2006
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Adnoc to build Ruwais refinery
Abu Dhabi National Oil Corporation is planning to build a refinery in Ruwais with a capacity of at least 300,000 bpd, Bloomberg reports. CEO Yousef Omair Bin Yousef said a feasability study is currently being carried out. No time frame for its construction has been put in place yet.
UAE cuts 100,000 bpd
The UAE has cut oil output by 100,000 bpd following an Opec decision to reduce overall production by 1.2m bpd, AFP reports. UAE oil minister Mohammad bin Dhaen Al Hamli said the country was "in complete adherence" to Opec's decisions. Opec believes the market is currently over-supplied, and is cutting output from 27.5m bpd to 26.3m bpd, below its official quota of 28m bpd in place since July 2005.
Korea, Kuwait crude storage deal
South Korea and Kuwait have agreed on the joint storage of 2m barrels of crude, Reuters reported. South Korea has first rights to purchase the oil from Kuwait Petroleum Corporation. The country will have joint storage agreements for 27m barrels of crude following this deal and a similar contract it signed recently with France's Total.
Iran nods to $2.2bn fuel imports
Iran's parliament has given in principal go ahead for the spending of an extra $2.2bn on petrol imports, according to a state television report cited by Gulf Daily News. But the parliament warned that fuel rationing may be necessary. The government had requested $3.5bn.
Shell, RAK Petroleum gas talks
Royal Dutch Shell is studying a plan with RAK Petroleum which could see the European oil major piping gas into the UAE from Iran, Bloomberg reported. The UAE faces a potential shortage of gas which could cause problems to its economy, due to increased demands from power plants, industries and infrastructure, the report said.
NPCC, $390m Indian contract
Abu Dhabi-based National Petroleum Construction Company says it won a $390m engineering, procurement, construction contract from India's Oil and Natural Gas Corporation, Gulf News reported. Work on the four wellhead platforms is expected to start soon and will take 18 months, an official told the daily.
Oil slips on Opec doubts
Oil dropped to near $57 a barrel Tuesday on deepening doubts about Opec oil cuts, and healthy US fuel stocks, Reuters reported. Opec suppliers Saudi Arabia and the UAE have advised customers of supply cuts, but other members Kuwait and Libya have not. Meanwhile, Nigeria is expected to raise exports in December, after being the first to make voluntary cuts.
Opec members diverge on cuts
Qatar says it will cut its crude oil production by 35,000 bpd to satisfy an Opec agreement to support prices, news agencies reported. Energy Minister Abdullah bin Hamad Al Attiyah says the decision by Opec to cut back on supplies will bring stability back to oil markets. Meanwhile, Indonesia says it should be spared from cuts because of its falling production. The Opec member was due to cut 39,000 bpd.
Iran to invite North Pars bids
Iran will soon invite bids to develop its North Pars gas field, Bloomberg reported. The offshore field, which holds an estimated 58 trillion cubic feet of gas, will be developed in four phases. Gas from a first phase will be put into the country's domestic network and the rest exported. The four phases will produce an estimated 134m cubic feet of gas per day.
Oil goes below $60
Oil prices slipped below $60 a barrel on Monday as analysts predicted weaker than expected US Q3 GDP figures will put downward pressure on commodities this week, according to news agencies. Reports that Opec may have produced more crude in October compared with September also weighed on prices.
Aramco, Foster Wheeler deal
Saudi Aramco and Foster Wheeler have penned a front-end engineering and design contract for the Moneefa oil field development according to TradeArabia. The field is expected to produce 900,000 bpd of Arab heavy crude as well as 120m cubic feet per day of gas by 2011. No value has been put on the deal.
Oil output to decline by 2015
Global oil liquids production is set to hit a plateau within the next ten years before starting to decline permanently according to an industry expert cited by TradeArabia. Michael R Smith, who heads the global oil and gas forecasting company Energyfiles, believes that gas production on the other hand will keep on rising year on year beyond 2020.
VC Bank, GEM Challenger deal
Bahrain's Venture Capital Bank, along with its partner US private equity firm Global Emerging Markets, has acquired a significant stake in the oil drilling contractor Challenger. Challenger currently owns and operates a fleet of 22 rigs in Libya providing drilling and work-over services of oil, gas and water wells, with offices in Egypt, Saudi Arabia and the UAE.
Opec to shape oil prices
A report by the Standard Chartered Bank reveals that Opec's future policy decisions and agreed price targets will determine whether oil prices will continue to drop, according to the Gulf News. The study said plentiful US supplies and the easing of regional political tensions have helped push prices down. StanChart sees $40-50 a barrel as a viable long-term price but some Opec members want prices nearer $60.
Dana, SBM eye LNG deals
Dana Gas and Single Buoy Moorings, a provider of offshore floating solutions for the oil and gas industry, have signed an agreement, whereby they will target LNG terminal projects in Pakistan, Lebanon and Kuwait. Dana Gas, SBM and the US based Granada Group have also signed a deal for the development of an LNG terminal at Port Qasim, Karachi at a cost of $200m for an initial capacity of 3.5mtpa.
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