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THE ECONOMY - OIL AND GAS

Abu Dhabi crude sees little interest from Asian refiners

Posted on 01/10/2006

Singapore: Refiners in Asia have requested very little additional Abu Dhabi crude oil for Nov-ember as demand in the region has faltered as plants cut runs on slumping refining margins, traders and refiners said last week. Incremental volumes of Abu Dhabi crude to Asia are unlikely to top one million barrels for November, and could be even lower than 500,000 barrels, a survey of lifters showed. "Additional volumes? Nonsense," a trader with a major lifter said, when asked about its request ...  >>MORE

Adyard wins US$5.5m Atlantis contract

Posted on 28/09/2006

Topaz Energy and Marine Ltd. has announced that its Abu Dhabi-based oil and gas subsidiary Adyard has been awarded a major contract from Atlantis Holding Norway AS -- a wholly-owned subsidiary of Chinese giant Sinochem Corporation. The US$5.5-million (Dhs20.18-million) deal involves 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 gas field in the UAE. Adyard, an oil & gas ...  >>MORE

Abu Dhabi gives US$1.6b contract to boost oil output

Posted on 27/09/2006

Seoul - Abu Dhabi finally moved forward yesterday with a years-old project to boost production at an ageing offshore oilfield by awarding a US$1.6 billion construction deal to Hyundai Heavy Industries Co. Ltd. Hyundai Heavy, the world's top shipbuilder, said in a statement that it had signed a letter of award with Adma-Opco, the offshore arm of Abu Dhabi National Oil Company (Ado), to build a fixed platform weighing 40,000 tonnes, undersea pipelines and bridges at the Umm Shaif oilfield by ...  >>MORE

Oil price volatility will not drive fiscal policies: UAE Finance Minister

Posted on 26/09/2006

In its ongoing quest for economic diversification away from oil dependency, the United Arab Emirates is implementing a modern, organic budget law along with performance-based budgeting to achieve better disclosure and greater transparency, according to Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry. In an interview with 'Emerging Dubai 2006' - the latest edition of the highly authoritative annual business, economic and political review ...  >>MORE

ADNOC's new fuel to hit market next month

Posted on 26/09/2006

ADNOC Distribution announced yesterday it would float a new cheaper fuel (A PLUS OCTANE 91) as of 8 October at Dh 5.75 per gallon in all its fuelling stations across the country. 'The red colour fuel is complementing other ADNOC grades of octane products of internationally high quality in terms of performance and efficiency,' the company said in a press release. The new product will be less expensive by one Dirham per gallon than the Super Octane 98 (Dh 6.75) and 50 fils than the Special ...  >>MORE

ADMA - OPCO to increase oil production by 1m bpd by ’09

Posted on 26/09/2006

Abu Dhabi Marine Operating Company (ADMA-OPCO) has constituted two production build-up task forces to oversee an ambitious plan to increase oil production by one million barrels per day by 2009. As the world demand for energy is increasing, the oil and gas producing companies find themselves obliged to enhance production capacity to overcome the production challenges and provide energy to the world market. ADMA-OPCO has recently established two production build-up task forces for Umm ...  >>MORE

Gas industry given overview of Dubai LNG Storage Hub

Posted on 26/09/2006

Plans to set up a Liquefied Natural Gas (LNG) Storage Hub in Techno Park Dubai moved a step closer to completion, with a closed-door meeting of gas industry leaders and the main sponsors of the project. The Dubai LNG Storage Hub is a joint venture project between Dubai Multi Commodities Centre (DMCC) and LNG Impel and will be based at Dubai Techno Park. Due to be completed in 3 phases between 2011 and 2013, the project will offer a facility for LNG to be stored before being delivered to ...  >>MORE

