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THE ECONOMY - OIL AND GAS

Mideast energy investment put at US$532 billion in 30 years

Posted on 24/05/2005

Arab oil producers are expected to pump nearly US$84 billion in investment in five years to develop their oil and gas sector and more than US$500 billion over the next three decades, according to a senior Arab energy official. Abdul Aziz Al Turki, Secretary General of the Organisation of Arab Petroleum Exporting Countries (OAPEC), said gas projects alone are forecast to attract in excess of US$230 billion as Qatar and other key Gulf oil producers are push ahead with mega LNG ventures. In ...  >>MORE

DPSA signed for new wells in Sharjah

Posted on 22/05/2005

The Sharjah-based Crescent Petroleum is mulling drilling at least two new wells at Mubarak field in Sharjah. The company has signed a development and production sharing agreement (DPSA) with the US-based Sky Petroleum, under which, the latter would fund the drilling operations. "Drilling is scheduled to start in early 2006 with production expected to start in the second quarter of the same year. The project is part of the company's strategies to maximise the field's production capacity of ...  >>MORE

Mubadala may develop second oilfield in Oman

Posted on 22/05/2005

Occidental Petroleum Corporation, the fourth largest US oil company by market value, and Abu Dhabi's Mubadala Development Company may develop a second oilfield in Oman after their joint venture earlier this month won a US$2 billion project in the Sultanate. Occidental and its partner, Abu Dhabi's Liwa Energy Ltd., wholly-owned by Mubadala, announced on May 1 that they had replaced Royal Dutch/Shell Group on a project to raise production from Oman's Mukhaizna deposit from 10,000 barrels a ...  >>MORE

Dolphin natural gas begins flowing to Ras al-Khaimah

Posted on 16/05/2005

Dolphin Energy Ltd (DEL) yesterday announced it began to supply natural gas to Ras Al Khaimah. An average of 40 million cubic feet per day (cfpd) of gas from Oman will be supplied for a period of two years and two months. The contract was signed by in October 2004. The gas is being delivered to the Ras Al Khaimah Gas Commission via a tie-in near Qidfa between Dolphin's dedicated Al Ain-Fujairah pipeline and the existing Emarat gas pipeline network that serves the UAE's northern emirates. ...  >>MORE

Abu Dhabi to up Murban capacity to 1.5m bpd

Posted on 14/05/2005

TOKYO — Abu Dhabi aims to boost output capacity at its biggest Murban oilfield by 200,000 barrels per day (bpd) to 1.5 million bpd between December and March, the head of its state-oil firm said yesterday. "There are new capacities coming gradually from June onward,” Yousef Omair bin Yousef, chief executive of Abu Dhabi National Oil Co. (ADNOC), told Reuters. "Almost 200,000 bpd capacity will be added to Murban by the end of this year or early next year — say between December and March.” ...  >>MORE

Oil boom lifts UAE per capita income above Dh91,000

Posted on 14/05/2005

Per capita income in the UAE has risen above Dh91,000 for the first time, said Abdullah Sultan, secretary-general of the Federation of the UAE Chambers of Commerce and Industry. The jump occurred despite the relatively high growth in population. It was spurred by high oil prices and strong growth in GDP. UAE per capita income in 2003 was approximately Dh81,000. Sultan told delegates at a UAE-German Economic Forum in the German city of Essen that the UAE's GDP last year exceeded Dh340 ...  >>MORE

Takreer and Dodsal in Dh1.47b pipeline deal

Posted on 14/05/2005

Abu Dhabi Oil Refining Company (Takreer) and Dodsal Ltd signed an agreement for the execution of Dh1.47 billion worth Inter Refinery Pipelines (IRP) Project. Takreer awarded the project to Dodsal as a single EPC contract on a lump sum turnkey basis for a value of Dh1.47 billion. This prestigious project is being implemented to optimised the inter refineries operations between Abu Dhabi and Ruwais Refineries and will eliminate shipment of oil product by sea which will enhance the environment ...  >>MORE

