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THE ECONOMY - OIL AND GAS

ADCO celebrates 40th Anniversary of its first Crude Oil Shipment

Posted on 18/11/2003

The Abu Dhabi Company for Onshore Oil Operations (ADCO) has commenced implementing expansion projects to increase crude oil production from one million barrels per day to 1.4 million barrels per day by 2006. 'ADCO has begun implementing a number of expansion project to increase its output capacity. The most important of these projects were the development of Bab field and the first phase of onshore Rumitha, Shanayel and Dabbiya fields,' ADCO Director General Andre Van Strip said yesterday in a ...  >>MORE

UAE earns oil revenues of over US$300b in 40 years

Posted on 16/11/2003

The UAE has extracted over US$300 billion worth of oil from beneath its arid desert since crude gushed out of its wells and it began exporting the black gold nearly 40 years ago. The staggering revenues were calculated on the basis of a cumulative production of more than 21 billion barrels and an average oil price of around US$14.50 a barrel in nominal terms since the country started commercial crude supplies in 1962. Figures by the Ministry of Planning showed the UAE produced just 14,200 ...  >>MORE

Abu Dhabi embarks on Dh1b natural gas distribution project

Posted on 15/11/2003

Abu Dhabi has embarked upon a new project for natural gas distribution for commercial and residential purposes via a pipeline network. The estimated Dh1 billion initiative comes on the back of increased natural gas availability as several development and expansion projects are underway. In the first phase, the natural gas distribution network will cover 120,000 commercial and residential users in Abu Dhabi, Al Ain and one or two nearby towns. ADNOC Distribution, a subsidiary of ADNOC, is ...  >>MORE

Arab gas reserves soar despite rise in output as domestic use grows

Posted on 15/11/2003

Arab gas reserves swelled by nearly eight trillion cubic metres over the past six years despite a sharp increase in production because of higher domestic consumption and growing exports to foreign markets, according to official figures. The UAE's natural gas wealth remained almost unchanged at six trillion cubic metres while Qatar accounted for the bulk of the increase, with its gas resources jumping to 14.6 trillion cubic metres at the end of last year from 8.5 trillion cubic metres in 1997, ...  >>MORE

ENOC may restart condensate splitter

Posted on 06/11/2003

Upbeat about the improvement in refining margins, Emirates National Oil Company (ENOC) is considering restarting one of the two trains of its 120,000 bpd condensate splitter. The splitter train with 60,000 bpd capacity was closed temporarily due to the lack of feedstock at competitive prices. CEO Hussain Sultan told Gulf News: "ENOC is positive about the market and gradually expanding its capacity. We may restart our closed splitter soon as the market looks positive." Enoc's condensate ...  >>MORE

Natural gas powers trial-run vehicles in Sharjah

Posted on 04/11/2003

An ambitious project of running vehicles on compressed natural gas (CNG) is under way in Sharjah. As part of the first phase of the project, some 300 vehicles of the Sharjah Electricity and Water Authority will be converted to run on CNG next year. "It's a great idea to use CNG as it will not only save petrol but also reduce air pollution and help protect the environment," said Mohammed Sharif, an automobile engineer in Sharjah. A motorist, who regularly commutes between Sharjah and Dubai, ...  >>MORE

Oil will last over 100 years in UAE, Kuwait, Iraq

Posted on 03/11/2003

The UAE, Kuwait and Iraq, will continue to pump crude into global markets for more than 100 years while the US, Britain and other Western countries are expected to run out of oil within 10 years. Western estimates showed the UAE controlled the third biggest recoverable crude resources in the world after Saudi Arabia and Iraq, standing at 97.8 billion barrels at the end of last year compared with only 32.4 billion barrels in 1982. At current production rates of around 2.3 million barrels per ...  >>MORE

