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THE ECONOMY - OIL AND GAS

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

Enoc launches new engine oil

Posted on 06/08/2003

ENOC Lubricants, a subsidiary of Emirates National Oil Company (ENOC), has launched the next generation PROTEC X-Treme engine oil into local and international markets. The top tier, fully synthetic PROTEC X-Treme is a modern, high technolog lubricant developed for the very latest passenger cars requiring performance specifications exceeding the American Petroleum Institute's SL standard. "This product delivers maximum protection, fuel efficiency and performance for all passenger cars, ...  >>MORE

OPEC not for output increase: Al Nassiri

Posted on 02/08/2003

Vienna - The Organisation of Petroleum Exporting Countries, OPEC, has decided, at the end of its closed-door meeting here today, that it will maintain it present output of 25.4 million barrels a day and the current members quotas will also remain unchanged. In a statement to the Emirates News Agency, WAM, Minister of Petroleum and Mineral Resources, Obeid bin Saif Al Nassiri, said that the decision was made because there was no cause for any change in the current output and quotas. He ...  >>MORE

ADCO begins to develop oilfield

Posted on 02/08/2003

The Abu Dhabi Company for Onshore Oil Operations (ADCO) has begun work to develop a new onshore oilfield, Huwaila, for production of up to 10,000 barrels per day (bpd) of oil by 2006. Veco Engineering, Abu Dhabi, part of the U.S.'s Veco, has been awarded the front-end engineering and design contract for the development of the field. "The FEED has been awarded to Veco Engineering," a senior ADCO official said, adding that commercial bids will now be evaluated. The Huwaila field, located some 30 ...  >>MORE

Total clarifies agency report on pipeline

Posted on 02/08/2003

Total Abu Al Bukoosh, French oil major Total's subsidiary in the UAE, yesterday clarified that a pipeline linking its oilfield off Abu Dhabi to Das Island was commissioned early this year. "The 52-kilometre export oil pipeline was commissioned on January 7 to transport crude oil from the Abu Al Bukoosh field to Das Island," a senior official of the company told Gulf News. Bloomberg, quoting the OPEC News Agency, said yesterday that Total will build a 52-kilometre oil pipeline linking Abu Al ...  >>MORE

Abu Dhabi uses oil revenues to make staggering progress

Posted on 30/07/2003

Blessed with huge oil and gas resources, the Emirate of Abu Dhabi has judiciously use oil revenues to achieve a staggering socio-economic development in a short span of time, placing itself among the world most modern urban centres. It follows a free market economy where there are no restrictions on imports, exports or on movement of capital. Oil revenues have also underpinned the emirate's drive for economic diversification of sources of national income and active participation of the private ...  >>MORE

Total Abu Al Bakhoosh to construct new pipeline

Posted on 29/07/2003

Total Abu Al Bakhoosh announced that it would construct a 52km long pipeline extending from Abu Al Bakhoosh oil field to the Das Island Industrial Area, which is an important centre for offshore oil production in Abu Dhabi. The company confirmed that operation of this line would boost oil export operations carried out by the company. The company also stated that once the pipeline construction is finished, crude oil pumped through this pipeline will be stored in the industrial area and will be ...  >>MORE

Oil sector takes giant strides to meet international demand

Posted on 29/07/2003

The UAE oil industry has taken great strides this year to meet the steadily growing international demand for oil, and to contribute even more vigorously to Gross Domestic Product. The sector's advancements were highlighted ahead of the Accession Day of President His Highness Sheikh Zayed bin Sultan Al Nahyan on August 6. Among the advancements, the Abu Dhabi Gas Industries Ltd (Gasco) has started two major gas development projects, the Onshore Gas Development (OGD-3) and the Asab Gas ...  >>MORE

Dubai dependence on oil sector falls further

Posted on 29/07/2003

Dubai's economy has experienced phenomenal growth during the last few years, with the service sector - mainly trade, industry, banking, tourism and real estate - the main force behind this economic miracle, according to the National Bank of Dubai's latest half yearly economic report. Last year the Dubai economy grew by 7.5 per cent and the non-oil sector by 9.5 per cent. For this year, the Dubai Department of Economic Development has predicted overall growth of 6 per cent, a cautious figure ...  >>MORE

OPEC quota to stay - Nasiri

Posted on 28/07/2003

The present production ceiling of the Oil Producing and Exporting Countries (OPEC) will remain unchanged until the regular conference Obeid bin Saif Al Nasiri, UAE Minister of Petroleum and Mineral Resources. In a press release yesterday , he confirmed that the oil market at present is relatively stable, and that oil prices are moving in a very limited range between US$ 22 to $28 per barrel. He said this price does not provide enough justification to increase production ceiling at the OPEC ...  >>MORE

