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THE ECONOMY - OIL AND GAS

UAE to raise Lower Zakum oil capacity

Posted on 16/04/2007

The UAE aims to boost oil output capacity at its Lower Zakum oilfield by 100,000 barrels per day by 2010, a Middle East economic magazine website reported. The UAE is the world's sixth largest oil exporter. The government said last year it was aiming to boost its total crude and condensate output to around four million barrels per day in the next few years from around 2.9 to three million bpd last year. Technip of France will carry out the engineering and design for the Lower Zakum ...  >>MORE

BP and Shell submit bids for major sour gas project in UAE

Posted on 16/04/2007

Oil majors BP and Royal Dutch Shell have submitted bids for a sour gas project in the UAE that could be have a price tag as high as US$10 billion. The UAE holds the world's fifth largest gas reserves, and needs to develop them to meet soaring domestic demand. It and neighbouring Gulf countries are facing rising energy needs as their populations grow and economies expand, fuelled by record oil revenues. "We have made a submission," a BP company spokesman said yesterday. Bids for the project ...  >>MORE

Dana Gas in Kurdistan deal

Posted on 16/04/2007

Dana Gas yesterday announced that it has concluded important agreements, including a Strategic Alliance Protocol, with the Kurdistan Regional Government of Iraq. These agreements form part of a strategy to advance the considerable economic benefits available to the region through the successful development of its substantial gas resources. The agreements were signed in Erbil by Nechirvan Barzani, the Prime Minister of the Kurdistan Regional Government, and Hamid Dhiya Jafar, Executive ...  >>MORE

UAE endorses MARPOL Convention

Posted on 15/04/2007

The UAE has endorsed the International Convention for the Prevention of Pollution from Ships (MARPOL 73/78) as per the federal decree No 74 of 2006. The convention will take effect as of tomorrow, Sunday April 15th. Before the admission, Sultan bin Saeed Al Mansouri, Minister of Governmental Sector Development and Chairman of the National Authority for Communications (NAC), has instructed the Authority to take all measures needed to meet requirements of the Convention. Salim Ali Al ...  >>MORE

Oil output to hit 3.4m barrels by 2012

Posted on 15/04/2007

The UAE is increasing its T crude production capacity to 2.9 million barrels per day by the end of this year, from the level of 2.7m barrels it achieved at the end of 2006. Capacity will stabilise at that level until 2010, when offshore increments will take it to 3.4m barrels each day by 2012, data show. The country pumped a daily average of 2.53m barrels of crude oil last year, compared with 2005's daily average of 2.45m barrels, according to data collated by Kuwait-based Gulf Investment ...  >>MORE

RAK Petroleum acquires share capital of Gulf Keystone

Posted on 14/04/2007

RAK Petroleum PCL ("RAK Petroleum") announced yesterday that it has entered into an agreement with Gulf Keystone Petroleum Limited ("Gulf Keystone") to acquire all of the issued and to be issued share capital of Gulf Keystone. The transaction is recommended by the Board of Directors of Gulf Keystone, who have given irrevocable undertakings to vote in favour of the acquisition. The transaction, which will be effected through an amalgamation under Bermuda law, is subject to certain ...  >>MORE

Aabar subsidiary wins Dh85 million drilling contract in Algeria

Posted on 12/04/2007

Aabar Petroleum Investments Company PJSC (Aabar) announced today that its wholly owned subsidiary Dalma Energy has won a drilling contract in Algeria, marking Aabar's entry into Africa. The one-year contract awarded to Dalma Energy by RepsolYPF, is valued at Dh85 million (US$23.24 million) and includes an option of a six-month extension valued at an additional Dh43 million (US$11.74 million). RepsolYPF, Spain's largest oil company operates in Latin America, the Middle East and North ...  >>MORE

UAE to increase oil output to 5 million (bpd) within the next 7 years

Posted on 10/04/2007

The UAE is set to increase its oil production to over 5 million (bpd) within the next 7 years, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan announced here Monday. Sheikh Abdullah , who is on an official visit to China also revealed that his country, which is one of major oil producers in the world, has embarked in recent years on alternative energy sources in a bid to provide clean energy. "UAE's oil sector has seen significant strides in recent years. Our current ...  >>MORE

