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THE ECONOMY - OIL AND GAS

ADNOC announces prices for November

Posted on 06/12/2004

The Abu Dhabi National Oil Company (ADNOC) has announced the Official Selling Prices (OSP) of its four crudes free on board (FOB), for the month of November. A company statement said prices of ADNOC's four crudes Murban, Lower Zakum, Umm Shaif and Upper Zakum loaded in November were US$ 39.65, US$39.70, US$39.35 and US$35.40 a barrel respectively. (The Emirates News Agency, WAM) ...  >>MORE

Enoc to go ahead with oil storage project in Singapore

Posted on 04/12/2004

Enoc's multi-million-dirham oil storage project in Singapore will go ahead as scheduled, said Hussain Sultan, CEO of Emirates National Oil Co. "CAO was never a partner to put the project on hold, it didn't pay its role," Sultan told Gulf News. His comments came after China Aviation Oil (Singapore) Corp Ltd announced that it has put on hold a US$135 million (Dh495.5 million) project to build a petrochemical storage hub located off the west coast of Singapore by early 2006. CAO is now ...  >>MORE

Gasco awards US$1.5b Habshan gas contract to Bechtel

Posted on 01/12/2004

Abu Dhabi Gas Industries Ltd (Gasco) has awarded a US$1.5 billion deal to US company Bechtel to develop its Habshan onshore gas production project in the United Arab Emirates, Gasco said in a statement yesterday. Phase three of the mega deal is the first, and largest, of five packages within the onshore gas development scheme launched by state-run Abu Dhabi National Oil Co (ADNOC). (The REUTERS) ...  >>MORE

Reduction of 20 fils per gallon in diesel prices

Posted on 30/11/2004

Fuel distribution companies in the country decided to flash retail prices of diesel by 20 fils/gallon in line with a drop in oil prices in the international market. Abu Dhabi National Oil Company for Distribution, ADNOC FOD, announced that it has reduced prices of its sales of diesel in its gas stations by 20 fils per gallon from tomorrow. (The Emirates News Agency, WAM) ...  >>MORE

Demand for petroleum products to increase

Posted on 30/11/2004

One of the largest petroleum companies in the region, the Dubai based Emirates National Oil Company Ltd (ENOC) Chief Executive and Board Member, Hussain Sultan said that the demand for petroleum products will continue to increase in the GCC and the Middle East especially in context of the rapid economic development that the region is witnessing. Commenting on the participation of ENOC in sponsoring the Arab Strategy Forum which will be held from December 13-15 2004, Hussain Sultan said, ...  >>MORE

Takreer to produce green diesel

Posted on 27/11/2004

Abu Dhabi Oil Refining Company (TAKREER) is continuously working to strengthen its core value to provide safe, healthy and environmentally friendly operation/hydrocarbon products. To this end, and in line with worldwide trend to market transportation fuels with improved quality specifications, TAKREER has initiated a two-stage programme to achieve the environmentally friendly goal of providing cleaner fuels. Transportation fuels are defined as gasoline, jet-fuel and diesel or gas oil ...  >>MORE

New ENOC bunker tanker to service Jebel Ali port

Posted on 27/11/2004

ENOC Bunkering Fujairah (EBFL) will begin a permanent fuel supply operation for the shipping business in Dubai from December 1. The company will position its new charter bunker tanker at Jebel Ali where it will be backed up by a 20,000 metric tonnes dedicated storage tank allocated from EPPCO International's facility at the port. The tanker, which was built in 1989, is a 5,000 dwt double sided, double bottomed vessel that is able to segregate 4,000 metric tonnes of fuel and 900 metric tonnes ...  >>MORE

Minister of Energy affirms continuation of the country's oil policy

Posted on 22/11/2004

Mohammed bin Dhain Al Hamili, Minister of Energy said that the UAE will maintain its present oil policy and there are no changes expected to take place. In his first statement to the "Emirates News Agency, WAM,” after assuming his new post as Minister of Energy, Al Hamili pointed out that the UAE policy in the field of oil and energy is based on clear and well-founded bases that utilizes the oil revenue to achieve comprehensive development in the country, as evident from the past policies. ...  >>MORE

