2005
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Enoc pushes petrol hikes
Enoc chief executive Hussain Sultan has described the 32% increase in UAE petrol prices as a "small increase" and is pressuring the government for further price hikes. Sultan says oil distributors cannot continue to subsidise the market, and that oil prices are unlikely to fall to the $30s again for the foreseeable future.
Crescent, Iraq study
Sharjah-based Crescent Petroleum has entered into an agreement with Iraqi Ministry of Oil subsidiary, the Oil Exploration Company, to prepare an exploration and appraisal study on an area in the Missan province of southern Iraq. Crescent had previously carried out a study at the Ratawi oil field, where it is negotiating a $1bn field development programme.
Occidental, $3bn Oman investment
Occidental will invest $3bn in the development of the Mukhaizna oilfield, to increase the production potential of the field from 8,000 bpd to 150,000 bpd within three years, according to the Oman Daily Observer. Occidental took over the running of the field after it agreed to a production sharing deal with the Oman government.
Mcdermott wins $500m gas deal
J Ray McDermott Eastern Hemisphere has won a contract from Qatar's Ras Laffan Liquefied Natural Gas Company 3 to provide engineering, procurement, construction and installation services for new facilities in the North Field as part of the phase 2 offshore expansion project. The value of the deal was not revealed, but is put at around $500m.
Saudi to pump more oil
Saudi Arabia has pledged to increase oil production capacity from its current 11m bpd to 12.5m bpd in 2009 to meet demand, according to Saudi Oil Minister Ali Al Nuaimi speaking at the World Petroleum Congress. He said it would even expand capacity to 15m bpd if necessary. Analysts say the comments helped push prices down, with US light crude reaching $65.20 a barrel and London Brent at $63.31.
$80-a-barrel oil say analysts
Oil will hit $80-a-barrel in the medium term but could retrace before the end of the year, two speakers told the Technical Analysis conference in Dubai today. Robin Griffiths of Rathbones said oil would be $80 within three years but might drop to $50 before the year-end, while Paddy Osbourne of TraderMade saw $62.89 as a support level with $80 as the next target.
Larsen, $37m Oman power upgrade
Larsen & Toubro ElectroMech Oman has won a contract worth $37.15m from Petrochemical Development Oman to upgrade transmission lines and substations at its oilfields. The works involve construction of 293 kms of 132 kV overhead transmission lines to expand the existing electrical network.
Opec, move to AD suggestion
Opec should consider moving its headquarters to Abu Dhabi, as the cartel is becoming concentrated in the Gulf region, oil industry expert George Littell told delegates at an Emirates Centre for Strategic Studies and Research conference. He said the cartel would be more efficient as a smaller group, which would bring much needed stability to the market.
Rita misses big refineries
Oil dipped below $64 a barrel after Hurricane Rita missed Houston's main oil refineries, but shut down oil and gas production from rigs in the Gulf of Mexico. US light crude was down 55 cents at $63.64 a barrel, while London Brent traded down 38 cents at $62.06.
Aramco $8bn refinery expansion
Saudi Aramco will increase refining capacity and produce its first petrochemicals with an $8bn expansion of its Red Sea plant at Rabigh. It also plans similar development of refineries at Yan Bu and Ras Tanura. Saudi Arabia accounts for more than three quarters of GCC petrochemicals production, which supplies 7% of global needs.
UAE lifts crude, refining capacity
The UAE is lifting its crude oil capacity to 2.7m bpd by adding 100,000 bpd by Q4 2005 and a further 100,000 bpd in Q1 2006, the energy minister told reporters at the 11th annual energy conference. He said that more refining capacity is also being planned.
Oil drops as Rita weakens
Oil prices fell sharply after news of minimal damage to US refineries in Texas, after a weakened Hurricane Rita crossed the coast yesterday. US light crude fell $2.31 to $64.19 per barrel, while London Brent dropped $2.16 to $62.4.
JGC wins Ras Laffan deal
Japan-based JGC says it has won a contract from Shell to build a 70,000 bpd gas-to-liquid plant and 100,000 bpd natural gas liquid recovery unit in Ras Laffan, according to Reuters. The plant, to be built with US-based Halliburton subsidiary Kellogg, Brown & Root, is expected to start operations in 2009, and the size of the order is likely to exceed an earlier estimate of $6bn.
$14bn Qatar gas contracts
Qatar has awarded contracts to US, Japanese and French firms for engineering, procurement and construction works as part of a $14bn gas project. The project is expected to supply gas principally to the US for 25 years starting 2008. The companies involved include US-based J Ray McDermott Middle East, and a joint venture between Japan-based Chiyoda Corporation and France-based Technip France.
IMF revises oil prices
The IMF has revised up its 2005 forecast for oil prices to $54.23 a barrel, from $46.50. It estimates that prices will average $61.75 per barrel in 2006, and not the previously forecast $43.75. The IMF says that the world is has moved into an era of consistently high oil prices and some governments will need to make economic adjustments.
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