UAE assures Asian partners of steady oil supplies: ADNOC CEO

Posted on 13/05/2005

The UAE assured yesterday it Asian partners, mainly in Japan, of supplying them with oil and gas. 'The UAE and Abu Dhabi National Oil Company (ADNOC) have a historic record as a reliable supplier of oil and gas to its clients in Asia and Japan .......we are firmly committed to keep that record clean by proper investment and well-planning in order to meet requirements of world oil market,' said Yusouf Omier bin Yusouf, ADNOC CEO, during a reception held here on the occasion of his visit to ...  >>MORE

Gasco awards consultancy contract to Foster Wheeler

Posted on 11/05/2005

The Abu Dhabi Gas Industries Limited (Gasco) yesterday awarded a Project Management Consultancy (PMC) contract to Foster Wheeler International Corporation, for the engineering procurement construction (EPC) phase of the third Natural Gas Liquids (NGL) train project at Ruwais. However, the terms of the award were not disclosed. The project, which will be carried out by Foster Wheeler's UK office, is one of three Gasco projects in a suite of five integrated projects being undertaken in ...  >>MORE

ADNOC adopts modern technology

Posted on 10/05/2005

The Abu Dhabi National Oil Company (ADNOC) is adopting the highest standards of quality in manufacturing its lubricants, said Rashid Al Darmaki, director of ADNOC's local lubricants sales, at a seminar on diesel lubricants. 'ADNOC is applying the highest quality standards in manufacturing its lubricants in order to keep pace with the latest developments in the engine industry so as to meet modern needs of customers.” ...  >>MORE

ADNOC announces crude oil prices for April

Posted on 03/05/2005

The Abu Dhabi National Oil Company (ADNOC) yesterday announced its crude oil prices for the month of April 2005. According to a press release obtained by WAM, ADNOC has priced its Murban crude for the month of April at US$52.55 per barrel, whereas lower Zakum price is US$52.60. Umm Shaif crude stands at US$51.90 and upper Zakum at US$47.65. (The Emirates News Agency, WAM) ...  >>MORE

ENOC rebrands lube range

Posted on 03/05/2005

Emirates National Oil Company (ENOC) LLC yesterday unveiled a landmark development in the marketing of its proprietary lubricants range with a complete packaging revamp. The wholly-owned Government of Dubai Group has invested heavily in a powerful repackaging overhaul - the first since the launch of its lubricants brand seven years ago - aimed at repositioning ENOC lubricants as an international high quality brand. The new, contemporary identity rollout comes seven years after the launch of ...  >>MORE

Mubadala signs Heads of Agreement for the Mukhaizna Oil Field in Oman

Posted on 02/05/2005

The Abu Dhabi-based Mubadala Development Company further expanded its oil and gas global portfolio after its wholly owned subsidiary, Liwa Energy Limited, and Occidental Petroleum Corporation (OXY) signed Heads of Agreement with the Ministry of Oil and Gas in the Sultanate of Oman, governing the development of the Mukhaizna heavy oilfield under a new production sharing agreement. The current production of the field is approximately 10,000 barrels per day. OXY, Liwa and their partners in the ...  >>MORE

Borouge to invest US$2.5 billion in new expansion projects

Posted on 30/04/2005

The UAE's main petrochemical producer, Borouge, is planning to pump nearly US$2.5 billion into new expansion projects at its Ruwais petrochemical complex to lift output capacity to nearly three million tonnes per year to face surging demand by its Middle East and other Asian clients. The company, which is 60 per cent owned by the Abu Dhabi National Oil Company (ADNOC), said it had just completed a debottlenecking project to boost its polyethylene output from around 450,000 to nearly 600,000 ...  >>MORE

UAE to double its LPG exports by mid-2008

Posted on 30/04/2005

The UAE has elaborate plans to double its LPG exports to 16 million tonnes per year by mid-2008 against current exports of eight million tonnes to become one of the top three exporter in the next five years. Yousef Omair bin Yousef, CEO of ADNOC, told top oil and gas industry executives at Gastech 2005 held recently in Bilbao in Spain that globally the natural gas production had been doubled over the past two decades and OPEC contribution in it had increased even faster. He vowed that the ...  >>MORE