Iraqi diesel flowing freely to UAE mart

Posted on 19/07/2003

Iraqi diesel has emerged as a major attraction in UAE markets in the post-Saddam Hussain era. The chaos on the administration front and a difficult law and order situation have added a new dimension to the diesel business, which has flourished with the lifting of UN sanctions. During the past few weeks the Iraqi diesel supply business has become so lucrative that some operators have bought back the old vessels they had sold for scrapping. At the same time steel prices have skyrocketed in ...  >>MORE

Abu Dhabi cabs to start using natural gas from next year

Posted on 16/07/2003

Abu Dhabi's compressed natural gas (CNG) project will become operational in mid-2004 in its first phase of introducing CNG for taxis, a top ADNOC official said yesterday. Meanwhile, ADNOC Distribution, the marketing arm of ADNOC, will continue to build and modernise new fuel and lubricants stations as part of its Dh200 million investment plan. Last December, ADNOC Distribution announced the US$1.5 million CNG project to popularise CNG in the country by providing it for 48 selected taxis through ...  >>MORE

ENOC division services 1,000 vessels in 15 months

Posted on 16/07/2003

ENOC Bunkering (Fujairah) LLC, a subsidiary of Emirates National Oil Co (ENOC) Ltd, has set a record by servicing 1,000 vessels without a hitch within just 15 months of the joint venture's launch. The company also supplied 8,400 metric tonnes of bunker fuel to the vessel Berge Enterprise on July 15. "The potential of the market can be gauged by the fact that more than 12 million metric tonnes of bunker fuel are currently delivered offshore in the UAE, and Fujairah has one of the world's ...  >>MORE

ENOC seeking condensate from regional suppliers

Posted on 13/07/2003

Emirates National Oil Company (ENOC), which has now restarted its 120,000 b/d condensate splitter in Dubai, is seeking condensate feedstock from all regional suppliers. A Middle East Economy Survey (MEES) report said that ENOC has signed a term contract for the supply of 30,000 b/d of condensate already, but it is looking to tie-up with regional players for the balance. Hussain Sultan, chief executive officer of ENOC, told MEES that ENOC would "naturally endeavour to operate the splitter at ...  >>MORE

Fujairah gets equipment to tackle oil spills

Posted on 08/07/2003

The Food and Environment Control Laboratory run by Fujairah Municipality yesterday received equipment worth more than Dh2 million to tackle oil spills. Rashid Hamdan Abdullah, Director of the municipality, said the new equipment was provided in response to the directives of His Highness Sheikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, because of his keen interest to protect the environment. Aseelah Abdullah Al Mulla, Director of the Food and ...  >>MORE

ENOC to publish financial results from next year

Posted on 05/07/2003

Emirates National Oil Company (ENOC), the 100 per cent Dubai government retail oil major, is planning to make public its financial statements from next year. Though there are a couple of non-listed companies owned partially or fully by the Dubai government, Emirates airline is the only company which currently publishes its financials. Hussain Sultan, chief executive officer (CEO) and board member of ENOC, said in a recent interview that ENOC will publish its annual financial statements either ...  >>MORE

ADNOC opens new bunkering unit

Posted on 02/07/2003

ADNOC Distribution has ventured into a new line of business, setting up a new bunkering facility at Abu Dhabi's Mina Zayed (Port Zayed). The new facility was informally commissioned yesterday, thus facilitating refuelling for tankers, cargo ships and other vessels calling at the port. The bunkering facility comprises two storage tanks, each with a capacity of 7,500 metric tonnes, two fuel stores, pipelines to distribute the fuel, pumping stations and a loading arm. "This is built especially ...  >>MORE

National Oilwell plans expansion

Posted on 01/07/2003

National Oilwell, a world leader in the oil rig business, is planning to expand its operations in Dubai and elsewhere in the Middle East. The region generates nearly 10 per cent of its global sales. The company expects its operations to double in the Middle East from US$200 million to US$400 million in five years. National Oilwell also has an ambitious plan to re-enter Iraq after 13 years. Pete Miller, president and chief executive of National Oilwell, said it expects sales turnover this ...  >>MORE

ENOC bolsters link with young business leaders

Posted on 01/07/2003

Emirates National Oil Co (ENOC) has set up an internal committee to promote sourcing of products and services from national youth projects set up under the Mohammed bin Rashid Establishment for Young Business Leaders. The committee is made up of key executives representing companies and major units in the group. The ENOC committee is co-ordinating plans within the group to implement internal processes, which include technology solutions that classify firms registered with the establishment by ...  >>MORE