Crescent holds talks on exploration in Iraq

Posted on 06/04/2007

Sharjah-based Crescent Petroleum yesterday said it held talks with representatives of the Iraqi Ministry of Oil in Amman last week to implement their joint study of an exploration area near the Iraqi-Kuwaiti border. "The meetings follow a technical cooperation agreement that was signed between the Iraqi Oil Exploration Company and Crescent Petroleum in September 2005," an e-mailed statement said. "Technical experts from Crescent Petroleum, the Iraqi Oil Exploration Company, the Southern ...  >>MORE

Demand security at stake: Al Hameli

Posted on 06/04/2007

Demand for OPEC crude in 2007 is expected to remain broadly at the same level as that of 2006, at around 30.4 mb/d, predicts UAE Energy Minister Mohammed bin Dhaen Al Hameli. Al Hameli attributed this to OPEC's unequivocal support of the market stability. "Supporting the stability of international markets has been one of OPEC's fundamental objectives ever since it was founded in 1960," he said. "In part as a result of the proactive response that OPEC member countries have shown over the ...  >>MORE

No imminent OPEC meeting: Al Hameli

Posted on 06/04/2007

Paris - UAE Energy Minister said yesterday OPEC had no intention to meet before its scheduled September meeting, unless an emergency erupted. In a statement to the Emirates News Agency (WAM), Minister Mohammed bin Dhaen Al Hameli, the current chairman of OPEC, said the current price hikes had nothing to do with market factors. "Oil is in abundant supply in the market. The current price fluctuations are the result of speculations and geopolitical factors," he said. Al Hameli is here to ...  >>MORE

Adyard bags Dh11m Violia Water contract

Posted on 05/04/2007

Adyard Abu Dhabi (Adyard), a subsidiary of Topaz Energy and Marine Limited, has announced that it has received an additional contract worth Dhs11 million from French environmental organisation Violia Water. Dubai-based Topaz Energy and Marine is one of the UAE's largest Oil & Gas service companies. The contract, Adyard's second inside 12 months, was awarded for their exceptional standards, measured against key quality and safety performance indicators, achieved during their previous ...  >>MORE

ADNOC announces prices

Posted on 03/04/2007

The Abu Dhabi National Oil Company (ADNOC) Monday announced the retrospective prices for March 2007 for Abu Dhabi's four main grades of crude oil. The price for the onshore Murban crude was set at US$62.10 per barrel, while prices for the three offshore crudes were set at US$62.15 for Lower Zakum, US$61.55 for Umm Shaif and US$58.05 for Upper Zakum. (Emirates News Agency, WAM) ...  >>MORE

IPIC awards PMC services contract for pipeline project

Posted on 28/03/2007

International Petroleum Investment Company (IPIC) has awarded the Project Management Consultancy (PMC) services contract for the Abu Dhabi Crude Oil Pipeline (ADCOP) Project to ILF Consulting Engineers (ILF). The project involves the construction of a 360 km, 48 inch diameter pipeline and associated facilities for carrying crude oil from Habshan in Abu Dhabi to Fujairah. The pipeline will have a capacity of transporting 1.5 million bpd of crude, and will include storage and terminal ...  >>MORE

Dana Gas - Emarat Joint Project Achieves Key Milestones

Posted on 27/03/2007

The Joint Venture Project between Dana Gas, the first regional private-sector natural gas company in the Middle East, and the Emirates General Petroleum Corporation (Emarat), to build a major common-user gas pipeline in the UAE, has made good progress with several key milestones achieved. The fifty-fifty joint venture was established to build, own and operate a 30 km, 48 inch, common-user gas pipeline in the UAE from the Sharjah gas hub at Sajaa to the Hamriyah Free Zone (HFZ), with a ...  >>MORE

