2005
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Oil closing on $60-a-barrel
Oil prices finished last week a whisker away from the $60-a-barrel with US light crude at $59.30. Traders said the first blasts of cold weather had rallied oil prices which have been depressed by unusually mild temperatures for the time of year.
$8.5bn Project Kuwait, new hope
The $8.5bn Project Kuwait to raise crude production capacity by around 500,000 bpd by upgrading the northern oil fields got a boost after a key MP's committee voted to keep the project's draft law on track, reported Reuters. Developing the fields with foreign oil companies has been a long running controversy since the project was first agreed in 1991.
Opec to keep taps open
Opec president Sheikh Ahmed Al Fahd Al Sabah said the group should keep pumping at full capacity through to March to moderate prices. He also blamed financial markets for some of the volatility in oil markets in recent months at the close of a meeting of Opec oil ministers.
Omani crude output falls
Oman exported 195.4m barrels of crude oil in the first nine months of the year, down from 197.4m a year earlier, reported the statistical bulletin of the Ministry of National Economy. But the average selling price of crude was up from $33.70 to $49.50 a barrel.
Enoc, $500m refinery upgrade
Emirates National Oil Company has mandated Dubai Islamic Bank to arrange $500m in finance for the upgrading of its 120,000 bpd Jebel Ali refinery. A statement said a Foster Wheeler subsidiary has been awarded the main contract to upgrade the refinery, scheduled for completion by the end of 2007.
PFC for Qatar Energy City
PFC Energy has been appointed as principal consultant and adviser by the new Qatar project Energy City. The concept is to create the first integrated energy business centre for the oil and gas business to allow the region to house these core competencies.
Enoc still making a loss
The Emirates National Oil Company is still making a loss despite the 33% fuel price hike in the UAE this year, reported Gulf News. CEO Hussain Sultan said that either the Dubai Government should subsidise Enoc or price levels should be set by market forces.
Bahrain, $80m gas infrastructure
The Bahrain National Gas Company will invest $80m on expansion projects and the building of two new gas compressing stations, reported the Bahrain Tribune. The project is designed to increase the flow of gas from Bahrain fields to the Bapco refinery.
Diesel prices to fall
UAE diesel prices will drop 20 fils from Dhs 7.70 to Dhs 7.50 a gallon effective 1 December, reported Gulf News. Distribution companies decided on the reduction because of falling crude prices.
$50 a barrel looks right
The UAE energy minister says $50 a barrel for crude is a price at which investment costs of producers could be met, reported Gulf News. He said oil recovery technologies are costly, and equitable oil prices will encourage oil companies to invest in new technologies to recover more oil.
UAE to harness wind
The UAE is looking to diversify into wind-powered electricity generation, and has recently built a plant with a capacity of 850 kilowatts in Abu Dhabi, reported Reuters. A feasibility study in Fujairah concluded that it was possible to construct three wind farms at present that would generate 66m watts of electricity.
ABB, $79m Adwea order
ABB, a Swiss power and automation technology group, has won a $79m order from the Abu Dhabi Water and Electricity Authority for the Fujairah 400 kilovolt substation. The substation will connect the Fujairah Power and Water Plant to the UAE's national power grid.
Qatar gets 12 LNG vessels
Qatar's Ras Laffan Liquefied Natural Gas has signed time charter agreements for 12 LNG vessels with JC Nakilat and Teekay Nakilat. The ships have an LNG cargo capacity of between 210,000 and 217,000 cubic metres, and will be delivered to RasGas between March and August 2008.
Oryx set to go in 2006
The $1bn Oryx gas to liquids project in Qatar will go online early 2006, according to Energy Minister Abdullah bin Hamad Al Attiyah. The plant will process up to 330m cubic feet of gas a day from the North Field to produce 34,000 barrels per day of liquids.
Siemens Qatar power deal
Siemens has won two orders worth a total of $550m from Qatar General Electricity and Water to supply 14 power substations, modernise three others and deliver most of an electrical power system to projects in Qatar, reported Reuters. Both projects are due to be completed by mid-2007.
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