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THE ECONOMY - OIL AND GAS

UAE's earnings from oil, gas exports may drop

Posted on 15/11/2002

The UAE's earnings from crude oil and gas exports are expected to slip by around 8 per cent to $23.2 billion this year, while its foreign debt is likely to remain unchanged at nearly $18 billion, according to official Arab figures. UAE's oil and gas revenues totalled nearly $25.3 billion in 2001, and crude output cuts by the country in line with an agreement among producers would depress those earnings by 8.2 per cent to around $23.2 billion, the Abu Dhabi-based Arab Monetary Fund (AMF) said. ...  >>MORE

ADNOC opens Dh14m Abu Al Abyad station

Posted on 14/11/2002

ADNOC Distribution has formally opened its new Dh14 million petrol filling station at Abu Al Abyad, 125 kilometres from Abu Dhabi on Ruwais Road. This is the fourth rest area opened by the company this year, after Al Faya on Al Ain Road, and the two Al Samha rest areas on Dubai road, the company said yesterday. It was built in six months by Rania General Contracting and Al Diar Consultancy. It is spread over 75,000 square metres. The facility can serve up to 16 vehicles at a time with 48 ...  >>MORE

Work apace on Capital's chemical unit

Posted on 10/11/2002

The upcoming Dh60 million (US$16.5 million) chlor-alkali plant in Abu Dhabi's Industrial City is moving steadily ahead with international firms awarded different contracts, a top company official said The UK's W.S. Atkins has been appointed by Safewater Chemicals LLC to undertake the process and detailed engineering. Meanwhile, Ionics Inc, a NYSE listed company, has bagged a Dh30.2 million contract to supply the membrane cell electrolyser units, and French company GEA Kestner has been awarded a ...  >>MORE

Jodco plans to enhance Abu Dhabi oil recovery

Posted on 08/11/2002

The Japan Oil Development Co (Jodco) plans to enhance oil recovery in Abu Dhabi and strengthen its partnership with the Abu Dhabi National Oil Company (ADNOC), an English daily revealed here today. Takashi Nonouchi, chief executive of Jodco, told the Dubai-based " Gulf News": "Jodco's annual sales volume of crude oil is now around 100 million barrels, and we have grown to achieve a prominent position in supplying crude oil to Japan and the Asian market." Of the total crude oil lifted of ...  >>MORE

ADMA-OPCO and NDC sign contract

Posted on 06/11/2002

Abu Dhabi Marine Operating Company, ADMA-OPCO and National Drilling Company, NDC, signed a contract today to renew the lease of nine NDC rigs operating in ADMA-OPCO's concession area (Umm Shaif Field and Zakum Field). ADMA-OPCO currently utilises eleven rigs for its offshore drilling operations, in addition to operations undertaken on behalf of ADNOC and ZADCO, according to a press release. ADMA-OPCO's General Manager Bud E. Fackrell and Abdel Monem Saif Al Kindi, NDC's General Manager, carried ...  >>MORE

ADNOC Distribution boosts output

Posted on 03/11/2002

ADNOC Distribution, part of the ADNOC group, engaged in marketing and distribution of petroleum products, is enhancing production up to 90,000 metric tonnes per annum (mtpa) in the next two to three years, a senior company official said. Currently, ADNOC Distribution produces around 50,000 mtpa including lubricants and greases at its various plants. "The company is planning to increase production to 90,000 tonnes per year within the next two to three years," Rashed Helal Al Darmaki, local lube ...  >>MORE

Enoc to use TotalFinaElf Jafz facility

Posted on 01/11/2002

Emirates National Oil Co (Enoc) will produce lubricants at TotalFinaElf's facility in Jebel Ali Free Zone, said an official closely involved with the project. An agreement between Enoc and TotalFinaElf was signed last Tuesday between Hussein Sult-an, chief executive, Enoc; and Jehan Eric Blumereau, chief representative, UAE, TotalFinaElf. Under the agreement, Enoc will use TotalFinaElf's lube blending facility in the Jebel Ali Free Zone to produce 5 million litres of lubricants annually to be ...  >>MORE

