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Energy, Oil and Gas
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 Middle East Oil and Gas |
MIS wins $335m drilling deal
- UAE-based Maritime Industrial Services Co. Ltd. Inc. has won a $335m rig-building contracts to and construct two offshore jack-up drilling rigs for Mosvold Middle East Jackup. The two firm rigs (Hull 106 and Hull 108), will be supplied by MIS on a turnkey basis and will be built at MIS' shipyard in Sharjah.
- United Arab Emirates: Sunday, July 27 - 2008 at 09:14
Oil hits 7-week low
- Oil has hit a seven-week low on Friday, which slid further more than $20 off prices in two weeks, Reuters has reported. US crude traded as low as $122.50, the lowest since June 5 while Brent crude lost $2.05 to $124.39.
- Middle East: Saturday, July 26 - 2008 at 09:31
Dragon Oil production up 37%
- Dragon Oil announced a 37% increase in H1 gross production today from its Cheleken Contract Area in its unaudited results. The company said that it pumped an average rate of 38,482 barrels per day compared to 28,321bpd for the same period last year and has a cash balance of approximately $654m. Audited results will be published on 22 August.
- Yemen: Thursday, July 24 - 2008 at 12:09
Oil falls $3
- Oil prices fell Tuesday, closing at the lowest point since June 5, due to a perceived decline in US demand. Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel in afternoon trading on the New York Mercantile Exchange. Oil was down as much as $5.41 earlier in the day, but rallied near the end of the session.
- Middle East: Wednesday, July 23 - 2008 at 07:04
Saudi Electricity profit dips 4% in Q2
- Saudi Electricity, the kingdom's largest power generator, has announced that its second-quarter profit fell 4.1 percent on higher operating costs, reported Bloomberg. Net income dropped to 781 million riyals ($208.4m) from 814 million riyals in the year-earlier period.
- Saudi Arabia: Tuesday, July 22 - 2008 at 11:13 |
UAE to cut oil output in October
- The UAE will cut oil output by 150,000 to 200,000 barrels per day for 40 days in October and November for maintenance, reported Reuters, citing an official at state oil company Adnoc. The scheduled shutdown will reduce the country's oil output by up to 7.5%. The UAE pumped around 2.6 million bpd in June.
- United Arab Emirates: Tuesday, July 22 - 2008 at 07:30 |
Oil price rises from six week low
- Rising tensions with Iran and a potential hurricane in the Gulf of Mexico have pushed oil prices up from six week lows, according to Bloomberg reports. Prices for August delivery rose to $130.13 on the New York Mercantile Exchange, still below the highs seen a few weeks ago. Iran has two weeks to respond to calls to suspend nuclear enrichment or face new sanctions.
- Middle East: Monday, July 21 - 2008 at 09:29 |
UAE's oil revenue to hit $100bn
- The UAE's oil export revenues are predicted to hit the $100bn mark in 2008 if the price momentum of the first-half of the year remains constant, Gulf News has reported. Abu Dhabi crude oil grades' official selling price (OSP) from January to June this year has averaged $108.32 per barrel, a 73.6% increase on last year, in line with soaring global oil prices.
- United Arab Emirates: Sunday, July 20 - 2008 at 08:51 |
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