalma Energy LLC. In a statement to the Abu Dhabi Securities Market, Aabar said the day of the EGM would be decided after obtaining the approval of the Ministry of ...  >>MORE

Ipic to award Fujairah oil pipeline work next month

Posted on 23/07/2007

Abu Dhabi's International Petroleum Investment Company (Ipic) plans to award the contract to build a crude oil export pipeline bypassing the Strait of Hormuz in the second half of August, people familiar with the plans said yesterday. Ipic has granted companies including Technip, Chicago Bridge & Iron Company and WorleyParsons an additional two weeks until August 8 to prepare their bids for the early engineering contract, sources told Dow Jones Newswires. The contract award is expected within ...  >>MORE

ADNOC to introduce green diesel fuel Monday

Posted on 21/07/2007

Green diesel will be available at all ADNOC distribution stations starting from 23rd of this month to substitute the current diesel distributed at the petrol stations .A technical committee was formed to oversee phasing out the use of high sulphur diesel as fuel.The Committee consists of members from the Environment Agency - Abu Dhabi (EAD), Federal Environment Agency (FEA), Takreer, ADNOC Distribution, Department of Transport, General Headquarters of Abu Dhabi Police and the Emirates ...  >>MORE

Taqa puts upstream efforts at heart of growth strategy

Posted on 19/07/2007

Abu Dhabi National Energy Company PJSC (Taqa) has near-term growth aspirations to become an exploration and production (E&P) company with production of 100,000 barrels of oil equivalent (boe) per day and one billion boe in proven reserves, a company statement said. The move comes at the backdrop of a surge in oil prices that crossed $78 earlier this week on growing global demand for energy. The company, which has been in a concerted E&P growth mode since early this year, has said that it will ...  >>MORE

Dolphin's condensate will be available for export in August

Posted on 18/07/2007

Dolphin Energy Limited yesterday said that the first two cargoes of condensate produced from its natural gas wells offshore Qatar will be available for export during August 2007. Each cargo will consist of 500,000 barrels of condensate for delivery at Ras Laffan Terminal, Qatar, to one or more successful bidders during the month of August. These cargoes will be the first shipments of condensate from Dolphin's gas wells in Qatar's offshore North Field. Spot offers were received by July 10, ...  >>MORE

Green diesel at ADNOC stations

Posted on 16/07/2007

Green diesel will be available at all ADNOC distribution stations starting from 23rd of this month to substitute the current diesel distributed at the gas stations. ADNOC told that studies had been conducted to assure the quality of the new product with the same price of the old product. This comes in line with directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan and General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Deputy Supreme Commander of the UAE Armed Forces ...  >>MORE

Enoc raises diesel prices for third time

Posted on 13/07/2007

Dubai's Emirates National Oil Company (Enoc), which operates Enoc and Eppco filling stations, has again raised the price of diesel, its third price increase in almost three weeks. Diesel was selling at Enoc pumps yesterday at Dh10 per gallon after an increase of 20 fils from Wednesday night. The price of diesel in Abu Dhabi remained Dh1.40 lower at Dh8.60 per gallon at Abu Dhabi National Oil Company (Adnoc) outlets. The three UAE petroleum companies, Enoc, Adnoc and Emirates General ...  >>MORE

Volatility in oil prices has nothing to do with market fundamentals: Al Hameli

Posted on 12/07/2007

Mohammed bin Dha'en Al Hameli, UAE Minister of Energy and OPEC President said here today that current volatility in international oil prices had nothing do with market's fundamentals of supply and demand."Soaring oil prices have nothing to do with market fundamentals of supply and demand", said Al Hameli. He attributed current rise in prices to hyped speculations in the international oil markets, which rose to over 45 per cent above last year's levels. He added: "This volatility is also a ...  >>MORE

Dana Gas and Abraaj Capital form alliance

Posted on 09/07/2007

Dana Gas, the Middle East's largest private sector regional natural gas company, has signed a strategic alliance agreement with Abraaj Capital, a Dubai based private equity firm to identify and pursue business opportunities in the natural gas and related industries in the region. "Abraaj has proven itself as a leader in the private equity business in our region, and by working with them in pursuing various projects in the natural gas sector, Dana Gas will be able to capitalise on value creation ...  >>MORE

