Gulf Oil and Gas accountACCOUNT

OPEC Producer UAE Considers Importing North American Gas

Source: Reuters 1/27/2014, Location: Middle East

The United Arab Emirates, a Gulf OPEC oil producer, said it was looking at the possibility of importing natural gas from North America, in what would be one of the most striking developments since the start of the U.S. shale boom.

The United States and Canada are producing record amounts of gas from shale rock formations, pulling down North American prices to levels that have attracted the interest of foreign buyers.

Around a dozen long-term deals, each worth billions of dollars, have recently been signed behind closed doors between U.S. producers and buyers in China, Japan, Taiwan, Spain, France and Chile as global demand for gas increases.

"We may follow the same trend of considering investments in the United States and Canada to bring some of that gas back home," UAE Oil Minister Suhail bin Mohammed al-Mazroui said at an energy conference in London.

Rapidly rising demand and slow production growth have made the OPEC member a net importer of gas over the past few years.

The UAE's Abu Dhabi National Energy Company has already invested in Canada's oil and gas sector but so far has not been publicly involved in North American natural gas export projects.

"The United Arab Emirates is seriously thinking about that now," the minister said.

The UAE last year awarded a contract to build a liquefied natural gas (LNG) import terminal at Fujairah on its east coast. It already gets a modest volume of Qatari gas by pipeline, which helps feed its power and desalination plants.

"We have a team in Mubadala as well as in Taqa looking at the optionality. Any investment needs to go through the vetting of the board of directors, not to me as an energy minister," Mazroui said, adding that it was premature to give any volume estimates of a potential deal.

Natural Gas News in United Arab Emirates >>

Morocco >>  3/7/2019 - Sound Energy, the Moroccan focused upstream gas company, confirms continued positive discussions with Morocco's Office National de l'Electricité et de...
Russia >>  3/6/2019 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took ...

Australia >>  3/5/2019 - Chevron Australia has announced the commencement of domestic gas deliveries from the Chevron-operated Wheatstone natural gas facility near Onslow, Wes...
Egypt >>  2/27/2019 - Egypt is currently exporting 800 million cubic feet of liquefied natural gas (LNG) per day from its Idku export plant, ‘s the petroleum minister has t...

Russia >>  2/27/2019 - The Gazprom Board of Directors reviewed and took note of the information on the Company’s efforts to expand gas infrastructure in rural areas. It was ...
Australia >>  2/26/2019 - Galilee Energy has entered into a Memorandum of Understanding (MOU) with Clarke Energy to assess the potential for a staged installation of a gas fuel...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 

United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.