Wednesday, May 28, 2008
Other Gulf oil states willing to increase production
ABU DHABI — The United Arab Emirates has signaled its willingness to
increase crude oil production following Saudi Arabia's public reluctance to do so.
UAE Energy Minister Mohammed Bin Dhaen Al Hamili said his country was
capable of bolstering oil output. Al Hamili said any decision would be based
on market conditions.
The UAE has come under U.S. pressure to increase oil production to help
stop the soaring price of gasoline. So far, Saudi Arabia has bolstered
output by 300,000 barrels per day.
"We are always happy to put more oil in the market if the market needs
more," Al Hamili, who refused to say whether the UAE would boost output,
told the Reuters news agency during a visit to South Korea.
Meanwhile, Oman has launched a project to increase crude oil
reserves, Middle East Newsline reported.
Indago Petroleum has begun drilling its Zad well on the Adam Prospect in
Block 47. Executives said the well would take 100 days to drill and reach a
depth of 4,250 meters.
"We are excited to get the Zad well under way and expect a more
straightforward operation than we had with our recent Al Jariya well,"
Indago chief executive officer David Bremner. "Whilst Adam is considerably
smaller than the Jebel Hafit prospect, a discovery would be highly
significant for Indago. It could also help achieve a critical mass for the
development of other existing and future discoveries in the immediate area."
Indago, with a 50 percent stake in Block 47, has assessed that Adam
contains 500 billion cubic feet of gas and substantial associated
condensate. Adam is located near a major pipeline that reaches Muscat.
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