2003
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Oman LNG third train by 2006
Work on the third LNG train at Oman LNG plant in Sur is progressing on time, officials said adding that it will go on stream as scheduled by 2006. It would have a capacity for 3.3m tonnes. Up to 50 per cent of the output would be sold to a Spanish firm. Efforts are on to market the balance in US, Europe and Far East.
Qatar to sign mega gas deal
World's biggest oil firm, Exxon Mobil, is to seal a USD8bn LNG deal with Qatar Petroleum, aimed at feeding the US market. The project will produce 15.6m tonnes annually of LNG and will go on stream latest by 2010. Two more LNG trains of 7.8m tonnes a year capacity each will be set up.
Qatar may order 50 LNG carriers
Qatar plans to order 50 LNG carriers from South Korea between 2006-10. Meanwhile, Venezuela is seeking Doha's participation in its USD2.7bn natural gas project. The Mariscal Sucre project will export 4.7m tonnes of liquefied gas, mostly to the US.
Oman gas supply to UAE from Jan
Oman gas is scheduled to start flowing to Fujairah from January under the Dolphin Gas project. The second phase willsee the inflow of Qatar gas. Financial close of UAE's gigantic Dolphin Gas project is expected by 2005 with debt equity ratio likely at 65:35.
Oil prices rise on supply fears
World oil prices went up on Tuesday over concerns about supplies ahead of th approaching winter demand. Mew York light crude was up USD0.54 to USD32.49 a barrel while london was up USD0.50 to USD31.17. Prices have gone up 20 per cent since mid-September. Opec member Indonesia said high prices will not last.
Adma-Opco enhances visualisation
Adma-Opco has deployed an advanced and versatile visual system that will optimise oil exploration in the region by enabling a more accurate and speedy visualisation of oil fields. Adma-Opco operates UAE's Umm Shaif and Zakum oil fields. The system was implemented by Emirates Computers.
Gulf is reliable supplier, experts
The Gulf will continue to be the reliable source of oil and gas supplies to the world, said industry experts at a seminar in Dubai. The region is also expected to see rapid growth in its petrochemicals industry (presently just 5 per cent of world capacity) because it provides of easy access to competitive gas feedstocks.
Doubts linger over Saudi gas plans
Doubts linger over the viability of Saudi Arabia's gas initiative, just months after it has been relaunched as separate upstream and downstream projects, as many of the original problems still exist, Dow Jones quoted analysts. Saudi industry, however, said the projects have big potential.
US firm to develop Yemen oil field
Vintage Petroleum has submitted a request to develop some 285,000 acres in S-1 Damis block in Yemen. If approved, oil production will begin early 2004 at an estimated gross rate of up to 2,500 bpd from existing wells. Preliminary field development work would begin in 2004 and focus on the An Nagyah light oil discovery that was made during the 2002/2003 drilling campaign.
Taiwan to soon close Qatar gas deal
Taiwan's Chinese Petroleum Corp is close to finalising a sales and purchase agreement with Qatar's Rasgas for the purchase of 3m tonnes of LNG for 25 years with supplies starting in 2008. Qatar, with proven resreves of over 900tcf, has more than 15 per cent of proven global reserves.
Iraq aims for 2m bpd output in 2004
Iraq plans to raise oil output to 2m bpd next year. It is currently producing around 1.7m bpd, Gulf News quoted an Iraqi official. Iraq is pushing for higher oil exports to earn revenue to finance its rebuilding efforts. It is looking to expand its natural gas sector to feed domestic requirements.
Europe bears brunt of Opec cuts
Saudi oil supplies to Europe are to be down 10 per cent in November following the implementation of the surprise Opec output cut of 3.5 per cent on September 24. Iran, Opec's second biggest producer too, will cut supplies to Europe in enforcing the opec decision.
IPIC to retain stake in Cepsa
Abu Dhabi plans to retain is 9.5 per cent stake in Compania Espanola de Petroleos (Cepsa). Total (45.3 per cent) and Santander Central Hispanola (20 per cent) are vying for control of Spain's second biggest oil producer.
Bid to revive Dhabol power plant
General Electric and Bechtel, investors in Enron's USD2.9bn Dhabol power project on the western coast of India, said they submitted a new plan to local creditors to restart the plant, which has been lying idle for two years. The plant was to have sourced feedstock gas from Gulf countries.
Aramco in landmark gas deal
Saudi Aramco has signed a landmark gas exploration and production deal with Royal Dutch Shell (40 per cent) and Total. Aramco and Total hold 30 per cent each in the consoritum. Subject to approval, the project will cover an area of 209,160 sqkm in the south of the Rub Al-Khali.
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