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Egyptian-Saudi power linkage project to start in June
Egyptian electricity minister Hassan Younis has announced that a power-linkage project with Saudi Arabia will start in June. The project, aimed at transferring 4,500 megawatts at two stages, will be completed by 2013, he said. The project will be part of a power-linkage grid that will comprise other Gulf countries, Younis added.
Kuwait targets 4m barrels a day oil production
Mohammed Husain, deputy chairman of Kuwait Oil Co., has said the Gulf state aims to boost crude oil output capacity to 4 million barrels a day by 2020, Bloomberg has reported. The country will maintain this output level to 2030, he said at a conference in Abu Dhabi.
ADCO plans exploration of marginal fields
Abu Dhabi National Oil Co.'s onshore unit Abu Dhabi Co. for Onshore Oil Operations plans exploration and appraisal of marginal fields to achieve part of its 1.8 million barrel-a-day oil production target, Bloomberg has reported, citing General Manager Munim Saif al-Kindy. The company is producing 1.4 million barrels a day now, he said.
Abu Dhabi to invite bids on $2bn power plant
The Abu Dhabi government has announced plans to invite firms to submit proposals in March to build a 1,600 megawatt power plant worth about $2bn, Reuters has reported. The Shuweihat 3 independent power project will be the emirate's ninth power project under a privatisation plan launched in 1998, under which international developers take a stake in the project. 'We have started the process of prequalification and we are targeting sending the request for proposals early next month,' Abdulla Saif al Nuaimi, director of privatisation at the Abu Dhabi Water & Electricity Authority (Adwea), told the news service. 'We expect to finalise selection of the developer by November this year, (make the) financial close by April 2011 and commissioning in summer 2013.'
Japanese firm to delay start of Egypt oil output to 2012
Japan's AOC Holdings has said it will delay until May 2012 plans to start commercial crude oil output from Egypt's offshore Northwest October block in the northern Gulf of Suez, Reuters has reported. AOC, the parent of oil and gas development unit Arabian Oil Co, has a 50% stake in the block and state-owned Egyptian General Petroleum Corp holds the remainder. Production from the block had previously been slated for later in 2010.
Weekly WTI oil price update: prices fall sharply in market sell off
After starting the week on a firmer note, oil prices fell sharply toward the end of the week in a general market sell-off as investors sought the dollar as a safe haven amid worries about European Union economies.
Iran discovers two oil, gas fields
Masoud Mirkazemi, Iran's oil minister has announced that two oil and gas fields have been discovered in western Kermanshah and southern Fars provinces, respectively, Mehr news agency has reported. Soumar oilfield is estimated to have 475 million barrels of in-situ crude oil reserve, 70 million barrels recoverable, while Halgan gas field will have a daily production capacity of 50 million cubic metres of gas.
Aramco 'clean' diesel plant ready for production
Saudi Aramco Shell Refinery (Sasref) has announced that its refinery will reach full production of ultra-low sulphur diesel by the end of this month after starting trial production, Reuters has reported. The new unit at the 305,000 barrels per day Sasref crude refinery has the potential to produce about 100,000 bpd of ultra-low sulphur diesel, making it among the first producers of diesel in the kingdom with sulphur less than 10 ppm.
EU to fund EUR1m Jordan nuclear training project
Jordan's Nuclear Regulatory Commission has announced a €1m project funded by the European Union to support staff training in preparation for the kingdom's nuclear power programme, Jordan Times has reported. The two-year project aims to provide expertise, training and guidance to Jordanian staff by EU experts. It will also call for local and regional workshops in the field.
Dubai's new oil field to start production in 2011
The Dubai government has announced that 'Al Jalila', the newly discovered offshore oil field, will enter production in 2011, Bloomberg has reported. The oil field is expected to increase crude production by a 'noticeable percentage', once commercial operations starts, the statement said. Oil reserves at Dubai's four other oil fields are estimated at 4 billion barrels and natural gas deposits are estimated at about 117 billion cubic meters.
New maritime oil field discovered in Dubai
The Dubai government press office has released a statement saying that the emirate's ruler, Sheikh Mohammed bin Rashid Al Maktoum has informed ministers and the rulers of the other emirates that a new maritime oil field has been discovered east of Dubai's Rashid field. Instructions have been given for exploration to begin on the field in order to gauge its size.
Saudi Aramco invites Yanbu refinery bids
Saudi-based firms have been invited by Saudi Aramco Lubricating Oil Refining Co to bid for the early engineering work to expand the company's Yanbu refinery, Reuters has reported, citing industry sources. The expansion of the refinery, which has a capacity of 280,000 tpy of oil lubricants, includes a new lube hydrocracker, raising the capacity of the vacuum distillation unit, upgrading the electrical facilities and adding new storage tanks, according to one source, who declined to say what the capacity of the refinery would be after the upgrade.
Bemco inks SR2bn financing facility
Saudi-based Arabian Bemco Contracting Co. has signed a SR2.145bn contract financing facility with Banque Saudi Fransi (BSF) and National Commercial Bank (NCB), Arab News has reported. The deal follows the award of a contract to a consortium led by Arabian Bemco with Doosan Heavy Industries, to convert the Qurayyah Power Plant from an open cycle process to one of a combined cycle. Under the agreement, the consortium will build additional capacity for the existing plant, with work in its final stages. Total capacity will be raised from 2,000 MW to 3,200 MW.
IEA: UAE December output hits 2.28m bpd
According to the latest estimates by the International Energy Agency (IEA), the UAE's crude oil production in December rose marginally over the previous month to 2.28 million barrels per day (bpd) with the country's compliance with production cuts previously announced by Opec standing at a high 98%, Gulf News has reported. For the full year 2009, the country's oil output averaged 2.27 million bpd, 12.2% lower than the 2008 average, the IEA said.
Austria's OMV eyes gas projects in UAE
Klaus Angerer, director of business development in the Middle East at Austrian oil firm OMV, has said the company is in preliminary talks with state-run Abu Dhabi National Oil Co (ADNOC) to undertake gas projects in the UAE, Reuters has reported. 'We have a number of project ideas. Our feeling is there will be a positive response. It's very, very preliminary. Abu Dhabi is interested in talks with companies like ours,' he said. OMV is 20% owned by the Abu Dhabi government through the emirate's investment unit the International Petroleum Investment Corporation.
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