2002
- The news you choose »
- Login to Add to Watchlist
NPCC wins Qatar Petroleum deal
Abu Dhabi's National Petroleum Construction Company has won a multi-million dollar EPC contract for Qatar Petroleum's Bul Hanaine offshore field. This 17-month contract includes fabrication and design of a new wellhead jacket and associated pipelines.
Opec calls for non-Opec output cuts
Opec secretary general Alvaro Silva Calderon has called on oil producers outside the cartel to cut their oil output, reported AFP. He said Opec could not maintain an oil price equilibrium on its own.
Saudi chops Asian oil exports
Saudi Arabia is cutting its crude oil exports to Japan and other Asian countries by 22 per cent in January, in line with Opec output cuts agreed last week in Vienna, reported Ashai Shimbun. The news came as oil prices spiked to USD31.20 a barrel in New York crude futures on fears that US military action in Iraq was imminent.
Slavneft sold to Sibneft and Tyumen
Russia's last major planned oil asset sale saw Slavneft sold for USD1.86bn to Tymen Oil and Sibneft after CNOOC pulled out of the bidding earlier this week. The two oil companies did not reveal how they will split the assets between them but have been two of Russia's fastest growing producers in the past three years.
Venezuela to supply US reserves
Despite having its oil industry shutdown for the past two weeks, Venezuela is likely to sign a deal to supply oil to the US strategic reserves, reported Reuters. In an interview with Le Monde president Hugo Chavez said that Venezuela had always guaranteed its deliveries to the USA and would consider delivering to the US strategic reserves under a new commercial agreement.
Chinese not to bid for Slavneft
China National Petroleum Corporation will not be bidding for a majority stake in Russia's eighth largest oil producer Slavneft, reported AFP. CNPC had received permission to bid but the sharp reaction in the Russian parliament appears to have scared them off. Sibneft is now the favourite to win the bidding for 75 per cent of Slavneft.
Oman oil production to fall again
Oman's crude oil output will decline by eight per cent in 2003 to around 710,000 bpd, reported Reuters. Petroleum Development Oman's managing director John Malcolm blamed 40-year old oilfields. This year's output of 771,000 bpd is below an earlier target of 815,000 bpd, and shows a similar fall on 2001 production.
Adgas to up LPG production
The Abu Dhabi Gas Liquefaction Company is set to boost output of liquefied petroleum gas by two-thirds by 2005, reported the Weekly Petroleum Argus. Adgas will increase output of LPG on Das Island from 1.6m tonnes a year to 2.6m tonnes by 2005, and the gas will be mainly exported to Japan. A contractor for a new USD400m LPG plant will be announced by March.
Russia asks Iraq to reconsider
Moscow has asked Iraq to reconsider a decision to scrap a USD3.7bn contract awarded to Lukoil, reported AFP. The action threatens a serious breach in relations between Iraq and Russia, said officials. Previously Russia had been one of Iraq's only allies in the Western world.
New Iraq could leave Opec
A post-US invasion Iraq could pull out of Opec leaving the oil price cartel in disarray, reported the Houston Chronicle. The newspaper said an occupied Iraq was likely to provide a bonanza for Houston oil companies. However, it noted that low oil prices could undermine this opportunity.
Lukoil threatens Iraq with lawsuit
Russian oil giant Lukoil is threatening to take Iraq to court over the scrapping of a USD3.7bn contract to develop one of its biggest oilfields, reported AFP. The Russians are furious over the announcement which they consider a political move and unlawful under protocols signed by Iraq. They said it appeared to be motivated by Russia's failure to prevent UN weapons inspectors from returning to Iraq.
Qatar expects USD25 oil price
Qatari oil minister Abdullah bin Hamad Al Attiyah has predicted that oil prices will stay around USD25 because of Opec's agreement last week to cut output, and the threat of war in Iraq. He told Bloomberg around USD4 per barrel was due to the Iraqi situation, and noted that all Opec countries were committed to the new output accord.
Saudi moves on Opec output cuts
Saudi Arabia has moved swiftly to implement the cuts in production agreed at last week's Opec summit, reported Reuters. Industry sources said January supplies were being cut by 10 per cent. Last week Opec agreed to a 1.7m bpd reduction in actual production in Q1 next year.
UAE backs Saudi on Opec cuts
UAE oil minister Obeid bin Saif Al Nasiri has backed a Saudi call to cut actual Opec oil output by 1.5-2m bpd while increasing official production ceilings to 1-1.5m bpd, reported Wam. He said oil prices would fall below USD20 if Opec failed to agree on this policy. Kuwait opposes the idea, while Qatar, Iran and Algeria have declared their support.
GCC oil income to fall USD4bn
GCC oil revenues will fall by USD4bn this year to USD99.7bn, predicts the Centre for Global Energy Studies owned by former Saudi oil minister Sheikh Yamani. Lower production levels offset higher prices to produce an overall fall in oil revenue during 2002. However, this still leaves 2002 oil revenues at much higher levels that expected in national budgets.
It looks like you are using a Mac - check out our 
Web Feeds