2005
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GRC predicts higher oil prices
The Gulf States will have earned $270bn from oil exports in 2005, according to the Gulf Research Centre. The GRC predicts a very high probability of oil prices setting new highs in 2006, particularly if the winter is severe, the hurricane season strong and the dollar moves lower.
Occidental, $2bn Oman bids
Occidental Petroleum is seeking bids for a $2bn project to boost output from the Mukhaizna oil field in Oman, reported Bloomberg. The contract is for the building of facilities to convert water into steam for injection into the field, which holds Oman's sixth-largest oil deposit.
Maersk $5bn Qatar oil investment
Denmark-based A P Moeller-Maersk is investing $5bn to expand its Al Shaheen oilfield in Qatar, which will more than double the field's production to 525,000 bpd by 2009, reported Reuters. The deal makes Maersk one of the biggest foreign oil producers in the Gulf region.
PDO unveils $150m gas plant
Petroleum Development Oman has inaugurated a $150m gas plant at Seih Nehaidah. The plant has a production capacity of 20m cubic metres a day, and will lift the country's gas production by 30%. It will provide local industries with gas and also boost exports.
Dodsal wins $272m Qatar deal
Dubai based Dodsal Group has won a contract which it says could be worth more than $272m for construction works on trains six and seven of the $4bn Ras Gas project at Ras Laffan, reported the Khaleej Times. The company says it expects to book additional regional project orders worth $1.5bn by the middle of 2006.
Saudi powers on
Saudi Arabia will have electricity connected across the whole of its territory by 2009, with 90% of the Kingdom currently covered, reported Arab News. It also plans to extend the power grid to Egypt. Saudi has 75 power stations with an output of 35,000 megawatts.
Oman crude weak, Murban strong
Middle East benchmark Oman crude was discounted while Abu Dhabi's Murban sold at a premium on Tuesday, according to Reuters. Oman crude was discounted by 2 cents a barrel on its official selling price for February loading by Unipec and Total, and 10 cents a barrel by Shell, reported Reuters. Murban was offered at a premium of 30 cents a barrel above OSP.
Egypt plans oil refinery
Egypt plans to build an oil refinery with a capacity to process 500,000 bpd of crude, which is expected to be one of the world's largest and most advanced, Egypt's Petroleum Minister Sameh Fahmy told reporters. It will be located near the Suez Canal, which is used by tankers carrying oil from the Gulf to Europe.
Opec needs 1.3m barrel cut
Opec needs to cut back production by at least 1.3m bpd in early 2006 to stop an oil price slide, according to a report by the Centre for Global Energy Studies. It said the greatest uncertainty for next year was the strength of oil demand growth, particularly in China and the US.
Iraqi petrol price strife
Iraqi Oil Minister Ibrahim Bahr al-Ulum has threatened to resign unless the government reverses a decision to raise petrol prices that has caused protests across the country, reported AFP. The 200% price hike, which would still make fuel prices among the cheapest in the world, was due to come into effect at the beginning of 2006, but the decision has been met with sporadic protests throughout the country.
Qatofin, $1.2bn project
Qatofin will invest $1.2bn in building an ethane cracker in Ras Laffan Industrial City, and low linear density polyethylene facilities in Messaieed, reported The Peninisula. Qatofin had earlier received commitments from 24 mandated lead arrangers to raise $760m under an international loan facility to finance up to 70% of project.
Shell, Egyptian gas plans
Shell says it has found up to 1 trillion cubic feet of gas so far in a deep water concession in Egypt, but a rig shortage had delayed further exploration drilling to mid-2006, reported Reuters. Shell wants to build its own liquefied natural gas processing unit in Egypt.
Abu Dhabi, future energy hub
Abu Dhabi could become a global energy hub with some foreign energy firms considering making the city their strategic operations centre, reported Gulf News. Foreign investors will have 100% ownership in Specialised Economic Zones planned for the UAE capital, which would include a dedicated oil and gas industrial services complex.
Pak, India defy US
Pakistan and India plan to start building a $7bn gas pipeline from Iran to South Asia, despite objections from the US, according to Reuters. Construction will start in 2007 and be completed by 2010. The US's opposition to Iran's nuclear ambitions and alleged terror funding has led it to oppose the pipeline.
Opec exports fall, oil under $60
After steadily rising for six months, Opec exports fell by 120,000 bpd this month, on an expected year-end lull. However, this factor combined with milder weather forecasts left oil prices just under $60 at the close, down from peaks in the week of $61.90 a barrel.
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