Adnoc to boost Murban crude oil output

Posted on 25/03/2007

Oil producer Abu Dhabi National Oil Company (Adnoc) plans to increase Murban crude oil output by 20 per cent by 2011, a company executive said. State-owned Adnoc will expand Murban production to 1.8 million barrels a day from the current 1.5 million barrels a day, Abdulla Salem Al Dhaheri, Manager for Adnoc's Far East area sales, said in Bangkok yesterday. Adnoc is boosting production to replace depleting reserves and to meet rising demand for fuels. Expansions are also taking place ...  >>MORE

Taqa plans increased role in Europe

Posted on 24/03/2007

The Abu Dhabi National Energy Company (Taqa) has made public its plans to play an increased role in Europe's burgeoning energy sector. Taqa said its European subsidiary Taqa Energy is focusing its efforts on gas exploration and production operations and has further ambitions to develop one of the largest and first offshore LNG regas facilities utilising the depleted field p15/p18 just off the port of Rotterdam. "By assuming control of an existing operation with significant interests in ...  >>MORE

NPCC wins contract from Saudi Aramco

Posted on 19/03/2007

Saudi Aramco has awarded a multi-million dollar contract for its tie-in platforms and scraper decks project to the UAE's National Petroleum Construction Company. The work includes fabrication, transportation and offshore installation of two tie-in platforms, including two bridges, pipe spools and other associated work, and three scraper decks, all in the Zuluf and Marjan fields, offshore Saudi Arabia. The work is expected to be completed by January 2009. NPCC's business has grown ...  >>MORE

Opec agrees to maintain output

Posted on 16/03/2007

Vienna: Opec agreed yesterday to keep oil output restraints in place, balancing rapidly declining oil stocks in consumer nations against the risk recent selling in share markets could herald an economic downturn. Ministers confirmed the widely expected decision after talks lasting little more than three hours. Opec, which pumps over a third of the world's oil, had agreed cuts totalling 1.7 million barrels per day, or six per cent of supplies, at its previous two meetings. The emphasis now ...  >>MORE

Halliburton plans to hire 13,000 workers amid move to Dubai

Posted on 16/03/2007

Oil services firm Halliburton plans to hire more than 13,000 new workers this year in the US and elsewhere as it splits its headquarters between Houston and Dubai, an executive said in a memo obtained by the Associated Press. Halliburton's announcement this week that its chief executive, Dave Lesar, would lead the company from a new headquarters in Dubai raised an outcry among some in the US. Some Congressional Democrats raised fears the move would mean job cuts in the US and suspicions ...  >>MORE

UAE national elected chairman of OFID board of governors for 2nd term

Posted on 15/03/2007

The OPEC Fund for International Development (OFID) elected Assistant Undersecretary at the UAE Ministry of Finance and Industry Jamal Nasser Lootah for yet a second term as the Chairman of the Board of Governors. At its recent meeting, OFID lauded Lootah's efforts in his first term as well as the UAE's role in realizing the fund's visions. Lootah started his career at the Ministry of Finance and Industry in 1989 where he held several positions and was eventually promoted to his present ...  >>MORE

OPEC likely to keep steady output

Posted on 15/03/2007

Vienna - OPEC will likely maintain its current output unchanged when oil ministers of member countries hold their meeting here today. The meeting is to be chaired by UAE Energy Minister Mohammed bin Dhaen Al Hameli, the organisation's current President. Al Hameli affirmed OPEC's commitment to the 1.7 million bpd cut decided last year during the organisation's meetings in Doha and Abuja. He predicted that global demand will drop by 1.7 million bpd for "seasonal reasons, but OPEC will act ...  >>MORE

NPCC wins major packages of Qatar's Block 5 Development Plan 2005

Posted on 15/03/2007

The National Petroleum Construction Company (NPCC) has again won one more prestigious EPIC Offshore Contract from Maersk Oil Qatar AS, covering Packages 17 & 18 of Block 5 Field Development Plan of Al Shaheen Field, Qatar. Block 5 is operated by Maersk Oil Qatar AS under a Production Sharing Agreement (PSA) with Qatar Petroleum. The contract was signed in Doha on 14th March 2007. The present contract is considered the biggest in NPCC's history. Earlier in 2006 NPCC had won two more ...  >>MORE

