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THE ECONOMY - OIL AND GAS

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

Emarat improves station safety

Posted on 07/02/2007

Emarat, the country's leading petrol retailer, is attempting to limit the large amount of vaporised gasoline emitted from its filling stations, storage facilities and tankers by installing vapour recovery units to address the problem. It is believed that out of every 1,000 gallons of petrol distributed every day in the UAE, 4.4 litres could be lost through evaporation. Vehicle owners also lose part of their petrol from fuel tanks through vaporisation, especially in the summer. The ...  >>MORE

Dolphin to start pumping gas to UAE by July

Posted on 06/02/2007

Dolphin, the region's biggest gas project, will start pumping two billion cubic feet of Qatari gas per day from Ras Laffan to the UAE by July, a top official said yesterday. "Dolphin will start pumping gas to the UAE and Oman before July. The three-month delay was because of problems the contractors had and not for any problem related directly to the project," Abdullah Bin Hamad Al Attiyah, Qatar's Minister of Energy and Industry, said yesterday. He assured there would not be any further ...  >>MORE

ADNOC announces its crude prices for January

Posted on 05/02/2007

The Abu Dhabi National Oil Company (ADNOC) yesterday announced its crude oil prices for the month of January 2007. Murband crude recorded US$54.85 per a barrel , whereas lower Zakum recorded US$54.85. Umm Shaif crude and higher Zakum stood at US$54.20 and US$50.95pb respectively. (Emirates News Agency, WAM) ...  >>MORE

Abu Dhabi-based Company awarded petroleum contract in Thailand

Posted on 05/02/2007

Aabar Petroleum Investments Company PJSC (Aabar) today announced that its wholly owned subsidiary, PEARL Energy Limited (PEARL), with its partners, Horizon Oil (Siam) Ltd (Horizon) and Tana Resources (Thailand) Ltd (Tana), has been conditionally awarded the petroleum contract for Block G11/48 in the Gulf of Thailand. PEARL OIL Limited (Pearl of Thailand) will hold a 50 percent interest in Block G11/48 and will be the operator. The remaining 50 percent interest will be shared equally between ...  >>MORE

Joint oil company in Abu Dhabi

Posted on 02/02/2007

Emirates International Investments, the Al Ain-based company, signed yesterday a Memorandum of Understanding (MoU) with Premier Oil, a multi national petroleum company to establish a joint oil company based in Abu Dhabi. The new company aims to explore, develop, and produce oil and gas in the Middle East and Africa region. The agreement was signed by Jaowan Al Khaili for Emirates Investment Company, and Simon Luket, Chief Executive Officer of Premier Oil. Al Khaili said that signing ...  >>MORE

ADGAS awards US$610m contract

Posted on 01/02/2007

Abu Dhabi Gas Liquefaction Limited (ADGAS) has awarded Technip a lump sum turnkey contract worth approximately US$610 million for gas compression plants and associated facilities to be located at Das Island. The plant's facilities, which include compressor and booster stations, fuel gas treatment and gas dehydration units, will treat 211 million standard cubic feet per day of associated gases produced by offshore fields in Abu Dhabi. The project will be configured predominately in large ...  >>MORE

Aabar posts Dh92.8m net profit for 2006

Posted on 01/02/2007

Aabar Petroleum Investments Company (Aabar) yesterday announced a net profit of Dh92.84 million on revenues of Dh934.64 million for 2006. Earnings per share were 10 fils. In 2005, Aabar's net profit was Dh608 million primarily due to the extraordinary income resulting from interest of Dh606 million gained on receipts from Aabar's IPO. As compared to 1.8 billion in 2005, Aabar's assets in 2006 grew to Dh4.5 billion. Operating profit increased significantly to Dh212 million in 2006 from Dh3 ...  >>MORE

Dana Gas Posts Dh812 million income for first year

Posted on 31/01/2007

Dana Gas, the Middle East's first regional private-sector natural gas company, has posted preliminary results for its first annual reporting period of Dh812 million of net income, equating to 14 fils per share. Total assets stood at Dh6.84 billion. The company has been undergoing an aggressive growth strategy throughout the region, including acquisitions and new project development, with the aim of establishing itself as a truly integrated natural gas company across the Middle East and ...  >>MORE

Adnoc raises March supplies to Asia

Posted on 30/01/2007

Tokyo, Seoul - Abu Dhabi will restore full term crude supplies to Asian refiners for March, reversing a reduction for February and bringing under renewed scrutiny Opec's compliance to pledged cuts, industry sources said yesterday. The main producer in the UAE has told at least seven refiners, including three Japanese, two South Korean and two Southeast Asian companies, that it would not curb supplies for March. "The supply will return to normal levels in March," an official with one ...  >>MORE