Aabar IPO hits new record of Dh394 billion

Posted on 26/04/2005

The initial public offering of shares in Aabar Petroleum Investments Company PJSC has raised a new record of Dh394 billion, according to initial data from The National Investor, financial advisor, sole lead manager and book runner of the IPO. TNI's estimates show that the IPO has been oversubscribed by almost 800 times with more than 87,000 subscribers submitting applications for shares. The capital of Aabar was set at Dh900 million for the IPO. High investor demand has resulted in a record ...  >>MORE

ADNOC to boost supply by over 60,000 barrels

Posted on 26/04/2005

Abu Dhabi will boost crude supplies by over 60,000 barrels per day in June as its biggest oilfield emerges from maintenance, traders said yesterday. Abu Dhabi National Oil Co. (ADNOC) will supply full contracted volumes of its Murban crude oil for June loading to Asia, compared with a 5 per cent cut in May, traders said. That translates to an estimated 60,000bpd more crude. ADNOC will also supply its Lower Zakum and Umm Shaif grades for June loading to Asia at 4 per cent below contracted ...  >>MORE

ADNOC supply boost halts Oman rally

Posted on 26/04/2005

Singapore: Middle East sour marker Oman was in limbo yesterday after a brief rally was abruptly halted by news of heavier Abu Dhabi supplies in June and a lack of buying in Taiwan's latest tender, dealers said. China's Unipec was offering June-loading Oman at a 15-cent discount to the MOG price by late evening, with a bid heard at a 20-cent discount, just below Friday's discussions. Sentiment was hit by news that Abu Dhabi would supply full contracted volumes of its Murban crude for June ...  >>MORE

UAE to increase oil output to 3.2m bpd

Posted on 23/04/2005

The country which has a current production of 2.5 million barrel per day (BPD) is working on different projects to upgrade infrastructure to increase its oil output to 3.2.million barrel per day, by the end of next year, a report said. The UAE's current OPEC production quota, effective March 16, 2005, is 2.40 million bpd, and its current crude oil production as of April 2005 is 2.50 million bpd. The UAE's total production capacity is 2.50 million bpd, so it does not have any spare capacity ...  >>MORE

ENOC buys Caltex equity in EPPCO

Posted on 12/04/2005

In a major development within the UAE's downstream petroleum sector, Emirates National Oil Company (ENOC) LLC and its subsidiary ENOC International Sales Limited (EISL) have purchased the 40% shareholding in Emirates Petroleum Products Company LLC (EPPCO) of Caltex Trading and Transport Corporation (Caltex). The buy out makes EPPCO - which operates a 129-strong service station network throughout Dubai and the Northern Emirates - a wholly-owned subsidiary of ENOC, a Government of Dubai ...  >>MORE

Stop fuel retailers' losses: ENOC's CEO

Posted on 12/04/2005

A senior oil official revealed that consolidated loss of the five national fuel distribution companies in the UAE has reached two billion Dirhams owing to the rising oil prices. Hussein Sultan, Chief Executive and Board Member of the Emirates National Oil Company (ENOC), called for a solution that will stem the losses of distributing companies. "Raising fuel prices is not one of the solutions. It is a political decision dictated by the country's commitments but the UAE has to follow the ...  >>MORE

ENOC wins Mohammed bin Rashid Establishment Award

Posted on 08/04/2005

Emirates National Oil Company (ENOC) LLC and its subsidiary (EPPCO) has won a special award for the semi-government group that contributed most to the procurement programme of the Mohammed Bin Rashid Establishment for Young Business Leaders - a pioneering organisation aimed at developing entrepreneurs within the Arab world. The award was presented to Hussain Sultan, ENOC Group Chief Executive and Board Member, at a ceremony at the Dubai Chamber of Commerce attended by His Highness General ...  >>MORE

SPC enters into final negotiations with Exxon Mobil for a partnership in Upper Zakum Oil Field