Abu Dhabi plans to set up largest Mideast petroleum services complex

Posted on 02/11/2003

Abu Dhabi is considering creating the largest complex for services of onshore and offshore oil fields in the Middle East, Chairman of Abu Dhabi Economic Department said yesterday. "The feasibility study for the first-ever centre of its kind in the Middle East for petroleum services companies is in its final stage. A number of major international oil companies have shown interest in investing in the project and open offices there," said Sheikh Hamed bin Zayed Al Nahyan. In an interview with ...  >>MORE

Mideast needs US$100b to expand oil, gas capacity

Posted on 01/11/2003

The UAE and other Middle East oil heavyweights need to pump nearly US$100 billion into their hydrocarbon sector in five years to expand their production capacity of oil and gas and meet a steady growth in global demand, according to independent estimates. But most of them could find difficulty in securing such massive investments as they are reeling under financial strain, while oil prices could weaken in the medium and long term and international companies remain reluctant to finance such ...  >>MORE

ADNOC unit awards Dh352m rig deal to Singapore's Keppel

Posted on 29/10/2003

ADNOC subsidiary the National Drilling Co (NDC) has awarded the Singapore-based Keppel Fels Ltd (part of Keppel Corp) a Dh352 million contract for a new offshore jack-up rig to be delivered in late 2005. NDC is also adding more rigs in the short-term and long-term with an investment outlay of some Dh1 billion. NDC is also planning to expand outside the UAE to regional markets including Iraq. Currently, NDC owns nine offshore rigs and 15 onshore rigs. A new onshore rig is expected to join ...  >>MORE

Government takes reins of restructured Fujairah refinery

Posted on 29/10/2003

The Fujairah refinery has been restructured and is now fully owned by the Fujairah government, according to Dr Salem Khalil, Technical Advisor to the government of Fujairah. Plans are underway to make the terminal and refining capacity fully operational soon, he said, with the government exploring ways to put it back on track as early as possible. The refinery is counting on various factors for the revival. Processing of condensates from Iran's South Pars field is one of the major options ...  >>MORE

ADNOC to continue its contribution to world demand for oil, gas

Posted on 28/10/2003

Abu Dhabi National Oil Company (ADNOC) has reaffirmed that it would continue its contribution to meeting world demand for oil and gas. 'Our aspiration is to economically attain high ultimate recoveries and to significantly contribute to the world's supply of oil and gas,' ADNOC CEO Yousuf Omier bin Yousuf has said during a recent visit to Canada in reply to an invitation by Canadian ambassador in the UAE David Hutton. The visit aimed at showcasing capabilities of Canadian oil and gas ...  >>MORE

ADIPEC Appoints Oil & Gas Journal as Official Publication

Posted on 28/10/2003

The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) appointed the 100-year-old Oil and Gas Journal (OGJ), as the Official Publication for ADIPEC 2004 to be held 10-13 October 2004 in Abu Dhabi. This marketing relationship reflects the commitment of ADIPEC and OGJ to the global oil and gas industry and their desire to provide relevant and timely information to industry members. ADIPEC, one of the world's leading oil and gas events, is owned and managed by the General ...  >>MORE

ADCO awards Bu Hasa EPC contract to Italian firm

Posted on 27/10/2003

The Abu Dhabi Company for Onshore Oil Operations has awarded Italy-based Snamprogetti, the Engineering, Procurement and Construction (EPC) contract for the Bu Hasa Field to produce a total capacity of 730,000 barrels of oil per day. The Dh1.2 billion project is planned to be completed towards the end of the year 2006, reliable sources familiar with the project told Khaleej Times. Saeed Khoory, ADCO's Assistant General Manager-Technical, and Agnelo Caridi, M.D Snamprogetti signed the contract ...  >>MORE

Abu Dhabi's largest gas initiative takes off

Posted on 25/10/2003

Abu Dhabi's largest gas initiative, the estimated US$2 billion plus Onshore Gas Development phase III and Asab Gas Development phase II, has kicked off with six international companies pre-qualified for the engineering, procurement and construction (EPC) package. Also, four international companies are in the race for the Project Management Consultant contract for the EPC. The six companies pre-qualified for the US$200 million-plus EPC contract are France's Technip-Coflexip, Italy's ...  >>MORE

