Gulf News reported that Abu Dhabi’s state oil producer will spend USD 40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014.
Mr Mohammad Sahoo Al Suwaidi CEO of Abu Dhabi Gas Industries Limited said that gas projects under construction account for USD 25 billion of that. These include Integrated Gas and Shah Gas development projects.
Mr Al Suwaidi said that “Adnoc will soon be launching an effort to further develop onshore and offshore reserves, with an additional emphasis on developing offshore gas resources. Our aim is to meet the rising domestic gas demand, which is growing by approximately 15% annually and to open up opportunities for international oil companies.”
The emirate last month signed an agreement with OMV AG of Austria and Wintershall AG, the oil producing unit of Germany’s BASF SE, to evaluate a sour gas and condensate field in its western desert. It aims to start producing about 500 million cubic feet a day of sour gas in 2014 from USD 10 billion venture with Occidental Petroleum Corporation at the Shah field in the same region.
Mr Ali Al Jarwan CEO of Abu Dhabi Marine Operating Company said that Abu Dhabi will soon start the Fujairah pipeline. Oil exports from the 1.5 million barrel per day Abu Dhabi crude oil pipeline, an all new pipeline that runs from Habshan in Abu Dhabi to Fujairah is expected to start from August.
Mr Al Jarwan said that “Within July, we will have the commissioning. Once we have the commissioning, in August, it’s expected the flow of oil for exports will start. The USD 3.3 billion, 370 kilometer Habshan Fujairah pipeline is strategic as it would allow the UAE to have direct access to the Indian Ocean for its crude oil exports. It will also give the country an option to bypass the Strait of Hormuz for its oil shipments should there be a problem in that water channel through which nearly a fifth of the world’s seaborne oil passes.”
He said that the Abu Dhabi government controlled investment firm Mubadala Development Company plans to build a liquefied natural gas receiving facility at Fujairah to enable LNG imports which would help meet the UAE’s growing energy requirements.
Source - Gulf News
(www.steelguru.com)