UAE refining capacity to rise to 1.1 mbpd: UAE Energy Minister

Posted on 21/09/2006

Ashgabat - Tapping its huge oil and gas reserves, the UAE is planning to increase its oil output capacity to 3.5 million barrels per day by early next decade and its refining capacity to 1.1 million barrels per day, UAE Energy Minister Mohammed bin Dhaen Al Hameli disclosed here today. 'The UAE is currently producing more than 2.7 million barrels of crude oil per day and 65 billion cubic meters of natural gas annually. Petroleum production is expected to rise to 3.5 million barrels of crude ...  >>MORE

World may have to live with low refining capacity: UAE

Posted on 21/09/2006

Ashgabat - The world may have to live with a shortage in refining capacity for a while until planned refineries go into operation, according to the UAE Energy Minister Mohammed bin Dhaen Al Hameli. 'An already stretched refining industry is now struggling to supply the market with cleaner petroleum products. Huge investments are needed to have spare refining capacities available to meet future demands, and these capacities will not be at hand till the 66 planned new refineries come on stream ...  >>MORE

UAE Energy Minister attends Turkmenistan conference

Posted on 20/09/2006

Ashgabat - Mohammed bin Dhaen Al Hameli, Minister of Energy, attended here today the opening of the international oil and gas conference and exhibition - Oil and Gas of Turkmenistan 2006. The conference will discuss the current state and prospects for the development of vital areas of the Turkmen oil and gas industry. Participants of the exhibition and conference will present their know-how, promising projects and new research data on the application of world scientific and industrial ...  >>MORE

Abu Dhabi to join top world's gas producers and suppliers

Posted on 19/09/2006

Abu Dhabi is set to become one of the world's largest producers and exporters of natural gas in the few years to come, a senior oil executive disclosed yesterday. 'During the few coming years, the Emirates of Abu Dhabi will be among the top global producers and exporters of natural gas, said Yousef Omair bin Yousef, Secretary General of the Supreme Petroleum Council and CEO of Abu Dhabi National Oil Company (ADNOC) at a press conference he held yesterday to announce launch of the GASTECH ...  >>MORE

Crescent Petroleum's plans for Iraq oil exploration to be reviewed

Posted on 18/09/2006

Sharjah-based Crescent Petroleum yesterday said its plans for oil exploration in war-battered Iraq are progressing and a further review would be conducted next month. "Technical teams from the two sides are expected to meet next month to review the basic seismic and well data of the block and agree on the detailed study and training programmes," a company statement said. This came in the wake of the first meeting of the Joint Steering Committee for technical cooperation between Crescent ...  >>MORE

Al Hameli calls for concerted efforts to address energy sector challenges

Posted on 14/09/2006

Vienna - UAE Energy Minister Mohammed bin Dha'en Al Hameli has called for concerted global efforts to address increasing challenges facing the energy sector. Addressing an OPEC energy conference, Al Hameli also called for increased investments to further develop the oil industry and introduce innovative technology. "There is a need for enhanced cooperation between producers and consumers to inject massive investments in the oil sector", he said. He added that OPEC countries had the capacity ...  >>MORE

OPEC countries are embarking on expansion of downstream sector, says Al Hameli

Posted on 13/09/2006

Vienna - UAE Minister of Energy Mohammed bin Dha'en Al Hameli said here on Tuesday that OPEC member countries were embarking on massive investments to expand their downstream operations. "Many OPEC countries have began investing heavily on the downstream sector so as to redress acute shortages in oil by products, caused by excessive pressure on refinery operations", said Al Hameli in remarks during an OPEC energy conference which opened in Vienna yesterday. Al Hameli attributed the recent ...  >>MORE

UAE to lead OPEC in 2007

Posted on 12/09/2006

Vienna - UAE Energy Minister Mohammed bin Dhaen Al Hameli was named yesterday president of OPEC for 2007 by the group's ministerial conference. OPEC's next scheduled meeting after its December 14 conference will be March 15, 2007, the group said in a communiqué. (Emirates News Agency, WAM) ...  >>MORE

