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OGP report and Oil & Gas Future

The International Association of Oil & Gas Producers (OGP) has released the latest edition of its annual Safety Performance Indicators report.

The report, covering 2012 data, shows that the number of fatalities per 100 million hours worked, the Fatal Accident Rate, has fallen in the last ten years.

“Safety in our operations is a top priority for the industry and we strive to improve our record constantly,” says OGP Executive Director Michael Engell-Jensen.

The safety report is OGP’s largest annual reporting project. The latest edition provides an analysis of the safety performance of 49 OGP member companies, representing 3.7 billion work hours and operations in 107 countries.

In 2012, participating OGP member companies reported 88 fatalities which occurred in 52 separate incidents. The Fatal Accident Rate was down by 52% compared with the 2003 rate, showing an overall downward trend over the last ten years. The rate increased however by 27% compared with 2011; a single incident (a gas leak and explosion of a pipeline in which 31 people lost their lives) had a predominant effect on the 2012 rate.

The largest proportion of fatalities (44%) were reported in the ‘Explosions or burns’ category with ‘Caught in, under or between’ being the second largest (18%).

Lost time injury frequency increase

Lost Time Injury Frequency (fatalities and lost work day cases per million work hours) increased by 12% to 0.48 in 2012, representing an additional 307 lost time injuries.

Participating companies reported 53,325 workdays lost through injuries.

The most frequently reported incident category was ‘Struck by,’ which accounted for 408 lost work day cases, 24% of the total. The category ‘Caught in, under or between’ accounted for 21% of the total (352 lost work day cases). Both categories also accounted for the largest proportions of lost work day cases reported in 2011 with very similar values to 2012 (25% and 19% respectively).

Source: OGP-Your-Oil-and-Gas-News

Record increase on Abu Dhabi Oil Prices

Haseeb Haider / 20 June 2013

Abu Dhabi grew 7.7 per cent year on year in 2012, on higher oil prices. “The flexibility of Abu Dhabi economy combined with the huge financial surpluses, strong growth in non-oil sectors, high oil prices, along with several other significant factors have all contributed to the stability and sustained growth of the local economy,” said Statistics Centre – Abu Dhabi, or Scad.
Abu Dhabi’s GDP at current prices reached a record Dh911.6 billion in 2012, up from Dh846.7 billion in 2011, according to a report released by Scad.

The preliminary data announced by the statistical gathering agency also indicate a rise in the annual growth rate of non-oil sectors to 9.6 per cent, surpassing all earlier forecasts and estimates, underlining the “robustness, stability and competitive advantage of the economy, boosting its appeal to local and foreign investors.”

Abu Dhabi showed a significant growth in oil and non-oil sectors at current prices achieved a net gain of Dh64.9 billion, surpassing all forecasts and estimates. The GDP time series indicates that the Abu Dhabi GDP at current prices has doubled 2.4 times from 2005 to 2012, increasing form Dh383.430 billion to Dh911.591 billion during this period.

The non-oil activities and sectors contributed about 43.5 per cent of Abu Dhabi’s GDP at current prices in 2012, and 48 per cent at constant prices for the same year.

The non-oil activities achieved high growth rates of about 9.6 per cent at current prices and 7.7 per cent at constant prices over the past year.

There has been an upward trend in non-oil activities over the course of the past few years, with the non-oil GDP at constant prices growing from Dh200.209 billion in 2005 to Dh325.433 billion in 2012.

Abu Dhabi has made huge strides and achieved a high level of diversity in a short span of time becoming a business hub. for concluding major business deals.

Buoyed by oil revenues going into infrastructure, in recent years Abu Dhabi economy has advanced in leaps and bounds and has evolved into regional, financial, commercial and tourist hotspot.

Oil accounted for 56.5 per cent of the Abu Dhabi’s GDP at current prices and only for 52 per cent of the GDP at constant prices in 2012 despite the considerable rise in oil prices during the past years.

The real estate and education sectors grew 15 per cent in 2012, while wholesale and retail trade grew 14.5 per cent, followed by transport and storage 13.4 per cent.

Manufacturing activities achieved a record growth rate of 11.2 per cent followed by the electricity, gas, and water by10.1 per cent.

