OPEC Need Not Rush Oil Pact Changes - UAE
OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday. This year's rapid rise in oil prices, which hit $70 this week, is backed by strong demand growth and a fall in oversupply on the back of the OPEC and non-OPEC pact, not only by political tensions, Mazroui said. "We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds the OPEC presidency, added.
UK Urges Gulf States to Ease Blockade Against Qatar
Britain on Monday urged Gulf states including Saudi Arabia to ease a blockade of Qatar and to find an immediate solution to the impasse through mediation. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. This has disrupted imports of food and other materials and caused many foreign banks to scale back business with Qatar. "I am also concerned by some of the strong actions which Saudi Arabia…
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field
Iran's Oil Minister said on Wednesday Qatar's regional isolation will not affect Tehran's plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV reported. "We will continue our work as planned. There is no problem," Bijan Zanganeh said. In a heightened crisis between Arab states, Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on Monday and closed their airspace to commercial flights, saying it was funding militant groups. (Writing by Parisa Hafezi)
Oil Agreement Will Help to Balance Market -UAE
The extension of a global oil output cut deal will help to bring balance to the oil market and encourage investments in the oil sector, the United Arab Emirates energy minister said on Friday. The agreement "will help motivate balance of the market," Suhail bin Mohammed al-Mazroui said according to a statement on state news agency WAM. The Organization of the Petroleum Exporting Countries and some non-OPEC producers on Thursday agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018.
Fugro Extends Contract with McDermott
Fugro has been awarded a three-year extension to its existing contracts with McDermott Middle East, Inc. The contract covers the provision of survey, positioning, remotely operated vehicle (ROV) and diving services in the United Arab Emirates, Qatar, India and Saudi Arabia. Engineering and construction company McDermott currently operates two major work barges in the region as well as a large number of other support vessels. The agreement continues a long and successful relationship that dates back more than 35 years…
UAE's National Drilling Co. Inks Deal for 14 Rigs
The UAE's National Drilling Company has signed contracts worth $543 million to acquire 14 new rigs, state news agency WAM said on Sunday. One offshore and one onshore rig will be manufactured in the United Arab Emirates (UAE) as part of the deals, WAM said. The new contracts are a reflection of the firm's plans for growth and a result of growing demand from its customers, it said. (Reporting by Maha El Dahan; editing by Jason Neely)
UAE to Attend Oil Producers Meeting
The United Arab Emirates will take part in an upcoming meeting in Doha between OPEC and non-OPEC oil producers, the Gulf state's energy minister said on Thursday. "We received an invitation to participate in the Doha meeting between OPEC and non-OPEC and we confirmed our participation," Suhail bin Mohammed al-Mazrouei wrote on his Twitter account. The meeting in Qatar on April 17 will bring together oil producers to discuss a global pact to freeze production to support prices. Reporting by Sylvia Westall
Oil Price Will Force Producers to Freeze Output -UAE
Oil prices are not suitable and will force producers to freeze their output, the United Arab Emirates' energy minister Suhail bin Mohammed al-Mazrouei said on Thursday, adding investments in high-cost production would also be restrained. "Current prices are not suitable ... and will force producers to hold production levels and limit investments in the higher cost oil (production)," state news agency WAM quoted him as saying. (Reporting by Rania El Gamal; Writing by Sylvia Westall; Editing by Mark Potter)
Oil Market Still Not Close to Rebalancing -UAE
Oil markets are still not close to rebalancing due to a severe glut and a further price correction is possible, United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said on Wednesday. (Reporting by OPEC Newsroom; Editing by Dale Hudson)
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar's LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels.