Current oil prices will not depress world economy: Hameli

Posted on 12/09/2006

Vienna - OPEC doesn't need to change its output policy for the time being as market fundamentals indicate the crude oil supply is outpacing demand in the global oil market, according to UAE Energy Minister Mohammed bin Dhaen Al Hameli. 'OPEC is interested to see a fair price for oil that is acceptable to producers and consumers alike .......we consider the current price level is acceptable,' the UAE Minister said on the sidelines of the OPEC ministerial conference which started here today to ...  >>MORE

Hameli says US$65-70 crude band acceptable to OPEC

Posted on 10/09/2006

High oil prices has not affected global economic growth, according to Mohammed bin Dhaen Al Hameli, the UAE oil minister, adding that Organisation of Petroleum Exporting Countries (OPEC) is unlikely to change output when it meets on Monday. "The global economy is registering good growth, as it [the global economy] is expected to grow by around 4.7 per cent this year and this is close to last year's growth level, which indicates that the impact of oil prices has been limited,” said Al ...  >>MORE

Abu Dhabi launches US$250 million cleantech fund

Posted on 10/09/2006

Abu Dhabi Future Energy Company (ADFEC) has launched the US$250 million Masdar Clean Tech Fund in partnership with Credit Suisse, a leading global bank, and Consensus Business Group (CBG) of the UK. This initial capitalization will invest in companies with promising cleantech, advanced energy and sustainability-related technologies. Credit Suisse and CBG have committed US$100 million and US$50 million, respectively, to complement the US$100 million seed capital committed by the government ...  >>MORE

Halliburton gets US$70m Adco contracts

Posted on 07/09/2006

The Abu Dhabi Company for Onshore Oil Production (Adco) has awarded contracts worth US$70 million to Halliburton for cementing and related services, a top company official said. "It is a three-year contract under which Halliburton will provide optimum solutions to ongoing Adco exploration and production activities located in the onshore fields of Abu Dhabi," said J. Kent Wells, general manager of Adco. "It is standard business contract, reviewed every three years," Wells told Gulf News. ...  >>MORE

ADNOC announces crude oil prices for August

Posted on 06/09/2006

The Abu Dhabi National Oil Company, ADNOC, on Tuesday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of August, 2006. According to ADNOC, Murban crude recorded US$72.70 per barrel, Lower Zakum sold at US$72.75, Umm Shaif at US$72.05, while Upper Zakum fetched US $68.40. (Emirates News Agency, WAM) ...  >>MORE

Dubai Mercantile Exchange and ENOC to develop jet fuel futures

Posted on 06/09/2006

The Dubai Mercantile Exchange and Emirates National Oil Company, ENOC, have signed an agreement to develop a jet fuel futures contract to be traded on the exchange in 2007, a joint statement said on Tuesday. Under the memorandum of understanding, DME and ENOC will set up a joint task force to study market needs, existing pricing mechanisms, physical delivery requirements and other criteria for establishing the contract, the statement said. It said the first working group meeting was ...  >>MORE

Adyard wins US$4m contract in India

Posted on 06/09/2006

Topaz Energy and Marine Ltd yesterday announced that its Abu Dhabi subsidiary, Adyard LLC Abu Dhabi, has won a US$4 million contract to supply reactors for a refinery in India. Adyard was awarded the contract by Black and Veatch to supply Claus Reactors and CBA Reactors for the Jamnagar export refinery project being undertaken by India's Reliance Petroleum Limited. "The project is scheduled for completion at the end of May 2007 and is another significant project win for Adyard to ...  >>MORE

ENOC poises to fuel Singapore market

Posted on 05/09/2006

As part of its strategic plans to enhance its growing presence in the Asia Pacific region, ENOC is spearheading a robust marketing drive in Singapore featuring ENOC and its products. The diversified group owned by the Government of Dubai is increasing its visibility in the print media and on Singapore roads with extensive branding on public transport such as taxis and buses. ENOC's operations in Singapore include refined petroleum products and crude trading through ENOC Singapore Ltd, ...  >>MORE

