A surge in oil prices and region’s crude production boosted the net foreign assets of Gulf hydrocarbon producers by a whopping $456 billion in 2011 to record their biggest asset increase since they began exporting oil. After a steep fall in 2009 because of the 2008 global fiscal distress, the combined net foreign assets of the six-nation Gulf Cooperation Council (GCC) climbed from around $1,149 billion at the end of 2010 to an all time [...]

Abu Dhabi will invite bids for a new independent water and power project (IWPP), its ninth facility, by September as the emirate boosts capacity to meet rising demand, two sources said on Wednesday. The emirate’s top decision making body, the Abu Dhabi Executive Council, last month approved Abu Dhabi Water & Electricity Authority’s (ADWEA) plan to build a new IWPP at Mirfa, about 160 km along the coast from the UAE’s capital city. “Advisors for [...]

A surge in oil prices and Qatar’s LNG exports allowed the Gulf country to record a massive budget surplus in the first nine months of its 2011-2012 fiscal year, according to official data. Qatar had projected spending at around QR139.9 billion (Dh141 billion) and revenue at QR162.47 billion (Dh163.5 billion) for its previous fiscal year which ended on March 31, creating a surplus of QR22.53 billion. But the actual balance widened to around QR26.7 billion [...]

The budget will be “much bigger” than the previous one and may be announced this month

The GCC’s hydrocarbon reserves are estimated to be worth around US$65trn at current export prices, based on new analysis from QNB Capital. This is almost a third of the $200trn value of world oil and gas reserves. http://www.zawya.com/story.cfm/sidZAWYA20120311121536/QNB_Capital_GCC_oil_and_gas_reserves_worth_around_US65trn

TAQA Bratani, the UK arm of the state-backed Abu Dhabi National Energy Company, has reportedly bought a 50 percent stake in an oilfield off the coast of Scotland. The oil and gas firm’s acquisition of a stake in three licences will give it access to the Darwin oilfield, a recent discovery located off the north-east coast of the Shetland Islands. “These licences are located adjacent to our core infrastructure and represent an excellent opportunity for [...]

Dubai: Abu Dhabi National Oil Co (Adnoc) is exploring its unconventional natural gas deposits as the state oil company seeks to boost output of the fuel to meet rising domestic demand. “The first question senior management asks is, ‘how much does it cost?’” Musabbeh Al Kaabi, the company’s exploration division manager, told reporters in Abu Dhabi yesterday. “So the first thing we will do is assess the unit cost.” Adnoc is pursuing high- temperature, high-pressure [...]

By Marcus Leach Despite continued economic uncertainty, the outlook for the oil and gas industry has improved since last year and investment intentions have strengthened significantly, according to a new industry survey conducted by the Economist Intelligence Unit (EIU). Big Spenders: the outlook for the oil and gas industry in 2012 is the EIU’s second annual industry barometer. The survey asked nearly 200 oil and gas executives for their views about industry trends over the [...]

Qatar’s real economy is expected to moderate to 5.9% this year against an estimated 16.9% in 2011, but the country’s investment in the non-oil and gas sectors is expected to pick up significantly in 2012, according to Standard Chartered Bank. “2012 marks a significant inflection point for Qatar. We forecast that the country’s real GDP (gross domestic product) growth will moderate to 5.9% in 2012, from an estimated 16.9% in 2011,” StanChart said in its [...]

Japan’s JX Nippon Oil & Gas Exploration is likely to rope in a partner for its exploration and development programs in block A in the deep pre-Khuff reservoirs offshore Qatar, media reports said. The company inked a deal earlier this year for a 30-year exploration and production sharing agreement with the Qatari government for the offshore gas block. Commercial production at deepwater gas block in Qatar is expected to start in 2020. Under the terms [...]