2006
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Iraq seeks Turkish links
Iraq's Oil Minister Hussain Al Shahristani has revealed that the country is only able to utilise about 8% of its oil reserves, reported Reuters. The minister said Iraq sought oil exploration tie-ups with Turkey and was doing its best to limit sabotage attacks to its pipelines. Meanwhile, Turkish officials expect Iraq to resume operating a second line of the Kirkuk-Yumurtalik pipeline system which was damaged during the war.
Refinery investment peak
Global investment in oil refining capacity may be about to hit a peak according to industry experts as the fear of oversupply could hit profitability, reported Reuters. But some analysts feel that further fresh investment could materialise as countries such as Saudi Arabia seek to turn cheap sour crudes into transport fuels and make healthy price premiums. Future oversupply is becoming an increasing concern of the sector.
India, Iran gas talks
India and Iran are still negotiating the price of liquefied natural gas to be supplied by Tehran in a 25 year deal from late 2009, reported Reuters. India wants to import around 5m tonnes of LNG per year but Iran says the current price offer is too low. The negotiations have also hindered progress on a planned gas pipeline from Iran to India and Pakistan.
$43m into Sudan concession
A consortium of six companies from Jordan, Sudan, Saudi Arabia, Yemen and Libya has signed an exploration and production sharing agreement with the Sudan Ministry of Energy and Minerals. Under the deal the group will invest $43m over six years on Block 12A in the north west of the country, according to consortium partner Dindir Petroleum International. DPI, the Jordan-based Edge Group's operator in Sudan, holds a 15% stake.
Petrofac $200m Egyptian gas deal
Petrofac says it has been awarded a $200m contract by Khalda Petroleum Company to build a new gas processing facility at Salam in Egypt. KPC is a joint venture company between Apache Corporation and Egyptian General Petroleum Corporation. The project is scheduled for completion before the end of 2008.
Saudi to keep up cuts
Saudi Arabia will maintain its share of oil production cuts under an Opec deal until the end of the year, according to sources cited by Reuters. The US and Europe are expected to bear the brunt of cuts, as the world's largest producer is expected to ship more oil to Asian refiners. Saudi is taking 380,000 bpd off the market under the deal.
Gulf backs $55-$60 oil
Gulf Opec producers would likely defend oil prices at between $55-$60 a barrel, according to comments by a senior Kuwaiti energy official, cited by Reuters. The GCC states see oil prices in that range as acceptable, said Energy Ministry Undersecretary Eisa Al Oun. It is unclear whether Al Oun was referring to Opec's reference crude basket price or international oil prices.
Saudi needs power investment
Saudi Arabia will need to invest $18bn in utilities to generate an additional 24,000 megawatts of electricity until 2016, according to Saudi Electricity Company CEO Ali Al Barak, quoted in Gulf News. He said investments worth more than $43.5m are required overall for the generation, transmission and distribution of electricity in that time. It is putting some projects out to private tender.
Oman to change crude pricing
Oman will adopt forward pricing of its crude oil based on the daily settlement price of the Dubai Mercantile Exchange's Oman Crude Oil Futures Contract, due to start trading on launch of the exchange, DME said. This means Oman will abandon current practice of retroactively pricing its crude. The DME is a joint venture between the New York Mercantile Exchange and Tatweer, a Dubai Holding subsidiary.
Enoc firm wins Moroccan project
Enoc subsidiary Horizon Terminals Limited and joint venture partners Independent Petroleum Group of Kuwait and Morocco's Afriquia SMDC have won a 25-year concession to build, own, operate and transfer a petroleum storage terminal at the new Port of Tangiers, Enoc said in statement. A $66m first phase will provide 300,000 cubic metres of oil storage.
Kuwait studies US refinery JV
Kuwait and Louisiana will study the feasibility of building a joint venture oil refinery in the southern US state, according to the Peninsula. The size of the refinery and its cost have not been determined, said Kuwait's oil minister. Kuwait is also studying plans to build a multi-billion dollar refinery and petrochemical plant in south China with PetroChina.
GCC invests $120bn in oil and gas
Gulf countries will invest $120bn in the oil and gas sectors between 2006 and 2010, Gulf News quoted a senior Saudi official as saying. Saudi leads with investment worth $50bn planned, then Qatar($28bn), The UAE($19bn), Kuwait($13bn)and Oman($10bn), said Dr Bandar bin Salman bin Mohammad Al Saud, president of the Saudi Arbitration Group.
Aramco, AOC office for Shanghai
Saudi Aramco has opened an Aramco Overseas Company office in Shanghai. The office will focus on the strategic sourcing of new companies involved in the manufacturing and contracting of material for Saudi Aramco. On November 11, the Aramco Overseas Company opened a similar office in Kuala Lumpur; the Shanghai office will have a complement of seven staff.
Topaz, two new vessels
Dubai-based Topaz Energy and Marine's Azerbaijan subsidiary, BUE Caspian, has added two new vessels to its offshore vessel fleet at a cost of more than $60m. The two new craft are a platform supply vessel and an emergency response and rescue vessel. Topaz, with a fleet of over 70 vessels, plans to invest $100m in the next two years in new craft as its oil and gas business expands.
IPIC, $5bn Pakistan refinery
Abu Dhabi's International Petroleum Investment Company is to invest $5bn in a refinery project in Pakistan, according to the local WAM news agency. The refinery, which will generate a number of job opportunities, will have a capacity of around 200,000 to 300,000 barrels a day. The IPIC board is currently discussing several new projects both in the UAE and abroad.
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