Khalifa opens Borouge Petrochemicals complex

Posted on 31/10/2002

H.H. Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme commander of the UAE Armed Forces, opened here this evening the Borouge Petrochemicals Complex. The 1.2billion-Dirham complex consists of an Ethylene-breaking industry with a production capacity of 600,000 tons a year and two Power star Polyethylene lines with a production capacity of 450,000 tons a year. The complex, which is built on an area of about 260 hectares, is the first petrochemicals amenity in the ...  >>MORE

New petrochemical plant to be opened today

Posted on 30/10/2002

H.H Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Supreme Petroleum Council, today officially inaugurates Borouge company's 1.2 billion dollar- petrochemical complex in Ruwais. At a press conference held here today, Harri Bucht, the CEO of Abu Dhabi Polymers Co (Borouge) said that the Ruwais facility would boost Abu Dhabi's exports to the Middle East and Asia, as well as generate work for sectors providing ...  >>MORE

ADCO plans major developments, honours long serving employees

Posted on 23/10/2002

ADCO is embarking on some major developments which are scheduled for completion in 2005, following the approval by shareholders of plans to develop a production capacity of 1.4 million barrels per day, according to a senior ADCO official. Speaking at a ceremony held on Monday evening to honour long serving ADCO employees, Andre van Strijp, General Manager, ADCO, said that the future of ADCO will be challenging as the company sustains production from its existing fields and looks for new ...  >>MORE

Diesel prices up by 5pc

Posted on 22/10/2002

National oil companies have raised diesel prices by five per cent as Abu Dhabi pushes ahead with plans to expand its refining capacity. The Abu Dhabi National Oil Company (ADNOC), which controls the emirate's energy sector, said the price increase took effect from October 19. The price of gas oil was raised from Dh4 per gallon to Dh4.20, according to an ADNOC statement which was not confirmed by other distributors. However, the price of diesel was increased from Dh3.95 per gallon to Dh4.15. ...  >>MORE

ADGAS looks to Europe for LNG exports

Posted on 20/10/2002

The Abu Dhabi Gas Liquefaction Co (ADGAS) currently exports 5 million tonnes per annum of liquefied natural gas (LNG) annually mainly to Japan, a senior company official said. But in future, ADGAS is likely to begin exports to some European markets, he added. Last week, ADGAS announced it signed an agreement with BP Gas Marketing for sale and purchase of up to 750,000 tonnes per year of LNG for a four-year period. LNG shipments will be delivered initially to markets in Spain. "The total LNG ...  >>MORE

US, UAE agree to keep oil prices at 'reasonable level'

Posted on 17/10/2002

A US official held talks yesterday with the oil ministers of key producers Saudi Arabia and the UAE as Washington continued to prepare for a possible attack against Iraq. The UAE news agency, Emirates News, WAM said US State Department Undersecretary for Economic, Business and Agricultural Affairs Alan Larson discussed the need to maintain sufficient oil supplies and fair oil prices with UAE Minister of Petroleum and Mineral resources Obeid bin Saif Al Nasseri. Both sides agreed that ...  >>MORE

UAE firms keen to invest in Sudanese oil sector

Posted on 17/10/2002

A large number of European and Gulf region oil and gas firms, specially from the UAE, have shown keen interest in investing in the rich oil and gas fields in Sudan without any reservations, Dr Awad Ahmed Al Jaz, Sudanese Oil & Energy and Mineral Resources Minister, said yesterday. Addressing a Press conference yesterday in Dubai, Dr Al Jaz said, a large number of companies were racing to position themselves in the frontline to invest in the Sudan oil sector since the beginning of discovery of ...  >>MORE