Source: Khaleej Times

Oil Prices Falls – US Economy

Oil prices fell Thursday, a day after the Federal Reserve indicated it could begin to wind down its massive stimulus program later this year, as long as the US economy remains on the upswing.
U.S. benchmark oil for July delivery fell $2.08 to $96.16 per barrel by late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contact dropped 20 cents to finish at $98.24 a barrel on the Nymex on Wednesday, when Fed chairman Ben Bernanke suggested that he was optimistic about the U.S. economy — and that the Fed might start scaling back its massive $85 billion a month government bond purchases later this year if conditions continue to improve.

The Fed’s stimulus program has been a boon to stock and commodities markets, where investors have turned in search of returns that outgun those on bonds.

Analysts said the slump in oil prices could be just a short-term response to a change in U.S. central bank policy. In the medium term, the scaling back of such a loose monetary policy will be “a positive for the oil market, suggesting that the economy is on a sustainable growth trajectory,” said Caroline Bain, lead commodities analyst for The Economist Intelligence Unit.

Separately, the American Petroleum Institute said U.S. crude stocks fell by about 4.3 million barrels for the week ending June 14 to 362 million barrels. That contrasted with figures given by the U.S. Energy Information Administration, which said that crude inventories grew by 300,000 for the week. Analysts expected supplies to drop by 1 million barrels.

Brent crude, a benchmark for many international oil varieties, fell $1.80 to $104.32 a barrel on the ICE Futures exchange in London.

Source: Khaleej Times

Brent oil futures rebounded above $105 a barrel

Brent crude was up 32 cents at $105.27 a barrel at 1000 GMT on Friday, on track to end the week marginally higher

London: Brent oil futures rebounded above $105 (Dh386) a barrel on concern over the war in Syria and continuing weakness for the dollar.

Though Syria is not key to global oil supply, investors are worried that escalation in the civil war could drag in other countries and plunge the whole oil-producing region into conflict.
“Crude oil has been trading in a range for more than a month … With the escalation in Syria, the buying on the dips is probably going to be stronger as the geopolitical premium needs to be increased,” Petromatrix analyst Olivier Jakob said.
Brent crude was up 32 cents at $105.27 a barrel at 10am GMT on Friday, on track to end the week marginally higher.

The contract has rebounded from a weekly low of $101.82 on Tuesday, partly driven by a weaker dollar.
US oil was 27 cents higher at $96.95 a barrel, trading at the highest level in nearly a month, and was also set to rise slightly on the week.

President Barack Obama authorised the shipment of US weapons to Syrian rebels for the first time after the White House said it had proof that the Syrian government used chemical weapons against rebels.
“We’re seeing the Syrian situation worsen … all the foreign backers are upping their stakes in Syria and none of them can really be sure what the consequences will be,” Richard Mallinson, a consultant at Energy Aspects, said.
IRAN SANCTIONS

In other geopolitical news, millions of Iranians voted to choose between six candidates to replace incumbent president Mahmoud Ahmadinejad, but none is seen as challenging the Islamic Republic’s 34-year-old system of clerical rule.
Analysts say the outcome is unlikely to have any short-term impact on oil because any improvement in relations with the West over Iran’s nuclear programme will take time to translate into a change in policy.
“Sanctions on oil are probably going to be among the last [issue] to be addressed, because they are the biggest lever the West has,” Mallinson said.
Oil has risen this week in spite of forecasts of “sluggish” demand growth by industry bodies such as the International Energy Agency.

“The key driver of oil has been the weakness in the dollar rather than any fundamental factors,” said Ric Spooner, chief market analyst at CMC Markets.
The dollar remained in the doldrums on Friday after hitting a four-month low against a basket of currencies in early trade.

A weaker dollar supports oil by making it cheaper for holders of other currencies.
– Reuters

Source:GulfNews

Sudan to shut South Sudan oil flow

Khartoum: Sudan on Sunday prepared to stop the oil flow from South Sudan on the orders of President Omar Al Bashir but an expert said the process could take weeks.

Bashir said petroleum companies working in South Sudan will be informed about “shutting down the pipeline” from Sunday, the official SUNA news agency reported.

The order came after Sudan’s leader warned the South over backing rebels, who analysts say humiliated the authorities with recent attacks.

