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:: More investments needed
IEA: World needs $26trn investment over 20yrs to meet oil demand
The world may not be exploiting its oil reserves enough to meet its demand, and would need to invest over $26 trillion over the next 20 years to ensure adequate energy supplies, according to the International Energy Agency (IEA) on Wednesday.
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:: Dana’s Q3 revenue rises 16%
UAE’s Dana Gas has posted revenue of Dh320 million from its production during the third quarter, a 16% increase over the same period last year due to commercial gas production from its operations in Kurdistan and Egypt.
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:: MIS set to deliver Oritsetimeyin
UAE-based Maritime Industrial Services (MIS) has completed the first offshore jack-up drilling rig to be made in the region, an accomplishment which was originally targeted for completion in August.
:: Lamprell scores $14.8m Ensco rig job
UAE-based Lamprell has been awarded a $14.8 million contract to upgrade and refurbish the Ensco 53 by Ensco Oceanics International Company.
:: Petrofac to build KOC gas line
Kuwait Oil Company (KOC) has awarded a KD147 million ($543 million) engineering, procurement, and construction contract to Petrofac to build a 140-kilometre gas pipeline in Northern Kuwait.
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:: PDO opens Mussallim facilities
State oil company Petroleum Development Oman (PDO) has increased its production capacity at the Mussallim station from 100,000 to 230,000 barrels per day (bpd) of gross production of oil and water as part of its expansion project.
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:: Emerson to support Qatargas operations
Emerson Process Management will provide a range of long-term services to Qatargas for its expanding liquefied natural gas (LNG) operations.
:: Russia not forming gas cartel: Putin
RUSSIAN Prime Minister Vladimir Putin said Russia was not forming a gas cartel, denying earlier reports that it was doing so with Iran and Qatar, as he is set to hold co-operation talks with the two countries.
:: ONGC seals $2.6bn bid for Imperial
ONGC Videsh has sealed its $2.6 billion bid for Imperial Energy after meeting all the requirements, but investors in the overseas’ arm of India’s ONGC fear that falling oil prices might ruin the deal.
:: DME oil contracts to trade on CME platform
The Dubai Mercantile Exchange (DME) will exclusively trade contracts electronically on the Chicago Mercantile Exchange (CME) platform in the first quarter of 2009.
:: Taqa names key appointments
The Abu Dhabi National Energy Company or Taqa has announced the appointment of three senior Group Vice Presidents to strengthen its operations in the region.
:: China posts fastest crude imports in Oct
CHINA registered its fastest rate of oil imports at 3.81 million barrels per day (bpd) in October, or a jump of 28.2% to 16.16 million tonnes from a year ago, indicating that the global financial crisis has not yet hit the Chinese economy.
:: StatoilHydro to acquire shale assets
NORWAY’S largest oil and gas producer StatoilHydro ASA will pay $3.38 billion under an agreement with Chesapeake Energy Corp that covers the acquisition of shale assets, funding of drilling operations and forming an exploration partnership.
:: Noble Denton boosts jobs
Noble Denton, the global offshore and shipping marine and engineering consultancy, has increased its headcount in the Middle East by more than 100% this year and is on track to treble its global workforce over the next few years.
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