RAK Petro to by Indago stake for Dh1.375 billion

Posted on 15/03/2007

RAK Petroleum has entered into an agreement with Indago Petroleum Limited to acquire all of Indago's exploration and production assets. This will exclude the sole exception of approximately 50 per cent ownership in Blocks 31, 43a and 47 that Indago will retain. The transactions is all cash consideration of £194.235 million (Dhs1.375 billion) to purchase substantially all of Indago's exploration and production assets, which are located in the UAE and Oman. Consideration is broadly ...  >>MORE

Al Hameli stresses importance of cooperation between national and int'l oil companies

Posted on 13/03/2007

Collaboration between national and International oil companies can play an important role in helping the industry meet current challenges, according to Mohammed bin Dhaen Al Hameli, UAE Minister of Energy. In a keynote speech delivered on Monday at a conference on the Changing Role of National Oil Companies in the International Energy markets, Al Hameli stressed that oil companies- whether national or international- are the central driving force in the oil industry from exploration and ...  >>MORE

Adnoc creates oil rig training centre with Schlumberger

Posted on 13/03/2007

Schlumberger, the multinational oilfield services company, and Abu Dhabi National Oil Company (Adnoc), launched yesterday a US$100 million joint initiative, the Schlumberger Middle East Learning Centre, in Abu Dhabi. Yousuf Omair Bin Yousuf, Secretary-General of the Supreme Petroleum Council (SPC) and Chief Executive Officer of Adnoc, and Andrew Gould, Schlumberger's Chairman and Chief Executive Officer, inaugurated the first phase, with an investment of US$40 million, in addition to US$60 ...  >>MORE

Halliburton move to Dubai triggers controversy in US

Posted on 13/03/2007

US oil services firm Halliburton's announcement that it will move its corporate headquarters to Dubai has drawn criticism in America. Halliburton said it would maintain its legal registration in the US and was not leaving Houston, where it is currently based. "My office will be in Dubai, and I will run our entire worldwide operations from that office," Chief Executive David Lesar said at an energy conference in Bahrain on Sunday. It sparked fears of US job losses and that the company would ...  >>MORE

Dolphin Energy begins commissioning and testing Of UAE receiving facilities

Posted on 08/03/2007

Dolphin Energy Limited, owned 51% by Mubadala Development Company on behalf of the Government of Abu Dhabi - and 24.5 % each by Total of France and Occidental Petroleum of the USA, said today that the company is currently testing its gas receiving and distribution facilities at Taweelah, Abu Dhabi, UAE. Gas is being received from Qatar Petroleum (QP) for Dolphin's export pipeline connecting Qatar with the UAE - primarily to commission and start up its Taweelah operations in timely fashion. ...  >>MORE

Adnoc price-tags crude oil for February

Posted on 06/03/2007

The Abu Dhabi National Oil Company, Adnoc, on Monday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of February, 2006. According to Adnoc, Murban crude recorded US$58.75 per barrel, Lower Zakum sold at US$58.75, Umm Shaif at US$58.10, while Upper Zakum fetched US$54.95. (Emirates News Agency, WAM) ...  >>MORE

Adnoc will invest US$7b in gas liquids programme

Posted on 06/03/2007

Abu Dhabi is planning to invest more than US$7 billion by 2009 to expand its natural gas liquids production, a top official said yesterday. Nasser Al Shammari, an adviser to the Abu Dhabi National Oil Company (Adnoc) told Gulf News that Adnoc will be the world's biggest NGL producer by 2010. "We will double our current natural gas liquids production from 5.3 billion standard cubic feet to 10.5 billion in 2010, when the construction of the projects is completed," added Al Shammari. He said ...  >>MORE

