2004
- The news you choose »
- Login to Add to Watchlist
Shell boss, oil stocks enough
President and CEO of Shell Jeroen van der Veer told the BBC that oil stocks in the world are pretty normal, about the same as last year. He said a huge demand increase in China and the US had bid up prices, but may not be repeated. Soaring prices would lead to a correction in demand, he added.
GCC oil privatisation, Bush agenda
Gulf Arab oil producers fear that the re-election of US President George W. Bush will put regional oil privatisation back on the agenda, reported Gulf News. Officials are concerned that President Bush is an oilman from Texas and will want to secure US oil supplies through greater US private sector involvement in the GCC.
Fluor wins Kuwait petrochems deal
Fluor Corporation has won a project management deal from a joint venture of Dow Chemical Company and Petrochemical Industries Company for a major petrochemical project in Kuwait. Value to Fluor of the front-end work was not disclosed, but the billion-plus dollar complex, known as the Olefins II Program, will be located 40km south of Kuwait City in Shuaiba.
Iraq, northern oil flow pre-war
Oil supplies from Iraq's northern oil fields are now back to pre-war levels, officials told Reuters after restoring a terrorist-damaged pipeline. Some 520,000 bpd now flow to the Turkish port of Ceyhan with technical problems due to intermittent flows now solved.
Opec approach too short-term
Opec is managing its oil output with a policy that is too short-term, former Opec official Dr Ali Hussain told Gulf News. He said that supply had not kept up with 4m bpd in new demand over the past two years, and that it would take three to four years to invest in new capacity.
Opec unlikely to change output
Opec is unlikely to change its production quotas when it meets on December 10, according to Algerian Energy Minister Chakib Khelil. He told Reuters that the meeting will spend time looking forward on what may happen, and said he did not expect oil to fall below USD30 a barrel in 2005.
NDC deploys Peribit IT solution
Abu Dhabi's National Drilling Company has deployed a new Peribit Networks IT solution across 28 of its locations, including onshore and offshore oil wells. This has boosted its communications network capacity eightfold to enhance communications between sites.
IEA sees lower oil prices
World oil prices are likely to soften further in in response to continued strong output from OPEC and adequate stocks of commercial crude in industrial countries, said the International Energy Agency. The IEA noted its forecast for global oil demand was roughly unchanged at 82.4m bpd in 2004 and 83.8m bpd for 2005.
Four vie for USD300m Oman job
Technip, SNC Lavalin, ENI and Petrofac comprise the shortlist of four contractors bidding for the USD300m gas injection project to boost output from Oman's Harweel oilfield from 12,000 to 100,000 bpd by 2010, reported MEED. Petroleum Development Oman, which is 34 per cent Shell-owned, is to award the contract.
Oil price falls, funds bail out
The oil price continued to fall yesterday as hedge funds rapidly unwound speculative positions and switched to equities. US light crude dropped by USD1.19 per barrel to USD47.90 while Brent crude was USD1.57 lower at USD44.35, its lowest level since September 22.
Oman Oil, LNG Energy stake
Oman Oil has acquired a 30 per cent stake worth USD33m in South Korean power producer LG Energy. Oman Oil bought a 15 per cent stake in LG Energy from LG International Corp and a 15 per cent stake from LG Cable, LG International reported to the Korea Stock Exchange.
Iraq restarts Kirkuk flow again
Oil is flowing again through Iraq's Kirkuk pipeline to the Mediterranean port of Ceyhan in Turkey, reported Reuters. Shipping sources said the 400,000 bpd pipeline had been repaired once more after it was blown up by terrorists last week.
USD1.6bn Kuwait, KSA plan
Saudi Arabia and Kuwait plan to invest USD1.6bn over the next five years in their shared oil fields to boost output by 17 per cent to 350,000 bpd, Kuwait Gulf Oil Chairman Abdul Hadi Al Awad told Bloomberg. He said the countries may further increase output to 500,000 bpd by 2009.
Oman, Iran, USD300m petrochems
Oman Oil has signed an agreement with LG International of South Korea and National Petrochemical of Iran to set up a USD300m ethylene dichloride plant in Oman's port of Sohar. The project will be equally owned by the three companies, and construction will start in Q1 2006.
Syria moves from oil to gas
Syria is to switch from oil to gas-based electricity generation with the building of a 750MW natural gas-fired power plant in Deir-Ali, south of Damascus. The European Investment Bank is providing Syria with a USD259m loan to part-finance the USD350m project cost which will be finished in 30 months.
It looks like you are using a Mac - check out our 
Web Feeds