GCC oil revenue will hit US$1 trillion

GCClogoTHE COMBINED OIL income of Gulf Cooperation Council (GCC) countries is expected to reach US$1 trillion (Dh3.67 trillion) by 2030 at current oil prices, an energy expert said at an industry conference in Abu Dhabi recently. "The Gulf contains 40 per cent of the world's proven oil reserves and 23 per cent of its gas reserves," Dr Hesham Al Khateeb, Honorary Vice-Chairman of the World Energy Council, told delegates.

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Bahrain looks to boost production

BAHRAIN IS SEEKING to increase its oil production to 250,000 barrels per day over the next seven years, the Gulf nation's oil and gas minister Abdul Hussein Mirza said recently. Bahrain currently pumps 33,000 barrels a day of oil from its own field, and plans to raise that to 100,000 barrels a day in seven years after an agreement last month with U.S. oil firm Occidental Petroleum Corp (OXY) and Abu Dhabi's Mubadala Development Co, Mirza said.

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Gulf oil - ‘globally significant’

AS A GROUP, the six-nation Gulf Co-operation Council (GCC) controls a sizable portion of proven oil reserves. Still, several GCC countries have contracts with international oil companies to explore for fresh oil reserves of commercial quantity.

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Energy projects surpass US$690 billion

GULF HYDROCARBON PROJECTS have topped US$690 billion, says a report by Dubai-based research house Proleads Global. A full 30 per cent of hydrocarbon projects by value have been put on hold or cancelled, it said. The report shows, however, that the GCC countries remain the most active construction markets in the world for the oil, gas and petrochemical industries

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ADNOC’s charter

THE ABU DHABI National Oil Company (Adnoc) and its subsidiaries and several international petroleum companies operating in the emirate recently signed a charter pledging greater investments in sustainability particularly in health, safety and environment.

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