Posted on 06/04/2005

The Supreme Petroleum Council (SPC) decided to enter into final negotiations with Exxon Mobil for a partnership in Upper Zakum Oil Field, located in the offshore areas of the Abu Dhabi Emirate.Exxon Mobil was selected among reputable international oil companies for submitting the best technical offer. The Evaluation Committee was assisted by international experts in terms of the technical, legal and financial assessment of the tender.The first steps of the negotiations started few years ago ...  >>MORE

Dolphin gas project: Dh12.85b facility to have second phase

Posted on 06/04/2005

The US$3.5 billion (Dh12.85 billion) Dolphin gas project may extend into a second phase in anticipation of increasing demand for natural gas. The entire project has been designed to accommodate an extension to the present project which is expected to supply 2 billion standard cubic feet of natural gas to the UAE per day once completed, said Mohammad Al Muhairi, director of sales and marketing (liquid division), Dolphin Energy. He said natural gas requirement in the region will surge, and ...  >>MORE

DGCX to launch fuel oil futures contract in 2006

Posted on 06/04/2005

Dubai Gold and Commodities Exchange (DGCX) is planning to launch fuel oil futures contract early next year, a senior official from Dubai Metals and Commodities Centre (DMCC) said yesterday. Speaking to this correspondent on the sidelines of the 13th Middle East Petroleum and Gas Conference, Dr David Rutledge, DMCC's chief executive officer said that the DMCC was currently working on market regulations and is about to appoint an industry market regulator. He said: "We are talking to Emirates ...  >>MORE

ADNOC announces oil crude prices for March

Posted on 04/04/2005

The Abu Dhabi National Oil Company (ADNOC) yesterday announced its crude oil prices for the month of March 2005. According to a press release obtained by WAM, ADNOC has priced its Murban crude for the month of March at US$50.95 per barrel, whereas lower Zakum price is US$51.00. Umm Shaif crude stands at US$50.30 and upper Zakum at US$46.15. All the above selling prices are Free On Board (FOB). (The Emirates News Agency, WAM) ...  >>MORE

Two-mile oil spill as ship’s pipeline leaks

Posted on 04/04/2005

A leakage in the fuel pipeline of a tanker ship under maintenance at the Dubai Dry Docks caused an oil spill stretching two miles in the open sea, Reda Hassan Salman, Head of the Environment Protection and Safety Section (EPSS) at Dubai Municipality's Environment Department, told Khaleej Times yesterday. "The coast guard informed the EPSS of the oil spill, following which boats from the Marine Unit were dispatched to the site for survey. We found that one of the tanker ships which was ...  >>MORE

UAE crude output capacity to reach 3m bpd

Posted on 02/04/2005

The Abu Dhabi National Oil Company is on course to lift the UAE's crude oil production capacity to 3 million barrels per day (bpd) by 2006. Major investments pumped into several onshore and offshore projects over the last five years are now set to yield dividends. Current oil production is about 2.3 million bpd although the UAE has spare capacity of nearly 200,000 bpd. "We significantly increased our exploration activities, using state-of-the-art seismic analysis in order to increase our ...  >>MORE

Gas projects get big push amid growing demand

Posted on 02/04/2005

Gas is the future, and the UAE is positioning itself to gainfully tap this resource. The growing demand for natural gas from the local oil, petrochemicals and power sectors as well as from export markets is pushing Abu Dhabi to undertake ambitious gas projects. "Major onshore and offshore gas development projects were completed and new phases have been implemented in order to develop the UAE's gas reserves that rank among the largest in the world," said Yousuf Omeir Bin Yousuf, ...  >>MORE

Natural Gas and the future of Arab Cooperation

Posted on 01/04/2005

The Information Affairs Office of Sheikh Sultan bin Zayed Al Nahyan, Deputy Prime Minister, has published a study entitled "Natural Gas and the Future of Arab Cooperation.” The study gives a historical hint on the beginnings of discovering and using the natural gas. It highlights its characteristics, usages, prices, the increasing demand for it worldwide as of 1973, and its economic, political and ecological impacts. It also sheds light on the world consumption of natural gas at the ...  >>MORE