Adgas signs LNG deal with BP Gas

Posted on 16/10/2002

The Abu Dhabi Gas Liquefaction Co (Adgas) has signed an agreement with BP Gas Marketing for sale and purchase of 750,000 tonnes per year of LNG for four years, officials said yesterday. Initial shipments will be sent to Spain. Adgas will supply BP 300,000 to 750,000 metric tonnes of LNG every year from January 2002 to December 2005. The deal could be extended through 2007. Three LNG shipments totalling 170,000 cubic metres have been supplied by Adgas to BP under the terms of this agreement. The ...  >>MORE

MoU signed at ADIPEC 2002

Posted on 15/10/2002

A Memorandum of Understanding (MoU) was signed here yesterday at Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) between Al Jaber Group of UAE and Dynasty Group of Denmark. " The partnership between the two companies will bring huge benefit to the Oil and Gas industry, which will strengthen the on and under sea-bed Marine Installations," Obeid Al Jaber, Director of Al Jaber Group said in a statement after signing the MoU. The Director of the Dynasty Group said " The MoU ...  >>MORE

Zayed's efforts behind oil sector success: Al Nasseri

Posted on 13/10/2002

The UAE's oil sector has witnessed a great and positive development within the past three decades, thanks to the oil companies, which have exerted great efforts to ensure the success of the sector despite the random instability on the international oil market. Obeid bin Saif Al Nasseri, Minister of Petroleum and Mineral Resources, who made the comment in a statement to the daily bulletin of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC 2002, which is being published by ...  >>MORE

Abu Dhabi boosts Zakum output

Posted on 28/09/2002

Abu Dhabi has completed a major project to boost the production capacity of its giant offshore Zakum oilfield through a successful gas injection process, as part of an overall programme to upgrade the emirate's crude output capability, the Gulf News reported today. 'The Pilot Gas Injection Project has been 'successfully accomplished' and it involved the utilisation of a 4,000-tonne gas injection platform at the field, according to Abu Dhabi Marine Operating Co (ADMA-OPCO), one of Zakum's ...  >>MORE

Mideast undergoes major oil, gas developments : Nasseri

Posted on 22/09/2002

Osaka - The Middle East, in general, and the Gulf region, in particular, are witnessing major developments in their oil and gas upstream and downstream sectors, UAE Petroleum and Mineral Resources Minister said yesterday. Obaid bin Saif Al Nasseri said these regions, with their vast oil and gas resources, had attracted major attention from big players in the energy scene. 'This important role of the Middle East region is expected to lead to more cooperation between producing and consuming ...  >>MORE

Emarat, ADNOC in marketing tie-up

Posted on 21/09/2002

Two leading petroleum products distribution companies, Emi-rates General Petroleum Corp (Emarat) and Abu Dhabi National Oil Co (ADNOC) have forged a marketing tie-up. The new move is intended to help both companies to sell their products in each other's areas without setting up their facilities physically. Emarat and ADNOC have already signed a memorandum of understanding (MoU) to cross-accept their fuel cards in each other's territory. In an exclusive interview with Gulf News, Rashid H. Al ...  >>MORE

ADCO capacity being raised to 1.4m bpd

Posted on 19/09/2002

Abu Dhabi Co for Onshore Oil Operations (ADCO), a joint venture between Shell Group and ADNOC will increase its capacity from 1.2 million bpd to 1.4 bpd to be achieved by 2005. Meanwhile, the president of Royal Dutch Petroleum and vice-chairman of the committee of managing directors of the Shell Group, Jeroen van der Veer, dismissed yesterday reports that the group's natural gas initiative in Saudi Arabia is dead. He is visiting Dubai to attend the company's latest meeting held for the group's ...  >>MORE

No need for OPEC to raise output: Nasseri

Posted on 18/09/2002

The UAE Minister of Petroleum and Mineral Resources said yesterday he saw no need for the group to ease oil supply curbs at its meeting this we, Reuters reports from Dubai quoting WAM. Obeid Saif Al Nasseri, said the group which meeting tomorrow in Japan to decide output policy, would consider hiking output at another meeting in December or towards the end of October should there be a supply shortage and a demand surge. "There is no justification for increasing production at the time being ...  >>MORE