Cars to get compressed natural gas soon

Posted on 21/11/2004

Residents in the UAE will soon be able to convert their cars to compressed natural gas. This follows an ambitious project undertaken by the Directorate of Natural Gas at Sharjah Electricity and Water Authority. Initially, hundreds of vehicles owned by Sharjah Electricity and Water Authority (SEWA) will be converted to run on compressed natural gas (CNG), a SEWA source told Gulf News. The project has been approved by Sharjah Executive Council and its main aim is to introduce efficient, ...  >>MORE

Bidding nears peak for gas projects

Posted on 15/11/2004

The third phase of the onshore gas development (OGD-3) and second phase of the Asab gas development (AGD-2) programme are expected to gather speed after Nov.20, when government agencies reopen following a two-week break. Commercial offers are due to be opened on the estimated US$200-million package 1 of the programme, covering the construction of gas gathering and reinjection facilities under OGD-3, a Meed report said, according to "The Gulf Today.” Four groups of companies had priced the ...  >>MORE

GCC states set to earn US$180b excess oil export revenue in ’04

Posted on 10/11/2004

Achieving a high growth rate during 2004, the GCC countries are set to earn oil export revenues in excess of US$180 billion in 2004 which will also help create a fiscal surplus of US$60 billion, about 15 per cent of the combined GDP of the block. Qatar will have the highest GDP growth rate in 2004 touching a double digit of 10 per cent; followed by Saudi Arabia and Kuwait at eight per cent each while the UAE will close the year with seven per cent. GDP growth rates forecasted for 2004 are ...  >>MORE

Maritime Industrial Services of Sharjah awarded a contract to build an offshore platform

Posted on 31/10/2004

The Petroleum Department of Sharjah has awarded Maritime Industrial Services of Sharjah a contract to build an offshore platform in Sharjah's Mubarak field from where gas will be transported to a processing plant, sources said in Sharjah yesterday. Gas will begin to flow in the last quarter of next year. Construction of a 30-inch, 80-kilometre pipeline will start in May, the sources added. The project's customers are mainly in Sharjah and the northern emirates. The emirate will procure gas ...  >>MORE

Gas pipeline pact with Qatar approved

Posted on 26/10/2004

The Cabinet yesterday approved a gas pipeline agreement signed between the UAE and Qatar. Held under the chairmanship of Sheikh Hamdan Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of State for Foreign Affairs, the cabinet also approved a military cooperation agreement with Tanzania and a draft resolution to set up a national committee for international humanitarian law. The committee will be assigned to observe implementation of provisions of this law and review of legislations. ...  >>MORE

ADNOC to build seven petrol stations in Al Ain

Posted on 26/10/2004

ADNOC is building seven petrol stations in the city and two new rest stops on the Al Ain-Abu Dhabi Highway. Three of the petrol stations are being built and a redesigned refuelling station was opened on Sunday by Jamal Al Dhraif, general manager of ADNOC (Abu Dhabi Oil Co for Distribution). This is the fourth modernised station in Al Ain. Three already operate on the Al Ain-Abu Dhabi Highway near Al Faya and Al Ramah and in Sanaiya. Al Dhraif said the new facilities were part of the ...  >>MORE

CNG-run cars in Sharjah soon

Posted on 24/10/2004

Cars in Sharjah will soon be operated by compressed natural gas (CNG) instead of petrol and the project is currently under progress, according to Engineer Tareq Demas, Manager of the Directorate of Natural Gas Distribution of Sharjah Electricity and Water Authority (SEWA), according to a report in "Khaleej Times.” Eng. Demas said: 'The aim of this vital project is to introduce the most efficient and cleanest energy as fuel for transport. The project will be executed in several phases. ...  >>MORE

