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Middle East Oil and Gas

Dana Gas targets 76% rise in output
UAE-based Dana Gas said it plans to increase total production by 76% or 68,000 barrels of oil equivalent per day by the end of 2009. In a statement, the company also said it will be starting the construction of the LPG recovery plant in Ras Shuqair, and will be conducting feasibility studies for other similar projects in Egypt. In March 2008, Dana Gas signed a 25-year concession for the Western Offshore Area of Sharjah, and to develop the Zora Gas Field within the block.
United Arab Emirates: Thursday, January 08 - 2009 at 08:29

Nama Chemicals gets $56m loan
Saudi-based Nama Chemicals said it has received a $56m loan from the Saudi Industrial Development Fund to expand production at its plant. The financing will be used to double epoxy output to 120,000 tons a year, the company said in a statement.
Saudi Arabia: Wednesday, January 07 - 2009 at 13:24

Aramco raises official price
Saudi Aramco, the world's largest state-owned oil company, raised the official selling prices for shipments of 'heavy crude' grades for February as demand rises, Bloomberg reported. The company said it has increased the prices for all of its grades to the US. The cost of Saudi's Heavy crude exports to the U.S. increased the most, climbing $4.45 to a discount of $5.30 a barrel to the West Texas Intermediate benchmark. Medium crude exports increased $3.55 a barrel to a discount of $4.20.
Saudi Arabia: Wednesday, January 07 - 2009 at 07:57

Saudi Arabia finds new oil, gas fields
Saudi Arabia said it has discovered five new oilfields and three gasfields in the Eastern Province, the state news agency SPA reported. Four of the oilfields were on land and one was offshore, Oil Minister Ali al-Naimi said in a statement. He named as the wells as Jaouf-11, Ramthan-9, Nayashen-1, Jarid-11, Jarid-101 and Khursaniya-114. In test drilling the biggest producing wells were Jaouf-11 at 2,551 barrels a day and Nayashen-1 at 2,076 bpd.
Saudi Arabia: Tuesday, January 06 - 2009 at 14:32

Oil price rises to $48
Oil prices rose sharply Monday as the Israeli-Palestinian conflict heightened and Iran said OPEC would hold a special meeting next month. New York's main contract, light sweet crude for February, jumped $2.47 to close at %48.81 a barrel.
Middle East: Tuesday, January 06 - 2009 at 08:07

Aramco announces price hike
Saudi state oil firm Aramco has announced that the country will raise its official selling price for light crude oil in February. This will affect customers in the US and Asia. Buyers of Saudi oil had expected the price to rise as the kingdom cuts supply under an agreement with Opec.
Saudi Arabia: Monday, January 05 - 2009 at 09:29

Saudi Kayan secures SR2bn loan
Saudi Kayan Petrochemical Company has secured a SR2bn loan from the Saudi Industrial Development Fund, which will complete funding for a portion of the company's new petrochemical complex in Jubail. Saudi Kayan is an affiliate of Sabic.
Saudi Arabia: Sunday, January 04 - 2009 at 11:37

Chinese engineers start Iraqi field work
Following the signing of a $3bn contract, Chinese oil engineers have begun work on developing a major Iraqi oil field. The project revives a contract signed in 1997 that granted China exploration rights to the Al-Ahdab oilfield. The contract allows China National Petroleum Corp and another Chinese company, Zhenhua Oil, to develop the Al-Ahdab oil field in the province of Wasit.
Iraq: Sunday, January 04 - 2009 at 10:10

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