UAE backs fair oil prices: Nasseri

Posted on 22/10/2003

Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nasseri said yesterday that the UAE was working with other OPEC and non-OPEC members to obtain a fair oil price. 'Fair price secures financial resources that keep flow of oil supplies to consumers in present and future,' Nasseri said in his opening speech at the third international Fujairah bunkering and fuel oil forum (FUJCON 2003). He maintained that fluctuation of prices before and after OPEC's recent decision was not caused by ...  >>MORE

Dolphin Gas Project to achieve financial closure by 2005, says official

Posted on 15/10/2003

Financing for the Dolphin Gas Project is well underway with financial closure set for 2005 and the debt-equity ratio in the region of 65:35, said an official. "The financing is ongoing. Dolphin is in talks with banks and financial institutions. Financial closure will be achieved in 2005," he said on the sidelines of the Power-Gen conference. Dolphin Energy will sign four more EPC contracts by the end of next year. The four EPC contracts will cover the four most significant parts of the project. ...  >>MORE

Privatisation of power sector will continue in UAE

Posted on 14/10/2003

The UAE can be used as a base for companies interested in rebuilding Iraq, according to Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Economic Department. "The UAE has given a lot of aid in cash and kind to Iraq and will continue to extend all cooperation with Iraq." At the opening of Power Gen 2003, Sheikh Hamed also reiterated that privatisation of the power sector will continue in the UAE and urged all Arab countries to emulate the privatisation process of Abu Dhabi. Over ...  >>MORE

Power-Gen Middle East 2003 opens

Posted on 14/10/2003

The second edition of POWER-GEN Middle East Exhibition and Conference 2003, got off to a powerful start when Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Economic Department, formally inaugurated the show yesterday. Over 140 companies from 20 countries, local and international are participating in the exhibition, which is being organized by the General Exhibitions Corporation (GEC) and PennWell Corporation, USA, with the sponsorship of the Abu Dhabi Water and Electricity ...  >>MORE

Nasseri meets Russian oil co. top official

Posted on 12/10/2003

Minister of Petroleum and Mineral Resources Obaid bin Saif Al Nasseri held talks yesterday in Abu Dhabi with visiting Vice President of the Russian Neftgaz Exports Company K. Vladimir over prospects of joint cooperation in oil industries. Nasseri said the visit of Russian oil minister at the beginning of the current year had open up new avenues of cooperation between the UAE-Russian oil sectors. The Russian oil company top official said that his company was eager to do business with its UAE ...  >>MORE

UAE University team invents anti-oil spill ship

Posted on 02/10/2003

A research team from the College of Engineering, UAE University, has accomplished a major scientific achievement when it designed a ship capable of treating oil spillage problems by adopting a new method based primarily on the difference between the density of seawater and crude oil. The UN Industrial Development Organisation has promptly espoused the innovation in appreciation of its scientific value. A number of international scientific circles, including the UK's New Science, has commended ...  >>MORE

Dolphin, Emarat team up for gas ventures

Posted on 01/10/2003

Dolphin Energy Ltd (DEL) is teaming up with Dubai-based Emirates General Petroleum Corp (Emarat) to undertake new gas ventures jointly in the Northern Emirates. Emarat will also undertake operations and maintenance of Dolphin's new Al Ain-Fujairah gas pipeline which will be ready by year-end. Detailed agreements are being finalised. A Memorandum of Understanding (MoU) signed yesterday appoints working teams from both parties to study the commercial viability of new joint gas ventures in the ...  >>MORE

UAE will cooperate to implement OPEC decision, says Nassiri

Posted on 25/09/2003

Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources, has said that the UAE would cooperate fully with the rest of OPEC members to implement the decision taken yesterday by the organisation, cutting output by 900,000 barrels per day. "The decision to cut supply limits by 900,000 is an attempt by the organisation to shore up falling prices and the UAE will therefore cooperate fully with the decision” said Nassiri in a statement to WAM. He added that the decision is a ...  >>MORE