South Sudan’s government in Juba denies supporting insurgents in the north.

I think if you do it properly it would take 45 days,” to stop the oil without causing damage, said the independent expert who asked not to be further identified.
“It’s not like opening and closing a water tap.”

At a press conference scheduled for 1100 GMT Sudan’s Information Minister Ahmad Bilal Osman was expected to comment further on relations with South Sudan.

This will be the second closure of South Sudan’s oil wells and the Sudanese pipeline system in about 18 months.
Production had only resumed in early April after the two countries agreed on detailed timetables to normalise relations, after intermittent border clashes, by implementing the oil deal and eight other security and economic pacts.
In early 2012 the South stopped its crude production after accusing Khartoum of theft in a dispute over export fees.
The previous shutdown “went very well”, the expert said, adding Sudan’s oil ministry has enough experience to safely close the system and its pipeline running 1,500 kilometres to the Port Sudan terminal.

Thousands of wells on the South Sudanese side will need to be shut one by one and the pipeline flushed, he said.
“You need to evacuate the oil somewhere,” the expert said.

“If they do not do that properly the oil will gel. It’s not easy to reverse it to liquid again.”
The expert was not sure what point the oil had reached in the pipeline but said “it should be close to Port Sudan”.
Bashir warned on May 27 that he would block the oil if the South’s government provides assistance to rebels fighting in South Kordofan and Blue Nile states, or in the Darfur region.

Khartoum has long accused South Sudan of supporting rebels in the north, a complaint which for months held up implementation of the oil and security pacts.
Bashir’s late-May threat came at a ceremony following the army’s recapture of Abu Kershola in the far north of South Kordofan.
Rebels held Abu Kershola and its garrison for a month after seizing it during a coordinated attack on several areas including the strategic and previously peaceful town of Umm Rawaba in North Kordofan.
Analysts called the initial attack a humiliation for the authorities.

More recently there were very strong rumours that the “liberation” of Abu Kershola only resulted from a withdrawal by rebels of the Sudan Revolutionary Front coalition, one Sudan analyst told AFP.
“The problem is that nobody has seen any evidence” of continued South Sudanese support to the insurgents, the analyst said.

“They (Sudan) have their own internal difficulties and they want to use South Sudan as a scapegoat,” South Sudanese Information Minister Barnaba Marial Benjamin told AFP .
South Sudan split from Sudan in July 2011 in the wake of a referendum vote for independence under a peace deal that ended a 22-year civil war.

Independence left key issues unresolved, including how much the landlocked South should pay for shipping its oil through Sudan’s export infrastructure.

In a March report the Small Arms Survey, a Swiss-based independent research project, said it found no evidence of weapons supplies from Juba to the Sudan People’s Liberation Movement-North (SPLM-N) after the South’s independence.
“There are, however, some reports that both SPLM-N and JEM are benefiting from other kinds of assistance,” including logistics, fuel and food, the report said.

SPLM-N has been fighting for two years in South Kordofan and Blue Nile states.

Analysts say they have been assisted by JEM, the Justice and Equality Movement of Darfur.

Source: Gulf News

Dubai SME100 rankings Nominations up 171 percent

Dubai SME on Tuesday announced that nearly 3,000 small and medium enterprises have been nominated for the 2013 Dubai SME100 rankings, with their estimated output pegged at over Dh53 billion.

The nominations represent a 171 per cent increase over the 1,092 SMEs nominated for the 2011 ranking. Sector-wise, 53 per cent of SMEs nominated are from the trading sector, 36 per cent from services and 11 per cent from manufacturing.

“The Government of Dubai has launched various initiatives aimed at promoting entrepreneurship and SME development under its SME five-year plan. This commitment to promote entrepreneurship and SMEs is in the DNA of Dubai, supported and led by our socio-economic stability, openness and visionary leadership. Dubai has moved to the next level of growth, and in our renewed dynamism and development outlook, SMEs play a strategically significant role in creating new value-add to the economy of Dubai and the UAE,” Sami Al Qamzi, director-general of Dubai Department of Economic Development, said in a statement.

