2004
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Mediation on oil prices
Venezuela and Russia have agreed to mediate between Opec and independent producers in an attempt to stabilise the world oil market. Venezuelan president Hugo Chavez said the price of crude should not be lower than USD30 per barrel and that the Opec band of USD22-28 is no longer feasible.
Iran, India gas deal stalls
Iran-based Petropars' deal with Indian Oil to sell LNG to India has reportedly broken down over disagreement on price. A senior Indian gas industry official said that Petropars is asking a much higher price than the USD2.53 per million British Thermal Units that India pays for Qatari LNG. The Iranian and Indian companies are negotiating a deal on the supply of 5m tonnes of LNG and stake in an oilfield.
Egypt sells off oil firms
Egypt's Investment Ministry is privatising several oil and petrochemical companies in which substantial public funds have been invested. The government will sell off 40 per cent of the shares of Alexandria Petroleum Company, which are owned by oil companies operating with public funds. It will also sell off shares in Sidpec, Alexandria Lube Oils Company and Egypt Gas.
AD green diesel programme
The Abu Dhabi Oil Refining Company has launched a two-phase programme to produce environmentally friendly diesel fuel. Abu Dhabi National Petroleum Construction Company is undertaking construction of storage and blending facilities at Abu Dhabi Refinery, while Technip is carrying out an expansion project at Ruwais Refinery.
Oil prices to fall in 2005
Opec president Purnomo Yusigiantoro said he is confident that global oil prices will fall in the second quarter of 2005 due to a decline in world demand. Oil prices have fallen by about 16 per cent in New York from all-time highs seen in October, but remain up 44 per cent so far this year. Opec is expected to keep current production quotas at its December 10 meeting.
Dolphin, USD62m EPC, Technip
Dolphin Energy has awarded a Technip and Al Jaber Energy Services alliance a USD62m engineering, procurement and construction contract for the onshore Taweelah gas plant in Abu Dhabi. The plant will act as a receiving station for gas from Qatar.
Iraq shortlists major oil studies
Iraq has drawn up shortlists for its first post-war studies of its major oilfields, reported Reuters. Four to five companies will vie for the contract to evaluate the Kirkuk field, and five for the Rumaila oilfields in the south. Officials said contracts should be awarded within a month.
KSA, 9.5m bpd until year end
Saudi Arabia will maintain oil production at 9.5m bpd until the end of the year, Gulf sources told Reuters. They said there had been no fall off in demand from customers worldwide, particularly from China and the US. Opec has predicted an unusual winter stock build if weather is moderate this year.
New Saudi Aramco gas discovery
Saudi Aramco has discovered new reserves of gas in the Eastern Province, announced Oil Minister Ali Al-Naimi. Gas surfaced at the wellhead named Madraka one at a rate of 38m cubic feet a day, accompanied by 1,650 barrels of condensates a day, reported SPA news agency. The well is located 300km southwest of the oil city of Dhahran.
Shell, Gulf LNG for India
Shell is planning to source LNG from Oman, Qatar, Malaysia and Australia for sale in India from Q1 2005. Total, Shell's partner in the deal, has equity in a liquefaction plant in Qatar and both companies are stakeholders in a plant in Oman. Abu Dhabi and Indonesia are also potential LNG suppliers.
Iran, India LNG talks
Iranian-based Petropars has signed a deal with Indian Oil Corp to sell LNG to India and provide it with a stake in one of its oilfields, reported Reuters. The anticipated deal, valued at USD35bn - USD40bn, would involve the construction of a plant producing nine million tonnes of LNG per day and run for 25 years.
Oil prices on the march
Oil prices climbed back over USD50 per barrel yesterday as traders anticipated reports of a modest increase in US winter heating oil inventories. US light crude reached USD50.02 per barrel while London Brent finished at USD45.75 per barrel.
Shell, USD4bn LNG plan for Iran
The Shell and Repsol LNG project for Iran will involve an investment of USD4bn, said officials. This is the first time an amount has been given for the project, signed in September, which aims to export LNG by late 2009 or 2010. USD1.5-2bn is for exploration, split between Shell and Repsol, while the balance is for an LNG plant in which the two will own 25 per cent stakes.
ABB, Technip bid Qatar plant
ABB, Technip Linde, and The Shaw Group are bidding for a USD1bn petrochemical plant in Qatar, officials told Gulf News on the sidelines of a conference in Dubai. The contract to build an ethylene cracker will be awarded in October next year, said officials.
New UAE minister affirms policy
New UAE Minister of Energy Mohammed Bin Dha'en Al Hamili has said the UAE will maintain its present oil policy and no changes are expected, reported Wam. He noted that the UAE was presently pumping 2.5m bpd, above its 2.356m bpd Opec quota, to help cool record oil prices. Al Hamili assumed his new post yesterday which combines two previous ministries.
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