Thursday August 10, 2006

Dubai to retake control of offshore oil fields

channelnewsasia.com :

The Gulf emirate of Dubai has said that it would take back operating control of its offshore oil fields next year from US oil and gas giant ConocoPhillips, ending a 45-year partnership. In a joint statement, Dubai authorities and ConocoPhillips' wholly owned subsidiary Dubai Petroleum Company (DPC) said the handover would take place on April 2, 2007. Dubai granted the oil concession in 1961 to DPC.

Dubai's oil production fell from 350,000 barrels a day in 1995 to 140,000 barrels a day in 2005. The emirate's confirmed oil reserves are four billion barrels, and 117 billion cubic metres of gas. Overall, the United Arab Emirates is currently the fifth-placed producer of crude oil within the Organisation of Petroleum Exporting Countries (OPEC).

See also :

1. Venezuela oil fields back in state control
2. Russian court declares Yukos bankrupt

(2006-08-10 13:11:19 SGT) [Energy] Permalink

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