2004
- The news you choose »
- Login to Add to Watchlist
Bin Laden threatens Saudi oil
Militants with links to al-Qaeda have reissued a threat to attack Saudi oil installations, reported The Financial Times. Experts said a statement from the al-Qaeda Organisation was based on a threat issued last Friday by Osama bin Laden that called for attacks on oil facilities in Saudi Arabia.
Oman extends PDO concession
Shell has welcomed the signing of agreements with the Oman Government which extend the term of Petroleum Development Oman's Block 6 concession for the next 40 years. Block 6 is PDO's sole oil concession and is located in central and southern Oman. PDO is 34 per cent Shell-owned.
Oil price surges to USD45
Oil prices had their best week for five years and US light crude closed at USD45.20 last week, while Brent crude stood at USD42.45 a barrel. Prices rallied strongly on data showing low US heating fuel inventories and expectations of colder weather.
Aramco keeps security high
Saudi Aramco told Reuters it remained on alert at all times to secure its oilfields, after Osama bin Laden called on militants to attack Gulf and Iraqi oil installations. Saudi Aramco trains and equips a security force that is professional and responsive, and is in effect on alert at all times, said a statement.
Five attacks on Iraq oil
Iraqi oil installations suffered five attacks in 24 hours after a voice identified as Osama bin Laden called for sabotage of supplies to the West. The attacks on Friday and Saturday were in Sunni Arab areas around the capital and north-central Iraq.
Qatargas 2, USD12bn deals
Qatar Petroleum and ExxonMobil yesterday signed key finance and engineering deals for their USD12bn Qatargas 2 project to export LNG to Britain. The new contracts include USD7.6bn finance arrangements, as well as finance for an LNG import terminal at Milford Haven in south Wales. Technip and Chiyoda were awarded the USD4bn contract to build the LNG trains.
Opec President, USD30 target
Opec's President said he expects its new oil price band to be revised to a median level of at least USD30 to reflect inflation and the weakness of the US currency. Purnomo Yusgiantoro told reporters other factors could also push up the figures.
Saudi Arabia to add 800,000 bpd
Saudi Aramco is to inaugurate a huge crude oil production expansion project on December 26. The extra 800,000 bpd of crude from the Qatif and offshore Abu-Sa'fah field will help boost capacity to 11m bpd. Abu-Sa'fah and Qatif have gradually gone on stream after construction was finished early in August.
Kuwait, USD13.6bn refinery
Kuwait's Supreme Petroleum Council has approved USD13.6bn in funding for the construction of a fourth refinery and second petrochemical plant. The 480,000 bpd refinery is part of a plan to boost oil output to 4m bpd by 2020. Officials told a conference earlier this month that USD30-40bn would be invested over the next 15 years.
UAE, USD30-38 a fair oil price
New UAE Energy Minister Mohammed bin Dha'en Al Hamili told the Arab Strategy Forum that a fair price for a barrel of oil is between USD30 to USD38. If we take inflation and the dollar into consideration this is equal to the Opec price band of USD22-28, he added.
Kuwait, Iraq, USD800m gas deal
Kuwait and Iraq have signed a USD800m deal to supply Kuwait with 200m cubic feet of gas per day, reported Reuters. Officials said the gas would start delivery from October and would be divided into two phases of 35m cubic feet, and then 165m cubic feet within two to three years.
MPs to study Project Kuwait law
The Kuwaiti parliament will next week start reviewing a law to allow Shell, BP, ExxonMobil and ChevronTexaco to bid for the USD7bn Project Kuwait to double output from its northern oilfields. Foreign participation remains highly controversial, and the project dates back to the First Gulf War in 1991.
Saudi, UAE cut Jan supplies
Saudi Arabia cut its January supplies to major oil companies yesterday, said traders. Meanwhile, planned maintenance will also reduce oil supplies from the UAE. Sources told Reuters that the cuts were quite big. The action follows the decision to reduce Opec output by 1m bpd last week.
Oil price up as exports drop
Oil prices were steady on Monday after recent falls as Saudi Arabia cut back exports. US light crude rose by one per cent to USD40.72 while Brent crude was up 20 cents to USD37.58 a barrel. The rally in prices appeared to break the recent sharp sell-off in oil markets.
Qatar says Opec cuts vital
Qatari Energy Minister Abdullah bin Hamad Al Attiyah said Opec's decision to cut output by 1m bpd last Friday was vital to mop up excess oil supplies and prevent a price crash. He told Gulf News that Opec would still act quickly to raise output if there was an exceptionally cold winter.
It looks like you are using a Mac - check out our 
Web Feeds