2007
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GCC earns $750bn since 2004
The GCC countries have produced around 32bn barrels of oil since 2004, worth $2trn at spot prices, according to a report by Citigroup and cited by the Bahrain Tribune. The study states that if a price of $30 per barrel is assumed as the profit threshold, then $750bn worth of surplus has been accrued in that time and the figure should exceed $1trn by the end of next year.
Adwea expects 14,000 MW
The Abu Dhabi Water and Electricity Authority (Adwea) has predicted that energy demands in the capital will hit 14,000 megawatts (MW) by 2020, compared to 4,000 MW last year, reported Emirates Today. Dr Jamal Al Suwaidi, the DG of the Emirates Centre for Strategic Studies and Research, said the ongoing economic boom and rapid population growth in the GCC necessitated the implementation of nuclear energy to meet future demands.
Adnoc exec in efficiency call
Sultan Ahmad Al Muhairi, the Marketing and Refining Director at the Abu Dhabi National Oil Company (Adnoc), has said the Middle East is one of the fastest-growing consumers of oil, reported Gulf News. Al Muhairi emphasised the need to invest in renewable energy resources and to prioritise energy efficiency in order to protect oil reserves. He said countries in the Gulf need to 'think like consumers as much as producers'.
Oil at $94.6 a barrel
Oil prices rose yesterday, Monday, after an Opec summit in Riyadh broke up without mention of any possible future output increases, reported the AFP. Light sweet US crude for January delivery closed at $94.6 a barrel, up 80 cents, in New York, while London Brent ended the day on $92.3. The prospect of tight supplies as the northern hemisphere enters winter also fanned prices.
Powell cools Iran fears
Speaking at the Leaders in Dubai conference, former US Secretary of State Colin Powell has dismissed fears that Iran is anywhere near close to developing a nuclear weapon as a result of its controversial, ongoing nuclear programme. Powell also believed that a military attack on Iran was unlikely with the US being heavily committed in Iraq and Afghanistan.
Saudi mulls Asian refineries
Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al Naimi has said the kingdom is looking to invest in new refineries in Asia, reported Arab News. It is thought joint venture projects with Indian firms such as HPCL are being considered. Al Naimi also confirmed that Saudi is planning to ramp up its own refining capacity from 3.2m barrels per day (bpd) to 6m bpd within five years.
28 die in Aramco fire
More details have emerged on the fire which affected a gas pipeline belonging to Saudi Aramco in the Eastern Province of Saudi Arabia early on Sunday morning, reported Arab News. The death toll was much higher than initially feared, with 28 people killed, including five employees of Saudi Aramco. The nationalities of the dead have yet to be revealed although most are thought to be Asian workers.
Abu Dhabi relies on energy
Khaldoun Al Mubarak, the Chairman of Abu Dhabi's Executive Affairs Authority, told delegates at the Meed Abu Dhabi Conference 2007 yesterday, Sunday, that, despite the city's attempts to diversity its business interests, hydrocarbon revenues will remain the 'backbone' of the economy. Abu Dhabi plans to ramp up its oil production to 4m barrels per day and also intends to boost its sour gas production and its petrochemicals sector.
Opec in oil pledge
The Heads of State of the countries making up the Opec oil cartel have pledged to provide 'adequate, timely and sufficient oil to the world market' following a summit in Riyadh, reported Reuters. Saudi Arabia's Oil Minister Ali Al Naimi stressed that price 'fluctuations' had nothing to do with current Opec supply levels. No mention was made of any concern over the weak US dollar.
Abu Dhabi touts petrochemicals
Petrochemicals will be an important part of the Abu Dhabi economy over the next 25 years and the emirate will be focusing on attracting the largest companies in the industry to facilitate this growth, said His Excellency Khaldoon Mubarak, chairman of the Abu Dhabi Executive Affairs Authority. Speaking at the Meed Abu Dhabi Conference 2007, Mubarak said the emirate has a competitive advantage in this area and needs to make sure it capitalizes on its potential.
Workers killed in pipeline fire
Saudi Aramco has said a fire which broke out last night on a gas pipeline in Saudi Arabia's Eastern Province caused 'a number of deaths and injuries', reported the AFP. The blaze occurred on the Haradh-Uthmaniyah pipeline around 30 kilometres from the Hawiyah gas plant while maintenance work was being carried out. It is thought the number of workers killed is in 'single figures' and the gas plant was unaffected.
Oman to up oil production
Oman is to invite international energy firms to sign production sharing deals in the new year as part of the sultanate's plan to up oil production to 1m barrels per day, according to Undersecretary of Oil and Gas Nasser Al Jashmi and cited by Reuters. The production spike would mainly come from three oil fields already in operation - Al Mukhaizna, Harweel and Qarn Alam. No time-frame has been given.
Chavez makes price warning
Venezuelan President Hugo Chavez, speaking at an Opec summit in Riyadh, has said oil prices, already close to $100 a barrel, could hit $200 if the US attacks Iran over its ongoing nuclear policy or if it takes aggressive action against Venezuela, reported Reuters. Geo-political tensions have fanned oil prices over the past 18 months, while Opec is also under pressure to hike its output to ease global constraint fears.
Ministers discuss dollar ditching
Foreign Ministers representing the various members of the Opec oil cartel have discussed the possible cessation of valuing oil in the dollar due to the greenback's ongoing decline, reported Arab News. The proposal was put forward by delegations from Iran and Venezuela at a summit in Riyadh. But Saudi's Foreign Minister Prince Saud Al Faisal warned of the 'consequences' of such an action and said mere speculation could damage the dollar further.
Iran eyes 4.5m barrels per day
Iran's Oil Minister Gholamhossein Nozari has said the Islamic Republic's oil and gas output could reach 4.5m barrels per day of oil equivalent within the next two years but the country needs $15bn to develop new projects, reported the Dow Jones newswires. Nozari also revealed that talks with France's Total regarding the development of the South Pars gas field were ongoing but rising costs were a big factor.
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