Abu Dhabi will increase crude exports marginally in October

Posted on 03/09/2006

Singapore, Tokyo - Abu Dhabi will boost its sales of extra crude exports marginally in October, but new alternative supplies from Russia and healthy stocks in Japan ahead of winter keep demand in check, traders said this week. Up to 1.5 million barrels of crude above normal term supplies are set to head for Asia in October, traders said, higher than additional volumes for the third quarter, which fell after ExxonMobil started marketing its 28 per cent stake in Upper Zakum crude, cutting Abu ...  >>MORE

Fujairah Oil discusses Sonocracker progress

Posted on 03/09/2006

The Board of Fujairah Oil Technology, Inc (FOT), the joint venture between Nevada-based SulphCo Inc and the Fujairah government-owned Trans Gulf Petroleum, met in London recently to review the progress of the Sonocracking project currently under construction in the UAE. The board focused on the necessary construction of a crude oil pipeline between the FOT facility and the designated crude oil storage tanks. It also discussed the initial crude oil storage requirements as well as the ...  >>MORE

UAE's crude production sets record in May

Posted on 29/08/2006

The UAE's oil production hit a record high in May and Russia overtook Saudi Arabia as the world's top crude producer, official data reveal. The UAE's oil output hit 2.651 million bpd in May, keeping the country among the top 10 producers, according to figures released by the Riyadh-based Joint Oil Initiative Data. Russia became the world's top producer, pumping 9.636 million bpd in May. Saudi Arabia's output stood at 8.93 million bpd, sharply lower than the 9.432 million bpd it produced in ...  >>MORE

Enoc sees bright Dubai oil future

Posted on 29/08/2006

Enoc's future is looking bright. "The vision of the company and its future expectations are positive under the directives of Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Industry and Chairman of the group's board of directors," said Mirza Al Sayegh, chairman of Enoc, Dubai's largest oil company. Al Sayegh told Gulf News that he expected Dubai to develop its oil activities to reach the level of economic success it has reached in other sectors, such as ...  >>MORE

National Gas set to assume full control of its four LNG vessels

Posted on 28/08/2006

Abu Dhabi's National Gas Shipping Company (Ngsco) will shortly assume full control of its four LNG vessels currently managed by BP Shipping, a top company official said. Dr Taher Al Kindi, General Manager, said Ngsco would thus become one of the largest gas shipping companies in the world by virtue of the size of its fully controlled fleet. "The four vessels Al Khaznah, Ghasha, Shahamah and Ish are currently managed by BP shipping. However, plans are in place for Ngsco to assume full ...  >>MORE

ADNOC gears up to raise crude output

Posted on 23/08/2006

Abu Dhabi has completed projects to expand its crude oil production capacity to nearly 2.8 million barrels per day (bpd) and is pushing ahead with plans to reach 4 million bpd by 2010, according to a senior oil official. The Abu Dhabi National Oil Company (ADNOC) is undertaking a number of projects with its group of companies to maintain its position as a key player in the global oil market, said Abdullah Nasser Al Suwaidi, ADNOC's Deputy Chief Executive and Exploration and Production ...  >>MORE

Arab region's gas demand growth overtakes oil

Posted on 23/08/2006

Gas demand in the Arab region has grown faster than oil demand in the past 10 years to peak at 3.34 million barrels of oil equivalent per day in 2005, according to a study by the 10-nation Organisation of Arab Petroleum Exporting Countries (OAPEC). The demand is projected to rise to 4.08 million boed in 2010 and to 5.1 million in 2015 before it climbs to a record 6.4 million, an annual growth of 4.4 per cent between 2005 and 2020, the Kuwait-based OAPEC said. The growth is expected to expand ...  >>MORE

ADNOC and CPC to invest US$1b in facility

Posted on 12/08/2006

Taipei - Chinese Petroleum, Taiwan's state-owned refiner, and Abu Dhabi National Oil Company (ADNOC) are planning to jointly invest US$1 billion in a downstream petrochemical facility in Abu Dhabi. Pan Wenent, CPC chairman, told the Financial Times that CPC would establish a US$1 billion joint-venture to manufacture petrochemical intermediates. "We are doing a feasibility study on this right now and will sign an agreement in one or two months," said Wenet. The plan fits the UAE's strategy of ...  >>MORE

