Findings reveal Europe, Middle East and Africa on board mostly for finding resources; the Americas value knowledge transfer capabilities.

Oil and gas industry professionals in Asia Pacific lead the industry in the use of social media and collaboration tools at work, reports recent Microsoft Corp. and Accenture survey findings unveiled at CERAWeek 2010, with three out of four respondents from that region saying social media tools improve their work performance.

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The Dubai Mercantile Exchange (DME) announced today that a new record total open interest of 19,867 was achieved in its flagship DME Oman Crude Oil Futures Contract (DME Oman) in February 2010. The DME also achieved a new record for physical delivery of 13.4 million barrels for delivery in April 2010, surpassing the previous high of 11.6 million barrels set in September 2009.

Open interest in DME Oman has been increasing steadily, the latest figure exceeding the previous open interest record in July 2009. The rise in open interest is a leading indicator of the market’s continuing confidence in DME Oman as a transparent and effective mechanism for pricing Middle East sour crude oil.

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The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for February.

A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of February are as follows: Murban (US$74.20) per barrel, Lower Zakum (US$73.95), Umm Shaif (US$73.65) and Upper Zakum (US$72.55) per barrel.

Abu Dhabi National Oil Company (ADNOC) has announced to reduce oil shipments to customers in April.

ADNOC stated that the allocated production cuts in April will be as follows: Murban 15 per cent, Lower Zakum 10 per cent, Umm Shaif 15 per cent and Upper Zakum 5 per cent. The shipment cargoes will be treated at Max/-5 per cent tolerance loading basis. It added that the move is in line with the commitment of the UAE to the oil production ceiling specified by the Organisation of the Petroleum Exporting Countries (OPEC).

The 12-crude basket price of the Organization of the Petroleum Exporting Countries (OPEC) was up by 68 cents to settle at USD 75.17 bp, compared to USD 74.49 the day before, OPEC said on Monday.

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• Visit to further explore business opportunities and strengthen ties

Emirates National Oil Company (ENOC) hosted His Excellency Dr Barham Salih, Prime Minister of Iraqi Kurdistan, on a tour of ENOC Processing Company LLC (EPCL) premises.

Saeed Abdullah Khoory, Group Chief Executive of ENOC presented an overview of the company to His Excellency Dr Salih, who then undertook a tour of the refinery before proceeding for a tour of Dubai Natural Gas Company Limited (DUGAS).

Khoory said: “We are honoured to host His Excellency Dr Barham Salih. His visit will help us explore new business opportunities and partnerships with Iraqi Kurdistan, a region that has strong potential for growth. We shared our strengths and competencies with His Excellency Dr Salih and he expressed his appreciation of our facilities.”

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Emirates National Oil Company (ENOC) hosted a delegation of 20 MBA students from the University of California, Berkeley (UC Berkeley). The university visit was aimed at introducing the students to the framework of the UAE’s business environment as well as highlighting the country’s oil and gas sector.

Senior management from ENOC discussed various topics such as operations, accomplishments and business opportunities. The discussions also outlined the company’s growth potential in the UAE as well as in the region.

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Organization of the Petroleum Exporting Countries (OPEC) said on Monday that its 12-crude basket price dipped by USD 3.02 to settle at USD 69.71 per barrel after reaching USD 72.73 the day before.

A news bulletin issued by the OPEC news agency (OPECNA) said that the monthly average of the 12-crude basket price for last January hit USD 76.01 pb against USD 74.01 for last December, while it registered since the beginning of the current year and up till the end of the past week USD 72.33 pb.

Finally, the bulletin pointed out that the annual average of the OPEC basket price for the past year hit USD 95.45 pb.

An offshore oilfield announced by Dubai this week is likely to begin commercial production within a year.

The field which is named al-Jalila will be the fifth in Dubai, one of seven emirates in the United Arab Emirates federation.



H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai today announced the new oil discovery in Dubai stressing that the discovery will contribute and provide in strengthening the economic capacities of the state along with increasing UAE s oil production.

In addition to other positive impacts that will give a strong impetus to all sectors of the local economy and provide a new source of income enhancing the comprehensive development of Dubai.

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