2004
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IEA, global oil trade to double
The International Energy Agency said yesterday that the world trade in oil will double over the next 25 years to over 65m bpd. This will increase the world's vulnerability to supply disruptions, said the IEA which advises 26 oil consumer nations. It expects oil exports from the Middle East to triple to 46m bpd in the period.
BP, Q3 profits rocket
BP has reported a 43 per cent surge in profits to USD3.9bn for Q3, including exceptional items related to environmental clean-up costs and a platform fire. However, the news did not impress the City and shares eased slightly on fears that BP may be about to increase capital expenditure meaning less cash available for shareholders.
UAE, Qatar pipeline approved
The UAE Cabinet yesterday approved the gas pipeline agreement signed between the UAE and Qatar, reported Wam. The USD3.5bn Dolphin Gas project is now underway to bring gas from the Qatari North Field to the UAE, a first for inter-regional cooperation.
IMF, oil price unlikely to fall
International Monetary Fund Managing Director Rodrigo Rato said yesterday that oil prices were unlikely to see any significant falls soon, reported Reuters. He noted that rich and poor countries alike would feel the impact of high oil prices next year.
Tanker rates at record high
Tanker rates have reached record levels at 12 cents per gallon, and still rising, reported Gulf News. Traders said such levels had not been seen for 30 years. The rates reflect the increasing amounts of crude being shifted around the world with demand booming in India and China.
McDermott, Ras Laffan contract
Dubai based J. Ray McDermott has won a contract for the engineering, procurement, fabrication and installation of a 12-slot jacket from Ras Laffan LNG in Qatar. The jacket will be fabricated in Jebel Ali for installation in Q3 2005.
AD, USD2.5m wind generator
Abu Dhabi has inaugurated a USD2.5m wind power plant on Sir Bani Yas island. Officials said there were plans to build more, and a site on Delma Island was being considered. German firm Dornier Consulting and GTZ will operate the 850KW plant for two years.
USD55.45 oil price, all-time high
Oil prices hit a fresh all-time high last Friday with US light crude touching USD55.45 before closing up 92 cents at USD55.39 a barrel. Brent crude also surged 70 cents to USD51.42 a barrel. Traders said all the indicators suggested that the price would be USD60 a barrel very shortly.
USD180m Enoc tanker order
Enoc subsidiary Gulf Energy Maritime has placed a USD180m order with Hyundai of South Korea for five double hulled tankers for delivery in 2006-7. CEO Hussain M. Sultan said that the state-of-the-art tankers will be equipped with the latest in environmental control sytems.
IMF calls for oil investment
IMF MD Rodrigo Rato yesterday called on oil producing nations to invest in more production capacity to keep the lid on oil prices, reported AFP. He said oil producers have to respond to this crisis, and reiterated fears on the impact on global economic growth.
USD109m Sharjah gas project
The USD109m SajGas project has awarded a contract to Maritime Industrial Services of Sharjah to construct an offshore platform in the Mubarak field. SajGas is a joint venture between the Sharjah Government, Crescent Petroleum and six Gulf investors and will land 600m cubic feet of gas through an 80km pipeline.
No deal yet on UAE petrol prices
A planned meeting between the UAE Petroleum and Mineral Resources and the petrol retailers has been put off, reported Gulf News. But officials assured people again that there will be no increase in petrol prices. One option is for the matter to be taken to the Federal Cabinet.
ChevronTexaco, Iraq, free advice
ChevronTexaco has signed an agreement with Iraq's Oil Ministry to provide free technical assistance to upgrade Iraq's exploration and production industry, officials told Dow Jones. ChevronTexaco will study several Iraqi oil fields and installations in the south and north of the country, and provide technical assistance.
Oil rebounds to USD54
Oil prices rebounded above USD54 a barrel yesterday on fears a fresh fall in US oil stocks will cause winter shortages in fuel. US light crude stood at USD54.34 a barrel, up USD1.05, while Brent crude rose USD1.13 to close at USD49.90 a barrel.
KSA, USD380m oil tanker order
Saudi Arabia has placed an order for six oil tankers with Hyundai of Korea valued at USD380m, reported Bloomberg. This included two very large crude carriers costing USD107m each for delivery in 2007. These were the most expensive oil tankers ordered since 1992.
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