2003
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Adco fetes 40th anniversary
The Abu Dhabi Company for Onshore Oil Operations yesterday celebrated the 40th anniversary of the first shipment of oil from Abu Dhabi which transformed the emirates. Present production is 1.1m bpd with investment in new fields set to take capacity to 1.4m bpd by mid-2006.
USD3.5bn Dolphin set to swim
The final investment decisions for the USD3.5bn Dolphin gas project linking Qatar and the UAE were completed at the end of last week. Officials said the way was now clear for the plan to be fully implemented by 2006. The first phase will come on stream in Q1 next year, a gas pipeline from Al Ain to Fujairah which will later link to Qatar.
Kuwait to import Iraqi gas
Kuwait has reached an initial agreement to import gas from Iraq, reviving a deal that pre-dates the 1990 invasion of Kuwait, reported Reuters. Technical teams from both sides will now reassess how to rehabilitate a network of pipelines which used to carry 400m cubic feet per day.
Saudi Arabia, no oil shortage
Saudi Arabian Oil Minister Ali Al Naimi said yesterday that there is absolutely no oil shortage in the market at the moment. He told reporters that if there was a shortage in the market in February when Opec meets then we will put more oil in the market.
Global demand ahead of forecasts
World oil demand is rising faster than previously expected, reported the International Energy Agency. It predicts fuel consumption will rise by 1.44m bpd this year to an average of 78.4m bpd. This is 160,000 bpd more than predicted last month. The rise reflects US economic growth and Chinese demand.
Iraq, 1m bpd Gulf exports
Iraq is exporting an average of 1m bpd through its southern Basra oil terminal, reported US officials. Shipments resumed in July and the port of Mina Al Bakr has handled 81 VLCCs and 146.7m barrels of oil since then.
Enoc, USD250m refinery upgrade
Emirates National Oil Company has announced plans for a USD250m upgrade of its oil refining to include gasoline production, reported Gulf News. CEO Hussein Sultan said we may go for it either on our own or with partners. Upgrading will also enable us to have low sulphur naphtha, he added.
Three Saudi gas deals by Feb
The licensing of three giant gas exploration blocks to foreign companies is expected to be finalised by February next year, reported Reuters. Saudi Aramco exploration chief Abdallah Al Saif said between 20 and 30 companies had expressed interest and that the winners might be single companies and not consortiums.
Opec, 2.5m bpd Q2 surplus
Opec President Abdullah Al Attiyah said yesterday he expects a 2.5m bpd surplus in the second quarter of next year which may lead to cutbacks in production. He told reporters that second quarter supplies are now a major issue and supplies may be cut in February when Opec meets.
Enoc, Saudi firm tie-up
Emirates National Oil Company and Arabian Aircraft Services have formed an alliance to penetrate the aviation fuel market in the Kingdom. The newly formed United Gulf Aircraft Fuelling Company will be based at King Abdulaziz International Airport.
Bad US weather, oil price up
The snowstorms that have hit the US northeast sent oil prices higher yesterday. Brent crude closed up USD1 at ISD29.74. Traders reasoned this would boost demand in the world's biggest single heating oil market. The weaker US dollar is also likely to support higher oil prices, they added.
USD1.7bn Qatar, Conoco GTL deal
ConocoPhillips and Qatar Petroleum are set to sign a deal for a USD1.7bn gas-to-liquids plans today. This will be the third GTL project in Qatar. The others are the Sasol project and the Shell GTL plant. Conoco will own 49 per cent and Qatar Petroleum the balance of the 130,000 barrel complex.
Shell, new carriers, new openings
Shell Aviation General Manager Mike Lumley told Gulf News that the new airline companies in the region open up a range of new opportunities and will boost the jet fuel market. He said Shell Aviation was now looking at offering a risk management service to the new carriers.
USD900m Qatar GTL project
Construction of a USD900m gas-to-liquids complex began in Qatar yesterday. Qatar Petroleum and Sasol are the owners of the Oryx GTL plant, the world's first commercial GTL plant outside South Africa. It will come on stream at the end of 2005 using gas from the North Field as feedstock.
Record oil revenues for UAE
The UAE will earn around USD22bn this year from oil revenues, its best year ever, up from USD17.9bn in 2003, according to the Centre for Global Energy Studies based in London. However, the Economist Intelligence Unit forecasts a fall back to USD13.8bn in 2004 due to lower oil prices.
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