Shell, ADNOC complete initial stages of sour gas project

Posted on 20/09/2003

A new sour gas study followed by drilling and testing undertaken by Shell Abu Dhabi with ADNOC has been completed, paving the way to meet growing demand for gas. The project of developing Sour gas reserves with a high sulphur content was undertaken in 1999 by Shell and ADNOC to assess the technical and commercial feasibility of safely producing and processing Abu Dhabi's huge sour gas reserves. The first stage of the plan involved the drilling of an appraisal well, the Arab 1, in the sour ...  >>MORE

ADCO awards Dh1.17b EPC deal to Italy's Snamprogetti

Posted on 15/09/2003

The Abu Dhabi Co for Onshore Oil Operations (ADCO), yesterday awarded Italy's Snamprogetti a Dh1.170 billion Engineering Procurement & Construction (EPC) contract for upgrading facilities at the Bu Hasa field. The Bu Hasa Facilities Development Project, delayed for some years, will have a nameplate plant capacity of 730,000 barrels per day(bpd) of oil. Project completion is set for end-2006. The project comprises new centralised oil production facilities to handle increased gas oil ratio (GOR) ...  >>MORE

Sharjah firm in US$1.2b deal for export of Russian oil to Europe

Posted on 10/09/2003

A US$1.2 billion contract was signed yesterday between the Offices of Sheikh Ahmed bin Mohammed Al Qasimi and ADZ Trading company for the purchase of crude oil and oil products from Russia. The joint venture deal envisages initial yearly export of 150,000 to 300,000 tonnes of this crude to European countries. The contract is for five years. (The Gulf News) ...  >>MORE

UAE committed to oil market stabilisation: Nasseri

Posted on 09/09/2003

The UAE reiterated yesterday its commitment to stabilisation of world oil market at a fair price for the strategic commodity. 'The UAE, as a producing nation depending on oil revenues, is seeking fair prices for oil to sustain its national development,' said Obeid bin Saif Al Nasseri, Minister of Petroleum and Mineral Resources, after talks with Executive Director of the International Energy Agency (IEA) Claude Mandel. Nasseri said his talks with Mandel explored prospects of joint ...  >>MORE

Mideast must make better use of oil resource: Ahmed

Posted on 09/09/2003

Global demand for oil has weakened and production has increased multi-fold, thus influencing prices of the petroleum products worldwide, said Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, while opening the 11th Middle East Petroleum and Gas conference. However, he said nothing remains the same forever and so the situation will change for better. Emphasising the point that the Middle East has the biggest reserves of oil and gas and so it ...  >>MORE

UAE and Oman gas networks to be connected soon

Posted on 09/09/2003

With a new pipeline from Oman linking with the new Dolphin pipeline at Al Ain, now under construction, the UAE gas network and the Omani gas networks will be connected from the third quarter this year. Oman gas will flow to Fujairah until Dolphin gas from Qatar comes on stream in 2006. Ahmed Ali Al Sayegh, Chief Executive Officer, Dolphin Energy Ltd. (DEL) of Abu Dhabi, said the pipeline crosses 182 kilometers of desert and mountain, to provide gas to the new power and desalination plants of ...  >>MORE

Enoc to boost presence in maritime industry

Posted on 09/09/2003

Emirates National Oil Company (Enoc) is pursuing further growth in the maritime industry and may be involved in the launch of a major new concern by the end of this year. News of the impending project was delivered by Hussain Sultan, Enoc chief executive and board member, to industry delegates at the Middle East Petroleum and Gas Conference being held in Dubai this week. In his welcome address to the conference, which is hosted by Enoc, he said the wholly-owned by the Government of Dubai ...  >>MORE

