2006
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Dalma pays $80m for rigs
Aaabar subsidiary Dalma Energy bought four drilling rigs for $80m, giving it 22. This concludes a $250m expansion which the company started in October 2004. Dalma Energy recently opened offices in Libya to aid regional growth.
Iran to lift southern capacity
Iran will increase its crude oil capacity by 1m bpd from its southern fields, according to the managing director of National Iranian South Oil Company, quoted by the Tehran Times. The aim is to lift recovery rates from southern fields from the current 10%-16% to 40%. NISOC's current production capacity stands at 3.2m bpd, the report said.
Qatar cuts Asian crude supplies
Qatar told its Asian customers it is cutting crude oil supplies by 2.5% this month, Reuters reported. This would amount to cuts of around 21,000 bpd, less than the 35,000 bpd pledged under its Opec obligations, the news agency said. Qatar is the smallest producer in Opec with an output of 820,000 bpd.
Omani natural gas sales surge
Oman's natural gas sales increased 84% to $1.015bn in the first eight months of 2006 compared to the same period in 2005, after a new LNG terminal came online, Bloomberg reported. Natural gas sales made up 10% of government revenue in the period, with oil contributing 70%.
Oman $4bn to raise oil output
Oman says it is investing $4bn to lift crude oil production, mainly through enhanced recovery techniques, Gulf News reported. The non-Opec producer is currently turning out around 800,000 bpd, and says it will not follow Opec's lead in cutting supplies to bolster world prices. Prices between $50-60 a barrel are reasonable, according to Oman's oil minister.
Kuwait, $26bn to boost production
Kuwait is investing $26bn to expand crude oil production capacity to 4m bpd by 2020, Gulf News reported. The Opec member produces 2.5m bpd at present. Most investment will be made in the upstream sector, and external technological assistance is needed, according Kuwait Oil Co. MD Farouk H Al Zanki.
Opec warns of further cuts
Opec president Edmund Daukoru has warned of further oil production cuts in December due to the marketing remaining soft, Reuters reports. The cartel wants above $60 a barrel again, with Daukoru claiming this would not hurt the world economy. Prices remained below $60 a barrel, partly due to doubts over compliance from many members, including Nigeria.
Dolphin gas to flow soon
The UAE will start receiving gas from Qatar's North Field under the Dolphin Gas project by Q2 2007, an official told Gulf News. Initial supplies will reach 2bn standard cubic feet of gas per day, which might be expanded to 3.2bn scfpd, according to Dolphin Energy CEO Ahmad Al Sayegh.
Sabic, ExxonMobil petro study
Saudi Basic Industries Corporation and ExxonMobil Chemical are studying the feasibility of a project that would mean an expansion of their two joint petrochemical ventures at Yanbu and Jubail, Sabic said in a statement. The project involves the production of carbon black and rubber, and thermoplastic specialty polymers. Expected project start-up is 2011.
Gasco $6bn to boost output
Abu Dhabi Gas Industries is investing $6bn to boost its gas production to 6bn cubic feet per day by 2008 from 4.5bn cfpd at present, according to Abu Dhabi National Oil CEO Yousef Omair Bin Yousef cited by Reuters. He said projects include a third phase expansion to the Habshan gas complex, which will cost $1.5bn. Adnoc holds a 68% stake in Gasco, with Shell, Total and Partex holding minority interests.
Explosion shuts Kuwaiti refinery
An explosion caused a partial shutdown of Kuwait's 200,000 bpd Shuaiba oil refinery on Saturday, news agencies reported. The refinery is operating at a reduced capacity of 130,000 bpd, and it is not known when it will return to full capacity, a senior official told Reuters. There are no casualties.
J Ray, Pearl GTL win
J Ray McDermott says it was awarded a contract by Qatar Shell GTL to install over 126km of pipelines for the offshore segment of the Pearl GTL project. Under the contract J. Ray will engineer, procure, construct and install two 30' diameter pipelines in Qatar's North field.
Saudi Aramco moves Asian HQ
Saudi Aramco is moving its regional Asian headquarters from Singapore to Malaysia to reduce costs, the Bahrain Tribune reported, citing Singapore's New Straights Times. The fact that Malaysia is an oil producer also weighed on the decision to move.
Oil delegates converge on UAE
Delegates from 51 countries will attend the 12th ADIPEC expo in Abu Dhabi this week, with senior energy ministers also expected. ADIPEC 2006 also includes a conference with the theme of meeting increased global oil demand through innovation. It will focus on environmental issues, geo-science integration and technological advancements.
Water distribution privatised
Private sector companies have been handed control of water distribution centres in Jeddah, according to Arab News. Five-year deals were signed over to contractors to operate and maintain centres in Al-Faisalia, Quwaiza and Al-Ruhali. Jeddah is suffering from a water shortage, which will only be solved after a third desalination plant is commissioned, according to the minister for water and electricity.
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