2007
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Oil edges up in early trading
Oil prices edged up slightly in early trading on Monday as concern over the political situation in Pakistan and dwindling stockpiles in major consumers overshadowed worries about the US economy, reported Reuters. US light crude advanced 5 cents to just over $96 a barrel while London Brent climbed 9 cents to $93.9. Oil prices are now 57% higher than they were at the start of the year.
Qatargas installs platforms
Qatargas has installed the first of its new offshore wellhead platforms at the North Field, located 80 kilometres offshore of Qatar. Following installation, the final preparation work will be completed and then the platforms will supply the two 7.8m tonnes per annum liquefied natural gas processing trains currently under construction as part of the Qatargas 2 project. The next two platforms will be installed in January and the late spring.
Shell unsure on South Pars
Royal Dutch Shell will put off a decision about investing in Iran's South Pars gas field for at least a year as mounting costs and political pressure from the US cloud the issue, reported the UK's Daily Telegraph. Shell is looking to participate in a $4.9bn project to develop two phases of South Pars alongside Spain's Repsol and Iran has asked all interested firms to submit their plans by June.
Turkmenistan cuts Iran gas
Turkmenistan has reduced its gas supply to Iran by 50% over the past couple of days, citing technical and operational issues, reported Reuters quoting an official from the National Iranian Gas Company. The shortfall comprises around 5% of the Islamic Republic's requirements. The gas company official speculated the cut could somehow be linked to a future price hike.
Syria offers Lebanon power
Syria has agreed to continue providing Lebanon with electricity via its national grid, reported the Syria Arab News Agency. Syria has been supplying Lebanon with power for more than ten years via its Tartous and Al Dimas power plants. Syria will provide electricity around the clock with the capacity varying between 60 and 200 megawatts per hour.
Egypt nuclear plans backed
French President Nicolas Sarkozy has said he is prepared to help Egypt develop nuclear power for 'civilian use', reported Reuters citing an interview with the Al Ahram newspaper. Egypt's President Hosni Mubarak recently declared the North African country was set to build several nuclear power plants to meet its growing energy needs. France has already established nuclear cooperation deals with Algeria, Libya and Morocco.
Iraq to sell more from Kirkuk
Iraq is hoping to increase the proportion of crude oil from its Kirkuk fields in its term contracts by an extra 100,000 barrels per day (bpd) following a period of solid supply along its pipeline to Turkey, reported Reuters. Iraq's State Oil Marketing Organisation had previously been allocating around 300,000 bpd of Kirkuk oil in its term deals but this is set to be ramped up to 400,000 bpd or more.
Iran receives nuclear shipment
Ahmad Fayazbakhsh, the Deputy Head of Iran's nuclear organisation, has said the Islamic Republic has received a second shipment of nuclear fuel from Russia which is earmarked for the reactor being built at Bushehr, reported the AP citing the IRNA. Russian contractor Atomstroyexport, which is building the 1,000 megawatt light-water facility, confirmed the delivery. Iran is expecting a total of 82 tonnes of nuclear fuel in eight shipments.
US crude at $96
Oil prices fell slightly yesterday, Friday, after a spike on Thursday following the assassination of former Pakistani Prime Minister Benazir Bhutto in Rawalpindi, reported Reuters. Renewed fears over the state of the US economy as well as profit-booking on the back of Thursday's jump caused US light crude to dip 62 cents to $96 a barrel, while London Brent fell 90 cents to $93.9.
AOC out of Khafji
Japan's AOC Holdings is to end its services contract at Kuwait's Khafji oilfield on January 4, after 50 years at the site, reported Bloomberg. Although the firm will no longer provide training or engineering support, it will still receive 100,000 barrels per day of crude from Khafji until 2023. AOC first signed a deal to operate at the field in 1957 and it generates 1.8% of Japan's oil imports.
Bapco strike risk
More than 2,000 employees of the Bahrain Petroleum Company (Bapco) are to hold a demonstration at the firm's refinery at Sitra on Sunday, December 30, as they bid for a better pay award and other benefits, reported the Gulf Daily News. Employees are seeking a 15% pay hike and an improvement in the healthcare provision for Bahraini members of staff. A union official said a full-blown strike was a possibility.
Iran acquires $16bn Malaysia gas deal
Iran signed a $16bn gas contract with Malaysia, intensifying its efforts to shift its flow of oil and gas deals towards eastern countries and bypass US led pressure to thwart investment by western companies, reported FT. The contract, signed between Iran's Pars Oil and Gas Company (POGC) and Malaysia's SKS Ventures, owned by Malaysian billionaire Syed Mokhtar Al-Bukary, includes the $6bn development of the Golshan and Ferdows gasfields over five and a half years.The second part of the contract is worth $10bn and is earmarked for the production of liquefied natural gas (LNG) from the two offshore fields in the southern province of Bushehr.
Adnoc to build 11 CNG stations
The Environment Agency-Abu Dhabi (EAD) that Adnoc Distribution, a unit of Abu Dhabi National Oil Company, has decided to establish 11 compressed natural gas (CNG) filling stations in the emirate by the end of 2008 to promote the environmentally friendly fuel as an alternative to petrol, reported Gulf News.
Iran, Edison near gas deal
Iran's Oil Minister Gholamhossein Nozari has told state television that a deal to pump more than 1bn cubic feet of gas per day to Europe is nearing completion, reported the AFP. Nozari revealed the contract would be with Italian power firm Edison and that it required around 1.5bn cubic feet per day of gas by the end of next year, rising to 4.5bn. The gas would initially be sent via Turkey.
DNO ups Tawke share
Norway's DNO has revealed that its share of production from the Tawke oilfield in northern Iraq rose to 5,882 barrels per day in November, up sharply from 2,632 barrels in October, reported Reuters. The oil producer has a 55% stake in the field which is in Kurdistan. Meanwhile, DNO has doubled its estimate of recoverable oil at the field to 230m barrels.
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