NPCC wins offshore project in Qatar

Posted on 18/09/2002

National Petroleum Construction Company (NPCC) a unit of Abu Dhabi National Oil Co, has been awarded the engineering, procurement and construction and commissioning of offshore facilities of Al Khalij North Development Project in Qatar. A report in Abu Dhabi Economy, published by the Abu Dhabi Chamber of Commerce and Industry, said the scope of work under the contract covered two platforms, including a wellhead platform and a process platform, about 16 kilometres of 10-inch and 16-inch sub-sea ...  >>MORE

Nasseri sees oil price increase if US strikes Iraq

Posted on 08/09/2002

UAE's Minister of Oil and Mineral Resources Obaid Saif Al Nasseri refuted reports voicing doubts about the future of OPEC. "OPEC proved its effectiveness in maintaining the stability of oil prices and its presence is positive for the world economy. It was created to serve the interests of producing countries,” said Nasseri in an interview with Al Khaleej. Nasseri expects oil prices to rise substantially in case of a possible US attack against Iraq, though he wished that this would not happen ...  >>MORE

UAE nets US$350b from oil windfall in 30 years

Posted on 07/09/2002

Oil exports have pumped nearly US$350 billion into the UAE's coffers since crude gushed out of its desert more than three decades ago and turned the scattered Gulf oases into one of the most modern countries, according to official figures. The estimated income is in nominal terms as it could be lower than half in real terms, taking into consideration inflation rates and the eroding purchasing power of the U.S. dollar. Commercial oil production began in the UAE in early 1960s at a rate of a ...  >>MORE

UAE to maintain crude supplies

Posted on 05/09/2002

The UAE pledged yesterday to push ahead with development plans in its massive hydrocarbon sector to ensure long-term stable crude oil supplies to the global market in collaboration with other producers and consumers. The Ministry of Petroleum and Mineral Resources said the UAE has the capability to play a vital role in ensuring steady supplies to consumers given its mammoth crude reserves of around 97.8 billion barrels, nearly 9.1 per cent of the world's total recoverable oil wealth. In a ...  >>MORE

ADCO evaluating bids for Bab expansion contract

Posted on 05/09/2002

Abu Dhabi Company for Onshore Operations (ADCO) is evaluating technical bids for the engineering, procurement and construction contract for expanding the capacity of the onshore Bab field from the present 250,00 b/d to 350,000 b/d and expects an award to be made in January. According to the latest issue of Middle East Economic Survey (MEES), the Bab expansion is part of a programme, involving an investment of US$1 to US$1.5 billion over the next three-to-four years under which Abu Dhabi is ...  >>MORE

ADNOC drills 20 exploratory wells

Posted on 22/08/2002

Abu Dhabi National Oil Co. (ADNOC) has drilled 20 exploratory oil wells in the last 19 years. In future, the focus will be on exploration of deep oil and gas prospects, reports the latest edition of ADNOC News. ADNOC has completed all its related programmes in onshore developments, including a project to upgrade water injection facilities in Bu Hasa and Sahil fields. The project was completed in 1996. Sahil will be upgraded to increase oil production capacity at Thamama reservoirs to ...  >>MORE

US$113b needed for Arab oil projects

Posted on 14/08/2002

Arab states will have to pump at least US$113 billion into projects to expand their oil, gas and petrochemical industries in the coming five years, according to official estimates. Around US$49.6 billion will be invested in capacity maintenance and expansion projects in the crude oil sector while gas projects will receive nearly US$36 billion and the rest will be channelled into refining and petrochemical ventures. 'But the massive investments between 2001 and 2006 still fall short of the oil ...  >>MORE

UAE likely to earn US$15.8b from oil sale

Posted on 10/08/2002

The UAE is expected to earn nearly US$15.8 billion from oil exports this year despite repeated cuts in its output in line with a collective agreement by OPEC and non-OPEC producers to remove market surplus and boost prices. The earnings are nearly 5 per cent higher than the US$15.1 billion netted in 2001, when crude prices averaged around US$23 a barrel, according to the National Bank of Abu Dhabi. In its monthly bulletin, NBAD projected the oil sector's contribution to GDP at around 27.3 ...  >>MORE

