2006
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LNG capacity to rocket
Major liquefied natural gas projects in the Middle East are set to boost output capacity by 74m tonnes in the next five years according to an industry report cited by the Gulf News. The study by the Arab Petroleum Investment Corporation highlighted expansion in Qatar, Oman and Egypt, with Yemen, Algeria and Libya also aiming to boost production. Qatar is set to be the world's biggest LNG producer by 2011.
Coalition guards installations
Oil installations in the Gulf are being guarded by Coalition naval forces following an Al Qaida threat last month, warning of attacks on economic targets in the Gulf, reported Reuters. Saudi Arabia's Ras Tanura oil terminal and Bahrain's Bapco refinery are both under close scrutiny. Coalition forces are carrying out patrols in international waters.
Kuwait keeps Dutch plant
Kuwait's Energy Minister Sheikh Ali Al Jarrah Al Sabah has said that the country has now dropped plans to sell its 80,000 bpd oil refinery in Rotterdam as it is now making a profit, reported Reuters citing a Kuwaiti daily. It had previously been reported that Russia's Lukoil was close to securing the plant, after Kuwait Petroleum International revealed in May it had received 15 bids for the facility.
Oryx GTL, December exports
Oryx GTL, a joint venture between Qatar Petroleum and South Africa's Sasol to produce water-white gas-to-liquid fuels, will start exports from December 2006, The Peninsula reported. The main markets are located in Europe and Asia. Initial production will be close to 34,000 bpd, made up of 22,000 bpd of diesel, 8,000-9,000 bpd of naphtha and 2,000 bpd of LPG.
Kurdistan prepares oil policy
Iraq's Kurdistan Regional Government says it has prepared its own oil policy and a draft partnership agreement with oil firms, the Kuwait News Agency reported. The proposals will go before the government's national assembly for approval, which would then allow foreign firms to invest in the sector. The KRG has already signed four oil exploration accords with Norwegian, Canadian and Turkish firms.
Oil over $61 on Opec cuts
Oil pushed over $61 a barrel on Wednesday as markets reacted to impending Opec supply cuts, news agencies reported. Iran, the group's second biggest producer, announced it was cutting supplies by 176,000 bpd in November. Leading producer Saudi had earlier said it was cutting back its November supplies.
Adnoc cuts November exports
Abu Dhabi National Oil Company will cut November crude exports from its Murban field by 3%, and from Umm Shaif by 5%, Gulf News reports. The move is in line with a decision by Opec to pull 1.2m bpd of crude from world markets to help stabilise prices.
Iraq to open oil bids soon
Iraq plans to open bidding for oil projects after an oil and gas law is passed towards the end of 2006, according Oil Minister Hussain Al Shahristani in an interview with Reuters. Iraq is currently losing around 400,000 bpd of oil through sabotage of infrastructure, but says it wants to raise output to 3.5m bpd by the end of 2006 from the current 3m bpd, and to 4m bpd by 2010.
Bush warns Opec on supply strategy
US president Bush has warned Opec that curbing production to keep oil prices high could "wreck economies", and that market speculators had caused the recent drop in crude prices, according to a CNBC interview cited by AP. Bush also restated his government's aim of reducing America's dependence on oil by investing in new technologies.
Kish gasfield talks
China National Petroleum Corp is in talks with National Iranian Oil Company to develop a gas field near Kish Island, Reuters reports. The project has estimated proven reserves of over 30 trillion cubic feet. Iranian officials expect it to pump 1.76bn cubic feet of gas a day when developed.
Iran wants new Azadegan partner
Iran is looking to sign on a new foreign partner to develop its giant Azadegan oilfield within three months, Reuters reported, quoting an oil ministry statement. Iran had earlier this month reduced to 10% a 75% stake in the project held by Japanese company Inpex, citing delays over the start of drilling. Iran's oil minister says talks were being held with two Western oil companies.
Opec fails to stop price slide
Oil prices fell around $58 a barrel Monday as analysts doubted Opec could fully enforce proposed cuts of 1.2m bpd, AP reported. A recovery in crude prices was short-lived following Opec's announcement last week that it would cut production by around 4%, with prices still twice as high as they were three years ago.
Saudi Asia cuts, oil steadies
Oil prices firmed up today as Saudi Arabia told Asian refiners in Japan, China and South Korea to expect an 8% cut in their November crude sales, reported TradeArabia. In early trading, US crude for December delivery stood marginally down at $59.3 a barrel, with London Brent at $59.6. Saudi's reduction in supply is the strongest indication yet of Opec's 1.2m bpd output cut kicking in.
Iran, $16bn refining plans
The National Iranian Oil Company has drawn up 12 plans for the construction of new oil refineries and the development of existing ones, reported the Tehran Times citing the Mehr News Agency. It has been estimated that around $16bn would be needed to carry out the project, which would include the development of the Abadan refinery and the provision of turnkey contracts for the construction of others.
Project Kuwait not dead
Kuwait's $8.5bn northern oil fields project, known as Project Kuwait, is still under consideration, reported the Kuwait Times. The project aims to involve foreign oil firms in the stepping up of production at four oil fields from 550,000 bpd to 900,000 bpd. The scheme has been stalled by opposition MPs for 12 years due to fears the country's oil industry will fall into the hands of international firms.
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