The utility services provider reported Dh651 million net profit for Q1 2024, down from Dh763 million in same quarter last year
uae2 hours ago
The total estimated value of active UAE oil and gas projects has exceeded Dh231 billion ($63 billion) this month, according to a project research and intelligence provider in the Mena region.
"This reflects continuous investment by the UAE government in boosting energy output to help fuel the global economy that relies on hydrocarbon production of GCC countries," BNC Network CEO Avin Gidwani told Khaleej Times.
The projects account for eight per cent of the total estimated value of oil and gas projects in the region. The combined value of 361 active oil and gas projects in the GCC crossed $331.4 billion (Dh1.21 trillion) this month.
"Even as the growth of renewables accelerates, the oil and gas industry continues to grow and is expected to remain sustainable for many years ahead," he said.
In the third quarter of this year, the total estimated value of active oil and gas projects in the UAE increased significantly with the announcement of high value projects such as Borouge Petrochemicals Complex Expansion worth $2.5 billion and the re-development of projects such as the phase one of Zadco Upper Zakum full field development.
Two top oil and gas projects awarded in the third quarter of 2017 were package C of ADCO South East full field development in Abu Dhabi worth $220 million and interconnecting pipelines worth $100 million, which is part of the upgrade of Jebel Ali refinery in Dubai. Seven oil and gas projects with an estimated value of $1.7 billion were completed during the quarter in the UAE.
Gidwani said: "In the third quarter of 2017, 17 projects with a combined estimated value of $22.05 billion were announced in the GCC's oil and gas sector, despite a low-oil price environment where oil price has been hovering around the psychological mark of $50 per barrel. The number of oil and gas projects in the GCC increased by six per cent as compared to the second quarter of 2017 and the total estimated value of these projects increased by five per cent."
"Although the UAE and other Gulf countries are investing in non-oil energy projects - such as renewable and nuclear power projects - the oil and gas industry is here to stay for a long haul till alternative fuel consumption, such as battery and solar-powered vehicles, grows worldwide," Gidwani added.
- ashwani@khaleejtimes.com
The utility services provider reported Dh651 million net profit for Q1 2024, down from Dh763 million in same quarter last year
uae2 hours ago
The 2020 US Open champion said he had thought about the decision to end his career "for a very long time"
sports2 hours ago
With the addition of these seven programmes, BPDC now offers a total of 15 programmes, effectively doubling its undergraduate course offerings
kt network2 hours ago
In an attempt to improve crop growth with advanced techniques, Bustanica chooses RHINOX's reliable gas supply lines
kt network2 hours ago
BCCI secretary Jay Shah has confirmed that the Indian team will travel to the USA and West Indies in two batches
sports2 hours ago
The recycling company is at the forefront of revolutionising food and tobacco waste management through inventive techniques
kt network2 hours ago
Should he achieve his goal Chopra will take another step toward's the legendary Jan Zelezny's world record of 98.48m set in 1996
sports3 hours ago
The city offers plenty of spaces for residents to declutter; here's a guide
life and living3 hours ago