ADGAS replacing LNG loading arms at jetty

Posted on 08/08/2002

Abu Dhabi Gas Liquefaction Co. (ADGAS) is replacing its four 16-inch LNG loading arms on the jetty with new ones. The increased rate of major maintenance for the existing arms and the need to mobilise expensive marine barges for lifting the loading arms from the jetty for workshop refurbishment, have prompted the decision to replace the existing 25-year old loading arms. A detailed technical and economic study was done prior to this. According to the latest ADGAS bulletin, the ...  >>MORE

UAE's oil reserves 'to last 150 years'

Posted on 06/08/2002

The UAE will continue to produce oil for the next 150 years given its enormous crude reserves that rank fourth in the world, and output could last longer with the improvement of recovery technology, an UAE official was quoted as saying. The country's recoverable oil wealth is estimated at 98 billion barrels, the fourth largest after those in Saudi Arabia, Iraq and Iran, said Dr. Ibrahim Ismail, an adviser at the Ministry of Oil and Mineral Resources. "At current production rates, UAE's ...  >>MORE

US$12.5 million calm buoy for ENOC unit nearing completion

Posted on 03/08/2002

Construction of the US$12.5 million calm buoy (single point mooring or SPM) contracted by Emirates National Oil Company Limited (ENOC) LLC for the expansion of its Vopak ENOC Fujairah Ltd subsidiary is nearing completion. Being built in Abu Dhabi's GPC yard by Consortium Partners Bluewater & Va Oord ACZ of the Netherlands, the SPM will be ocean-towed to Fujairah and will be fully operational by the end of next month. "It will meet increased demand and optimise asset utilisation while ...  >>MORE

NPCC wins EPC contract for offshore project in Qatar

Posted on 30/07/2002

Abu-Dhabi based National Petroleum Construction Co (NPCC), a subsidiary of Abu Dhabi National Oil Co (ADNOC), has been awarded the engineering, procurement, construction and commissioning (EPC) of offshore facilities of the Al Khalij North development project in Qatar. The contract was signed by Patrick Pouyanne, managing director of TotalFinaElf, and Aqeel Madhi, general manager of NPCC, on July 25. The scope of work under the contract covers two platforms, including a wellhead platform ...  >>MORE

ADMA-OPCO to raise production capacity

Posted on 29/07/2002

The Abu Dhabi emirate this month marked the anniversary of its first crude oil shipment to the global market aboard a British tanker 40 years ago and officials described it as a watershed event in the history of the emirate and the whole UAE. British Signal, a tanker owned by British Petroleum (BP), set sail from Das Island on July 4, 1962, bound for world markets to mark a new era in the emirate and set the ground for the launching of a massive development programme. The tanker lifted the ...  >>MORE

Indian firm wins Dh202m Dolphin pipeline project

Posted on 25/07/2002

Indian construction company Dodsal has been awarded a contract for the complete engineering, procurement, construction, testing and commissioning of the Al Ain-Fujairah gas pipeline by Dolphin Energy Limited. The contract is scheduled for completion within 15 months, and has a value of Dh202 million. The project comprises of a 24-inch diameter,180km gas pipeline from Al Ain to Qidfa in Fujairah together with ancillary facilities such as pressure reducing and metering stations. The pipeline ...  >>MORE

Enoc, Djibouti in joint venture

Posted on 22/07/2002

Emirates National Oil Co. (Enoc) has entered into a joint venture with the Djibouti Government to set up Enoc Djibouti Ltd SAZF, which will bottle and distribute LPG in the East African country. This is the Enoc group's 24th company, and was set up in response to the country's LPG market conditions. The start up is expected to drastically reduce the retail cost per cylinder, making the product accessible to the bulk of Djibouti's 600,000 population. Enoc is also considering setting up a ...  >>MORE

