2004
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PetroJet wins USD81m Libya deal
PetroJet, an Egyptian engineering firm, has won a USD81m contract to design and build a petroleum pipeline in Libya. Egyptian Petroleum Minister Sameh Fahmy said the project involves constructing a 750-km pipeline to carry crude oil from the Al Feel fields in the south to an export terminal at the Mediterranean Sea.
Oil touches USD51 per barrel
Oil prices threatened to breach USD51 per barrel as the aftermath from Hurricane Ivan continued to depress US oil stocks. Speculative trading pushed the price to USD50.99 per barrel in New York trading, a record high. OPEC has pledged to pump more crude in a bid to ease prices.
Kuwait oil output to hit 2.7m bpd
Kuwait is poised to pump an extra 200,000 barrels per day of oil in a bid to help reduce oil prices, Kuwaiti Minister of Energy Sheikh Ahmad Fahd Al-Sabah said on Monday. He said Kuwait's oil production would rise to 2.7 million bpd later this month, once North Kuwait's Gathering Center No. 15 is back in operation.
Alba reaches safety milestone
Aluminium Bahrain's Line 5 Project has completed 17 million man-hours of work with only two Lost Time Incidents. Alba presented all 7,200 workers on the Line 5 project team with a commemorative gift to mark the milestone. With nearly 70 per cent of construction completed, Line 5 has a Lost Time Incident Frequency Rate of 0.12, a strong performance by international benchmarks.
OPEC not to blame for high prices
Kuwait's oil minister said geopolitics, economics and terrorist attacks are to blame for driving oil prices beyond UDSD50 per barrel. Sheikh Ahmad Al Fahd Al Sabah said OPEC members were pumping oil at close to capacity in a bid to lower prices, but other factors were pushing prices to record levels.
Adnoc awards gas PMC
Adnoc Distribution, part of Abu Dhabi National Oil Company, has awarded the project management contract for a gas initiative to Lootah BC Gas, a local consultancy. The venture, valued at an estimated USD270m, is a natural gas distribution project for commercial and residential purposes. It will distribute the gas through a pipeline network.
Qatar unveils IWPP
Qatar has unveiled a second Independent Water and Power Project, Ras Laffan II, at a cost of USD900m. A consortium led by Qatar Electricity and Water Company and comprising International Power of UK and Chubu Electric of Japan is backing project.
ConocoPhillips, Iraq ambitions
ConocoPhillips CEO Jim Mulva told Reuters that his company could potentially win access to the West Qurna oilfield in Iraq through its purchase of a stake in Lukoil last week. He said the acquisition was also intended to give ConocoPhillips access to other strategic ventures.
Oil prices come off USD50
Oil prices slipped back below the psychologically important USD50 barrier yesterday on news that US oil stocks were higher than expected. New York crude futures dipped to USD49.20. The EIA reported that crude inventories were up for the first time in nine weeks.
Oil stirkes USD50.47
In New York crude oil for November delivery hit a record USD50.47 a barrel yesterday, the highest level since trading began in 1983. Traders worried over unrest in Nigeria and Saudi Arabia, hurricanes in the southern US and the Yukos oil saga in Russia.
KSA to produce 11m bpd
Saudi Arabia, the world's largest oil exporter, will raise production from 9.5m bpd to 11m bpd within weeks, an Oil Ministry official told the Press Association. No further details were provided. The move came as oil prices hit USD50 a barrel for the first time and rebels in Nigeria's oil rich Niger delta threatened all out war.
Oil price close to USD50
US light crude gained 86 cents to close at USD49.74 yeaterday, the highest in 21 years of trading on the New York Mercantile Exchange. Brent crude was up 92 cents to USD46.25. Some experts fear a major oil price spike may now be in prospect (see News Feature).
Gulf oil should open to FDI
Gulf oil states need to open to foreign direct investment in order to achieve the expansion of capacity needed to meet the huge rise in demand over the next three decades, IEA analyst Dr. Fatih Birol told the 10th annual conference of the Emirates Centre for Strategic Studies and Research yesterday.
Iraq reopens Kirkuk pipeline
Iraq has resumed oil exports of 400-500,000 bpd to Turkey which were halted by sabotage on September 2, reported Reuters. A back-up pipeline had been delivering 200-250,000 bpd and has now been closed. Current production in the northern oilfields is around 600,000 bpd.
Gasco, USD1.3bn bid shortlist
Abu Dhabi Gas Industries has shortlisted four bidders for the third phase of the Onshore Gas Development project worth USD1.3bn, reported Gulf News. The bidders are Technip, Bechtel, Chiyoda and JGC. Officials said award of the engineering, procurement and construction contract would follow shortly.
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