Damen Bags Jack-up Pontoon Contract
Damen Shipyards Sharjah (DSS) in the United Arab Emirates has won a contract to build a shallow draught, self-propelled Jack-up Pontoon 3526 for the UAE-based contractor Aqua Diving Services Ltd. Once delivered, it will be used primarily to deliver offshore support services, including the provision of accommodation facilities for personnel as well as operating as a work platform with crane facilities. Aqua Diving Services (ADS) has specifically designed…
Statoil Awards Hull Cleaning Contract to GAC
GAC EnvironHull has signed a contract with the international energy company Statoil to provide underwater hull cleaning services for its vessels operating in Scandinavia, the Middle East and the Far East. From the second quarter of 2015, GAC EnvironHull, part of global shipping, logistics and marine services provider GAC Group, is using its HullWiper technology to remove fouling from the Statoil fleet of long term chartered vessels to enhance efficiency and reduce fuel consumption, while also preserving and protecting the maritime environment.
ENSCO 110, ENSCO 104 Contracted for UAE & M.E.
Ensco plc has entered into a three-year contract with NDC for a new premium jackup, ENSCO 110. This newbuild rig is scheduled to commence operations later this month offshore United Arab Emirates at a rate of approximately $114,000 per day. NDC has also contracted ENSCO 104 for a three-year term at a day rate of $114,000. The rig is mobilizing to the Middle East from the Asia Pacific region and is scheduled to commence its new contract in late-June 2015. Chief Executive Officer Carl Trowell commented, “We are pleased to extend our relationship with NDC.
NewLead Fixes Tanker
NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for additional six month periods up to a maximum of eighteen months. The net charter-out rate is $10,500 for the initial six months and $10,750 for the remaining optional periods. The charter commenced on July 22, 2015.
EGPC to buy 65 pct of Product Imports from UAE
Egypt's state oil company, EGPC, will buy 65 percent of its oil product imports from the United Arab Emirates' ADNOC for one year after the government approved the deal on Wednesday. The agreement covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG) that is used in homes, Egypt's cabinet said in a statement. It did not give the prices agreed but an oil ministry official said last month that Egypt was seeking to buy about $9 billion…
Dana Gas Gets $100m for Gas Field Development
Dana Gas, the United Arab Emirates energy firm, secured $100 million of financing to develop an offshore gas field in the north of the country, with the first gas production expected early next year, it said on Tuesday. The four-year credit facility from banks comprises the debt component of the financing for the Zora gas field development, Dana said in a statement. The company has spent about $49 million so far as part of the project's equity financing.
UAE Grants China Abu Dhabi Oil Field Rights
The Abu Dhabi National Oil Company (ADNOC) has formed a joint venture with China National Petroleum Corporation (CNPC) to develop the Gulf emirate's oil reserves, state news agency WAM said on Tuesday. United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan issued a law setting up Al Yasat Company for Petroleum Operations Limited Liability Company, in which ADNOC will hold a 60 percent share and the Chinese state oil company 40 percent, WAM said.
Oil Above $97, U.S. Launches Syria Air Strikes
Brent crude edges off 2-year low; U.S. and Gulf Arab allies strike Islamic State. Brent crude rose above $97 a barrel on Tuesday as the United States and several Gulf Arab allies launched strikes against Islamic State strongholds in Syria, and as a surprise pick-up in China's factory activity boosted the demand outlook. Oil prices fell to a two-year low last week under the weight of a supply glut and tepid demand, but prices have stabilised as pockets of strength in the world economy have emerged and as tensions have risen in the Middle East.
Keppel Acquires LeTourneau
Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International Corporation's offshore product division, which comprises the LETOURNEAU jackup rig designs, rig kit business, as well as its aftersales and aftermarket services. The acquisition will not only broaden Keppel O&M's suite of jackup rig designs but also expand its business in the provision of aftersales and aftermarket services, the company said.
Weak Oil May Depress Gulf; Investment Deals Could Support Egypt
Oil's fresh slide may pressure Gulf stock markets on Sunday, while Egypt may rise after Gulf Arab allies pledged a further $12 billion of investments and central bank deposits for Cairo at an international summit. Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is growing. Brent crude settled near a one-month low below $55 a barrel.