Gasco will pump US$11bn into projects in five years

Posted on 06/03/2007

Abu Dhabi Gas Industries (Gasco) yesterday said it will invest US$11 billion (Dh40.39 billion) in gas projects over the next five years. "This should happen between now and 2012,” said Abdulaziz Al Ameri, Gasco's manager for major project execution. He said the investments will include integrated and sour gas developments, some small projects, pipeline replacement and development of the existing plants. "The four sulphur processing units for the IGD project will cost about US$1bn ...  >>MORE

Adnoc arm in talks to bring bio-fuel cars into the UAE

Posted on 05/03/2007

Abu Dhabi: Adnoc Distribution, the retail arm of Abu Dhabi National Oil Company (Adnoc), has began talking to vehicle manufacturers of bio-fuel vehicles that run on both natural gas and petrol to encourage them to supply these models to the UAE market, a top official said. This is part of the company's move to expand its Natural Gas for Vehicles (NGV) project to the entire country. "Following the positive results and feedback from the NGV Project in Abu Dhabi, Adnoc Distribution has plans ...  >>MORE

UAE to hold April supplies steady

Posted on 02/03/2007

Tokyo/Singapore: The UAE will maintain crude supplies to buyers unchanged in April, lifters said yesterday, supporting recent comments suggesting Opec will agree to keep output steady at its meeting this month. Abu Dhabi National Oil (Adnoc) will supply crude oil to Asia at full contracted volumes for April, the same as in March, said sources with Japanese refiners, who are notified of their anticipated shipments about a month in advance. "We received notification from Adnoc about April ...  >>MORE

Adma-Opco awards Costain US$51m deal

Posted on 02/03/2007

Abu Dhabi Marine Operating Company (Adma-Opco) awarded yesterday a US$51 million contract to Costain Abu Dhabi to replace the 14km of underground pipe works on Das Island in Abu Dhabi. The project involves the replacement of underground pipework for 50 operational sub-systems. The work will be executed over a four-year period. This contract builds on recent similar awards and utilises Costain's considerable expertise in rectification and replacement works on Das Island. The initial ...  >>MORE

Abu Dhabi Future Energy Company to pump billions into new projects

Posted on 28/02/2007

Abu Dhabi Future Energy Company (ADFEC) is planning to invest several billion dollars in new projects in the next few years, a company official said yesterday. Sultan Ahmad Al Jaber, ADFEC's Chief Executive, said Abu Dhabi Future Energy Company will launch a project in 2007. He added that his company is working on a new project to produce a clean bio-fuel with an international partner. He gave no details about the cost of this new project. Al Jaber, who met Britain's Prince Charles ...  >>MORE

Adyard achieves US$5.5m Atlantis contract

Posted on 28/02/2007

Adyard LLC, the Abu Dhabi-based oil and gas subsidiary of Topaz Energy and Marine Ltd has completed a major contract from Atlantis Holding Norway AS a wholly-owned subsidiary of Chinese giant Sinochem Corporation. The US$5.5-million deal involved the fabrication, load out and transportation of the jacket and topsides for an off-shore platform, to be used by Atlantis for the development of the Um al-Qaiwain gasfield in the UAE. "The 500 tonne, 45 metre-high jacket was lifted into ...  >>MORE

Dana Gas to drill 15 new wells this year

Posted on 20/02/2007

Dana Gas, the Middle East's first regional private-sector natural gas company, has announced an active drilling program for fifteen wells in Egypt in 2007 by its exploration and production subsidiary, Centurion Energy. Ten exploration and five development wells are planned, with target depths ranging from 1,000m to 4,000m. The company is currently the sixth highest gas producer in Egypt, and among the nine highest producing companies by production of barrels of oil equivalent (boe), out of ...  >>MORE

Abu Dhabi likely to build US$2b refinery in Pakistan

Posted on 20/02/2007

Islamabad : Abu Dhabi is likely to build a 200,000-barrel-per-day (bpd) refinery in south-western Pakistan, that will double the country's refining capacity, Pakistani Prime Minister Shaukat Aziz said. "We have given an initial go ahead to the government of Abu Dhabi to build this plant," said Aziz, who was speaking at the inaugural session of a three-day energy conference in Islamabad. To be built at Khalifa Point in the Hub district of Baluchistan province, about 15 km west of the port ...  >>MORE

