2005
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Yemen oil income up, Hunt out
Yemen has reported total oil revenues of $1.9bn during the first nine months of 2005 compared with $1.4bn in the same period of 2004. The announcement came as the government said it was not renewing a product concession operated by Hunt for 25 years which would be transferreed to a Yemeni company.
Borouge to triple output
Abu Dhabi based petrochemical joint venture Borouge is to triple its output of polyolefins within the next five years, CEO Herbert Puchner told Reuters. Borouge is a joint venture between Danish group Borealis and the Abu Dhabi National Oil Company. HSBC is financial advisor.
$190-a-barrel oil forecast
Crude oil and natural gas prices may double or treble this winter warned Matthew Simmons, a best-selling author and oil expert. He said we must be closer to starting to see significant product shortages than we have seen since 1979, blaming hurricane damage to refining capacity. This will put crude in the range of $125 to $190-a-barrel, he concluded.
AD backs refinery investments
The Abu Dhabi based International Petroleum Investment Company which is the second largest investor in Austrian oil refiner OMV is hoping OMV will take a $5bn stake in Chinese Petroleum and make acquisitions in Greece and Turkey, managing director Mohammad Al Khaily told Bloomberg.
Aramco refinery, US shortlist
Saudi Aramco has shortlisted three US oil majors to be partners in a new 400,000 bpd refinery at Yanbu, reported Oil Daily. ConocoPhillips, Chevron and ExxonMobil have been shortlisted, with ConocoPhillips said to be the front runner for the refinery.
$1.6bn Energy City - Qatar
Gulf Energy, a consortium of energy consultants and investors from the Gulf, US, Europe, and SE Asia, has revealed plans for the $1.6bn first phase of Energy City-Qatar. A number of specialist centres will be built in phase one, with the aim of consolidating markets, R&D, technology, education, training and finance under the one roof, according to a statement. Gulf Finance House has been appointed as lead financial advisor to the project.
Opec, 5m bpd capacity lift
Opec will lift its crude production capacity to 38 bpd by 2010 from 32.5m bpd in 2005, according to the acting Opec secretary-general Shihab-Eldin in a statement released by South Korea's energy ministry. Shihab-Eldin had bilateral talks with South Korea's energy minister, Lee Hee-beom, on the sidelines of an Asia-Pacific Economic Cooperation meeting.
Oil toll less than 1970s
Soaring oil prices will affect global growth, but not as much as in the 1970s, according to US Federal Reserve Chairman Alan Greenspan. He says that the world's economy has grown more energy efficient in recent decades, and that oil prices remain below their inflation-adjusted peak of 1981.
KNP to invite $6.3bn refinery bids
Kuwait National Petroleum plans to invite companies, from a list of 35 that expressed interest, to bid for the contract to build a $6.3bn oil refinery in Kuwait, reported Bloomberg. The refinery will be the country's largest with a capacity to produce 615,000 bpd of petroleum products.
Aramco offshore bids
Saudi Aramco will invite bids by the end of October for contracts valued at $380m to build production facilities and pipelines at its Zuluf and Safaniya offshore oilfields, reported the Middle East Economic Digest. Safaniya is the world's largest offshore oilfield, which at full capacity can produce 1.2m bpd of crude.
Oil up on storm warning
Oil prices surged $1.50 a barrel yesterday on market jitters about the prospect of another storm in the Gulf of Mexico affecting output. Tropical storm Wilma could enter the Gulf by Friday, according to weather forecasts, and comes after consecutive hurricanes shut down US oil facilities last month. US light crude was up $1.42 at $64.05 a barrel, and London Brent lifted $1.48 to $60.96.
Demand for oil downgrade
Opec pointed to record high oil prices in cutting its 2005 forecast for world oil demand growth to 1.2m bpd, according to Reuters. But the International Energy Agency cut its forecast by only 90,000 barrels to 1.26m bpd, saying the US hurricanes' worst effects on demand were behind world markets.
Oil dominating G20 talks
Long-lasting and volatile oil prices could increase inflationary pressures, slow growth, and cause global economic instability, according to the G20 group of rich and developing nations. The US, the world's largest oil consumer, and Saudi, the biggest producer were among the signatories to the statement. It vowed to promote energy saving and alternative energy as well as reduce oil subsidies.
Opec, full capacity, energy crisis
The world faces an energy crisis because Opec is pumping at full capacity, warned Venezuelan President Hugo Chavez. He said prices will continue to rise because oil is running out. We are at the doors of a great global energy crisis, he added.
GE wins Qatar LNG super-trains
GE has won orders to construct five more LNG super-trains for Qatar Petroleum which will increase total LNG production capacity by 40m tonnes per year. The latest contract follows a strategic agreement signed in December 2004. No contract value was announced.
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