2003
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GCC may suggest policy to Opec
GCC oil ministers are to meet in Doha on November 3 to discuss the oil price situation. In the past they have recommended policy to Opec and could suggest a raising of supply if oil prices stay beyond the upper band of USD28 a barrel. Separately, Venezuela, Mexico and Saudi Arabian oil ministers will meet before the December 4 Opec meeting.
Opec to go ahead with cuts
Despite reigning high oil prices, Opec will go ahead with a September decision to cut oil output by 900,000 bpd from November 1, said Kuwait Oil Minister Sheikh Ahmad Al Fahad Al Sabah, after talks with Saudi counterpart Ali Al Naimi. Opec is next to meet on December 4.
Lebanon gets ready to use gas
Lebanon has resumed work on extending gas pipelines that carry Syrian gas to Dir Ammar power plant, near Tripoli. The plant has been lying idle as the country is not yet ready to use gas as feedstock. The gas pipeline will be extended to Al Zahrani plant south of Sidon, which can also use gas.
Das Island facilties upgraded
Adma-Opco has upgraded firefighting ability at Das Island to combat full surface fire within an hour of ignition. The quantified risk assessment of Das Island crude storage tanks by British Petroleum, called for the upgrade. Adma-Opco can now commence application of foam on to large diameter storage tanks within the hour.
Adco awards Bu Hasa contract
Snamprogetti of Italy has been awarded the EPC contract for Bu Hasa Field by Adco. The field can produce 730,000 barrels a day. The USD324m project will be completed by end-2006 and includes gas and water injection facilities. It consists of a new centralised oil production facilities.
Tanker rates soar on demand
Freight prices for carrying Mideast crude to core export markets in Asia and the US, soared 60 per cent as oil companies came to the market to book tankers for November liftings. VLCC costs on benchmark Gulf to Japan route were up 30 points or USD1.34 a barrel over much of October.
Turkey to reopen Iran gas talks
Turkey wants to renegotiate its 1996 gas contract with Iran. It says the gas is too costly. Technical talks on payment arrangement are underway with Russia, another key provider of gas to Turkey. After Russia, Turkey says it will talk to Iran.
Iraq pushes Opec Oct output
Total Opec output are estimated at 27.66m bpd in October, driven by a 450,000 bpd rise in Iraqi production. Iraq is now producing 1.8m bpd, while crude capacity has been restored to 2.3m bpd, just 500,000 bpd below pre-war levels. From November 1, Opec quota limits wil fall to 24.5m bpd.
S. Korea firm in Oman refinery deal
South Korea's LG Caltex will provide operational and maintenance services to the new Sohar refinery that is coming up in Oman. The refinery will have a 114,400 bpd capacity. Up to 90 per cent of its production will be exported by Oman through a refined product offtake agreement with BP.
Little movement in crude prices
Crude oil was little changed in New York after falling to a two-week low on October 22 on a report that showed an unexpected gain in US hating oil inventories. Crude oil for December delivery traded at USD29.95 a barrel, up 3 cents, in after-hours electronic trading on the New York Mercantile Exchange. Earlier, it fell as much as 22 cents to USD29.70, Bloomberg said.
Iraq oilfield repair contracts soon
Iraq oilfield repair contracts worth up to USD1bn could be awarded as early as October 29. Groups seen as front runners include Halliburton, a US-UK joint venture of Fluor and Amec, and another between US' Parsons and Australia's Worley Group. Reuters said it is also likely the US Army Corps of Engineers may announce a delay.
Oman studies refinery loan offers
Oman is studying USD1bn loan proposals from 23 banks to finance its refinery in Sohar. The contract will be awarded by the end of this year. Site work will start by early 2004 and production by third quarter of 2006. Japan's JGC Corp has won the USD800m contract for the 75,000 bpd refinery.
Iraq plans Kirkuk exports from Nov
Iraq aims to resume post-war exports from its northern crude oil pipeline to Turkey in early November, but sabotage still threatens to undermine Baghdad's best efforts, Reuters quoted an Iraqi oil ministry source. The plan is to resume Kirkuk exports in the first week of November after storing five million barrels of oil in Turkey, the official said.
UAE expects winter supply glut
UAE Oil Minister Obeid bin Saif Al Nasiri has blamed speculators for oil price fluctuations after Opec's September decision. He expected a glut in last quarter continuing into the first quarter of 2004 because of stock building and called for Opec and non-Opec producers to work together for a fair price, at opening of Fujcon 2003 in Fujairah on October 21.
Shell to drill two wells next year
The Shell-Qatar GTL deal will enter front end engineering and design stage with the drilling of two appraisal wells early next year in Qatar's huge North Field, Khaleej Times said. Qatar is continuing talks with other majors on other GTL projects, which if successful, could give the Gulf country 500m bpd GTL capacity, making it the GTL capital of the world.
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