Energy, Oil and Gas

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Middle East Oil and Gas

TAQA H1 revenue Dhs8.6bn
The Abu Dhabi National Energy Company (Taqa) has announced H1 revenue of Dhs8.6bn. The group's net profits grew 249% to Dhs869m, compared with Dhs249m for the same period in 2007. The increase is attributed to recent acquisitions and the impact of higher oil and gas prices.
United Arab Emirates: Thursday, August 07 - 2008 at 12:19

Oil futures drop to $117
New York oil futures fell to $117.11 a barrel yesterday, 20% down on the record of $147.27 it reached on 11 July, Bloomberg has reported. The drop in price coincides with an increase in reserves amid falling US consumer demand and a stronger dollar.
Thursday, August 07 - 2008 at 09:37

Oil drops to $118
Crude oil fell for the third consecutive day to $118 a barrel in New York, according to a Bloomberg report. Crude oil for September delivery fell 0.9%, or $1.07, to $118.10 on electronic trading, as analysts predict further falls due to contracting demand from Europe and the US.
Wednesday, August 06 - 2008 at 09:16

Iraq resumes Turkey shipments
Iraq has resumed the shipment of oil through its northern pipeline to Turkey, after the service was interrupted on Monday, according to a Reuters report. The pipeline is Iraq's secondary export terminal and carries approximately 400,000 bpd.
Iraq: Wednesday, August 06 - 2008 at 09:10

SAS sets up oil and gas division
Business intelligence software developer SAS is launching a Global Oil and Gas Business Unit. The unit aims to develop business intelligence software for the sector, hoping to tap into the current boom in the Middle East. SAS said the division is staffed by upstream and downstream specialists and is set up to help oil and gas customers maintain predictable and stable business processes.
Middle East: Tuesday, August 05 - 2008 at 10:56

Oil falls to three-month low
Crude oil prices fell to a three month low as weather forecasters predicted that a storm in the Gulf of Mexico would miss offshore production facilities, according to Bloomberg. Crude oil fell $3.69 to end at $121.41 a barrel in New York, the lowest close since 5 May.
Tuesday, August 05 - 2008 at 09:27

Adnoc regulates diesel sales
Abu Dhabi National Oil Company, the emirate's sole distributor of petroleum products will begin selling diesel via a prepaid card system only from 16 August, according to a Gulf News report. Motorists will be able to purchase diesel using cash until 15 August, after which time drivers will need to use a special prepaid Al Rahal card.
United Arab Emirates: Tuesday, August 05 - 2008 at 08:52

Iraq tenders 7 wells for drilling
Iraq has called for bidding from contractors to drill seven new oil wells and complete work on four natural gas wells, AP has reported. Reserves in the East Baghdad oil field are estimated to be at least 5 billion barrels, while Akkas gas field has estimated reserves of more than 2.15 trillion cubic feet.
Iraq: Monday, August 04 - 2008 at 09:28