ESNAAD records major achievement this year

Posted on 25/06/2003

The establishment of ESNAAD Company has been officially declared vide the Emiri Decree No. 2/2003, as a company fully owned by Abu Dhabi National Oil Company (ADNOC). The Company is a result of ADDCAP merger with NMS, following relentless and thorough studies, which proved the feasibility of the merger, that represents a leap and part of modernization policy adopted by various U.A.E. organizations under the prudent leadership of H.H. Sheikh Zayed Bin Sultan Al Nahyan, President of the U.A.E. ...  >>MORE

Recycling plant for onshore oil fields to be inaugurated at Habshan

Posted on 23/06/2003

A plant for recycling and reuse of the drill cuttings generated by oil operations in the Abu Dhabi onshore oil fields will be inaugurated at the Habshan area on Tuesday. In a statement issued yesterday, the Abu Dhabi Company for Onshore Oil Operations, ADCO, said that the execution of the project is in line with the commitment of the ADNOC Group towards the protection and preservation of the environment. ADCO added that the project emphasizes its strong commitment to ensure quality performance ...  >>MORE

OPEC meet will review prevailing and future conditions in the market: Nasseri

Posted on 10/06/2003

Obaid bin Saif Al Nasseri, Minister of Petroleum and Mineral Resources said yesterday that the upcoming meeting of OPEC in Doha would assess the prevailing and future conditions in the oil market with the view of striking a balance between supply and demand. "OPEC should be prepared to take necessary measures to strike a balance between supply and demand and thereby maintain prices that are acceptable to consumers and producers alike” Nasseri said in a statement to WAM. On the resumption of ...  >>MORE

Emarat launches hi-tech smart cards

Posted on 09/06/2003

Emarat yesterday launched its next-generation smart cards that will revolutionise corporate fleet management by shifting from a manual and time-consuming process to a fast, streamlined and efficient procedure, said Rashid Al Shamsi, general manager. "The chip-based cards mean that the Emarat range of cards will store more information, can be programmed to activate restrictions or benefits on predetermined instructions, provide flexibility and speed for transactions and incorporate greatly ...  >>MORE

Gasco embarks on two major projects

Posted on 04/06/2003

The Abu Dhabi Gas Industries Ltd. (Gasco) has embarked on two major gas development projects estimated to cost over US$2 billion, including a new gas plant and associated facilities, said officials. Gasco also unveiled a new logo and reiterated its commitment to health, safety and the environment. The Front End Engineering and Design (FEED) for the two projects, the Onshore Gas Development (OGD-3) and the Asab Gas Development (AGD-2), have been completed and selection of an EPC (engineering, ...  >>MORE

ADNOC announces prices of crude oil for May

Posted on 02/06/2003

The Abu Dhabi National Oil Company, ADNOC, has announced the government selling prices of crude oil FOB Abu Dhabi ports for the month of May 2003. The prices are as follow: Murban = US$25.85, Lower Zakum = US$25.85, Umm Shaif = US$ 25.60 and Upper Zakum = US$ 25.10. (The Emirates News Agency, WAM) ...  >>MORE

UAE oil income set to reach US$17.6 billion

Posted on 01/06/2003

Strong crude prices and an increase in production will boost the UAE's oil income this year to around US$17.6 billion while its external financial balance will remain in surplus and inflation under control, according to a Western report. The income will rise from around US$16.6 billion last year before declining to nearly US$13.8 billion next year because of an expected drop in crude prices, said the report by the Economist Intelligence Unit, EIU, an offshoot of the London-based Economist ...  >>MORE

ADCO, French group sign US$600m deal

Posted on 27/05/2003

ADNOC subsidiary Abu Dhabi Company for Onshore Oil Operations (ADCO), yesterday formally signed the US$600 million North East Bab phase one development project with the joint alliance of France's Technip-Coflexip and the local National Petroleum Construction Co (NPCC). The project involves enhancing crude oil production at the Rumaitha/Shanayel fields and the Al-Dabbiya field to 110,000 barrels per day (bpd) by 2006. Current production at the fields, around 100 kilometres away from Abu Dhabi, ...  >>MORE

ADNOC to boost Habshan gas capacity

Posted on 25/05/2003

Production capacity of the ADNOC Habshan gas processing plant will shoot up to 4,500 million cubic feet of natural gas per day by 2007, the date set for completion of the second and third phases of the onshore natural gas development project. An ADNOC source stated that during the second phase of the project, it will go ahead with further development of the natural gas installations at Asab, 60 km. away from Habshan plant, where LPG is currently extracted from natural gas, and injected into ...  >>MORE

