2004
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Shell triples Iran offshore output
Shell will triple output from the offshore oil fields it is developing in Iran to 190,000 bpd by the end of March, reported Shell in the Middle East Magazine. The Sorush and Nowruz oil fields will be completed by the end of Q1. Shell Exploration acts as contractor for the National Iranian Oil Company.
Gulf States, USD33bn 2003 bonus
The Gulf State earned USD33bn more in oil revenues last year than in 2002, according to the Centre for Global Energy Studies. The six nations earned USD133.4bn in 2003, up from USD100.6bn the year before. This was the best year for oil revenues in two decades apart from 2000.
GTSC, expanded training centre
The Gulf Technical and Safety Tranining Centre in Abu Dhabi has unveiled its USD5m expansion. The GTSC provides fire fighting, sea survival and other safety courses, along with technical training in oil drilling and production engineering.
Tupras doubles profit, USD436m
Turkish oil refiner Tupras has posted profits of USD436m for 2003, double the performance in the previous year. Tupras is slated for privatization under plans agreed with the IMF. Russian firm Tatneft said last month it was in talks to buy a 66 per cent stake in the refiner with other firms.
Maersk to boost Qatari output
Maersk Oil is to raise production from the Al Shaheen oil field in Qatar by 25 per cent, reported MEES. The newsletter quoted Vice President Poul Andersen as saying production capacity in the Qatari oil field has risen to more than 200,000 bpd.
Kuwait sold fuel to US at cost
Kuwait has sold fuel to the US military in Iraq at market prices and strongly denied that sales were at inflated prices. Energy Minister Sheikh Ahmad Fahd Al Sabah told AFP that the Kuwait Petroleum Company was limited to supplying the US party who signed the contract with fuel at market prices.
US, record dependence on imports
The US imported 63 per cent of its oil from foreign sources in 2003, a rise from the previous record of 61.7 per cent set in 2001. The Department of Energy noted that 20 years ago foreign crude oil accounted for only 28 per cent of oil consumed in the US.
Iraqi exports, little change
Crude oil exports from Iraq through the Arabian Gulf were littled changed in December. Shipments from Basrah Oil Terminal rose by four per cent to 1.55m bpd. But exports are still short of the 1.73m bpd achieved in February last year, the last full month before the US invasion.
Oman opens USD120m pipeline
The USD120m Fahud-Sohar natural gas pipeline was inaugurated yesterday in Oman. The 300km pipeline has a capacity of 21.5m cubic metres per day and is part of a gas grid which will link with the UAE. There is also an agreement to supply gas to the UAE for five years.
Brent prices up 14pc in 2003
Brent crude increased in price by 14 per cent over 2003, to record its second highest annual average price in 20 years. An average price of USD28.48 a barrel was only marginally down on the 2000 figure of USD28.53. Most analysts had forecast lower prices for 2003, just as they do now for 2004.
US military takes over Iraq fuel supply
The US military has assumed control of supplying fuel for Iraq ending a controversial supply contract with Halliburton, reported Reuters. This decision comes in response to allegations that Halliburton was overcharging for some of the oil supplied to occupied Iraq.
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