2003
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Opec rejects Russian oil call
Opec Secretary General Alvaro Silva has rejected a call from Russia for a rise in production to dampen high prices. He said world supplies were sufficient and that the inventory outlook suggested that Opec needed to guard against a fall in prices which was more of a worry than high prices.
Shell, DDIA, corporate duty event
Shell and the Dubai Development and Investment Authority are jointly organising a conference in Dubai from April 25-26 to promote corporate social responsibility. CSR will make Dubai an even more attractive place to invest, said the organisers.
Iraqi bunker fuel warning
Ship owners have been warned that smuggled Iraqi oil fuel is a lethal hazard. The International Bunker Inudstry Association told Gulf News that owners ran a very real risk of harming their crew and damaging their vessels. There was also the risk of legal penalties, added a spokesman.
Pertamina, USD20m Iraq funds
Indonesian state owned Pertamina has placed USD20m in a fund for oil investments in Iraq's Western Desert in early 2004, reported Bisnis Indonesia. The group already has a representative office in Iraq and is also bidding for the 150,000 bpd Tuba oil field in Iraq.
Qatar's pipeline, GCC lukewarm
An ambtious plan from Qatar for an oil pipeline linking the GCC states has met with a lukewarm response at a meeting of oil ministers in Doha, reported AFP. The plan was apparently referred back for more study but did not top the agenda as Qatar had hoped.
BP, RWE Dea, Egypt gas find
BP and RWE Dea have reported a significant gas discovery named Ruby 2 in the Mediterranean Sea off the coast of Alexandria. Average production capacity was 30,000 cubic metres per hour, said a statement, and the discovery was made at a depth of 764 metres in the West Med Deep Water concession.
Gulf producers pledge stability
Gulf oil producers meeting in Doha have pledged themselves to maintaining stability in world crude markets. Saudi oil minister Ali Al Naimi said that market stability would be sought at any cost. He also reiterated his support for USD25 per barrel as a fair price for oil which balanced the needs of producer and consumer nations.
IEA, Opec keeping prices too high
Officials at the International Energy Agency blasted Opec for keeping prices too high. IEA head Claude Mandil told Reuters oil stocks are still at the bottom of the five-year range, and need to be replenished but prices are still very high. Just because they are in the Opec range does not mean that they are not high, he added.
Mideast, USD12bn investment
Middle East oil producers will invest around USD12bn per annum over the next decade and boost their share of global oil and gas production to 65 per cent, according to Faith Birol author of an IEA report out today. Gas will account for USD9bn of this total.
GCC ministers mull joint pipeline
GCC ministers have put the proposed Gulf Oil Pipeline between their six nations at the top of the agenda at a meeting of Arab oil ministers, reported AP. The project was first mooted and dropped in the mid-1980s. Earlier this year Kellogg Brown and Root were signed up for a feasibility study.
USD2bn Shell, Total, gas project
Saudi Arabia's Supreme Petroleum Council has given its support for a USD2bn gas project led by Shell, reported the SPA. A new company will now be set up for gas exploration and production in a 209,000 sqkm area of the Empty Quarter. Shell will hold 40 per cent, and Total and Saudi Aramco 30 per cent each.
Iran, 100,000 bpd Zagros field
Iran is likely to start pumping oil from the Zagros oil field next year, according to the Opec News Agency citing newspapers in Iran. The oil field could be producing 100,000 bpd within two years according to local newspapers.
Opec predicts stable oil prices
Opec Secretary-General Alvaro Silva-Calderon told a press conference that the cartel expected oil prices to remain stable for the rest of the year. But he expressed some fears about the outlook for 2004 due to high supply levles which could exercise downward pressure on prices.
Iraq pipeline faces more delays
The main oil export pipeline from Northern Iraq to Turkey may not open this week as planned, reported Reuters citing official sources. The pipline was shut down due to sabotage. Officials said the situation was very fluid, and confirmed that an LNG pipeline in southern Iraq had also been hit last Friday.
Oman, USD2bn oil projects
Petroleum Development Oman is to invest USD2bn in enhanced oil recovery projects over the next five years in a bid to boost production, officials told Gulf News. They claimed two projects at Harweel and Mukhaizna oil fields will return Oman's oil production levels to 800,000 bpd.
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