Oil Is Our Gold and We Aim to Use All of It -ADNOC
Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.The world's transition away from fossil fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many oil companies and producing nations pondering their long-term future.But for state-run ADNOC, the main oil-producing company in the United Arab Emirates…
India to Invite Foreign Investment in State-owned Oil Companies
International energy firms will be invited to participate in India's privatization of state-owned oil companies, the country's Oil Minister Dharmendra Pradhan said late on Monday.Pradhan said Indian Prime Minister Narendra Modi recently met with the chief executives of energy firms in Houston, including those from Exxon Mobil Corp, BP Plc, Royal Dutch Shell, Rosneft Oil Co, Saudi Aramco and Abu Dhabi National Oil Co (Adnoc).This is the first time Pradhan…
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S. crude futures also swung back into positive territory, up 94 cents at $57,14 a barrel. Both reached peaks last seen in late September.Chinese President Xi Jinping and U.S.
ADNOC, US Firm Sign USD 244mln Deal
Abu Dhabi National Oil Co. (ADNOC) said it awarded an onshore block, known as Onshore Block 3 to US-based oil and gas exploration and production company Occidental Petroleum.The award has been endorsed by Abu Dhabi’s Supreme Petroleum Council (SPC).Occidental will have a 35-year concession and invest $244m during the exploration phase of the block, which covers an area of 5,782 square kilometres in al-Dhafrah region in the emirate of Abu Dhabi.Onshore Block 3 covers an area of 5,782 km2 located in the Al Dhafra region.
Wintershall Gains 10% Stake in Ghasha Gas Project
The United Arab Emirates has awarded Wintershall Holding a 10 percent stake in the Ghasha ultra-sour gas mega project, the Abu Dhabi National Oil Co. (ADNOC) said on Monday.The deal builds on ADNOC's new integrated gas strategy aimed at unlocking value from Abu Dhabi's gas reserves as the country moves towards gas self-sufficiency, it said in a tweet.(Reporting by Maher Chmaytelli Writing by Maha El Dahan Editing by Louise Heavens)
Oil Up as U.S. Imposes Sanctions on Iran
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel.The move is part of a wider effort by U.S. President Donald Trump to curb Iran's missile and nuclear programmes and diminish its influence in the Middle East.Iran said it would continue to sell oil abroad.Benchmark Brent crude oil was up 80 cents a barrel at $73.63 by 1420 GMT. U.S.
Oil Climbs on Libya Force Majeure, Canada Outage
Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S. light crude jumped 99 cents, or 1.3 percent, to $74.93 a barrel, its highest since November 2014, before easing back to $74.79, up 85 cents, by 1120 GMT. Benchmark Brent crude oil was up 70 cents at $78.00.
LNG Prices Firm on Chinese, South Korean Demand
Spot price highest in more than 3 months. Asian spot liquefied natural gas (LNG) prices breached the $9 per million British thermal unit (mmBtu) mark this week, a three-year summer season high driven by crude oil gains, production outages and demand from key Asian consumers. Spot prices for July <LNG-AS> delivery in Asia were at $9.20 per mmBtu this week, gaining 50 cents from the previous week and the highest in more than three months. Demand from buyers in South Korea…
ADNOC to Supply First Oil Cargo for Indian Emergency Reserve
Abu Dhabi National Oil Co (ADNOC) will supply the first oil cargo for India's strategic petroleum reserve (SPR) over the weekend, an Indian government statement said, becoming the first foreign company to lease storage in the country.India, hedging against energy security risks as it imports most of its oil needs, is building emergency storage in underground caverns to hold 36.87 million barrels of crude.ADNOC chief executive Sultan Al-Jaber and Indian oil minister Dharmendra Pradhan…
Unipec, ENOC Place Lowest Offers in Bangladesh Oil Import Tender
Energy traders Unipec and ENOC placed the lowest offers in a tender by Bangladesh Petroleum Corp to buy up to 1.52 million tonnes of oil products for import in the second half of 2018, officials said on Tuesday. The state-owned company was seeking between 1.1 million tonnes and 1.28 million tonnes of 500ppm sulphur gasoil, 100,000 tonnes of jet fuel and 120,000 to 140,000 tonnes of 180-cst high-sulphur fuel oil. Unipec, the trading arm of China's state-owned Sinopec…
ADNOC to Build Huge Refining & Chemical Plant
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to build the world's largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC's chief executive officer said on Tuesday. Speaking at the CERAWeek conference in Houston, Sultan al-Jaber, head of ADNOC, said downstream investments like refining and chemicals represent the company's biggest future opportunity. The company plans on tripling petrochemical production to 14.4 million tonnes annually by 2025, he said.
