2003
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ExxonMobil profits surge
ExxonMobil has posted a 53 per cent surge in profit to USD4bn for Q4 2002. Revenues shifted 18 per cent higher to USD56.2bn thanks to higher oil prices. Capital spending was up four per cent to USD4bn in Q4.
ChevronTexaco returns to profit
ChevronTexaco reported a net income of USD904m for the fourth quarter of last year compared with a USD2.5bn loss a year earlier. The losses in Q4 2001 were related to post-merger write-offs. Higher oil prices and a hard winter bouyed profits in Q4 2002.
First natgas plant at Hamriya FZ
The first compressed natural gas (CNG) plant, which can be used as an alternative automotive fuel, will be operational at the Hamriyah Free Zone (HFZ) in Sharjah from March this year. The new CGT plant will cater to markets in Iran, Pakistan, India and Bangladesh. The company had already obtained orders from Bangladesh for six complete CNG fuelling stations worth approximately USD2.5 million.
Oman to invest USD7.5b in oil
State-owned Petroleum Development Oman (PDO) will invest around USD1.5 billion per year for the next five years to enhance oil production and arrest the decline in production and increase reserves. In co-ordination with the Omani Government and foreign shareholders, the company has put in place a multi-billion revival strategy to use the latest appropriate technology. PDO produces 90 per cent of Oman's oil and produces gas and liquefied natural gas for the country's domestic and industrial consumption.
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