Abu Dhabi hikes diesel price by 5pc

Posted on 06/09/2003

Abu Dhabi has increased diesel prices by five per cent, the latest hike in the prices of petrol and other types of fuel in the emirate. Abu Dhabi National Oil Co. (ADNOC), which runs the emirate's hydrocarbon sector, said it had hiked the price of diesel (gas oil) to Dh4.20 from Dh4. The increase from September 3 applies to all ADNOC distribution filling stations. (The Gulf News) ...  >>MORE

Petroleum retail firms feel the pinch as prices soar

Posted on 31/08/2003

Major swings in crude prices have hit hard petroleum product distribution companies worldwide, with the UAE and other Middle Eastern countries no exception to this global phenomenon. The oil prices during the last two months have remained in the upper bracket of the price band fixed by OPEC. The high prices and squeezed refining margins have put tremendous pressure on retail petroleum product companies across the world. The situation is worse for those who procure their products from the ...  >>MORE

UAE pumps over US$8b into oil sector in four years

Posted on 27/08/2003

The UAE has pumped more than US$8 billion into its massive oil sector over the past four years within long-term plans to maintain its current output and expand capacity to nearly four million barrels per day. Official figures showed government investments in the oil sector totalled around Dh29.9 billion (US$8.15 billion) between 1999 and last year, while more than US$2 billion is expected to be channelled into the sector this year. The bulk of the funds was pumped by the Abu Dhabi National Oil ...  >>MORE

Adma-Opco gets OHSAS 18001 certification

Posted on 23/08/2003

Abu Dhabi Marine Operating Co (Adma-Opco) has been awarded OHSAS 18001 certification in recognition of its strong focus on quality occupational health and safety management, as well as its commitment towards risk management processes implemented across the company. Bud Fackrell, general manager of Adma-Opco, was presented with the certificate by Yngve Amundsen, Middle Eastern manager for Management System Certification services, part of Det Norske Veritas (DNV), the world's leading provider of ...  >>MORE

US$2b Abu Dhabi gas project gathers pace

Posted on 17/08/2003

Abu Dhabi's largest gas initiative, the US$2 billion plus Onshore Gas Development phase III (OGD-3) and Asab Gas Development phase II (Asab-2), has taken off with consultants and engineering, procurement and construction (EPC) contractors to be announced soon, confirmed officials. The OGD-3 and Asab-2 development will lead to a production of around 1.3 billion cubic feet per day (cfpd) of feed gas for re-injection into oil fields. "We are in the process of selecting a PMC and an EPC contractor ...  >>MORE

Abu Dhabi hikes price of kerosene

Posted on 17/08/2003

Abu Dhabi yesterday announced an increase of around seven per cent in kerosene prices at its petrol stations; the latest in a series of fuel prices rises in the emirate. The Abu Dhabi National Oil Co., which runs the emirate's hydrocarbon sector, said prices were raised from Dh4.2 (US$1.14) to Dh4.5 (US$1.22) per gallon from August 12. (The Gulf News) ...  >>MORE

Enoc Lubricants appoints distributor in Vietnam

Posted on 13/08/2003

Enoc Lubricants, a subsidiary of Dubai-based Emirates National Oil Co LLC, has appointed a distributor in Vietnam, thus becoming the first Middle Eastern lubricants supplier to enter that country. In Vietnam, Enoc Lubricants will focus on its core products - Protec Super and Protec Max 20W50 for the gasoline range, and Vulcan 660X and Vulcan 550X for the diesel range. Ho Chi Min-based Thien An Lubricants, with a nationwide dealership, will now market Enoc's world-class products. "This ...  >>MORE

NPCC achieves highest-ever sales in 2002

Posted on 13/08/2003

Abu Dhabi-based National Petroleum Construction Company (NPCC) has achieved the highest-ever sales after carrying out a number of successful onshore and offshore projects in 2002, said Aqeel Abdallah Madhi, general manager. The company is drawing up a major plan of expansion and diversification of its offshore and onshore capabilities and strive for operational excellence to maintain international standards both in the management and execution of projects. NPCC's wide scope of work covering ...  >>MORE