Gasco gives US$1.4 billion contract to Italian firm

Posted on 30/03/2005

Abu Dhabi Gas Industries Ltd. (GASCO) has awarded the contract for engineering, procurement, construction and commissioning (EPC) works for its Ruwais 3rd NGL Train Project - Ruwais Plant to Snamprogetti, Italy at US$1.427 billion. According to a "Khaleej Times” report, the Letter of Award was issued in Abu Dhabi was issued earlier this month. The project will be managed from Snamprogetti office in Milan, Italy and is scheduled for completion within thirty-eight months. The Ruwais 3rd NGL ...  >>MORE

ADNOC to invest heavily in new infrastructure to meet demand

Posted on 27/03/2005

The reception was attended by Dr. Jamal Al Muhairi, Under Secretary of the Ministry of Education and a number of media persona, including international news agencies and newspapers. The Forum will end on 30th of current month. The Abu Dhabi National Oil Co will invest Dh3.68 billion annually until 2007 in new gas infrastructure to meet rising demand, said the 2000-2004 report released yesterday. The five-year achievement report also said substantial investments will continue in the UAE's ...  >>MORE

Borouge completes US$40m investment to increase capacity

Posted on 20/03/2005

Borouge announced yesterday that its US$40 million investment to expand the polyethylene capacity of its US$1.2 billion petrochemical complex in Abu Dhabi, from 450 kilo tonnes (kts) to 580 kts per annum has been successfully completed in early March 2005. The de-bottlenecking of existing capacity was successfully implemented during a planned Ethylene unit turnaround at the site to minimize disruption to customers. With this expansion, Borouge ethylene production will be fully converted into ...  >>MORE

Shell pursues more opportunities in UAE

Posted on 19/03/2005

Shell Group, which will invest US$12 billion (Dh44.08 billion) in the Gulf in the next eight years, is pursuing new opportunities in the UAE, said a top official of the multinational oil major. Malcolm Brinded, executive director of Shell exploration and regional managing director for the Middle East, said Shell continues to work with Abu Dhabi National Oil Co (ADNOC) in two joint ventures Abu Dhabi Gas Industries (Gasco), where Shell holds a 15 per cent share, and in Abu Dhabi Co for ...  >>MORE

ENOC enters Yemeni lubricants market

Posted on 15/03/2005

ENOC Lubricants, a subsidiary of Emirates National Oil Company (ENOC), announced yesterday that it signed an agreement with Sana'a-based Ahmar Trade and Investment Co. (ATICO) to distribute ENOC products of lubricants in Yemen. Executive Manager of ENOC International Refining and Marketing Tayeb Al Mulla and ATICO Chairman Hameed Abdullah Al Ahmar signed the agreement here. An ENOC statement said that ATICO had already commenced selling ENOC products of lubricants in Yemen since last year. ENOC ...  >>MORE

UAE says OPEC may keep oil output above quotas

Posted on 14/03/2005

Two of OPEC's leading Gulf producers say the group may agree to keep pumping above formal oil output quotas to cool down overheated markets. The United Arab Emirates yesterday joined Kuwait in suggesting the producer group might take such a decision as US oil prices again threaten to breach US$55 a barrel. "The decision may be to maintain current production levels with the aim of calming the market,” UAE Oil Minister Mohammed bin Dhaen Al Hamli said in a statement issued ahead of a March ...  >>MORE

NDC sets US$1.3b plan to replace ageing rig fleet

Posted on 08/03/2005

The Nation Drilling Company (NDC) is embarking on a ten-year plan costing US$1.3 billion to replace its ageing fleet of rigs. "In total ten rigs will be replaced, one each year under the plan," said Abdul Munim Saif Al Kindi, general manager, NDC, while speaking at the inauguration of a rig named Al Ittehad which was refurbished at the MIS Sharjah costing US$32 million. The ceremony was attended by Secretary General Supreme Petroleum Council and CEO ADNOC Group and other senior official of ...  >>MORE