New ADNOC station to offer natural gas for cars this year

Posted on 20/05/2003

ADNOC will set up the Al Maha Natural Gas Distribution Facility in Abu Dhabi which will provide passenger cars with natural gas as fuel. Jamal Al Darif, general manager of ADNOC Distribution, said the eco-friendly project will start functioning this year. If successful, similar stations will open nationwide. ADNOC will try to provide an adapter which will enable cars to use both petrol and natural gas. The price of gas will be almost the same as petrol and adapters will be available in ADNOC ...  >>MORE

ENOC denies role in Iranian gas contract

Posted on 13/05/2003

Emirates National Oil Company Ltd (ENOC) denied that it is involved in the recent contract reportedly signed between Iranian and UAE companies for long-term exports of Iranian gas to the UAE. "Though we have seen a press report about the contract, attributed to an official of the National Iranian Gas Export Co, ENOC actually has no detailed knowledge of it and has not signed such a contract," said an ENOC spokesman in Dubai yesterday. "ENOC understands that an arrangement has been made with a ...  >>MORE

Total Abu Al Bakhoush to construct pipeline for exporting oil from Das Island

Posted on 07/05/2003

Total Abu Al Bakhoush has announced the construction of a 52-kilometre pipeline, stretching from Abu Al Bakhoush oil field to the industrial areas of Das Island, which is one of the main oil operation centres in Abu Dhabi emirate. In a statement carried in the latest edition of ADMA magazine, the company said the construction and the subsequent operation of the pipeline was a significant development in oil export operations of the company. The oil that would be pumped through this pipeline ...  >>MORE

UAE, Egypt to set up chain of fuel stations

Posted on 29/04/2003

The UAE and Egypt will form a company to set up a chain of fuel stations in Egypt, it was announced here yesterday. The agreement for the Dh300 million company was signed recently in Cairo to establish 69 filling stations across the country, said Abdullah Mohammed Hussein, Egypt Commercial Attaché, at a press conference which was held to announce the Egyptian product fair. Hussein said that the UAE's investments in Egypt amounted to 1.351 billion Egyptian pounds (around Dh800 million). ...  >>MORE

OPEC cuts output by two million barrels

Posted on 26/04/2003

Vienna - The consultative meeting of OPEC ministers concluded in Vienna yesterday with a decision to cut oil production by two million bpd, from estimated average production of February and March of 27.3 million bpd. Sources told WAM that the new production quota has been set at 25.4 million barrels a day and will be effective from June 1. Obaid bin Saif Al Nassiri, UAE Minister of Petroleum and Mineral Resources said that OPEC's decision to cut the output was a step in the right direction as ...  >>MORE

OPEC meet should address quota violations: Al Nassiri

Posted on 24/04/2003

Vienna - The sole issue that might be on the agenda of today's meeting of OPEC is the status of the oil market and price level, according to UAE Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nassiri. "The volume of oil supplies on sale holds negative impact on the prices and is a serious threat unless the situation is redressed," Al Nassiri said in a statement to WAM. He maintained that the situation "requires strict adherence to output quotas by member states as a first ...  >>MORE

Enoc sets up new entity

Posted on 08/04/2003

Emirates National Oil Co (Enoc) has set up a new entity - Horizon Terminals Ltd (HTL) - to meet the requirements, regional and international, for independent terminalling facilities and management. The start-up has an initial authorised capital of $50 million, and fully owned by Enoc. The intention is to open it to large investors at a later stage and then to float it on Dubai Financial Market within five years. HTL's objective is to set up and develop a network of terminals by creating, ...  >>MORE

Three ADNOC units in CNG project

Posted on 05/04/2003

Three ADNOC subsidiaries are jointly developing a project in Das island to replace petrol by compressed natural gas (CNG) in vehicles, an official report said. ADGAS, ADMA-OPCO and ADNOC Distribution are developing the project of replacing petrol by CNG on the island by 2004. "The combined vision of the three companies is to have CNG-fuelled vehicles operating on Das Island by 2004," said a report in the latest ADGAS News. The three companies agreed recently to move the project forward to the ...  >>MORE

