2006
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Opec keeps forecast steady
Opec is maintaining its forecast for global growth demand in 2007 at 1.3m bpd in its monthly report; but a weakening US economy holds some risk, Reuters reports. Oil prices retreated Monday from highs reached last week as traders booked profits, but stayed above $63.
Aabar, Thailand contract
Pearl Energy, a wholly owned subsidiary of the Aabar Petroleum Investments Company, has been conditionally awarded the petroleum contract for block G2/48 in the northern section of the Gulf of Thailand. Pearl Oil Offshore will hold 100% interest in block G2/48 and will be the operator. The block covers an area of 19,040 square kilometres and is located to the immediate north of the Pearl operated block B5/27.
KNPC, refinery bids
The Kuwait National Petroleum Company will receive the bids for building a new $6.4bn oil refinery from the Central Committee on Tenders next week, according to the KUNA. The bids will then go through various stages of appraisal before the winning tender is announced by the CCT within two months. The 615,000 bpd refinery will provide fuel to power water and power stations across the country.
Environment protection call
Regional governments and energy industry leaders have emphasised the need to look after fragile marine environments at an oil and gas conference, Offshore Arabia, currently taking place in Dubai, reported Gulf News. More than 50 environmental firms specialising in dealing with oil and gas spills are attending the event. The Saudi Arabian government has said there were 164 oil and gas leak cases in the Gulf between 2002 and 2005.
Energy Reclamation, PWS deal
Energy Reclamation and Premier Worldwide Services have signed an agreement which will see PWS introduce Energy Reclamation's enhanced oil recovery technologies to its oil producer clientele in Oman. PWS provides oil companies, drilling contractors and service companies throughout the region with oil field and drilling services and equipment for sale and rent. Energy Reclamation's technology helps revive mature and declining oil fields and enables exploitation of untapped reserves.
BP wins Oman gas deal
British Petroleum has won a concession to develop two large natural gas fields in central Oman, according to a senior official at Oman's Ministry of Oil and Gas and cited by Reuters. A number of international firms had bid to develop the reserves in the Khazzan and Makarem fields. It is thought there is at least 10trn cubic feet of gas to exploit.
GE Energy, $950m SEC deal
GE Energy has signed three contracts with the Saudi Electric Company worth in excess of $950m to supply 23 F-class gas turbines and additional equipment for three power plants that will generate 2,900 megawatts. 15 gas turbine-generators will go to the Qurayyah plant in Saudi Arabia's Eastern Province, four will go to the Faras plant expansion and four will be for the Riyadh power plant No.8.
Bahrain to develop resources
Bahrain's King Hamad has said that the country needs to further exploit its energy resources in order to build a strong and healthy economy, reported TradeArabia. Speaking at the opening of the new National Assembly, the King said that the developing new oil and gas capabilities would secure future development.
GPCA forum underway
The First Annual Forum of the Gulf Petrochemicals and Chemicals Association has opened in Dubai at the Habtoor Grand Resort and Spa, with around 430 delegates in attendance. Among the confirmed speakers are Mohammed Al Mady, the Vice Chairman and President of the Saudi Basic Industries Corporation, one of the GPCA's founding members, and Michael Dolan, the President of ExxonMobil.
ETA-Ascon eyes India
Dubai's ETA-Ascon Group is considering entering India's power sector with a 500 megawatt power plant on the east coast, according to Hameed Salahuddin, the Director of the ETA-Ascon Group and cited in Gulf News. The project would be developed on a build, operate and transfer basis. The firm is also considering setting up a ship repair facility in the area to support its fleet of bulk carriers.
Doosan, Oman and UAE deals
South Korea's Doosan Heavy Industries and Construction has won contracts worth $678m to build power plants in Oman and the UAE, reported Bloomberg. Doosan will build a $510m hydro-power plant for Suez Energy International in Oman and a $168m power facility for Total Tractebel Emirates Power Company and Gulf Power in the UAE.
Seismic OEOC, Norway deal
Iran's Oil Exploration Operations Company has signed an agreement with an un-named Norwegian firm to undertake seismic data processing in the Persian Gulf and Sea of Oman, reported the Tehran Times. The data will be garnered from a 2,500 km stretch of sea bed and the results will be sold to companies keen on exploiting oil blocks in the region.
Opec cut pushes up prices
Opec's decision to cut crude output by 500,000 barrels per day on Thursday, on top of the 1.2m bpd agreed in October, pushed oil prices higher yesterday, reported Reuters. US light crude was trading at $62.7 a barrel, while London Brent was at $63.3. But analysts feel that, with October's cuts not being fully implemented and with stockpiles still high, Opec's new reduction won't manage to sustain prices longer term.
$1.2bn Tabriz expansion
Iran's $1.2bn expansion plans for its Tabriz refinery will double petrol production to 50,000 bpd, Reuters reported. An Iranian Oil Company source told the news agency that tenders will be put out soon, with work expected to start in 6-8 months. Iran currently imports around 40% of its petrol needs.
$300m Azadegan deal to local
Iran has awarded $300m drilling contract for its giant Azadegan oilfield to the local National Iranian Drilling Co, Bloomberg reported. The state-owned company will install four rigs and drill 37 wells over 40 months. Construction starts in March 2007. Japan's Inpex had won development rights in 2004, but cut its stake to 10% from 75% in October 2006.
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