Gasco awards Dh5.25b EPC contract to Snamprogetti

Posted on 05/03/2005

Abu Dhabi Gas Industries Ltd (Gasco) said yesterday it awarded Italy's Snamprogetti, controlled by Italian oil major ENI, a US$1.43 billion (Dh5.25 billion) EPC contract for a natural gas liquids train project. "The Ruwais 3rd NGL Train project ... is designed to process and fractionate 24,400 tonnes per day of raw natural gas liquids," Gasco said in a statement, adding that the project was scheduled to be completed within 38 months. It said the letter of award was issued on March 2. The ...  >>MORE

ADNOC sets February crude prices

Posted on 03/03/2005

The Abu Dhabi National Oil Company (ADNOC) set its February 2005 selling prices for crude oil FOB Abu Dhabi ports as follows: Murban US$44.00 Lower Zakum US$44.05 Umm Shaif US$43.40 Upper Zakum US$40.00. (The Emirates News Agency, WAM) ...  >>MORE

TAKREER awards Dh210 million EPC contract to NPCC

Posted on 02/03/2005

Abu Dhabi Oil Refining Company (TAKREER) has awarded to NATIONAL PETROLEUM CONSTRUCTION COMPANY (NPCC) the US$57 Million (Dh210 million) EPC Contract to carry out the Detailed Engineering, Procurement, Construction, Commissioning and Testing of the OGD III Condensate Storage Tanks Project (Package #5) for Ruwais Refinery. The TAKREER Condensate Storage Tank Project covers the upgrade of the existing Condensate Storage and Handling Facilities at Ruwais to cater for the increased volume of ...  >>MORE

ADNOC cuts naphtha exports to Asia

Posted on 27/02/2005

London - Naphtha exports from Abu Dhabi to Asia are being cut by 50,000 tonnes because of a problem at an oil and gas field in the emirate, a regional oil broker said yesterday. The broker said the problem that developed earlier this week had resulted in a likely 15-day suspension in production of pentane-plus, a light naphtha stream, from the field. "ADNOC exports about 100,000 tonnes, or about four cargoes of this naphtha, every month, so they're losing a couple of cargoes,” he said. ...  >>MORE

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Quick List

Mideast energy investment put at US$532 billion in 30 years


DPSA signed for new wells in Sharjah


Mubadala may develop second oilfield in Oman


Dolphin natural gas begins flowing to Ras al-Khaimah


Abu Dhabi to up Murban capacity to 1.5m bpd


Oil boom lifts UAE per capita income above Dh91,000


Takreer and Dodsal in Dh1.47b pipeline deal


UAE assures Asian partners of steady oil supplies: ADNOC CEO


Gasco awards consultancy contract to Foster Wheeler


ADNOC adopts modern technology


ADNOC announces crude oil prices for April


ENOC rebrands lube range


Mubadala signs Heads of Agreement for the Mukhaizna Oil Field in Oman


Borouge to invest US$2.5 billion in new expansion projects


UAE to double its LPG exports by mid-2008


Aabar IPO hits new record of Dh394 billion


ADNOC to boost supply by over 60,000 barrels


ADNOC supply boost halts Oman rally


UAE to increase oil output to 3.2m bpd


ENOC buys Caltex equity in EPPCO


Stop fuel retailers' losses: ENOC's CEO


ENOC wins Mohammed bin Rashid Establishment Award


SPC enters into final negotiations with Exxon Mobil for a partnership in Upper Zakum Oil Field


Dolphin gas project: Dh12.85b facility to have second phase


DGCX to launch fuel oil futures contract in 2006


ADNOC announces oil crude prices for March


Two-mile oil spill as ship’s pipeline leaks


UAE crude output capacity to reach 3m bpd


Gas projects get big push amid growing demand


Natural Gas and the future of Arab Cooperation


Gasco gives US$1.4 billion contract to Italian firm


ADNOC to invest heavily in new infrastructure to meet demand


Borouge completes US$40m investment to increase capacity


Shell pursues more opportunities in UAE


ENOC enters Yemeni lubricants market


UAE says OPEC may keep oil output above quotas


NDC sets US$1.3b plan to replace ageing rig fleet


Gasco awards Dh5.25b EPC contract to Snamprogetti


ADNOC sets February crude prices


TAKREER awards Dh210 million EPC contract to NPCC


ADNOC cuts naphtha exports to Asia