Dubai to control its offshore oilfields

Posted on 07/08/2006

The Dubai government has created a new entity to take control of its offshore oil resources from Dubai Petroleum Company (DPC), which is wholly-owned by US oil giant ConocoPhillips. The government and DPC have signed a pact that will change the 45-year old operating agreements for Dubai offshore oilfields from April 2 next year. Dubai Petroleum Establishment (DPE), the new entity owned by the government of Dubai, will be responsible for operating the oilfields and for all future business ...  >>MORE

Gulf States struggle to boost spare oil output

Posted on 06/08/2006

Gulf oil producers are struggling to expand their spare crude output capacity to meet surging global demand and their plans are blocked by manpower shortages, security factors and their ageing oil reservoirs, according to the World Bank. Such factors have led to a sharp decline in the region's spare capacity and allied with international demand to keep oil prices at historically high levels, the bank said in a study on the Middle East and North Africa (Mena) region. By August 2005, the idle ...  >>MORE

Aabar announces award of oil block in Vietnam

Posted on 05/08/2006

Aabar Petroleum Investments Company (Aabar) has announced that it's wholly owned subsidiary, PEARL Energy Limited, was among three companies who have been jointly awarded the petroleum contract for Block 06-94 in Vietnam. PEARL Energy, Serica Energy Corporation and Lundin Petroleum will each hold a 33.33 percent interest in Block 06-94 located in the Nam Con Son Basin, off Vietnam's south coast. The block which covers an area of 4,148 square kilometres, will be operated by PEARL. Block ...  >>MORE

NPCC wins another Contract from Maersk Oil Qatar

Posted on 05/08/2006

The National Petroleum Construction Company (NPCC) of Abu Dhabi, United Arab Emirates, has been awarded by Maersk Oil Qatar AS, Qatar, another major EPIC Contract for Submarine Pipelines for Block 5 Field Development Plan of Al Shaheen Field, Qatar. Block 5 is operated by Maersk Oil Qatar AS under a Production Sharing Agreement with Qatar Petroleum. The contract was signed in Doha on 31st of July 2006. Scope of work under the EPIC turnkey contract includes Design, Engineering, Procurement, ...  >>MORE

ADNOC announces crude oil prices for July

Posted on 05/08/2006

The Abu Dhabi National Oil Company (ADNOC) on Wednesday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of July, 2006. According to an ADNOC statement, the government selling prices for crude oil are as follows: Murban sold at US$ 73.00 per barrel, Lower Zakum at US $ 73.05, Umm Shaif at US $ 72.40, while Upper Zakum fetched US $ 68.80. (Emirates News Agency, WAM) ...  >>MORE

IPIC awards feasibility study contract to Tebodin

Posted on 22/07/2006

International Petroleum Investment Co (IPIC) has awarded a contract to Tebodin Middle East to conduct a feasibility study for a 350 kilometre, 48 inch crude oil pipeline linking Habshan with Fujairah. IPIC said the strategic project is being implemented in line with the directive of President H.H. Sheikh Khalifa bin Zayed Al Nahyan, General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces and Sheikh Mansour bin Zayed Al Nahyan, ...  >>MORE

Dubai benchmark soars to record US$73 a barrel

Posted on 15/07/2006

Singapore - Physical Dubai crude, the benchmark for some 12 million barrels of Middle East crude sold into Asia, surged to a record-high of US$73.25 a barrel on Friday, tracking the surge in Brent values, Reuters data showed. Dubai crude for September loading rose to an intraday high of US$73.25 before losing some ground as Brent prices fell after jumping above US$78 on new violence in the Middle East. The grade settled at US$72.83 a barrel on Thursday, the first time the front-month ...  >>MORE

