2004
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Jordan-Iraq pipeline study
A feasibility study for a 750km pipeline from the northern Iraqi oilfields to a refinery north of Amman, Jordan is to be undertaken, reported AP. Initial estimates suggest a USD350m cost and 15-month construction period, with a capacity of 100,000 bpd rising to 350,000 bpd.
RAK, Dolphin gas from March
Dolphin Energy is set to supply gas to Ras Al Khaimah from next March under an agreement signed yesterday. The existing Emarat pipeline to the northern emirates will deliver the gas. Dolphin obtained the right to sell gas to RAK under a purchase agreement with Oman Oil in early 2003.
Sharjah, USD109m gas plant
A new joint venture between Sharjah Government and Crescent Petroleum is to set up a USD109m sweet-gas project, reported Gulf News. Sajaa Gas Private was formed a few months ago, and eight GCC investors have also become shareholders. Petrofac International expects to complete the plant by the end of 2005.
Oil prices slow global economy
The International Energy Agency reported that high oil prices are beginning to slow the world economy and encourage energy saving in China. But the IEA still forecasts that world oil consumption will be 83.85m bpd in 2005, though its forecast of the demand increase is now cut by 320,000 bpd to 1.45m bpd.
UAE, Gasco, USD1.9bn projects
The UAE's Adnoc subsidiary Gasco is to tender two condensates projects worth USD1.9bn, reported Gulf News. The USD1.2bn Phase III of the offshore Thamama F field will produce 130,000 barrels by 2008. A second USD700m project will treat 800 million cubic feet of gas per day.
UAE petrol retailers in crisis
UAE petrol retailers Eppco and Enoc are to close 10 petrol stations tomorrow, and 165 by the end of the month in protest at high oil prices which mean they are losing USD380,000 a day, reported Gulf News. The companies are looking for a federal subsidy or a price hike at the pumps to stop the mounting losses.
Oil close to USD54 a barrel
A general strike in Nigeria and an industrial dispute in Norway sent world oil prices to new records yesterday. US light crude was up 36 cents to USD53.67 a barrel. In London Brent crude was above USD50 a barrel for the first time in history.
Total targets 5pc growth
French oil giant Total plans to maintain output growth at five per cent annually in the region, in line with its global targets, officials told Gulf News at Adipec in Abu Dhabi yesterday. Some nine per cent of Total's 2.6m bpd output is located in the Middle East.
PDO, 800,000 bpd target
Petroleum Development Oman will invest USD10bn over the next five years to raise capacity to 800,000 bpd, officials told Gulf News on the sidelines of Adipec in Abu Dhabi yesterday. Last year PDO produced 702,000 bpd and output has been falling due to dwindling reserves.
Ministers claim oil supplies OK
GCC Oil Ministers claimed yesterday that oil producers have sufficient capacity to meet demand and that there is no significant shortage of oil in the world. Speaking at the opening of Adipec in Abu Dhabi, Saudi Oil Minister Ali Al Naimi told Gulf News we have 1.5-2m bpd in spare capacity for the foreseeable future.
Oil prices heading to USD60
Traders can see little preventing the oil price hitting USD60 a barrel within weeks. Oil markets have been stung by a slew of unpredictable events, most recently not in the Middle East. But behind supply issues, the demand factor is also a growing threat to prices as the world economic recovery continues to demand more oil.
USD53, record oil price
Oil prices ended last week with US light crude close to USD53, a record high. There is a wild-cat strike imminent at Shell terminals in Nigeria, while US oil supplies are depleted by recent hurricanes, and a national strike in Norway is threatened.
Opec should invest in new capacity
A call for Opec members to invest more in the oil sector will be made by the UAE Oil Minister Obaid bin Saif Al Nasiri at the opening of a conference in Abu Dhabi today, reported Gulf News. He will say the most challenging issue facing the industry is to stabilise the oil market at fair and just prices.
ADCB, USD40m fuel terminal
Abu Dhabi Commercial Bank has signed a USD40m project finance deal that will fund a new fuel terminal in Djibouti, strategically located on the Red Sea. Horizon Djibouti Terminals is promoted and managed by Horizon Terminals, which is owned by UAE based Emirates National Oil Company.
Crude tops USD52 per barrel
Oil crossed USD52 per barrel on Thursday morning, a new record, as fears mounted over stockpiles of fuel for winter. The impact of Hurrican Ivan, which hit US production in the Gulf of Mexico, is still being felt in low US stocks of crude oil, and refined products such as heating oil. Crude for November delivery touched USD52.23 in early Thursday trading in Singapore.
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