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UAE says OPEC+ should boost output, setting up group tension
March 10, 2022
Source: BNN Bloomberg

UAE says OPEC+ should boost output, setting up group tension

The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.

Oil prices would be twice as high without OPEC, says UAE's oil minister
Nov. 9, 2021
Source: world oil

Oil prices would be twice as high without OPEC, says UAE's oil minister

LONDON (Bloomberg) --The United Arab Emirates said oil prices would be even higher today if it wasn’t for OPEC+, signaling the group will continue resisting U.S. pressure to pump faster. “Fortunately, we have OPEC+,” UAE Energy Minister Suhail Al-Mazrouei said Monday at the Africa Oil Week conference in Dubai. The 23-nation alliance of major crude exporters has prevented “us from having double or triple the prices and that’s something we need to appreciate.

UAE: Oil Demand Has Already Increased To 95 Million Bpd
May 21, 2021
Source: Oil Price

UAE: Oil Demand Has Already Increased To 95 Million Bpd

Oil demand has already increased to 95 million barrels per day (BPD), and the market is rebalancing, according to the chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber. However, the organization raised its outlook for oil demand for both the third and fourth quarters of 2021 by 150,000 BPD and 290,000 BPD, respectively. Third-quarter demand is expected to average 97.90 million BPD, and fourth-quarter demand is set to further rise to 99.74 million BPD, OPEC’s latest report said.

ADNOC says low carbon oil will play a central role in the energy transition
March 4, 2021
Source: world oil

ADNOC says low carbon oil will play a central role in the energy transition

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of the ADNOC said low carbon oil will play a central role in the energy transition.ADNOC is delivering on this mission as it reduces its carbon intensity by a further 25% over the next 10 years, H.E. Dr Al Jaber said, adding that the company is exploring the potential of new fuels such as Hydrogen, which shows great promise as a close to zero-carbon fuel.

Weir Oil & Gas wins contract in UAE
Aug. 25, 2020
Source: World Oil

Weir Oil & Gas wins contract in UAE

Weir Oil & Gas Dubai has signed a three-year agreement with a national oil company in the UAE. The contract secures the provision of Weir Oil & Gas Rotating Equipment services, machine shop services, emergency manufacturing and site works. This agreement could position Weir as a key provider for the client and allow Weir to expand its portfolio in the specific oil field.

Lamprell zooms up on new EPIC contract award in the UAE
May 21, 2020
Source: World Oil

Lamprell zooms up on new EPIC contract award in the UAE

Lamprell zoomed 55% to 18p on Wednesday afternoon on the back of a new contract award by Sharjah National Oil Corporation valued between US$6-50mln. The oil services firm will undertake engineering, procurement, installation and commissioning contract associated with the Mahani gas and condensate field in the UAE. Scheduled for completion in early 2021, Lamprell's scope of work is specific to the Mahani Extended Well Test project.

Abu Dhabi sells $7 billion worth of bonds
April 20, 2020

Abu Dhabi sells $7 billion worth of bonds

Abu Dhabi yesterday informed about selling $7 billion worth of bonds in the third major sale this month, aimed at countering declining oil prices. The transaction contained three tranches: a $2 billion five-year tranche, a $2 billion 10-year segment, and the third tranche of $3 billion aging after 30 years. Recently, Saudi Arabia raised $7 billion in a bond sale, while Qatar sold-out $10 billion worth of bonds.

ADNOC cancels two work orders from Petrofac
April 18, 2020

ADNOC cancels two work orders from Petrofac

UAE state-run ADNOC has canceled two contracts awarded to the oilfield service provider, Petrofac valued at $1.5bn. The contract awarded only two months ago required Petrofac to carry out work on the Dalma Gas Development project offshore Abu Dhabi. The development operated and 60% owned by ADNOC, where Eni, Wintershall and OMV are partners.

Petrofac lands two contracts worth $1.65 billion
Feb. 19, 2020

Petrofac lands two contracts worth $1.65 billion

Oilfield services provider, Petrofac yesterday informed about securing two contracts worth ~$1.65 billion from state-run ADNOC for the Dalma gas development project in the UAE. The first package of the contract, priced at $1.07 billion, pertains to developing gas processing facilities at Arzanah island. The second tranche is estimated to be worth $591 million. The contract award comes as the UAE looks to achieve gas self-sufficiency.

