2003
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AD plans new oil services complex
Abu Dhabi is mulling the creation of the Middle East's largest complex for services of onshore and offshore oil fields, reported Gulf News. Officials said the project was in its final stages. The oil services industry is a USD3bn business in the region, prompting interest by Abu Dhabi, a major player in the market.
Opec sees a glut in 2004
Opec sees oil prices to remain stable for the rest of the year, but fears a glut could push prices too low in 2004. Secretary General Alvaro Silva expects non-Opec producers to cooperate in keeping the market balanced. Effects of the 90,000 bpd cut from November 1, will be known later, he said.
Halliburton contract extended
Halliburton will retain a no-bid contract in Iraq longer than expected, Bush administration said, blaming sabotage of oil facilities for delays in replacement contracts. Halliburton's contract, worth USD1.59bn so far, will be extended until December or January while the government evaluates revised bids for replacement work that could total USD2bn.
Iraq exports stand at 1.2m bpd
Current crude loadings at Iraq's Basra terminal stand at 1.2m bpd or half a VLCC. Shipping sources said at the start of October, liftings ran higher at 1.34m bpd. Iraq hopes to export 1.35m bpd in November and 1.5m bpd by December. Its northern export pipeline is inoperable due to repeated sabotage.
Saudis raise propane prices
Saudi Arabia has raised its November contract price by USD20 a tonne over October for propane to USD280. It has also raised the price of butane by USD25 to USD280, traders said. Saudi Arabia sets contract prices for LPG after reviewing results of spot tenders. This provides a benchmark for Mideast Asian sales of LPG.
Iran may accept talks with Turkey
Iran is considering the Turkish request to renegotiate an existing gas supply deal. Earlier, officials said Turkey cannot renege on the 1996 deal on the pretext of high prices. Iran began delivery from Tabriz to Ankara via a pipeline in December 2001 under a 25-year contract worth USD20bn.
Oil prices down on US build up
Oil prices fell as US supplies build-up quietened market fears over winter supplies. London Brent Crude LCOc1 fell 14 cents to USD27.9, while US light sweet crude CLc1 slpped 22 cents to USD29.34 a barrel. US said stocks have risen by 3.6m barrels to 291.8m barrels.
Bad weather halts Iraq oil exports
Iraq's only crude export terminal of Mina Bakr has been closed for the last 24-hours due to bad weather, reports on October 29 said. The recently renamed Basra Oil Terminal has three fully loaded tankers at berth. There is a backlog as the terminal has only four berths and vessels are continuously arriving for loading.
State takes over Fujairah Refinery
Fujairah Government has taken full control and ownership of the restructured Fujairah Refinery and plans to restart refining and terminalling operations soon, Gulf News said. It hopes to process condensates from Iran's South Pars field. The 75,000 bpd capacity unit has had a troubled history.
New PDO gas unit coming up
Petroleum Development Oman will construct a third gas processing plant of 20m cmd at Saih Nihayda. The new plant will come on stream by end-2004. PDO is also laying a 265km pipeline along the existing 350km pipeline from central Oman to Sur, Khaleej Times said. PDO also operates GGP at Yibal and CPP at Saih Rawl.
Oil weakens on profit-taking
Oil prices weakened on profit-taking, but analysts did not expect a rush to liquidate. US light sweet crude CLc1 traded 26 cents lower at USD29.66 a barrel on October 28, while benchmark Brent crude LCOc1 slipped 29 cents to USD28.10. Oil price has fallen by more than 10 per cent off recent peaks.
NDC orders USD95m rig
National Drilling has ordered a USD95m rig from Singapore firm Keppel. It is to start operations in October 2005 to support drilling at Al Dabbiya, Al Rumaitha and Shanayel areas. NDC aims to add two more rigs. It operates 11 offshore and 15 onshore rigs. Two will be added onshore by the end of the year, officials said.
GCC looks at Arabian Sea pipeline
A November 2 GCC meeting is to discuss a proposal by Oman to extend the Gulf oil pipeline network across the Straits of Hormuz into the Arabian Sea terminals of Oman. The meeting is also to study establishment of a centre for strategic studies and energy research.
Work starts on Oman refinery
Site work has started on Oman's USD1bn refinery in Sohar by Japanese contractor JCB Corp. Fully-owned by the government, the refinery has a 116,400 bpd capacity for crude and another 75,260 bpd capacity residue fluid catalytic cracking unit. It will be ready by the third quarter of 2006.
Five firms bid for Omani pipeline
Five firms have submitted bids for a project management contract to oversee construction of a USD221m oil pipeline from Muscat to Sohar in Oman. They include Mott MacDonald, ILF, Tebodin, Veco Engineering and Electrowatt Engineering. The construction will go ahead once financing has been completed.
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