RAK Petroleum ready to invest US$400m

Posted on 08/07/2007

UAE-based energy firm RAK Petroleum said it has US$400 million ready for acquisitions and is hunting for oil and gas assets in the Arab region and neighbouring countries. The company, owned by UAE and Saudi investors, could not spend that money when its deal for acquiring Gulf Keystone Petroleum Limited in April failed to materialise. "With that deal falling away, we have started looking at new ones. We are looking at two transactions at the moment," said Peter Sadler, RAK Petroleum's new ...  >>MORE

Abu Dhabi's Ipic plans aggressive move into upstream operations

Posted on 07/07/2007

Abu Dhabi's Ipic plans an aggressive move into oil and gas exploration and production and aims to double its investment portfolio to $20 billion in the next five years, Ipic's new managing director said Thursday. The International Petroleum Investment Co invests in oil related projects for the Government of Abu Dhabi, which controls more than 90 per cent of the UAE oil reserves. The UAE is the world's sixth-largest oil exporter. Ipic is moving upstream to take a share of booming revenues from ...  >>MORE

ADNOC announced oil prices for June

Posted on 03/07/2007

The Abu Dhabi National Oil Company (ADNOC) yesterday announced the prices of its oil for June. Murban is priced at USUS$69.70 per barrel, Lower Zakum at USUS$69.75, Umm Shaif at USUS$69.05, while Upper Zakum is priced at USUS$65.35 per barrel. (Emirates News Agency, WAM) ...  >>MORE

Enoc raises diesel prices again

Posted on 03/07/2007

Emirates National Oil Company (Enoc), which operates Enoc and Eppco filling stations, has raised the price of diesel by 20 fils per gallon. The move, which comes less than a fortnight after a similar hike, will make transportation in the country costlier. Rising transportation costs are among the reasons cited by traders for raising prices of essential items. Enoc last month increased the diesel price at the pump from Dh9.40 to Dh9.60 per gallon. From Sunday night it began selling diesel at ...  >>MORE

Aabar unit acquires stake in offshore Vietnam field

Posted on 03/07/2007

Aabar Petroleum Investments Company (Aabar) yesterday said its wholly-owned subsidiary, PearlOil (Ophiolite) Limited, has entered into a binding agreement to acquire a 15 per cent working interest from Vietnam American Exploration Company (Vamex) in the production sharing contract for Block 07 and 08/97, offshore southern Vietnam. The agreement is subject to government approval. Block 07 and 08/97 covers 4,915 square kilometres and is located on the southern margin of the Nam Con Son Basin. ...  >>MORE

UAE supplies Japan 26% of its oil need

Posted on 02/07/2007

Tokyo - Japan's oil import from the UAE reached 28.49 million barrels in May this year, representing 26% of its total oil import for the same month, according to Japan's Energy and Natural Resources Agency, an affiliate of the Ministry of Trade, Industry and Economy. The Agency said the UAE was second only to Saudi Arabia, which supplied Japan last May with 31.48 million barrels of oil, representing 28.6% of the country's total oil import for May which stood at 109.82 million barrels, about 90% ...  >>MORE

UAE firm wins Ghana railway deal

Posted on 01/07/2007

Accra - Dubai-based Kampac Oil ME is the leader of a consortium that has won a contract to design, build, operate and transfer an 800 kilometre railway line from Ghana's port of Takoradi to Hamile, in the country's Upper West region, according to local newspaper reports. Total cost of the project is expected to be in the region of US$1.6 billion. According to Ghana's Harbours, Ports, and Railways Minister, Professor Christopher Ameyaw Akumfi, the deal is part of the Government's policy to ...  >>MORE

Abu Dhabi to split contract for gas fields

Posted on 01/07/2007

Abu Dhabi has asked oil companies to resubmit bids for a giant sour gas project in the UAE as it divides the project into two separate contracts, a magazine reported on Friday. Companies including BP and Royal Dutch Shell said in April they had submitted bids to develop the Shah and Bab gas fields in a contract that could have a total value of US$10 billion (Dh36.7 billion). Abu Dhabi will now ask for separate bids for the two fields as the cost and complexity of developing them together was ...  >>MORE

