2006
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Pearl GTL treatment plant contract
Qatar Shell GTL has awarded a design-build contract for the Pearl GTL effluent treatment plant at Ras Laffan Industrial City, The Peninsula reported. The contract was won by a consortium formed from a 50/50 joint venture between Veolia Water and Saïpem, and local construction company Al Jaber, The Peninsula reported. The plant will treat and recycle industrial effluents from the industrial complex.
Oil slides on Opec doubts
Oil prices fell for the fourth consecutive day to around $61 a barrel, with traders betting against further Opec production cuts when the group meets today, AFX News limited reported. The International Energy Agency estimates Opec output has dropped by only 610,000 bpd against the 1.2m bpd members had agreed on at its last meeting.
Oil below $53 by 2008
The World Bank predicts oil prices will ease to $56 a barrel in 2007 and drop below $53 in 2008 on increased supplies and slower demand, Reuters reported. Prices will remain volatile in the medium term because of strong global growth and limited spare capacity, the World Bank said.
GCC, 60m tonnes of petrochems
The GCC is expected to contribute more than 60m tonnes of petrochemicals to the world in 2007, according to the Gulf Petrochemicals and Chemicals Association. Around 400 delegates are expected to attend GPCA's inaugural conference, in Dubai from 16-17 December. The forum will examine subjects relevant to the region's oil and gas sector.
US hopes Opec won't cut
The US Energy Secretary says he hopes Opec will not decide to cut crude production again when it meets Thursday, the Associated press reported Some Opec officials are pressing for another production cut on top of the 1.2m bpd approved in October. Others say further cuts are unlikely with oil now trading at above $60 a barrel.
Red Sea Housing, Khurais deals
Saudi's Red Sea Housing Services Company has signed deals worth $25.6m and $6.7m to erect modular housing in two local energy developments. The first relates to temporary facilities at Khurais, where Saudi Aramco is building a refinery; the second is a deal with SNC-Lavalin Europe BV and Saudi Arabian Saipem, who are building seawater injection plants for the Khurais oil field development programme.
India to pay more for Iran LNG
India might agree to pay a higher price of up to $4.50 per million BTU to buy liquefied natural gas from Iran, Reuters quoted a senior government official as saying. India is looking to tie up long term supplies to fuel its economic growth. Tehran wants India to pay more than the $2.9 per million BTU agreed upon in June 2005, and has not yet ratified that deal.
Mubadala, Suez Oman deal
The Mubadala Development Company, Suez Energy International and the National Trading Company of Oman are to build a new power and desalination plant at Barka as well as acquire the Al Rusail Power Company, an existing power plant. Barka Phase II will be a 678 megawatt and 26.4m gallons per day independent power and water facility, while the Al Rusail Power Company consists of a 665 megawatt power plant.
Saudi to cut Asian crude
Saudi Arabia has told Asian refiners that they will receive less oil in January stoking speculation that Opec will announce a further oil output cut when it meets on Thursday, reported TradeArabia. At the weekend, Saudi Aramco told three Japanese lifters, two South Korean refiners and one Taiwanese buyer to expect about 8-9% less crude than stated in their contracts.
GE powers Asian Games
The General Electric Company is providing 100 megawatts of power for the efficient roll out of the Asian Games. The energy requirement, enough for a city of 180,000 to 200,000 people, is being met through 250 generators, 100 kilometres of cabling and 1,000 distribution panels, all provided by GE Energy. GE is providing power to the 40 competition and non-competition venues of Doha 2006.
Adnoc cuts diesel prices
Adnoc Distribution has cut the price of diesel by 20 fils, following a similar cut in October, reported Gulf News. Adnoc service stations yesterday began selling a gallon of diesel at Dhs8.6, down from Dhs8.8. The reductions follow a series of price hikes which saw the cost of diesel jump from Dhs6.1 to Dhs9 in October. Contractors and property developers have welcomed the cut saying it will reduce their overheads.
ETA Star, cable testing system
ETA Star International has launched a mobile cable testing unit, encompassing full voltage range, in the UAE. The new high voltage alternating current testing system is capable of testing voltage cables up to 400 kV. The unit is also equipped with the latest generation of partial discharge measurement systems, including options for cable fault location; ETA hope clients such as Dewa and Dubal will utilise the unit.
Yemen awards eight blocks
Yemen has awarded five international oil companies production sharing agreements on eight blocks, reported Reuters. Austria's OMV won a PSA for block 29; India's Gujarat State Petroleum was awarded blocks 19, 28 and 57; Norway's DNO secured block 84; Indonesia's PT Medco Energi International received PSAs for blocks 82 and 83 and the UK's Burren Energy won a PSA for block 17. The firms will invest $99m on exploration work.
Opec close to new cut
Mohammed Barkindo, Opec's Acting Secretary General, has told Reuters that the global oil market is oversupplied by around 500,000 barrels per day and that the group will take appropriate measures at its meeting in Abuja later this week. Although he stopped short of saying there would be another production cut, Opec's President Edmund Daukoru last week said he favoured one.
GE wins PDO contracts
GE Oil and Gas has been awarded contracts for two Petroleum Development Oman projects. GE will provide four electric motor-driven BCL605 compressor trains to be used to boost pressure from the wells to the central processing plant in the Saih Rawl gas field. GE also has been selected to provide a low-pressure and a medium-pressure centrifugal compressor and balance-of-plant equipment for the Harweel Phase Two Zalzala enhanced oil recovery project.
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