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Oil falls $4 to below $90
Oil fell $4 to below $90 a barrel on Tuesday, falling from its record high in a broad commodity sell-off sparked by uncertainty over how aggressive the U.S. Federal Reserve will be in fueling economic growth, reported Reuters.
Aabar's profit up 83%
Abu-Dhabi based Aabar Petroleum Investments Company has announced that its net revenues in the third quarter climbed 83% to Dhs457m ($125m) from Dhs250m in the same period a year ago following an increase in the group's oil production from its continuing operations in Southeast Asia. The firm's operating profit rose 58% to Dhs188m from Dhs119m a year ago.
Adyard wins $35m contract
Swiss-based Single Buoy Moorings Inc has awarded a $35m fabrication contract to Abu-Dhabi based Adyard, an oil and gas subsidiary of Topaz Energy and Marine. The deal is for the fabrication of a Mobile Offshore Production Unit for Talisman Energy, one of Canada's largest petroleum companies. The MOPU is to be located on the YME Field in the Norwegian sector of the North Sea.
Iran eyes $70bn in oil exports
Iran is targeting its oil export revenues to reach $70bn in the year to March, after it received about $35bn in the first half of the year, reported Reuters. Mohammad Ali Khatibi, deputy head of marketing at state-owned National Iranian Oil Company, said Iran earned about $60bn the previous year.
Dubai makes bid for shipyard
Dubai Drydocks World has made an offer to buy Singapore's Labroy Marine for about $1.63bn, reported Reuters. Dubai Drydock's offer is about 15 times the company's 2008 earnings per share. If finalized, the acquisition would be the firm's second in Singapore after its successful bid of $424m for a 70% stake in shipyard operator Pan-United Marine.
Dolphin to double imports
Dolphin Energy Vice President Philippe Persillon said imports of Qatar gas to the UAE will double by February to two billion cubic feet per day, reported Reuters. The Dolphin project linking Qatar's giant North Field with the UAE and Oman is the first cross-border gas project in the Gulf Arab region. The 364 kilometre pipeline for the gas exports to the UAE was completed last year.
Oil near $94
Oil jumped to a record high near $94 a barrel on Monday as stormy weather disrupted supplies from Mexico and the dollar approached record lows, reported Reuters. U.S. crude settled up $1.67 at $93.53 a barrel after striking a record $93.80 earlier.
ODS-Petrodata opens in Dubai
ODS-Petrodata has opened a new office in Dubai. The global offshore intelligence and consulting services company will provide direct sales and customer service to all ODS-Petrodata customers in the region.
Doha gas conference today
The 6th Doha Conference on Natural Gas opens today at the Sheraton Doha, hosted and organised by Qatar Petroleum (QP), reported The Peninsula. An exhibition is also scheduled to open at the Qatar International Exhibition Centre. The event aims to open opportunities for foreign investors to pursue partnership proposals with QP on gas-related industries.
Gulf gears up fuel alternatives
The Power and Finance Week conference which takes place today, 28 Oct to 1 Nov in Bahrain will discuss the future of alternative fuels to include nuclear safety management and nuclear licensing. ESR Technology Group CEO David Weaver will present the overview. There are 114 active power generation projects of all types in the GCC countries worth a combined total of over $160bn.
Oil hits high at $92
US oil has hit high above $92 a barrel yesterday, Friday while the dollar tumbled to a record low, reported Reuters. The increase happened amidst tension on US' new sanctions on Iran and shootings in Nigeria's oil production.
IAS wins exploration bid in CAR
Doha based-IAS International has won a bid for exploration of oil and gas in the Central African Republic (CAR) under the company name PTI-IAS, reported Khaleej Times. The project is a joint venture between IAS and Poly Technologies, Inc, a Beijing-based company wholly owned by the government of China.
Gulf projects may slow
The Middle East may see fewer oil and gas projects in the near future due to a shortage of available contractors, reported Gulf News. Abdul Aziz Alidi, business development manager of new projects at Arab Petroleum Investments Corp, said a short-term slowdown is likely until the expected arrival of new firms from China, South Korea and Russia help alleviate the bottleneck. He said the influx of contractors will also help lower contract costs, which have been climbing.
Taqa and NPC ink agreement
The Abu Dhabi National Energy Company (Taqa) has signed an agreement to cooperate on joint developments with National Power Company, an affiliate of the Al Zamil and Al Seif Groups, which are regional investment groups based in Saudi Arabia. Both companies aim through the joint venture to make significant investments in the Saudi regional power and water sectors, plus potentially the industrial sector.
Essar to build refinery in Iran
India's Essar Group and Iran's state oil refining firm are teaming up to build a 300,000 barrel per day refinery in southern Iran early next year to help boost the Opec member's stagnant refining sector that is struggling with petrol shortages, reported Reuters. The facility is estimated to cost $8-$10bn and would be the first foreign-invested downstream project in sanctions-hit Iran. It will be Essar's first overseas refinery development.
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