Abu Dhabi to set up a network for gas distribution

Posted on 29/01/2007

Abu Dhabi is embarking an ambitious plan to establish a vast natural gas distribution network across the emirate, officials said yesterday. "The big picture of the project involves providing natural gas for residential buildings to replace liquefied petroleum gas (LPG), and to make it the primary source of energy for the industrial establishments, as well as expanding the network of natural gas refilling stations for motor vehicles," an official at Adnoc distribution told Gulf News. The ...  >>MORE

Natgas-powered taxis to debut in Abu Dhabi

Posted on 29/01/2007

Compressed natural gas-powered (CNG) taxis will hit the roads of Abu Dhabi soon, a statement said. "Q Link, a subsidiary of Al Qudra Holding and International Energy Group (IEG), will be introducing the first 'green' fleet in the UAE this year," the statement said. IEG is a subsidiary of the UAE business conglomerate S.S. Lootah Group. "Q Link represents Al Qudra Holding's vision of environmental stewardship, our new eco-friendly fleet of taxis serving Abu Dhabi and the UAE will be operating ...  >>MORE

Opec wants higher price

Posted on 28/01/2007

Opec's new president said that he would like higher oil prices than current levels, but that the long-term outlook was more important than a near-term price slide. Mohammed Al Hameli, president of the Organisation of Petroleum Exporting Countries and UAE oil minister, said he would be at ease if the cartel's reference basket of 11 of its members' crude oils was about US$55 a barrel. His statement implied a price for US markets of roughly US$60 a barrel. US benchmark crude-oil futures ...  >>MORE

Aabar subsidiary, Pearl begins oil production at Jasmine, offshore Thailand

Posted on 25/01/2007

Aabar has announced that its Singapore-based subsidiary Pearl Energy has begun producing oil at its Jasmine B platform at an initial rate of 2,300 barrels per day, marking a major milestone in the development of the oil field located in the Gulf of Thailand. The B platform commenced production on January 22 from B2, a single development well, and five additional development wells will be brought into production in the next few days in the initial phase of the drilling program that comprises ...  >>MORE

Abu Dhabi progresses toward introduction of green diesel as fuel

Posted on 25/01/2007

The Abu Dhabi Government is continuing its progress toward introducing Green Diesel in all vehicles and industries, announced the technical committee which was formed by the Abu Dhabi Executive Council. It will achieve this goal by slowly phasing out the use of High Sulphur Diesel as fuel. High sulphur diesel, which contains sulphur content greater than 500 parts per million(ppm), has been linked to premature death, Lung Cancer, Asthma, Bronchitis and other serious respiratory diseases. ...  >>MORE

US$55 a barrel reasonable, says UAE minister

Posted on 24/01/2007

Davos, Switzerland: A reasonable price for Opec's crude basket is US$55 a barrel, Opec's president said yesterday, at least US$5 higher than the reference price now stands. Mohammad Bin Dha'en Al Hameli, also UAE minister of energy, told Reuters Opec ministers were not "panicking" over oil's 13 per cent plunge since the start of the year, but prices should be high enough to protect investment in new projects. "There is no specific price in mind, but anything around US$55 (for Opec's basket) ...  >>MORE

Talks on terms of gas deal continue with UAE's Crescent

Posted on 24/01/2007

Iran is still in talks on the terms of a gas export contract with UAE-based Crescent Petroleum, a deal which has been held up by differences over pricing, Iran's oil minister was quoted as saying yesterday. "We are still negotiating to amend the contract but we still have not reached a definite conclusion," oil minister Kazim Vaziri-Hamaneh was quoted by ISNA news agency as saying. The deal is for Iran to supply gas from the Salman field in the Gulf to Crescent, a shareholder in Dana Gas ...  >>MORE

IPIC makes progress with crude oil pipeline

Posted on 23/01/2007

International Petroleum Investment Company (IPIC) has recently completed a Conceptual/Pre-FEED Study for the Abu Dhabi Crude Oil Pipeline (ADCOP) Project. The project will involve 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 facilities for crude export. Tebodin Middle East Ltd. ...  >>MORE

