Page 14 - MEOG Week 17 2021

MEOG NEWS IN BRIEF MEOG

Natural Resources, Pearl Petroleum will sell cleaner energy, and supporting local economic Ten artificial islands are being built and
the additional quantities of gas to supply development. The continuing receipt of will eliminate the need to dredge over 100
the power stations with affordable and payments in a timely manner gives confidence locations for wells and will provide habitats for
environmentally cleaner fuel, and further for our continued investment commitment marine life, according to ADNOC’s website.
enhance electricity supplies. Today over 80% as we enter the next exciting phase of growth Four artificial islands were built for the Upper
of the KRI’s electricity generation is enabled with the Khor Mor expansion, which will Zakum expansion project, the world’s second-
by the gas produced by the companies. be carried out under strict health protocols largest offshore oil field, it noted.
Current production at the Khor Mor field to ensure the safety of our staff and service RAK will also benefit from the UAE’s plans
is 440 million cubic feet per day of natural gas providers.” to build a national rail network, providing
as well as 15,700 barrels per day of condensate DANA GAS an alternative to truck transport, S&P
and 1,020 tonnes of liquified petroleum gas Global Ratings said in the April 26 report.
(LPG), or a total of 110,400 barrels of oil Ghasha project to support Etihad Rail, which is developing the national
equivalent (boe) per day, making it the largest network, signed an agreement in April with
overall producer in the KRI and the largest RAK economic recovery Stevin Rock to lay down rails from RAK to
private sector upstream gas operation in Iraq. Abu Dhabi and will transport an estimated 3.5
After the KM250 train, there are plans to Abu Dhabi National Oil Co.’s giant Ghasha million mt of raw construction materials from
add a further KM500 train which would take ultra sour natural gas project will support Stevin Rock’s Al Ghail quarry in RAK to Abu
production to almost 1 billion cubic feet per economic recovery in the UAE emirate of Dhabi, according to the report. “This will take
day by 2024. Ras Al Khamaih (RAK) where rock from the 500 annual train trips, decreasing the number
Total investment to date exceeds US$2 world’s largest quarrying company will be of truck trips required by 100,000 and thereby
billion with total cumulative production of sourced to build artificial islands offshore of reducing the environmental impact of trade
over 332 million barrels of oil equivalent Abu Dhabi, according to S&P Global Ratings. between the emirates,” S&P Global Ratings
(boe), which has resulted in significant fuel RAK’s economic growth will be 3% this said.
cost savings and economic benefits for the year after a 5% contraction in 2020, S&P S&P PLATTS
Kurdistan Region and Iraq as a whole. In Global Ratings said in an April 26 report.
addition 43 million tonnes of CO2 emissions Stevin Rock, the largest quarrying company
have been eliminated by displacing liquid in the world and 100% owned by the RAK SERVICES
fuels, which in turn has made a positive government, will supply the rock to build
contribution to tackling global climate change artificial islands for ADNOC’s Ghasha gas Drake & Scull eyes $476m
as well as reducing local air pollution. Mr. project, which will develop, drill, and produce
Majid Jafar, CEO of Crescent Petroleum gas from the Ghasha offshore concession, it contracts in Iraq, Kuwait
and Board Managing Director of Dana Gas, said. By comparison, real GDP for Abu Dhabi,
commented: “After a year of delay due to which holds the majority of the UAE’s energy Drake & Scull International (DSI), a market
the COVID pandemic, we are pleased to assets, will be a negative 0.5% this year after a leader in electromechanical, integrated design,
fully resume the KM250 expansion project 7.5% contraction last year, according to S&P engineering, and construction, for water,
to invest US$600 million and grow the gas Global Ratings. But RAK’s nominal GDP power and oil and gas sectors, said it has won
production almost 60% within 2 years from is $11 billion, compared with Abu Dhabi’s big contracts in Tunisia, India and Palestine.
now, supporting the local electricity provision almost $229 billion. The company is also bidding for several
even further. Despite the challenges the whole Ghasha is the world’s largest offshore projects, valued at over AED1.75 billion ($476
world has faced over the past year we have sour gas development, and is expected to million) in Iraq and Kuwait, which will add
kept our operations safe and managed to grow produce more than 1.5 Bcf/d of gas for power to its financial fundamentals and operational
production and we are grateful to all our staff generation to more than 2 million UAE excellence.
and to the KRG for its support.” homes by around the middle of the decade, Strengthening its business in the
Dr. Patrick Allman-Ward, CEO of Dana according to ADNOC. To date, the concession wastewater purification and pipeline extension
Gas, added: “With our partners in Pearl has attracted foreign direct investment from sector, DSI’s growth is fuelled by the robust
Petroleum we are proud to be investing Italy’s ENI (25%), Germany’s Wintershall performance of its subsidiary, Passavant
further in the gas sector of the Kurdistan Dea (10%), Austria’s OMV (5%), and Russia’s Energy & Environment.
Region of Iraq, delivering a reliable source of Lukoil (5%). DSI Chairman Engineer Shafiq

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