Japan vying for more oil supply from UAE

Posted on 23/10/2004

Japan, the UAE's oil largest consumer, is vying for more energy and oil supply from their providers to meet its substantial demand for power consumption, especially in the rapidly growing industrial sector, according to a source close to the arrangements. Speaking to "Khaleej Times,” yesterday a Japanese oil company source involved in the deliberation said, 'UAE supplies Japan with more than 500,000 b/d barrels a day which is the largest amount of crude UAE exports to one country.' he added ...  >>MORE

Sharjah gas project enters next stage

Posted on 23/10/2004

Maritime Industrial Services of Sharjah has been awarded a contract to build an offshore platform in Sharjah's Mubarak field from where gas will be transported to a processing plant. Gas will begin to flow in the last quarter of next year. Construction of a 30-inch, 80-kilometre pipeline will start in May, top officials said. The project's customers are mainly in Sharjah and the northern emirates. The emirate will procure gas from at least two sources. "Gas will be collected at the Mubarak ...  >>MORE

Oil still determines UAE’s growth

Posted on 19/10/2004

The UAE posted average growth of 4.7 per cent a year at a time when the global economy was experiencing negative growth, according to the latest report from the National Bank of Dubai. The country improved its performance further when sentiment was more positive for the global economy by recording growth of 8.6 per cent. "Oil prices seem to effectively determine how the non–oil part of the country's economy grows,” the report said. "Although such influence might have been reduced lately, ...  >>MORE

Exxon pumps record oil from Abu Dhabi

Posted on 18/10/2004

ExxonMobil produced 110,000 barrels per day of crude oil in Abu Dhabi last year, its highest since the US energy giant secured an onshore concession 40 years ago, a top company official said. The company said that by 2010 the Middle East would account for 20 per cent of its total global investments in the upstream oil and gas sector. "The Middle East is getting larger and larger in the global oil and gas sector with exploration opportunities increasing in the region," said Richard Brown, ...  >>MORE

No hike in petrol price: Petroleum Ministry

Posted on 18/10/2004

Ministry of Petroleum has rejected the demand of an oil marketing company for increasing the prices of gasoline by Dh2 per gallon as a quick resolution to resolve the financial crisis facing the three companies, sources said. A meeting of oil marketing companies was held in the capital yesterday afternoon which was chaired by Nasser Al Sharhan, Under-Secretary, Ministry of Petroleum, to find ways and means to resolve the crisis arising out of "huge losses" being incurred by the oil marketing ...  >>MORE

ENOC raises diesel prices third time since August

Posted on 17/10/2004

Oil retailer ENOC has raised retail diesel prices by more than four per cent for the third time since August to reflect world oil prices, but has backed off an earlier decision to shut down its petrol stations. The latest rise in diesel prices, which also becomes effective today, will bring their rates at the stations to Dh6.70 per gallon from Dh6.40. They were Dh5.80 per gallon before rising to Dh6.20 in August and again to Dh6.40 in September. "Diesel prices in the UAE are linked to ...  >>MORE

Green diesel to protect environment planned

Posted on 17/10/2004

After phasing out leaded petrol last year, federal authorities now want to introduce green diesel. This was announced by Dr Sa'ad Al Numairi, Environmental Adviser at the Federal Environmental Agency (FEA) in Dubai, according to a report in "Gulf News.” "Our target is to reduce to the minimum the amount of sulphur in diesel sold and used in the country," Dr Al Numairi said on the sidelines of a forum on corporate social responsibility that tackled environmental laws. Key figures from various ...  >>MORE

Dubai crude prices to stay around US$ 35-40 next year

Posted on 16/10/2004

State-run Korea National Oil Corp. said that international demand for oil will likely ease next year, stabilizing prices of Dubai crude oil at between USUS$35 and US$40. "Because of the Chinese government's curb on surging oil demand, the situation will improve next year," Ku Ja-gwon, chief of the overseas market team at the company said . "So demand will likely rise about 1.54 million barrels a day next year, much less than 2.7 million barrels a day this year." local news media quoted him ...  >>MORE