Aabar wins two production contracts in Indonesia through PEARL subsidiaries

Posted on 18/01/2007

Aabar Petroleum Investments Company PJSC (Aabar) yesterday announced that its wholly owned subsidiary, PEARL Energy Limited (PEARL), has been awarded two oil production sharing contracts (PSCs) in the Karana and Sibaru areas, offshore Indonesia, through PEARL's two subsidiary companies. PEARL's wholly owned subsidiary, PearlOil (K) Limited, will hold 100 percent interest and operate the Karana PSC, which covers an area of approximately 5,390 sq. km. Karana is located offshore in the ...  >>MORE

Enoc and Emarat reduce prices by 20 fils

Posted on 18/01/2007

Enoc and Emarat, the Dubai-based gasoline retailers, have reduced the price of diesel by 20 fils, an Enoc official said yesterday. "The two retailers' stations started selling a gallon of diesel at Dh8.80 from January 14. The price has dropped from Dh9 to Dh8.80 per gallon," the official told Gulf News. "Reducing the prices was necessary after the fall of global oil prices. Our move comes in line with economic studies," he added. Dubai's gasoline retailers said in 2006 that they would not ...  >>MORE

Petrochemicals make up 22% of UAE manufacturing

Posted on 11/01/2007

The UAE's share of petrochemicals production in the Gulf Cooperation Council (GCC) is about seven per cent and the industry makes up 22 per cent of the country's manufacturing sector, according to industry sources. Output of petrochemicals in the GCC states is expected to rise by 11 per cent in three years, said Al Fajer Information and Services, a company that organises the Arabplast plastic and rubber industry exhibition in Dubai. Data compiled by the company puts annual production of ...  >>MORE

Dana completes Centurion buyout

Posted on 10/01/2007

Dana Gas PJSC has completed a Dh3.48 billion (US$950 million) acquisition of Canadian energy firm Centurion Energy International, the company said in a statement yesterday. "The deal provides the Abu Dhabi-listed Dana Gas with a strong strategic platform from which to grow its upstream activities in natural gas exploration and production throughout the Middle East region and North Africa," the statement said. "Centurion announced that at a special meeting of its security-holders held on ...  >>MORE

Oil prices will impact on economic growth in 2007

Posted on 08/01/2007

The UAE's economic growth will slow down this year because of a fall in oil production and prices, according to a report from the National Bank of Abu Dhabi (Bad). Real GDP will rise by seven per cent, year-on-year in 2007, compared to eight per cent in 2006. GDP in 2007 will total US$177.6 billion (Dh652.3bn). Last year, this figure was US$164bn (Dh602.3bn). The bank based its predictions on an average oil price of US$56 this year, down from US$61 in 2006. In December, the ...  >>MORE

Oil revenues help end era of deficits

Posted on 07/01/2007

High oil revenues have ended an era of deficits for the UAE, but high spending and remittances by expatriate workers continue to weigh on the balance of payments, according to official figures. Defence spending still accounts for up to 20 per cent of the overall expenditure, Central Bank figures show. Cash remittances have, meanwhile, remained as high as 17 per cent of gross domestic product, according to the Abu Dhabi Chamber of Commerce and Industry. In 2005, the UAE allocated ...  >>MORE

ADNOC price-tags crude oil for December 2006

Posted on 04/01/2007

The Abu Dhabi National Oil Company, ADNOC, announced yesterday the prices of its crude oil production for the Month of December 2006. According to ADNOC, Prices for crude oil FOB Abu Dhabi ports for the month of December are: Murban US$62.05 per barrel, Lower Zakum US$62.10, Umm Shaif US$61.45, and Upper Zakum US$57.95 per barrel. (Emirates News Agency, WAM) ...  >>MORE

Abu Dhabi first with February OPEC oil output cuts

Posted on 27/12/2006

The Abu Dhabi National Oil Company, Adnoc, said on Tuesday it will cut some crude sales in February by three-five per cent, the first indication of an OPEC member applying new output curbs. Adnoc announced that it had advised clients of a "nomination cut” for February of five per cent for the offshore Lower Zakum and Umm Saif fields and of three per cent for the offshore Upper Zakum field. The decision is in line with recent decisions on produciton cuts by the Organisation of Petroleum ...  >>MORE

ADNOC reduces February crude prices

Posted on 26/12/2006

Abu Dhabi National Oil Company (ADNOC) has announced cuts in its crude prices for February 2007. February prices for Lower Zakum and Umm Shaif were reduced by 5 percent. It has also cut its February price for Upper Zakum by 3 percent. (Emirates News Agency, WAM) ...  >>MORE

