2006
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NBK predicts $49 average price
Kuwaiti export crude is expected to fetch an average price for the current fiscal year ending March 2006 of between $49.1 and $49.9, according to a report from the National Bank of Kuwait. The bank noted that a number of factors helped push oil prices higher in December, including the uncertainty of oil demand growth in 2006.
Qatar, Korea, petrochem deal
The state-owned Qatar Holding Intermediate Industries Company and South Korea's Honam Petrochemicals Corporation have signed an agreement paving the way for the construction of a $2.5bn petrochemical plant, reported the Kuwait News Agency.
Russia, Ukraine gas dispute over
Russia and Ukraine ended their tense stand-off yesterday with a five-year deal on higher prices for gas. The dispute had disrupted supplies to Europe, but has left lingering concerns about the long-term stability of supplies from Russia. Oil prices fell by 50 cents on the news.
Oil up to $63 a barrel
US light crude prices touched $63 a barrel as concern mounted over the Russian gas crisis. Traders reasoned that if gas supplies were in jeopardy then there would be a switch to oil as an alternative. This takes oil prices to their highest level since last September's $71 spike.
Dana, Emarat $182.4m pipeline
Abu Dhabi-listed company Dana Gas has entered into a 50:50 deal with Emarat to build, own and operate a 30 km-long gas pipeline from the Sharjah gas hub at Sajaa to the Hamriyah Free Zone. The $182.4m pipeline will have a capacity of 1bn cubic feet of gas per day, and will service the Federal Electricity and Water Authority, the Sharjah Electricity and Water Authority, and Dana Gas affiliate Crescent National Gas.
Kuwait, disputed gas field move
Kuwait plans to start exploration of parts of the gas-rich Dorra field, also claimed by Iran. Undersecretary to the energy ministry, Eisa Al Oun told Al-Siyassah daily that he did not expect Iran to object because exploration would only take place in the undisputed part. The Dorra field has a potential output of between 600m to 1.5bn cubic feet of gas a day.
Iraq oil experts, record low
Iraq's oil exports in December fell to 1.1m bpd, down from 1.2m bpd in November and their lowest level since the US-led occupation in 2003, according to interim government figures. The government has blamed the fall on persistent security threats to installations and workers.
Iraq oil minister quits
Iraq's Oil Minister Ibrahim Bahr al-Uloum has resigned, citing his opposition to fuel increases of up to 200% imposed by the government on 19 December. He had been placed on leave and replaced by Deputy Prime Minister Ahmad Chalabi shortly after voicing his objection to the price rises.
US oil companies return to Libya
Three US oil companies, Marathon Oil, ConocoPhillips and Amerada Hess, have signed a deal with Libya to return to fields they abandoned in 1986, according to UK's The Guardian. The companies have agreed to pay $1.3bn to return and have their licences extended to 2034. Libyan National Oil Corporation will hold nearly 60% of the new oil venture.
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