Dana Gas PJSC financial results for 2Q 2010

Dana Gas PJSC (Dana) has made the announcement of its financial result for 2Q2010 and recorded after tax profit of AED33.0mn (EPS; AED0.005) as compared to the after tax profit of AED392.0mn (EPS; AED0.059) recorded in corresponding quarter last year i.e. 2Q2009. Read more

Wildcat Publishing launches ‘The Oil ‘&’ Gas Year, Abu Dhabi 2010′

Researched on the ground over a period of seven months, The Oil ‘&’ Gas Year, Abu Dhabi 2010 brings together interviews, articles and resources covering all aspects of Abu Dhabi’s oil and gas industry, and is a platform from which leading energy executives can communicate their messages to their peers. Read more

Dubai crude oil price determination

The Department of Oil Affairs in the government of Dubai today announced that it had advised its customers that the official price of Dubai crude oil, which will be delivered in October 2010, will be twenty cents less per barrel than the average daily settlement price of the DME Oman Crude Oil Financial Contract in Dubai Mercantile Exchange contracts traded during the next month.

It should be mentioned that the department sets the price of Dubai crude oil in the markets in parallel with Oman oil prices, which reinforces the transparency of pricing process’ commitment and setting a fair value of crude oil in the Middle East. Read more

ADNOC announces nomination cut for September 2010

The Abu Dhabi National Oil Company (ADNOC) announced today 10% to 20% cuts in its crude allocations to clients during the month of September 2010.

According to the statement issued by ADNOC, the cargoes of Murban and Lower Zakum will be cut by 20%, while the allocations of Umm Shaif and Upper Zakum will be reduced by 10% in September.

The move follows the Organisation of the Petroleum Exporting Countries’ (OPEC) decision to reduce production.

BP to sell assets in US, Canada, Egypt for $7 billion

British Petroleum (BP) said Tuesday it will sell assets in the US, Canada and Egypt to Apache Corp. for $7 billion.

Apache said in a statement it had agreed to acquire all of BP’s oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and in Egypt’s Western Desert.

The transaction will also include “substantially all” of BP’s upstream natural gas business in western Alberta and British Columbia, in Canada, said the Houston, Texas-based company.

Apache will pay seven billion dollars for the assets, which include estimated proved reserves of 385 million barrels of oil equivalent,” it said, referring to a unit of energy production based on the amount of energy released by burning one tonne of oil. Read more

Price of diesel in UAE to rise by 25 fils per liter as of next Saturday

ADNOC Distribution has decided to raise the price of diesel by 25 fils per a liter as of next Saturday in all its fueling stations.
A company statement said the liter will cost Dh 2.35 after the said increase.
The company said the price hike was motivated by the losses the company has sustained from selling diesel due to high cost of production.

World oil demand is projected to grow, according OPEC

Driven by global economic recovery, world oil demand is projected to grow 1.0 mb/d to 86.4 mb/d in 2011, according to OPEC Monthly Oil Market Report July 2010.
”Demand growth will come primarily from non-OECD, mainly China, India, the Middle East and Latin America. On the product side, demand for industrial fuels will be strong as a result of the ongoing economic recovery. Demand for transportation fuels is also forecast to increase. In the US, gasoline demand is assumed to return to its normal growth trend, although dependent on the pace of the recovery, as well as government policies, ”the report said. Read more

Potential Abu Dhabi Interest in BP

Bloomberg’s Ayesha Daya talks about her interview with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, who said the emirate is considering making an investment in BP Plc. BP said it would “welcome any investor buying or increasing their stake.” Daya talks with Betty Liu on Bloomberg Television’s “In the Loop.”

Petrol prices to rise again in UAE

Local petroleum products distributors have decided to hike the price of a liter of petrol by 20 fils as of 15th July 2010, at all fueling stations across the Emirates.

A statement issued today by the distributing companies said the increase is part of liberalisation of prices and their gradual rise.

“The announced rise comes within efforts to gradually mitigate accumulated and growing losses these companies are sustaining due to continuous surge in cost of the product,” the statement added.

DME Oman provides fair value for crude oil producers and consumers

Beijing summit hears that price risk management “is of critical importance”

Addressing energy executives and leaders of China’s oil industry at the Crude Oil and Naphtha Asia Summit in Beijing today, Thomas Leaver, Chief Executive of Dubai Mercantile Exchange (DME), cited the DME Oman Crude Oil Futures Contract (DME Oman) as the most credible and transparent pricing benchmark for East of Suez crude oil markets.

Noting that the Asia Pacific region has become the largest crude oil consumer in the world, with Chinese demand a key component of East of Suez growth, Mr. Leaver emphasized the importance for East of Suez producers and consumers to manage risk by using a benchmark that ensures robust price discovery and accurately reflects the fundamentals of the markets in which they do business. Read more

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