GASCO awards contract for OAG PKG. 2 project

Posted on 15/02/2007

The Abu Dhabi Gas Industries Ltd. (GASCO) has confirmed the award of the contract for Engineering, Procurement, Construction and pre-commissioning works for its Offshore Associated Gases (OAG) Package 2 - Offshore Pipeline Project to M/s National Petroleum Construction Company (NPCC) at a lump sum price of US$241 Million (Dh870 dirhams). The Letter of Award was issued in Abu Dhabi on 14/2/2007. The project will be managed from NPCC offices in Abu Dhabi and is scheduled for completion within ...  >>MORE

Shell to help Abu Dhabi's Economic vision turn into a reality

Posted on 08/02/2007

Abu Dhabi has deservedly gained the reputation as a dynamic economy, founded on its massive energy resources. It is a showcase for how natural resource based revenues can be used to support overall economic growth and to the benefit of its people," said Nejib Zaafrani, Shell Abu Dhabi Chairman and Managing Director at the inaugural ceremony during the recently held Abu Dhabi Economic Forum. Shell has enjoyed a close partnership with Abu Dhabi since 1939, initially in its participation in ...  >>MORE

MENA region needs US$56 billion a year of oil and gas investments: ADNOC official

Posted on 07/02/2007

The biggest challenge facing the oil industry is the need to make massive investments to ensure energy gets to consumers, said Ali Obaid Al Yabhouni, Head of Marketing Research & Analysis-ADNOC. In his opening speech at the Middle East Fuels Symposium February 6th-7th, 2007, which is organized by the World Refining Association, Al Yabhouni said "the International Energy Agency warned that investment of US$17 trillion would be needed in the world oil and gas industry in the years to 2030. ...  >>MORE

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Quick List

UAE to raise Lower Zakum oil capacity


BP and Shell submit bids for major sour gas project in UAE


Dana Gas in Kurdistan deal


UAE endorses MARPOL Convention


Oil output to hit 3.4m barrels by 2012


RAK Petroleum acquires share capital of Gulf Keystone


Aabar subsidiary wins Dh85 million drilling contract in Algeria


UAE to increase oil output to 5 million (bpd) within the next 7 years


Crescent holds talks on exploration in Iraq


Demand security at stake: Al Hameli


No imminent OPEC meeting: Al Hameli


Adyard bags Dh11m Violia Water contract


ADNOC announces prices


IPIC awards PMC services contract for pipeline project


Dana Gas - Emarat Joint Project Achieves Key Milestones


Adnoc to boost Murban crude oil output


Taqa plans increased role in Europe


NPCC wins contract from Saudi Aramco


Opec agrees to maintain output


Halliburton plans to hire 13,000 workers amid move to Dubai


UAE national elected chairman of OFID board of governors for 2nd term


OPEC likely to keep steady output


NPCC wins major packages of Qatar's Block 5 Development Plan 2005


RAK Petro to by Indago stake for Dh1.375 billion


Al Hameli stresses importance of cooperation between national and int'l oil companies


Adnoc creates oil rig training centre with Schlumberger


Halliburton move to Dubai triggers controversy in US


Dolphin Energy begins commissioning and testing Of UAE receiving facilities


Adnoc price-tags crude oil for February


Adnoc will invest US$7b in gas liquids programme


Gasco will pump US$11bn into projects in five years


Adnoc arm in talks to bring bio-fuel cars into the UAE


UAE to hold April supplies steady


Adma-Opco awards Costain US$51m deal


Abu Dhabi Future Energy Company to pump billions into new projects


Adyard achieves US$5.5m Atlantis contract


Dana Gas to drill 15 new wells this year


Abu Dhabi likely to build US$2b refinery in Pakistan


GASCO awards contract for OAG PKG. 2 project


Shell to help Abu Dhabi's Economic vision turn into a reality


MENA region needs US$56 billion a year of oil and gas investments: ADNOC official