Natural gas consumers increase in Sharjah

Posted on 12/08/2003

The number of natural gas consumers in Sharjah have increased from 32,390 in 2001 to 45,570 by the end of 2002, according to recent statistics released by the Sharjah Electricity and Water Authority, SEWA. The number of premises connected to natural gas network have also witnessed a steady and constant increase from 33,990 connections in 2001 to 45,790 by the end of 2002. The amount of natural gas flowing from the pumping stations into the city has seen a 139.4 per cent increase by the end of ...  >>MORE

ADNOC may face production cut due to repair work

Posted on 11/08/2003

Abu Dhabi National Oil Company (ADNOC) is expected to face a short-term cut in production as the company plans to carry out repair work at lower Zakum and Umm Shaif, its two offshore fields, during the next two months. The oil major may experience the impact of the repair work on its production during the last four months of this year starting from September. According to market sources, the oil production of ADNOC could go down by anywhere between 30 and 40 per cent due to the repair work. ...  >>MORE

UAE plans to hike oil output capacity to 3.6mbd by 2006

Posted on 10/08/2003

Nicosia - The UAE plans to increase sustainable oil production capacity to 3.58 million barrels per day (mbpd) by 2006 from the current 2.63 mbpd, the Middle East Economic Survey (MEES) reported. "A crucial element in the UAE's plan is the development of Upper Zakum from its present level of 550,000 bpd to 1.2 mbpd," the Cyprus-based industry newsletter said. "Progress on developing the field is awaiting a decision by the Abu Dhabi National Oil Co. (ADNOC) on which international oil company ...  >>MORE

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Quick List

ADCO celebrates 40th Anniversary of its first Crude Oil Shipment


UAE earns oil revenues of over US$300b in 40 years


Abu Dhabi embarks on Dh1b natural gas distribution project


Arab gas reserves soar despite rise in output as domestic use grows


ENOC may restart condensate splitter


Natural gas powers trial-run vehicles in Sharjah


Oil will last over 100 years in UAE, Kuwait, Iraq


Abu Dhabi plans to set up largest Mideast petroleum services complex


Mideast needs US$100b to expand oil, gas capacity


ADNOC unit awards Dh352m rig deal to Singapore's Keppel


Government takes reins of restructured Fujairah refinery


ADNOC to continue its contribution to world demand for oil, gas


ADIPEC Appoints Oil & Gas Journal as Official Publication


ADCO awards Bu Hasa EPC contract to Italian firm


Abu Dhabi's largest gas initiative takes off


UAE backs fair oil prices: Nasseri


Dolphin Gas Project to achieve financial closure by 2005, says official


Privatisation of power sector will continue in UAE


Power-Gen Middle East 2003 opens


Nasseri meets Russian oil co. top official


UAE University team invents anti-oil spill ship


Dolphin, Emarat team up for gas ventures


UAE will cooperate to implement OPEC decision, says Nassiri


Shell, ADNOC complete initial stages of sour gas project


ADCO awards Dh1.17b EPC deal to Italy's Snamprogetti


Sharjah firm in US$1.2b deal for export of Russian oil to Europe


UAE committed to oil market stabilisation: Nasseri


Mideast must make better use of oil resource: Ahmed


UAE and Oman gas networks to be connected soon


Enoc to boost presence in maritime industry


Abu Dhabi hikes diesel price by 5pc


Petroleum retail firms feel the pinch as prices soar


UAE pumps over US$8b into oil sector in four years


Adma-Opco gets OHSAS 18001 certification


US$2b Abu Dhabi gas project gathers pace


Abu Dhabi hikes price of kerosene


Enoc Lubricants appoints distributor in Vietnam


NPCC achieves highest-ever sales in 2002


Natural gas consumers increase in Sharjah


ADNOC may face production cut due to repair work


UAE plans to hike oil output capacity to 3.6mbd by 2006