Tuesday 31 May 2016

PDO targets 600,000 bpd output

Petroleum Development Oman (PDO), the sultanate's leading crude oil producer, is planning to achieve an output of 600,000 barrels of crude oil per day (bpd), said the company’s managing director. PDO accounts for around 70 per cent of the country's total crude oil p


Iraq aims to pump 6 million bpd in 2020

Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts. Iraq is pumping about 4.5 million barrels per day (bpd) no


Oil rises on US crude drawdown hopes

Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on expectations that the wildfires in Canada may fin


'Smart' efficiency 'key to resilient offshore sector'

Maximising efficiency without compromising on safety and quality is crucial to creating a sustainable offshore sector in today’s economic environment, experts said ahead of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec 2016). According to a recent


Power outages reduce Iraq oil output

Iraq is pumping around 4.5 million barrels of oil per day, a senior official said on Tuesday, as issues including maintenance and power outages slow output from January's record high 4.78 million bpd. Falah Alamri, Iraq's Opec governor and head of the State Oil Marketing


$65 oil price 'badly needed' for investment says Qatar

Oil markets are rebalancing but crude is not at a fair price yet, Qatar's energy minister and current Opec president told the Associated Press in an interview published on Tuesday, saying a minimum price of $65 a barrel was "badly needed at the moment". "The oi


Hempel Kuwait to open new factory next year

Hempel Kuwait, a leading paint manufacturer, said it will increase its production with the opening of a 20,000-sq-m factory in 2017, with the capacity rising to 19 million litres in two shifts. With the new factory, the company seeks to leverage markets in a number of regional co


Oil falls for fifth day as output rises

Oil fell for a fifth consecutive day on Tuesday on rising production from major exporters, and as the dollar strengthened. Brent futures had declined 45 cents to $47.90 a barrel by 0845 GMT, after closing down 37 cents in the previous session. US crude futures drop


GE to supply inverters to Dewa’s solar project

GE will provide 220-megawatt (MW) LV5 Series solar inverters for Dubai Electricity and Water Authority’s (Dewa) solar project in Dubai, UAE, the largest of its kind in the Middle East region. The move highlights the company’s support to the UAE government’s comm


Yokogawa launches new mass flowmeters and transmitters

Yokogawa Electric Corporation has announced the release of Rotamass Total Insight (TI), a new portfolio of four-wire Coriolis mass flowmeters and transmitters. This new Coriolis mass flowmeter product platform was developed based on a Total Insight concept that seeks to optimise

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