ADNOC Distribution enters Saudi market

Posted on 25/12/2006

ADNOC Distribution announced yesterday it had signed a Memorandum of Understanding (MoU) with the Saudi Al Alaibi Corporation, a major supplier of petroleum products, to build a network of its model fuelling stations in Saudi Arabia. The agreement was signed by ADNOC Distribution General Manager Jamal Al Dharif and Eid Rashid Al Huraibi, Director General of the Saudi company. 'The agreement is in line with the company's ambitious plans to expand and develop its operations to include local ...  >>MORE

ADMA-OPCO, Hyundai HI signs US$ 1.6b Umm Shaif gas injection agreement

Posted on 21/12/2006

Abu Dhabi Marine Operating Company (ADMA-OPCO) signed today the Engineering, Procurement & Construction (EPC) Agreement for the Umm Shaif gas injection facilities (USGIF) project with HYUNDAI Heavy Industries (HHI) of South Korea. The agreement was signed in a special ceremony held at ADMA-OPCO's Headquarters in Abu Dhabi, in the presence of Abdulla Nasser Al Suwaidi - Deputy Chief Executive Officer and Director of Exploration and Production Directorate, ADMA-OPCO Shareholders and HHI Senior ...  >>MORE

Oil rises over $1 as Opec trims output

Posted on 15/12/2006

Oil gained more than a dollar yesterday after Opec decided to cut its output by two per cent from February. The oil producers group backed the 500,000-barrel-a-day cut despite warnings from the International Energy Agency, the oil consumers' club, that a previous reduction, agreed in October but not fully implemented, was already leaving the market tight. "We are committed to supplying the market but we want to establish a balance between supply and demand," Opec President Edmund Daukoru ...  >>MORE

Dana Gas joins global forum to expand presence

Posted on 14/12/2006

Dana Gas, the Middle East's first regional private-sector natural gas company, has joined the International Gas Union (IGU). Membership comes as the company expands its activities across the region, including gas processing, LNG terminal development and exploration and production. The IGU is a worldwide non-profit organisation founded in 1931 to promote the technical and economic progress of the natural gas industry. The 97 members of IGU are companies and institutions in 67 countries, ...  >>MORE

Petrochemical Industries in UAE, GCC

Posted on 12/12/2006

The GCC region could be one of the biggest producers of the petrochemical products in the coming years, according to a report by Dubai Chamber of Commerce and Industry (DCCI). DCCI figures show that Saudi Arabia is the most dominant GCC country with respect to the petrochemical industry. It accounts for 76 per cent of the total region petrochemical production, followed by Qatar with 11 per cent. In 2005, the UAE contributed 6 per cent to the total GCC petrochemical production. while the ...  >>MORE

ADNOC Distribution cuts diesel prices by 20 fils

Posted on 10/12/2006

The Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) announced today that it would slash diesel prices by 20 fils per a gallon. An official source at the company said the decision will be effective from tomorrow Sunday, December 10th, 2006. The current diesel price of Dhs.8.80 will accordingly go down to 8.60 Dh 8.60. This is the second cutback of diesel price in less than 2 months. The latest ADNOC Distribution cutback initiative is considered as a positive step towards ...  >>MORE

ADNOC price-tags crude oil for November

Posted on 07/12/2006

The Abu Dhabi National Oil Company, ADNOC, on Wednesday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of November, 2006. According to ADNOC, Murban crude recorded US$59.70 per barrel, Lower Zakum sold at US$59.75, Umm Shaif at US$59.10, while Upper Zakum fetched US$55.95. (Emirates News Agency, WAM) ...  >>MORE

Adnoc to shortlist bids for gas plant

Posted on 06/12/2006

Abu Dhabi National Oil Company (Adnoc) will shortlist by March 2007 the pre-qualified proposals by the 12 contenders to develop a sour gas treatment plant, according to company officials. "We were expecting a feedback before Ramadan, as there will be four or five companies short listed to present tenders," said Peter Verhulst, service manager at Shell Global Solutions. Shell, British Petroleum (BP), ExxonMobil, and Bechtel Corporation are among the 12 that presented letters of intent for the ...  >>MORE

UAE plans to raise natural gas output

Posted on 05/12/2006

The UAE is planning to increase its production of natural gas by 33% by the end of 2008, according to Mohammed bin Dhaen Al Hameli, Minister of Energy. The Minister attributed the planned increase to the fast development taking place in the country at an unprecedented rate, growing population and industrialization, all of which requires substantial quantities of electric power. The UAE's proven reserve base of natural gas as of today is estimated at more than 6 trillion cubic metres, thus ...  >>MORE