“Over 95 per cent of the businesses in Dubai today are small and medium enterprises. Together, SMEs constitute the largest reserve of knowledge, innovation and human capital in the UAE as well as a significant contributor to the nation’s GDP. The Dubai SME 100 initiative provides an added incentive for SMEs to keep growing. They will definitely feel encouraged to think outside accepted parameters, push their creativity and thus achieve their unique goals.”

Dubai SME100 identifies the top-performing SMEs in Dubai to help groom them into bigger and more sustainable enterprises, and support them through their growth into larger, internationally-oriented companies.

Post ranking, the SMEs are given specialised capability development training in such critical areas as investment development, corporate governance, valuation, legal support and risk management. The ranking is valid for two years.

“We are delighted at the substantial increase seen in Dubai SME100 applications compared to 2011. It shows the level of interest in the ranking and its growing market recognition. We hope that more SMEs will apply for the ranking as it will help them gain greater value in the market, as demonstrated by the 2011 batch of Dubai SME100 companies,” Dubai SME CEO Abdul Baset Al Janahi said.

 

 

Source: Khaleej Times

Oil prices up in Asia after upbeat US jobs data

Oil prices rose in Asian trade Monday as moderate growth in new jobs in the United States raised hopes about a pick-up in demand in the world’s biggest crude consumer, analysts said.

New York’s main contract, West Texas Intermediate for delivery in July, gained five cents to $96.08 a barrel and Brent North Sea crude for July added three cents to $104.59 in the afternoon.

“At this moment, the crude market is driven by the positive sentiment about job creation in the United States, which points towards a growing economy,” Desmond Chua, market analyst at CMC Markets in Singapore, said.

US Labour Department figures released Friday showed 175,000 jobs were generated in May, despite worries that huge government spending cuts would lead to a slowdown in hiring.

The numbers for May were a firm gain from April’s 149,000 rise, though still below the 193,000-a-month January-April average.

The jobs data, which came after several lacklustre US economic reports last week, also boosted hopes the Fed will hold off any moves to rein in its monetary easing programme any time soon.

 

 

Source: Khaleej Times

Crude Oil Production for ARAMCO 2012

Aramco crude production up to 9.506m barrels in 2012 –

Dubai: State-owned Saudi Arabian Oil Co., or Aramco, saw its average crude production rise to 9.506 million barrels a day in 2012, the highest level in more than three decades, up from 9.067 million barrels a year earlier amid output outages in Libya and Western sanctions against Iranian crude.

Recoverable and proven crude-oil and condensate reserves also increased to 260.2 billion barrels in 2012, compared with 259.7 billion barrels in 2011, Saudi Aramco said in an annual review posted on its website. Exports of crude reached 2.521 billion barrels for the year, or about 6.9 million barrels a day, up from 2.421 billion barrels, or 6.63 million barrels a day in 2011.

Saudi Arabia, the world’s largest oil exporter, has played an important role in the last two years as one of the few countries with enough spare production capacity to respond to market changes.

The kingdom’s highest record output was 9.901 million barrels a day in 1980, when it opened the taps to make up for a sharp fall in Iranian output after its 1979 revolution.

 

 

 

Source: http://gulfnews.com/business/oil-gas/aramco-crude-production-up-to-9-506m-barrels-in-2012-1.1189510

Saudi Arabia Lowering-down crude prices for Asia in July

Singapore/Beijing: Top oil exporter Saudi Arabia is expected to reduce the official selling prices (OSP) for most of the grades it sells to Asia in July due to weaker Dubai prices, a Reuters survey showed on Monday.

Saudi Arabia may drop the OSPs for Arab Extra Light and Arab Light by 15 and 45 cents per barrel respectively, while Arab Medium and Arab Heavy could see cuts of 60 and 50 cents, according to the median of estimates from eight refiners, traders and an analyst.

Ample supply of sour crude has depressed the front-month Dubai price, narrowing the prompt inter-month spread in backwardation. In a backwardated market, prompt prices are higher than future months.

Improved gasoil cracks could limit the downside for light grades, Arab Extra Light and Arab Light, while heavier grades such as Arab Medium and Arab Heavy could fall more on weaker fuel oil cracks.

 

 

 

Source: http://gulfnews.com/business/oil-gas/saudi-arabia-may-cut-july-crude-prices-for-asia-1.1192249