Brent crude prices are rising on supply concerns stemming from Middle East tensions and maintenance issues in the North Sea.
An expected stimulus from the US Federal Reserve, instability in the Middle East and a fall in North Sea output are all spurring oil prices.
The contracts have been awarded to six international companies including Rio Tinto and France’s Areva.
Brent oil futures ended at a fresh three-month high on Tuesday as strong US retail sales, tighter North Sea crude supplies and speculation about economic stimulus outweighed weak euro zone data
Abu Dhabi oil company TAQA saw increased profits in H1 2012 owing to strong power and water performance and divested assets.
The natural gas company saw a boost in profit because of increased production and higher oil prices.
The Aden refinery resumed production after halting operations for nine months because of attacks on the country’s main oil pipeline.
The UAE-based oil trader looks to hire a CRO as its forced to cut operations in the country by 60 per cent.
The Kingdom reportedly reduced oil output by 300,000 barrels per day from June.
The petrochemicals firm posted a net profit of QR2.14 billion in the second quarter of the year.
The UAE recently granted a licence to Emirates Nuclear Energy Corp for the construction of the country’s first nuclear reactors.
Supply from OPEC members fell by 450,000 barrels per day (bpd) in July to 31.2 million bpd, a survey has found.
Bahrain’s Alba said that second quarter net profit dropped due to lower prices and higher gas costs.
Oil fell on worries that Spain may be forced to seek a lifeline from international lenders.
False hope and economic turbulence are threatening the reliability of the GCC’s oil income.
The country’s first nuclear station will begin construction as the licence is agreed for ENEC and KEPCO.
The UAE aims to increase exports from the new oil terminal as threats to close the Strait of Hormuz rise.
The country’s oil production fell 4.1 per cent to 27.7 million barrels in June compared to May.
The country’s first nuclear plant receives approval from the UAE’s environmental regulator.
The Abu Dhabi-based oil explorer has secured financing to expand in the African country.
Abu Dhabi’s National Petroleum Construction Co and French Technip to build offshore oil facilities.
New foreign partners, mainly from the Far East, are being targeted as stakeholders of the future.
Crude oil across the region is down as caution in China has knock-on effect for global oil prices.
The oil giant signs agreement to sell its Vela marine unit to Saudi National Shipping Company.
Key concerns about the European debt crisis offset worries about tighter North Sea supplies.
Qatar’s government is hoping that its nascent non-oil sector will keep the economic engine running.
The new pipeline is expected to end the UAE’s dependence on the shipping route that Iran has threatened to block.
Poor outlook for the US economy and rising supply pushed oil prices to around $92 per barrel on Thursday.