ADNOC raises June Murban crude to record US$68.85

Posted on 04/07/2006

Singapore: Abu Dhabi National Oil Company has raised the June retroactive price for its key Murban crude by 35 cents per barrel to a new high of US$68.85, ADNOC said yesterday. The May official selling price (OSP) for Murban was US$68.50 a barrel. The higher OSP comes on the back of a new record-high Dubai crude average, at US$65.22 a barrel for June, against which Abu Dhabi crude is priced. ADNOC increased the premium of its flagship Murban crude by 13 cents to a US$3.63-a-barrel premium ...  >>MORE

ADNOC FOD invests Dh260m in Hamriyah Free Zone

Posted on 02/07/2006

The Hamriyah Free Zone Authority (HFZA) and ADNOC FOD yesterday signed a contract to set up a Dh260 million facility fuel storage capacity at the zone. The facility will act as a main supply point for ADNOC FOD's service stations in Sharjah, Ajman, Umm Al Qaiwain and the Central region. The contract was signed by Sheikh Khalid bin Abdullah Al Qasimi, Board Chairman of the HFZA and Jamal Al Dharif, General Manager, ADNOC FOD. Sheikh Khalid said that the strategy is of a strategic importance ...  >>MORE

Dubai oil prices forecast to average US$65 a barrel in 2nd half

Posted on 02/07/2006

Seoul - A joint panel of South Korean private and government experts observed on Saturday that Dubai crude would fetch around US$65 a barrel in the second half, US$3 to US$4 higher than in the first half. The most critical factor in determining the future prices of Dubai crude will be Iran's official response to the West's proposal to end an international row on its nuclear program, a panel official said. Tehran is scheduled to announce its position on the overture around the end of August. ...  >>MORE

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Quick List

Abu Dhabi crude sees little interest from Asian refiners


Adyard wins US$5.5m Atlantis contract


Abu Dhabi gives US$1.6b contract to boost oil output


Oil price volatility will not drive fiscal policies: UAE Finance Minister


ADNOC's new fuel to hit market next month


ADMA - OPCO to increase oil production by 1m bpd by ’09


Gas industry given overview of Dubai LNG Storage Hub


UAE refining capacity to rise to 1.1 mbpd: UAE Energy Minister


World may have to live with low refining capacity: UAE


UAE Energy Minister attends Turkmenistan conference


Abu Dhabi to join top world's gas producers and suppliers


Crescent Petroleum's plans for Iraq oil exploration to be reviewed


Al Hameli calls for concerted efforts to address energy sector challenges


OPEC countries are embarking on expansion of downstream sector, says Al Hameli


UAE to lead OPEC in 2007


Current oil prices will not depress world economy: Hameli


Hameli says US$65-70 crude band acceptable to OPEC


Abu Dhabi launches US$250 million cleantech fund


Halliburton gets US$70m Adco contracts


ADNOC announces crude oil prices for August


Dubai Mercantile Exchange and ENOC to develop jet fuel futures


Adyard wins US$4m contract in India


ENOC poises to fuel Singapore market


Abu Dhabi will increase crude exports marginally in October


Fujairah Oil discusses Sonocracker progress


UAE's crude production sets record in May


Enoc sees bright Dubai oil future


National Gas set to assume full control of its four LNG vessels


ADNOC gears up to raise crude output


Arab region's gas demand growth overtakes oil


ADNOC and CPC to invest US$1b in facility


Dubai to control its offshore oilfields


Gulf States struggle to boost spare oil output


Aabar announces award of oil block in Vietnam


NPCC wins another Contract from Maersk Oil Qatar


ADNOC announces crude oil prices for July


IPIC awards feasibility study contract to Tebodin


Dubai benchmark soars to record US$73 a barrel


ADNOC raises June Murban crude to record US$68.85


ADNOC FOD invests Dh260m in Hamriyah Free Zone


Dubai oil prices forecast to average US$65 a barrel in 2nd half