2003
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Kuwait plans new crude refinery
Mideast's fourth largest oil producer Kuwait, plans to spend USD5.4bn by 2010 to boost capacity. It is raising refining capacity by almost 50 per cent to 1.5m bpd. It has three refineries and is studying plans to build a new one to process heavy crude.
Iraq oil exports surge 55pc
Iraq oil exports through the Gulf's Mina Al Bakr terminal rose to over 1m bpd in September, a rise of 55 per cent on August. Meanwhile Iraq hopes to resume sales from its northern pipeline to Turkey, which was damaged in mid-August. Repairs are to be coimpleted by the middle of this month.
Essar looks for oil retail partners
India's private sector oil major, Essar Oil, has asked expatriate Indians to partner it in setting up of an India-wide filling station network. Its first retail outlet was opened in September. Prospective partners will need to own land fronting on highways and major urban roads.
Mideast oil to get USD500bn boost
Energy companies may invest up to USD500bn to develop projects in the Mideast over the next 15 years, said Exxon Mobil CEO Lee Raymond at US-Arab Economic Forum in Detroit. Saudi Oil Minister Ali Al Naimi, reassured delegates about stable crude supplies from the Arab world.
Sabic in USD2bn petrochem complex
Sabic plans to invest more than USD2bn in petrochemicals over the next five years through a new complex in Yanbu. It would produce glycol and polymers. Sabic, 70 per cent owned by Saudi Government, operates 16 industrial complexes producing 40m tonnes a year of petrochemicals and other products.
Dolphin, Emarat sign MoU
Dolphin Energy and Emarat have signed a MoU to study the feasibility of a joint gas venture in the northern emirates that would use existing gas distribution assets, gas sales and marketing and future gas transportation systems. Emarat is also expected to operate Dolphin's Al Ain to Fujairah gas pipeline.
Opec looks for outside support
Opec said there were concerns of falling oil prices next year due to oversupply. Opec member Indonesia has called upon non-member countries to cut production by 500,000 bpd as a support measure to last week's Opec cut of 900,000 bpd.
Iraq courts Europe oil investments
Iraq has begun to court several European oil companies as it seeks to spur the development of the country's massive oil reserves. Iraq has invited a number of multinational oil majors to present ideas on how to develop the sector, including training of Iraqi oil personnel.
BG India may scrap LNG import plan
British Energy firm BG Group said it may have to scrap plans to import LNG from Iran into India and instead concentrate on developing indigenous oil and gas supplies, after its bid was rejected by NTPC. BG India was setting up a USD550m LNG import terminal in western India.
Opec not to cut output any further
Opec does not plan to further cut output to help offset growing Iraqi production unless non-Opec states like Russia and Mexico agree to make their own cuts. Opec had agreed last week to reduce output to 24.5m bpd. Iraq is expected to produce 1.64m bpd by December and 2.8m bpd by next year.
Oil and Gas Show from Oct 12
The Arab Oil and Gas Show will be held from October 12-15 at the Airport Expo Dubai. This year's show will include a new inspection, repair and maintenance facility for offshore drilling, accommodation and early production units by QGM Group, said organisers, International Conferences and Exhibitions.
Opec, September output high
Opec boosted oil supplies in September for the second month in a row, reported PetroLogistics, with an average of 27.3m bpd up by 500,000 bpd on August. The increase in supply follows progress in rehabilitating Iraq's oil industry, and explains why cuts were though necessary at last week's Opec summit.
Norway not to follow Opec
Norway will not be cutting its oil output despite last week's decision by Opec, reported agencies. Oil Minister Einar Steensnaes said our assessment is that oil prices are still high and we do not see any need to make production cuts as we did from January to July 2002.
ExxonMobil, Iraq too unstable
ExxonMobil Chairman Lee Raymond said last week that Iraq was too unstable for the employees of his company and that he did not expect to invest in Iraq's oil sector any time soon. His remarks during a visit to Washington confirmed what many had suspected about the outlook for FDI in Iraq.
Oil prices jump on Opecdecision
Oil prices leapt across the board in the wake of the unexpected Opec decision to cut output by 900,000 bpd. November Brent jumped USD1.20 by the close to reach USD26.72 per barrel. Nymex November crude was up by 79 cents to USD27.92 per barrel.
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