Emarat plans major expansion of Fujairah terminal

Posted on 20/07/2002

Emarat is embarking on a major expansion of its Fujairah terminal to raise petroleum storage tankage capacity from 50,000 to 280,000 cubic meters, Rashid Al Shamsi, its general manager, said. The project will be implemented in two phases from the second quarter of 2003. Each phase will cost around Dh40 million with 100,000 cubic meters of storage capacity added in the first and 130,000 cubic meters in the second, he said. For the project, Emarat is seeking a suitable partner who will ...  >>MORE

Dolphin Energy and Oman Oil sign MoU

Posted on 15/07/2002

Oman Oil Company, SAOC, and Dolphin Energy Limited of Abu Dhabi today announced plans for the supply of Omani natural gas to new power and water plants currently under construction in Fujairah. A memorandum of Understanding (MoU) was signed here today in Abu Dhabi between the two parties, to establish the general conditions of Gas Sales and Purchases Agreement(GSA) for gas supply starting in second half of 2003, for a period of between three and half and five years. In the MoU, the two ...  >>MORE

UAE oil income to swell by over US$2b

Posted on 12/07/2002

The UAE's oil income will swell by more than US$2 billion this year to exceed US$16 billion despite an expected decline in average crude prices. But it will slip back again next year, according to a Western economic report. From US$14.5 billion in 2001, the UAE's oil export earnings will grow to around US$16.8 billion in 2002 although the average price of North Sea Brent crude is expected to slide from around US$23.1 to US$22, the London-based Middle East Monitor (MEM) bulletin said. The ...  >>MORE

UAE refining capacity to grow 28 per cent by 2005 says study

Posted on 11/07/2002

The UAE's' refining capacity is expected to go up by 28 per cent during the period 2000-05, while the overall Arab refining capacity is expected to move up marginally by 1.07 per cent during the same period, according to a recent study. The projected expansion of refining capacity in the UAE is second largest in the Arab region. According to a recent research paper, 'The future of the Arab and international refining Industry and the role of Scientific research in its development,' presented at ...  >>MORE

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Quick List

UAE's earnings from oil, gas exports may drop


ADNOC opens Dh14m Abu Al Abyad station


Work apace on Capital's chemical unit


Jodco plans to enhance Abu Dhabi oil recovery


ADMA-OPCO and NDC sign contract


ADNOC Distribution boosts output


Enoc to use TotalFinaElf Jafz facility


Khalifa opens Borouge Petrochemicals complex


New petrochemical plant to be opened today


ADCO plans major developments, honours long serving employees


Diesel prices up by 5pc


ADGAS looks to Europe for LNG exports


US, UAE agree to keep oil prices at 'reasonable level'


UAE firms keen to invest in Sudanese oil sector


Adgas signs LNG deal with BP Gas


MoU signed at ADIPEC 2002


Zayed's efforts behind oil sector success: Al Nasseri


Abu Dhabi boosts Zakum output


Mideast undergoes major oil, gas developments : Nasseri


Emarat, ADNOC in marketing tie-up


ADCO capacity being raised to 1.4m bpd


No need for OPEC to raise output: Nasseri


NPCC wins offshore project in Qatar


Nasseri sees oil price increase if US strikes Iraq


UAE nets US$350b from oil windfall in 30 years


UAE to maintain crude supplies


ADCO evaluating bids for Bab expansion contract


ADNOC drills 20 exploratory wells


US$113b needed for Arab oil projects


UAE likely to earn US$15.8b from oil sale


ADGAS replacing LNG loading arms at jetty


UAE's oil reserves 'to last 150 years'


US$12.5 million calm buoy for ENOC unit nearing completion


NPCC wins EPC contract for offshore project in Qatar


ADMA-OPCO to raise production capacity


Indian firm wins Dh202m Dolphin pipeline project


Enoc, Djibouti in joint venture


Emarat plans major expansion of Fujairah terminal


Dolphin Energy and Oman Oil sign MoU


UAE oil income to swell by over US$2b


UAE refining capacity to grow 28 per cent by 2005 says study