ADNOC Inks 15-year Gas Sales Agreement with Dubai
Abu Dhabi National Oil Co (ADNOC) signed a 15-year gas sales agreement on Tuesday with the Dubai Supply Authority to supply the city's natural gas needs, a statement from the company said. The deal replaces a similar agreement signed in 1998, from which ADNOC built the Taweelah–Jebel Ali pipeline and the first gas deliveries from Abu Dhabi to Dubai followed in 2001. The agreement was signed at ADNOC's headquarters by the company's CEO and the managing director of the supply authority. Reporting by Aziz El Yaakoubi
BP, Shell, Goldman Mull Indian Oil Stockpile Deals
BP, Royal Dutch Shell, Goldman Sachs, Trafigura, Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corp. have expressed interest in filling India's strategic oil reserve at Padur in the southern Karnataka state.
Saudis, UAE: Oil Cut Extension can be Considered
Saudi Arabia's Energy Minister Khalid al-Falih agreed with his UAE counterpart that an extension of a pact on global oil supply cuts beyond March 2018 may be considered depending on market fundamentals, the Saudi ministry said in a statement on Monday. Falih and the Minister of Energy of the United Arab Emirates, Suhail al-Mazroui, held a meeting in Astana, at which both men discussed oil market dynamics and "expressed satisfaction with improving market fundamentals", the statement said.
Saudi Aramco Adding 1.9 mln barrels of crude to Japan Storage
Oil giant Saudi Aramco will on Wednesday add 1.9 million barrels (300,000 kilolitres) of crude to storage that it holds in Japan, a Japanese trade ministry official said on Monday. The move comes as Japan from this month raises the crude storage capacity that it lends for free to the state-run Aramco by 30 percent to 8.2 million barrels, based on a previous agreement between the two nations. The extra storage, which the Japanese government announced in July…
ADNOC to Spplit Huge Oil Concession, in Talks with Potential Partners
State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships. Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating licence for the concession will expire next March. The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.
Oil Prices Rise as Middle East Producers Confirm Supply Cuts
Oil prices rose on Tuesday, supported by strong demand in Asia and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs organized by OPEC and other exporters. Gains were modest, with the market pressured as investors closed positions to take profits on strong gains the day before. Traders said there was significant profit-taking after oil shot to mid-2015 highs earlier this week, boosted by the deal reached by the Organization of the Petroleum Exporting Countries and other exporters to cut output by a combined 1.8 million barrels per day (bpd).
OPEC Compliance Growing as Laggards Come into Line
OPEC compliance 88 percent based on industry average. OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. The Organization of the Petroleum Exporting Countries has pledged to curb its production by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years, to boost prices and get rid of a supply glut.
Aramco to Supply Full Asia Crude Contracts, More Light Oil
The world's top oil exporter Saudi Arabia has stepped up sales of light oil to Asia by offering buyers more cargoes on top of the full contract volumes it will provide for May, industry sources with knowledge of the matter said on Wednesday. The offers will add to a glut of light oil supplies in Asia, increasing competition with fellow Gulf producer Abu Dhabi National Oil Co and Russia, said multiple sources, who declined to be identified due to the sensitivity of the matter.
Japan, Saudi Aramco extend Okinawa Crude Storage Deal
State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said it signed a contract with the world's top exporter Saudi Aramco on Wednesday to extend a crude oil storage deal on the island of Okinawa by three years. Under the agreement, Saudi Aramco can store up to 1 million kilolitres (6.3 million barrels) of crude oil on the island southwest of mainland Japan for the next three years, JOGMEC said in a statement. The volumes are unchanged from the previous three-year deal, which is expiring this month.