Enoc sets sights on Saudi Arabia, Egypt with new venture

Posted on 01/04/2003

Emirates National Oil Company Ltd (Enoc) is setting up an independent oil storage company and embarking on new projects in Saudi Arabia and Egypt. In the near-term, the group will develop new projects in Saudi Arabia and Egypt and expansion in Dijoubti and Singapore. As part of its tenth anniversary, Enoc is unveiling its new vision and mission aimed at positioning Dubai as an 'Energy Partner of Choice'. Set up in 1993, Enoc had a paid-up capital of Dh100 million and operates more than 24 ...  >>MORE

Borouge capacity to hit 1.2m mt by 2007

Posted on 31/03/2003

The bimodal polyethylene manufacturing plant, Borouge, is going to expand its capacity in two phases, in 2005 and 2007, to lift its annual production capacity from the current 450,000 metric tonnes to 1.2 million metric tonnes, said an official of the Ruwais-based plant. Borouge, a 60:40 joint venture between Abu Dhabi National Oil Company (ADNOC) and Broealis of Denmark, was established in November 1998 and commissioned in January 2002 with an investment of US$1.2 billion at a 260-hectare ...  >>MORE

ADMA-OPCO raises output to 460,000 bpd in 2002

Posted on 30/03/2003

Despite production problems during 2002, Abu Dhabi Marine Operating Co (ADMA-OPCO) met production commitments by increasing sustainable capacity to 460,000 barrels per day (bpd), a company report stated. "The sustainable capacity of the ADMA-OPCO facilities was increased from 450,000 bpd to 460,000 bpd despite restrictions in LPG capture, by completing exercises on the ADMA-OPCO Das plant," the latest ADMA-OPCO bulletin released yesterday said. "ADMA also managed to meet its production ...  >>MORE

UAE, Saudi Arabia sign agreement

Posted on 20/03/2003

An agreement has been signed here between the Saudi Arabian Basic Industry Company, SABIC, and the Dubai Natural Gas Company Ltd., based on which the latter would supply SABIC 180,000 tones of Methanol chemical material. According to Mohammed Hamad Al Madhi, Deputy Board Chairman of SABIC, the agreement represents industrial integration among member states of the Gulf Cooperation Council, GCC. It also reflects increasing cooperation between the SABIC and the UAE production sector, he said. (The ...  >>MORE

ADCO to raise production to 1.4m bpd

Posted on 16/03/2003

The Abu Dhabi Company for Onshore Oil Operations (ADCO) is increasing crude oil production to 1.4 million barrels per day by 2005. ADCO also, yesterday, awarded JGC Corporation of Japan a Dh334 million engineering, processing and construction (EPC) contract to upgrade crude production capacity at the onshore Bab field from 250,000 bpd to 300,000 bpd. Saeed A. Khoory, assistant general manager (Technical), ADCO, and Kazuo Yamaga, senior managing director, JGC Corp, Japan, signed the contract. ...  >>MORE

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Quick List

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


Enoc launches new engine oil


OPEC not for output increase: Al Nassiri


ADCO begins to develop oilfield


Total clarifies agency report on pipeline


Abu Dhabi uses oil revenues to make staggering progress


Total Abu Al Bakhoosh to construct new pipeline


Oil sector takes giant strides to meet international demand


Dubai dependence on oil sector falls further


OPEC quota to stay - Nasiri


Iraqi diesel flowing freely to UAE mart


Abu Dhabi cabs to start using natural gas from next year


ENOC division services 1,000 vessels in 15 months


ENOC seeking condensate from regional suppliers


Fujairah gets equipment to tackle oil spills


ENOC to publish financial results from next year


ADNOC opens new bunkering unit


National Oilwell plans expansion


ENOC bolsters link with young business leaders


ESNAAD records major achievement this year


Recycling plant for onshore oil fields to be inaugurated at Habshan


OPEC meet will review prevailing and future conditions in the market: Nasseri


Emarat launches hi-tech smart cards


Gasco embarks on two major projects


ADNOC announces prices of crude oil for May


UAE oil income set to reach US$17.6 billion


ADCO, French group sign US$600m deal


ADNOC to boost Habshan gas capacity


New ADNOC station to offer natural gas for cars this year


ENOC denies role in Iranian gas contract


Total Abu Al Bakhoush to construct pipeline for exporting oil from Das Island


UAE, Egypt to set up chain of fuel stations


OPEC cuts output by two million barrels


OPEC meet should address quota violations: Al Nassiri


Enoc sets up new entity


Three ADNOC units in CNG project


Enoc sets sights on Saudi Arabia, Egypt with new venture


Borouge capacity to hit 1.2m mt by 2007


ADMA-OPCO raises output to 460,000 bpd in 2002


UAE, Saudi Arabia sign agreement


ADCO to raise production to 1.4m bpd