2005
- The news you choose »
- Login to Add to Watchlist
$20bn-a-year refinery bill
Oil companies need to spend $20bn-a-year over the next 25 years on refineries to bring fuel supply into line with accelerating demand, according to the International Energy Agency. It said two-third of this investment would be in developing countries partly due to environmental concerns.
Shell, $1bn Petrofac job in Oman
Petrofac has won a $1bn contract to boost output from Shell's oilfields in Oman, reported Bloomberg. Petrofac will inject gas into several fields in the Harweel cluster in southern Oman for Petroleum Development Oman which is 34% owned by Shell.
Saudi oil income to hit $150bn
Saudi Arabia's oil revenues will hit $150bn this year, up 42% on 2004, according to the International Energy Agency. Its latest report said that the Kingdom will be able to raise output by 75% to 18.2m bpd by 2030 and satisfy around one-sixth of global demand, contradicting analysts skeptical about Saudi reserves.
Iranian oil revenues rocket
Iran's oil and gas revenues rose by 38% to $19.9bn between March and July this year, reported the Iranian Central Bank. Fars News Agency also posted unconfirmed predictions that Iran's oil revenues in the current Iranian year 1384 will be up by $10bn to $43bn.
IEA call to double investment
The International Energy Agency has called on producers to expand investment to meet an estimated 40% jump in oil demand by 2030. The IEA's latest report said that $3 trillion will be required for global oil exploration, development and refining during the next 25 years. Middle East nations will need to double their investments to $23 billion a year, twice the average annual amount over the last decade.
Arab Oil & Gas Show opens
The 12th edition of the Arab Oil & Gas Show opens tomorrow at the Dubai International Exhibition Centre. OGS 2005 will be held from November 7-9. The 300 exhibitors from 30 countries and will focus on new technologies, software and machinery, covering the entire range of activities in the oil and gas industry, from production to maintenance, as well as environmentally friendly drilling procedures and safety and rescue issues.
Western oil shipments lower
Oil shipments in the first 20 days of November will be 500,000 bpd down on last year, reported consultants Oil Movements who said the decline is all due to a marked decline in westbound sailings, we are seeing a slowdown. Officials said in normal circumstances westbound shipments would be going up at this time.
BP boss warns on oil prices
Oil prices are unsustainably high, BP CEO John Browne told reporters at a conference in Singapore last week. He said that high prices had already spurred significant investment from the private sector and had prompted Opec members to increase supply, but noted it would take time to guage the extent of so-called demand destruction.
Oil price under $60-a-barrel
Oil prices closed just under $60-a-barrel on Wednesday after news of slightly higher US stockpiles. Traders are divided over whether this is some sort of a turning point, indicating demand destruction, or merely a pause before the onset of winter weather which will cut stocks and boost prices again.
Iran Oil Minister ex-revolutionary
Iran's newly nominated oil minister, Sadeq Mahsouli is a former Revolutionary Guard and conservative politician with no experience of the oil industry, reported Reuters. He is a former comerade of President Mahmoud Ahmadinejad who also served with the Revolutionary Guards.
IEA, oil market well balanced
The International Energy Agency executive director Claude Mandil said the oil market was presently well balanced with lower than expected demand growth. But he said the agency was on alert for signs that oil supplies to industrialized countries were insufficient.
Iraq, exports at two-year low
Oil exports from Iraq hit a two-year low in October due to sabotage to the northern pipeline and bad weather in southern ports which prevented vessels docking, reported Reuters. Exports fell to 1.24m bpd, 280,000 bpd down on September.
Technip only Dolphin bidder
Contractors' order books are presently so full that Technip was the only Western firm to bid for part of the $3.5bn Dophin Energy project, reported Bloomberg. Other bidders for the eastern gas distribution system were: CCI, Dodsal Group of the UAE and India's Larsen & Toubro and Contracting & Trading Company.
Oil to stay $60-70 says US
Oil prices are likely to trade in the $60 to $70 a barrel range over the next few years because of strong global economic growth and refinery bottlenecks in industrial countries, US energy department economist Aloulou Fawzi told Pipeline magazine. He said you have to accept such prices in the short term.
Opec refinery investment plea
Oil companies should be using their record profits to invest in new refinery capacity, said acting Opec secretary-general Adnan Shihab-Eldin at an energy conference in Italy yesterday. He said the US hurricanes Katrina and Rita have heightened concerns about a shortage of refining capacity.
It looks like you are using a Mac - check out our 
Web Feeds