OPEC wants guarantee for its oil investments: Al Hameli

Posted on 28/06/2007

Istanbul - Energy Minister, Mohammed bin Dha'en Al Hameli, has said that there was growing concern worldwide on energy security, which, he said, was an issue with various dimensions, adding that energy issue, to consumer countries, means ensuring uninterrupted supply of oil at reasonable prices, which is exactly what OPEC aims at. "The issue of energy security is multi-faceted, with various stakeholders seeing it from different perspectives. Energy security, to consumers, boils down to getting ...  >>MORE

Masdar awards feasibility study for CCS Project

Posted on 28/06/2007

Masdar, Abu Dhabi Future Energy Company, has launched a feasibility study for Carbon Capture and Storage (CCS) for enhanced oil recovery in Abu Dhabi. The study, which will be completed by the end of the year, is the first step in a strategic initiative by the Government of Abu Dhabi to develop a country-wide CCS network. The multi-billion dollar CCS program is the largest of its kind in the world and the first to be undertaken at a national level. In February, Masdar issued an international ...  >>MORE

OPEC to invest US$130 billion by 2012 to raise oil output and meet rising demand: OPEC President

Posted on 27/06/2007

Istanbul - OPEC welcomes policies and actions that would protect our environment and make it safe for this and future generations and such policies must be rational, transparent and above all must bring the greatest good to the largest number of the world's population, stressed Mohamed Bin Dhaen AI Hameli, President of the OPEC Conference and UAE Minister of Energy. "We also welcome greater diversity in the energy mix. But once again, the contribution of new fuels such as bio-fuels towards ...  >>MORE

Abu Dhabi to develop sour gas project in two phases

Posted on 27/06/2007

Abu Dhabi, holder of the world's fifth-largest gas reserves, may break into phases a US$10 billion (Dh36bn) project to tap its sour gas stocks because it failed to attract enough interest from international oil companies to develop the venture as a whole, a top oil official said. State-run Abu Dhabi National Oil Company (Adnoc) may now develop the project, which involves developing the Shah and Bab fields, in two parts after receiving a mixed response from bidders in April, Mohammed bin Dhaen ...  >>MORE

Dana Gas acquires Bahraini affiliate

Posted on 26/06/2007

Dana Gas, the largest regional private-sector natural gas company in the Middle East, has announced the completed acquisition of its Bahraini affiliate, Danagaz Bahrain. The Company will be owned 66% by Dana Gas and 34% by reputable Bahraini partners, and as its first investment will lead the consortium to build, own and operate the Gulf of Suez Gas Liquids Plant in Egypt. The Share Purchase Agreement was signed by HE Sheikh Hamad bin Ebrahim Al Khalifa and by Mr. Hamid Dhiya Jafar, Executive ...  >>MORE

Enoc and Eppco prices will follow global trend

Posted on 26/06/2007

UAE petrol retailers have increased diesel prices, citing high international crude prices. Dubai-owned Emirates National Oil Company (Enoc), which operates Enoc and Eppco services stations, raised diesel prices at the pump from Dh9.40 to Dh9.60 per gallon last week. "Given the fluctuation in global crude prices, diesel distributors worldwide have adopted flexible pricing at the pump. Enoc/Eppco follows global pricing trends and will reduce its prices for diesel when the international market ...  >>MORE

Dubai aims to be Mideast hub for carbon trading

Posted on 26/06/2007

Dubai has launched a bid to become a centre for trading greenhouse gas emissions permits, diving into a fast growing market and the potential to turn the region's sizeable carbon footprint into cash. Famed for its man-made islands, non-stop construction and cavernous air-conditioned shopping malls, Dubai is one of the highest per capita producers of greenhouse gas in the world. Dubai Multi Commodities Centre (DMCC) and London-listed carbon-credit company EcoSecurities have signed a deal to try ...  >>MORE

