Energy, Oil and Gas

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Middle East Oil and Gas

KSA begins pumping oil from Khursaniyah field
The largest single increment to global oil production capacity for several years is now underway as Saudi Arabia has begun pumping crude from the 500,000 barrel per day Khursaniyah field. First output from the field was delayed from the scheduled start date in December 2007.
Saudi Arabia: Thursday, September 04 - 2008 at 07:39

TAQA buys Dutch oil stake
The Abu Dhabi National Energy Company (Taqa) has announced the purchase of EnCore Oil Nederland B.V., a wholly owned subsidiary of EnCore Oil plc. The Dutch firm's only asset is a 10% stake in the Amstel field off the Netherlands shore. The deal is valued at $5.5m on completion.
United Arab Emirates: Wednesday, September 03 - 2008 at 15:07

Oil price drops nearly 10%
Oil prices fell by almost 10% yesterday, hitting a five-month low as Hurricane Gustav proved much less damaging to US oil facilities than initially feared. West Texas Intermediate crude for October delivery fell to a low of $105.46, a price not seen since April 8, before settling at $109.43, down $6.03.
Middle East: Wednesday, September 03 - 2008 at 07:39

Mubadala sets up EPC firm
A new company, Petrofac Emirates, has been set up in Abu Dhabi to provide a full range of onshore oil and gas, refining and petrochemical services, reported Khaleej Times. Mubadala Petroleum Services Company and Petrofac Limited, a Sharjah-based international oil and gas facilities service provider, have joined hands to form the engineering, procurement and construction company. The new firm, which will be based in Abu Dhabi, is expected to begin operations within a few months.
United Arab Emirates: Tuesday, September 02 - 2008 at 11:17

Oil trades near 4-month low
Crude oil traded near a four-month low as Hurricane Gustav has eased after striking the US Gulf Coast. Crude oil for October delivery was at $111.20 a barrel, down 3.7%, at 10:49 a.m. Singapore time from the close of Aug. 29 on the New York Mercantile Exchange, reported Bloomberg.
Middle East: Tuesday, September 02 - 2008 at 09:24

GCC to invest over $320bn in energy by 2018
GCC countries are likely to invest more than $320bn by 2018 to develop oil, gas, power and petrochemical projects to meet the energy demands of their fast-growing economies, reported Gulf News. In the UAE, most of the energy-related investments would go towards building new utilities like power and cooling plants to meet the growing demands of the construction business. UAE officials expect the country's electricity demand to exceed 40,800 megawatts in 2020, based on an annual growth rate of 9% beginning in 2007.
Middle East: Tuesday, September 02 - 2008 at 07:36

UAE ventures in biodiesel
Dubai-based venture capital fund, Alf Yad Limited LLC has invested in EmBio, a capital venture investment positioned to be the producer of the first constant supply of high-grade biodiesel in the UAE and the GCC region. EmBio was conceptualised by UAE-based Ecobility Energy Solutions (Ecobility), a company focused on private sector sustainable development projects including renewable energy, resource conservation and sustainable buildings. Daman Investments will be the manager of the fund.
United Arab Emirates: Monday, September 01 - 2008 at 09:42

Iran oil reserve at 85bn barrels
An official at the National Iranian Oil Company said that Iran has more than 85bn barrels of recoverable heavy oil, Reuters has reported, citing Iran's Oil Ministry news website SHANA. The reserve accounts to 60% of the country's reserves in the crude category. Meanwhile, Iran's total recoverable oil reserves were recorded at 138.4bn barrels at the end of 2007 in the BP Statistical Review.
Iran: Sunday, August 31 - 2008 at 09:29