Lamprell secures jack-up rig construction contract from IMI
Jan. 21, 2020

Lamprell secures jack-up rig construction contract from IMI

UAE-based oil rigs manufacturer Lamprell has secured a contract from International Maritime Industries (IMI) for the delivery of two jack-up drilling rigs. The two Keppel LeTourneau jack-up drilling rigs will be designed on the basis of the Super 116E. IMI said that the firm will collaborate with Lamprell to construct the two rigs. Lamprell estimates the share from the project to gross at approximately $350m.

NPCC and Petrofac JV receives a contract from Al Yasat
July 30, 2019
Source: World Oil

NPCC and Petrofac JV receives a contract from Al Yasat

National Petroleum Construction Company and Petrofac JV have been awarded a contract with Al Yasat Petroleum. The JV will provide FEED services for the Belbazem Block Development Project in UAE. Under the work scope of the contract, the companies will have to submit a FEED package and an EPCI proposal for the facilities. Further, the CEO of NPCC is looking forward to the successful delivery of its share of work.

Saudi Arabia pulls in Iran for a tussle
May 17, 2019

Saudi Arabia pulls in Iran for a tussle

After Yemen's Iran-aligned Houthi militia claimed responsibility for the attacks on Saudi oil pumping stations, Saudi's Deputy Defence Minister has slammed Iran. On Thursday, he accused Iran of arranging this attack. Prince Khalid Bin Salman tweeted that this "proves that these militias are merely a tool that Iran's regime uses to implement its expansionist agenda". However, UAE has not taken any names yet, for the incident is still under investigation.

4 vessels near Fujairah port suffered "sabotage operations"
May 13, 2019

4 vessels near Fujairah port suffered "sabotage operations"

The foreign ministry of UAE informed about the "sabotage operations" on four commercial vessels. The attack occurred near the UAE emirate of Fujairah but did not cause any casualties. Fujairah is one of the largest bunkering hubs situated outside the Strait of Hormuz. Bahrain has described this incident as "a dangerous criminal act". According to the sources, the operations ran smoothly at Fujairah on Sunday.

Twelve Seas to acquire Brooge Petroleum in $1 billion
April 16, 2019
Source: World Oil

Twelve Seas to acquire Brooge Petroleum in $1 billion

The London-based investment firm, Twelve Seas Investment Co. has entered into a $1 billion agreement to acquire UAE-based oil storage and services business, Brooge Petroleum & Gas Investment Co. (BGPIC). The acquisition is expected to conclude by the end of the second quarter or early in the third quarter. BGPIC will still be led by its current management team with headquarters in Fujairah.

ADNOC Drilling aims at expansion outside the UAE
April 1, 2019
Source: The National

ADNOC Drilling aims at expansion outside the UAE

State-run, ADNOC is looking to expand business activities outside UAE. The oil major aims at drilling outside the UAE, apart from a 40% ramp up in drilling of local conventional resources by 2025. Oilfield services giant, BHGE, which owns 5% stakes in ADNOC Drilling, will assist the company in carrying out local drilling operations. ADNOC Drilling recently concluded the first “fully integrated drilling services” well in the Al Dabbyia field.

OPEC warns US on NOPEC bill
March 15, 2019
Source: Oil Price

OPEC warns US on NOPEC bill

A Bloomberg report published on Tuesday reported that OPEC has warned US bankers against the NOPEC bill currently under debate in US Congress. Sources quoted UAE oil minister saying that if the NOPEC bill passed and made OPEC members prone to U.S. anti-cartel legislation, the group would first break up and then, every member would lift individual production to the maximum.

ADNOC inks $4 bn pipeline infrastructure deal
Feb. 25, 2019
Source: Reuters

ADNOC inks $4 bn pipeline infrastructure deal

UAE state-owned Abu Dhabi National Oil Corporation (ADNOC) has entered into a definitive agreement with U.S. investment firms KKR and BlackRock. The $4 billion midstream pipeline infrastructure deal is expected to close in 3Q2019. While the consortium of KKR and BlackRock will own 40% stakes in the entity, ADNOC will own the rest. ADNOC will also hold sovereignty over the pipelines and management of operations.

ADNOC Refining awards pre-FEED contract to Wood Group
Feb. 22, 2019
Source: Reuters

ADNOC Refining awards pre-FEED contract to Wood Group

UAE state-run ADNOC Refining has awarded a contract to John Wood Group for a new refinery in Ruwais. The contract requires Wood to deliver Pre-Front End Engineering and Designing (Pre-FEED) for the refinery in Ruwais. The contract award is in line with ADNOC’s renewed focus on the downstream sector. The oil major is now accelerating its $45 billion downstream expansion project announced last year.

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