Diesel price increase has transport firms in tailspin

Posted on 25/06/2007

A rise in the cost of diesel is likely to push up charges for travelling on buses run by private companies, operators warned yesterday. In the past, prices of goods have also been affected by rise in the cost of fuel, as delivery firms passed on the increase to the retailers. A fuel station attendant at a branch of Emarat said the rise in price – from Dh9.20 to Dh9.60 per gallon – came into effect on Saturday. Eppco stations pushed up its price to Dh9.60 earlier this month. The increase ...  >>MORE

Khalifa chairs Supreme Petroleum Council meeting

Posted on 20/06/2007

Video
President H.H. Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi and Chairman of the Supreme Petroleum Council, presided yesterday over the council meeting. The meeting, attended by General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, reviewed the situation on the oil market and a number of projects being undertaken by the Abu Dhabi National Oil Company (ADNOC) and its subsidiaries. The Council also ...  >>MORE

Aabar farms out 42.5% interest in Bulu concession offshore

Posted on 18/06/2007

Aabar Petroleum Investments Company PJSC (Aabar) announced that its wholly owned subsidiary, PearlOil (Satria) Limited, has entered into a farm-in arrangement with AWE (Satria) NZ Limited (AWE) in which AWE will acquire 42.5% participating interest in the Bulu Production Sharing Contract (Bulu PSC) offshore East Java, Indonesia. Under the terms of the transaction, AWE will be responsible, among other items, for the drilling costs for the first two (2) exploration wells in the Bulu PSC ...  >>MORE

UAE to increase oil output to 3.5mb/d by 2009

Posted on 14/06/2007

The UAE, which has a current production of 2.7 million barrel per day (BPD) is working to increase its oil output to 3.5 million barrel per day, by 2009, according to Energy Minister Mohammed bin Dhaen Al Hameli. Al Hameli, who is the current OPEC President, made the remarks during a meeting in Abu Dhabi yesterday with a visiting delegation of U.S. journalists. He said that oil market has currently enough supplies, attributing the rise in prices to political tension in some production areas, ...  >>MORE

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Quick List

Importers of low quality diesel will be brought to book: FEA


Dana Gas announces gas discovery in Egypt


Abu Dhabi in US$3b Borouge expansion


Ministry of Energy announces key initiatives in 2008-2010 plan


IPIC delegation visits Turkmenistan


Aabar reports strong second-quarter financial results as oil production


Emarat introduces Low Sulphur Gas Oil in UAE


Sharjah seeks BP help to offset gas shortfall


Introducing green diesel to Abu Dhabi


Aabar agrees sale of drilling services unit


Enoc hikes diesel price for fourth time


NPCC awarded contract for gas facilities in UAE


ENOC introduces low sulphur


Aabar to sell shares in Dalma Energy


Ipic to award Fujairah oil pipeline work next month


ADNOC to introduce green diesel fuel Monday


Taqa puts upstream efforts at heart of growth strategy


Dolphin's condensate will be available for export in August


Green diesel at ADNOC stations


Enoc raises diesel prices for third time


Volatility in oil prices has nothing to do with market fundamentals: Al Hameli


Dana Gas and Abraaj Capital form alliance


RAK Petroleum ready to invest US$400m


Abu Dhabi's Ipic plans aggressive move into upstream operations


ADNOC announced oil prices for June


Enoc raises diesel prices again


Aabar unit acquires stake in offshore Vietnam field


UAE supplies Japan 26% of its oil need


UAE firm wins Ghana railway deal


Abu Dhabi to split contract for gas fields


OPEC wants guarantee for its oil investments: Al Hameli


Masdar awards feasibility study for CCS Project


OPEC to invest US$130 billion by 2012 to raise oil output and meet rising demand: OPEC President


Abu Dhabi to develop sour gas project in two phases


Dana Gas acquires Bahraini affiliate


Enoc and Eppco prices will follow global trend


Dubai aims to be Mideast hub for carbon trading


Diesel price increase has transport firms in tailspin


Khalifa chairs Supreme Petroleum Council meeting


Aabar farms out 42.5% interest in Bulu concession offshore


UAE to increase oil output to 3.5mb/d by 2009