Dolphin Energy gas supply project nearing completion

Posted on 05/12/2006

The Multi-billion dollar Dolphin Energy Limited project scheduled to start gas supplies to the nation's industry has now entered into the commissioning/pre-commissioning stage, as most of the key components of the mega project are completed. "Among the components which are completed include a sub-sea pipeline, two key plateforms, main processing and compression plant, support pipeline to Taweelah. The plant is 90 per cent complete," said Ahmed Ali Al Sayegh, CEO, Dolphin Energy Limited. ...  >>MORE

SK Corp seeks stronger oil cooperation with UAE

Posted on 29/11/2006

UAE Energy Minister Mohammed bin Dhaen Al Hamili received in Abu Dhabi yesterday Chief Executive Officer of South Korea's SK Corp Chey Tae-won. At the meeting, Al Hamili and Tae-Won discussed cooperation in oil exploration and refining operations between UAE oil operating companies and SK Corp. Tae-Won stressed that 80% of SK Corp's crude imports come from the Gulf region in general with the UAE on top of exporters to South Korea's largest refiner. Tae-Won's current visit to the UAE is part of ...  >>MORE

Borouge awards approximately US$1300 million-Borouge 2

Posted on 29/11/2006

Cracker (EU2) Contract to Linde Engineering Borouge, the leading provider of innovative plastic solutions, yesterday announced that it has awarded the contract to build its new ethylene cracker to Linde Engineering. The cracker will have a capacity of approximately 1.5 million tons per annum. It is considered to be the largest gas cracker in the world. The value of the contract is approximately US$1 billion and 300 million and is awarded on a lump sum EPC turn key basis. Work is expected to ...  >>MORE

Taqa sets sight on Europe with US$694m Dutch deal

Posted on 29/11/2006

Abu Dhabi National Energy Corporation (Taqa) said it is buying BP's Dutch exploration and production business for US$694 million (Dh2.54billion), adding that the move readies the company to be a major player in Europe's energy scene. Taqa Chief Executive Peter Barker-Homek said the deal will be completed by no later than the end of January. BP's E&P business is composed of onshore and offshore production assets, including the Piek Gas Installatie facility in Alkmaar. The facility has 120 ...  >>MORE

Hamili says OPEC cuts yet to be felt

Posted on 25/11/2006

UAE Energy Minister Sheikh Ahmed bin Dhaen Al Hamili yesterday said the full effect of the oil production cuts announced by Organisation of Petroleum Exporting Countries (OPEC) in October have yet to be felt in the market. Last month, OPEC slashed production by 1.2 million barrels per day in a bid to shore up the falling prices, which reached a record high of US$78.40 a barrel in July, but has since slumped to below US$60. The cut has failed to produce an instant rebound in the price, ...  >>MORE

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Quick List

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


Emarat improves station safety


Dolphin to start pumping gas to UAE by July


ADNOC announces its crude prices for January


Abu Dhabi-based Company awarded petroleum contract in Thailand


Joint oil company in Abu Dhabi


ADGAS awards US$610m contract


Aabar posts Dh92.8m net profit for 2006


Dana Gas Posts Dh812 million income for first year


Adnoc raises March supplies to Asia


Abu Dhabi to set up a network for gas distribution


Natgas-powered taxis to debut in Abu Dhabi


Opec wants higher price


Aabar subsidiary, Pearl begins oil production at Jasmine, offshore Thailand


Abu Dhabi progresses toward introduction of green diesel as fuel


US$55 a barrel reasonable, says UAE minister


Talks on terms of gas deal continue with UAE's Crescent


IPIC makes progress with crude oil pipeline


Aabar wins two production contracts in Indonesia through PEARL subsidiaries


Enoc and Emarat reduce prices by 20 fils


Petrochemicals make up 22% of UAE manufacturing


Dana completes Centurion buyout


Oil prices will impact on economic growth in 2007


Oil revenues help end era of deficits


ADNOC price-tags crude oil for December 2006


Abu Dhabi first with February OPEC oil output cuts


ADNOC reduces February crude prices


ADNOC Distribution enters Saudi market


ADMA-OPCO, Hyundai HI signs US$ 1.6b Umm Shaif gas injection agreement


Oil rises over $1 as Opec trims output


Dana Gas joins global forum to expand presence


Petrochemical Industries in UAE, GCC


ADNOC Distribution cuts diesel prices by 20 fils


ADNOC price-tags crude oil for November


Adnoc to shortlist bids for gas plant


UAE plans to raise natural gas output


Dolphin Energy gas supply project nearing completion


SK Corp seeks stronger oil cooperation with UAE


Borouge awards approximately US$1300 million-Borouge 2


Taqa sets sight on Europe with US$694m Dutch deal


Hamili says OPEC cuts yet to be felt