New Sharjah firm to build Dh400m gas sweetening plant

Posted on 16/10/2004

A new Dh400 million joint sector company has been set up in Sharjah to sweeten gas. Sajaa Gas Private Ltd Co (SajGas), a new joint venture company, has been established between the Government of Sharjah, together with Crescent Petroleum (as initial founder shareholders) and six prominent investors from the GCC, on the gas sweetening and sulphur recovery project. SajGas was established by the Sharjah Government along with Crescent Petroleum a few months ago. Together they hold the largest ...  >>MORE

UAE retailers feel the heat as oil prices soar

Posted on 13/10/2004

Soaring international oil prices are creating a domestic crisis as the federal authorities move to hammer out a solution. As oil prices surged to yet another peak above US$54 per barrel yesterday, petroleum retailers EPPCO and ENOC said they will close 10 stations tomorrow and shut all their 165 stations by the end of this month. Sources said the Ministry of Petroleum and Mineral Resources is studying federal subsidies for all distribution companies. "This is quite likely to be considered ...  >>MORE

ADNOC will continue to supply fuel at current rates

Posted on 13/10/2004

ADNOC Distribution will not increase gasoline prices despite the soaring cost of a barrel of oil on the world's market, the company said yesterday. While the company is committed to providing fuel at existing prices and will bear the losses to maintain the current price, the Ministry of Petroleum and Mineral Resources is studying options on how gasoline distribution companies can cope with losses. "ADNOC Distribution will continue to sell all kinds of gasoline to consumers at the current ...  >>MORE

ADNOC planning mega projects to increase production

Posted on 13/10/2004

Deputy Executive Chairman of the Abu Dhabi National Oil Company, ADNOC, Abdullah bin Nasir Al Suwaidi, has said that ADNOC and its group of companies were planning mega projects to increase oil and gas output in the near future. Al Suwaidi, who is also the Chairman of the Company's Exploration and Development Department, said the projects were being implemented on the government's directives to sustain current output ceiling and increase it at carefully studied rates that conform to ...  >>MORE

Gasco to build two condensate units in Dh6.99b deal

Posted on 13/10/2004

ADNOC subsidiary Gasco will execute two projects totalling US$1.9 billion (Dh6.99 billion) to produce condensates. Phase III development of the offshore Thamama 'F' field will produce 130,000 barrels of condensates by 2008. The project cost is US$1.2 billion (Dh4.41 billion). "The tenders are put out and they will be finalised by end-2005," said Abdullah Bin Nasser Al Suwaidi, head of exploration and production. The other is the execution of the Thamama 'F' and 'C' projects in the Asab ...  >>MORE

France bags best pavilion award at ADIPEC

Posted on 13/10/2004

France was awarded the "Best Country Pavilion" at the 11th ADIPEC 2004 (Abu Dhabi International Petroleum Exhibition & Conference), one of the biggest oil and gas events in the world, which is currently taking place at the Abu Dhabi International Exhibition Centre. The French pavilion was organised by the official body - UBI France. France beat 10 other country pavilions to emerge the winner, GEC, the organisers announced today. TOTAL received the "Best Stand" award at a glittering awards ...  >>MORE

BP reveals the Fieldofthefuture at ADIPEC 2004

Posted on 12/10/2004

Visitors to BP's stand at the Abu Dhabi Petroleum Exhibition and Conference (ADIPEC) 2004 which on Sunday at the International Conference Centre will be given a unique glimpse into a future that is revolutionising the oil industry. In one of many exciting exhibits that bring this digital vision to life, BP creates a futuristic scene to illustrate how real-time oilfield data integration is enabling the recovery of more oil and gas from its reservoirs. Using new-to-the-region holopro screens, BP ...  >>MORE

