2006
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Spare capacity needs boost
Oil prices hit a record high this year partly because of a lack of spare capacity, according to Guy F. Caruso, the Administrator of the Energy Information Administration. Caruso said spare capacity in the region has been as low in the last three years as it has been in the last 35 years, with the exception of the period after the invasion of Kuwait. Caruso urged greater investment to expand capacity.
Keppel delivers GDI rig
Singapore-based Keppel is to deliver its first jack-up drilling rig for Qatar's national drilling company, Gulf Drilling International, ahead of schedule, according to the Gulf Times. The rig will be able to operate in water depths of 300 feet and is easily upgradeable for drilling in up to 400 feet of water. Drilling capability will be 30,000 feet and the platform can accommodate 110 men.
Mina Al Ahmadi maintenance
Kuwait's largest oil refinery, the 466,000 barrels per day Mina Al Ahmadi, has closed three oil products units for planned maintenance, reported Reuters. A 40,000 bpd jet fuel producing hydrocracker and two 36,000 bpd atmospheric residue desulphurisers closed on November 23. An official said the units will remain out of action for a month but there would be not impact on crude processing capacity.
Saudi suggests more Opec cuts
Ali Al Naimi, Saudi Arabia's Minister of Petroleum and Mineral Resources, has said that further cuts in oil output would be on the agenda at next month's Opec meeting, reported Arab News. Al Naimi said the impact of the recent 1.2m bpd cut on oil price stability would be studied. One major concern for oil exporters is the healthy stockpiles in countries such as the US, the world's biggest user.
KNPC delays tender
Kuwait National Petroleum has postponed the award of a tender for a new 615,000 barrels per day refinery until March because of delayed bidding by contractors, reported Reuters. The KNPC also confirmed it will award a tender for the upgrade of two existing refineries in September or October next year. After the upgrades and once the new refinery is operational, Kuwait's refining capacity should reach 1.5m bpd, up from 930,000 bpd.
Emarat, storage facilities
Emarat has unveiled two new fuel storage facilities in Dubai at a total cost of $75m, reported Gulf News. The $32m Emoil Petroleum Storage in the Jebel Ali Free Zone is a joint venture between Emarat, BP, Global Investments and Trafigura Beheer. The $43m Emdad Aviation Fuel Storage facility is an equal tie-up between Emarat, Air BP and Shell.
OMV, Iran LNG terminal talks
Austria's oil and gas group OMV could invest in a new liquefied natural gas terminal in Iran in order to gain supply for its planned plant in Croatia, according to agency reports. Talks are ongoing with the Iranian authorities but no project outline or funding estimates have been made. It is believed that OMV is Iran's first choice for the project.
Aramco eyes Karan development
Saudi Aramco is to develop the offshore Karan gas field with the hope of producing 1bn cubic feet per day of gas by 2011, reported Reuters. The Khursaniyah gas plant will double its capacity to 2bn cfd in order to process the Karan gas. The Karan field, which lies 160km north of Dhahran, was first discovered back in April.
Qatar, more LNG to South Korea
Qatar is in talks with South Korea over a 28% increase in its supply of liquefied natural gas to the country, reported Bloomberg. Qatar may sell a further 2m metric tonnes of LNG a year to Korea Gas, in addition to an extra 2.1m tonnes it agreed to ship, as of January, on a 20 year contract signed earlier this month. South Korea currently imports 4.9m tonnes a year from Qatar.
New Saudi office for Dana
Sharjah's Dana Gas has inaugurated its new office in the Saudi Arabian city of Al Khobar. Dana Gas has 25% of its shares owned by Saudi nationals, who also account for 40% of the average shares traded in the firm. Dana has plans to open a network of offices across the Gulf and the wider Middle East in its pursuit of new projects.
CNG for Dubai shortly
A senior government official has said that compressed natural gas filling stations will soon be set up in Dubai, following the announcement of Adnoc's plan to open 16 stations in Abu Dhabi and Sharjah next year, reported Gulf News. Mohammed bin Dha'en Al Hamili, the Minister of Energy and Emarat's Chairman said that CNG, around 35% cheaper than petrol, will be made available right across the country.
Aabar in Thailand deal
Thailand has awarded an oil concession deal to a consortium including Pearl Oil, Horizon Oil and Tana Oil according to a statement by the UAE's Aabar Petroleum, the owner of Pearl Energy, and cited by Reuters. Pearl will hold a 50% stake in block G10/48 and will be the operator, while the remaining 50% will be split between Horizon and Tana. Block G10/48 covers more than 18,000 square kilometres.
Adnoc to pioneer CNG in cars
Abu Dhabi National Oil Company's retail arm Adnoc Distribution is setting up 16 compressed natural gas filling stations in Abu Dhabi and Sharjah, Gulf News reported. Adnoc will run a campaign to explain to motorists the benefits of the cleaner, cheaper fuel. CNG will retail at under Dh4 a gallon, around 34% cheaper than petrol, an official said.
Oman $5bn gas investment
Oman will invest $5bn over five years to increase its natural gas output capacity, the economy minister told Bloomberg. The country needs gas to power its industrial development, Ahmad Bin Abdulnabi told the news agency.
Siemens EUR700m Qatar order
Siemens said its Power Transmission and Distribution division has won an order worth 700m euros from the Qatar General Electricity & Water Corporation to expand Qatar's power system, Bloomberg reported. The order, PTD's largest ever deal, includes the delivery of 25 turnkey substations, the expansion of 14 existing substations and the modification of 10 more. The project is scheduled for completion by February 2009.
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