ADCO hikes output by 200,000 bpd by 2006

Posted on 12/10/2004

The Abu Dhabi Company for Onshore Operations (ADCO), a subsidiary of ADNOC, is upbeat about the future growth and will continue to be one of the top crude oil producers in the UAE, according to its General Manager Andre van Strijp. The last decade has been eventual with continuous growth in production of oil. "At the moment, ADCO has five oil producing fields. The company is developing its sixth oilfield, which will help it further build up production. By the middle of the year 2006, the ...  >>MORE

Oil's record high fuels petrol price hike fears

Posted on 12/10/2004

Motorists in Dubai and the northern emirates may soon be lining up to buy petrol - if there is any to sell. Petrol stations here buy their oil at world-market prices and lose Dh2 on each gallon they sell, industry sources said. Unless they are allowed to raise prices or receive state subsidies, these retailers said they will be forced to sell only diesel and convenience-store goods. The government allowed petrol retailers to raise prices last year by 20 fils per gallon, but pump prices here ...  >>MORE

Development of sour gas reserves 'viable'

Posted on 12/10/2004

Abu Dhabi's project to develop its huge sour gas reserves is economically and technically viable, according to the feasibility studies. The project, however, has been put on the back-burner for now as Dolphin gas will soon be available. The feasibility study of developing sour gas was undertaken by ADNOC and Shell Abu Dhabi. "The study found the project to be feasible both economically and technologically. The study was submitted last year but things changed as the Dolphin gas project took ...  >>MORE

Mideast oil industry to face shortage of manpower

Posted on 12/10/2004

The Middle East could face a shortage of close to 58,000 specialised personnel for the oil and gas sector by the year 2008, due to the large scale projects that are underway or being planned in the region, according to Frederik Rengers, General Manager, Worldwideworker Technical Services. At a press conference at ADIPEC 2004, yesterday to announce a tie-up between Worldwideworker and Hamed Establishment GTC, a subsidiary of the Abu Dhabi based Bin Butti Group, Rengers said that an explosion ...  >>MORE

ADIPEC has established itself as a prominent exhibition in the world: Mohammed bin Zayed

Posted on 11/10/2004

Lt. General Sheikh Mohammed bin Zayed Al Nahyan, Deputy Crown Prince of Abu Dhabi, Chief of Staff of the UAE Armed Forces, and Chairman of the General Exhibitions Corporation (GEC), said here today that the Abu Dhabi International Petroleum Exhibition and Conference has established itself as one of the most prominent exhibitions and conferences in the oil and gas industries worldwide. In a statement delivered on his behalf by Saeed bin Jabr Al Suweidi, Chairman of the Abu Dhabi Chamber of ...  >>MORE

UAE to increase production

Posted on 11/10/2004

The UAE will increase production capacity by nearly 300,000 barrels per day in the near future and has plans to increase its overall capacity from the present 2.5 million bpd to 3.5 million bpd by 2006, Minister for Petroleum and Energy Obaid bin Saif AI Nasseri told reporters at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2004) , which opened in Abu Dhabi yesterday. Nasseri said the UAE move was in a bid to cool down the oil market, hit by skyrocketing prices in ...  >>MORE

UAE to invest oil windfall on education, health

Posted on 11/10/2004

The UAE will invest the windfall made from high oil prices in the development of its education and health sectors, according to Lt. General Sheikh Mohammed bin Zayed Al Nahyan, Deputy Abu Dhabi Crown Prince and Chief of Staff of the UAE Armed Forces. "We will invest the additional earnings from oil prices to further develop the health and educational sectors," Sheikh Mohammed told reporters during his tour of ADIPEC, which opened yesterday. On current oil prices, Sheikh Mohammad said "I ...  >>MORE

UAE demand for natural gas set to surge

Posted on 11/10/2004

Local demand for natural gas is rising so rapidly that the UAE might have to import from neighbouring countries in the long-term to meet its needs of electricity, said Ahmad Ali Sayegh, chief executive of Dolphin Energy. "There has been a widely-held belief that the UAE's available gas reserves would last for several years to come. But it has been proven that the country cannot fully meet demand in the long run if we look at expansion plans underway at present," Sayegh told a seminar on the ...  >>MORE

ADCO developing sixth oil field at Al Dabb'iya

Posted on 11/10/2004

The Abu Dhabi Co for Onshore Oil Operations (ADCO) is developing its sixth oil field at Al Dabb'iya to raise production by 200,000 barrels per day (bpd) by mid-2006. The company, which is producing oil from five fields, is also initiating new smart wells technology to optimise reservoir management. "The sixth field of ADCO, the Al Dabbi'ya field in the onshore area, is being developed. Production will start in the middle of 2006," said Andre Van Strijp, general manager, ADCO. "The field is ...  >>MORE

OPEC is ready to supply market with enough oil at time of crisis: Nasseri

Posted on 06/10/2004

OPEC is capable of meeting rising global demand for oil should a fresh oil crisis take place at any time, UAE Minister of Petroleum and Mineral Resources, Obeid bin Saif Al Nasseri, has emphasized. 'OPEC producing countries are currently pumping at nearly full capacity and any oil shock in the short-term could push oil prices to record highs, Nasseri said in an interview with Emirates News Agency (WAM) a head of the 11th Abu Dhabi International Petroleum Exhibition and Conference "ADIPEC 2004" ...  >>MORE

ADNOC announces prices of crudes oil for September

Posted on 06/10/2004

The Abu Dhabi National Oil Company (ADNOC) announced Tuesday the Official Selling Prices (OSP) of its four crudes free on board (FOB) for September. A company statement said average prices of ADNOC's four crudes for September were lower than those of August. 'Prices of Murban, Lower Zakum, Umm Shaif and Upper Zakum loaded for September were US$39.85, 39.95, 39.65 and 36.15 a barrel respectively,' the statement said. (The Emirates News Agency, WAM) ...  >>MORE

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Quick List

ADNOC announces prices for November


Enoc to go ahead with oil storage project in Singapore


Gasco awards US$1.5b Habshan gas contract to Bechtel


Reduction of 20 fils per gallon in diesel prices


Demand for petroleum products to increase


Takreer to produce green diesel


New ENOC bunker tanker to service Jebel Ali port


Minister of Energy affirms continuation of the country's oil policy


Cars to get compressed natural gas soon


Bidding nears peak for gas projects


GCC states set to earn US$180b excess oil export revenue in ’04


Maritime Industrial Services of Sharjah awarded a contract to build an offshore platform


Gas pipeline pact with Qatar approved


ADNOC to build seven petrol stations in Al Ain


CNG-run cars in Sharjah soon


Japan vying for more oil supply from UAE


Sharjah gas project enters next stage


Oil still determines UAE’s growth


Exxon pumps record oil from Abu Dhabi


No hike in petrol price: Petroleum Ministry


ENOC raises diesel prices third time since August


Green diesel to protect environment planned


Dubai crude prices to stay around US$ 35-40 next year


New Sharjah firm to build Dh400m gas sweetening plant


UAE retailers feel the heat as oil prices soar


ADNOC will continue to supply fuel at current rates


ADNOC planning mega projects to increase production


Gasco to build two condensate units in Dh6.99b deal


France bags best pavilion award at ADIPEC


BP reveals the Fieldofthefuture at ADIPEC 2004


ADCO hikes output by 200,000 bpd by 2006


Oil's record high fuels petrol price hike fears


Development of sour gas reserves 'viable'


Mideast oil industry to face shortage of manpower


ADIPEC has established itself as a prominent exhibition in the world: Mohammed bin Zayed


UAE to increase production


UAE to invest oil windfall on education, health


UAE demand for natural gas set to surge


ADCO developing sixth oil field at Al Dabb'iya


OPEC is ready to supply market with enough oil at time of crisis: Nasseri


ADNOC announces prices of crudes oil for September