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Shell, Occidental lead race
Royal Dutch Shell and the US based Occidental Petroleum are the favourites to land a multi billion dollar deal to develop sour gas reserves in Abu Dhabi, reported Reuters. The two energy firms, who could end up working together, are ahead of rival US bidders ExxonMobil and ConocoPhillips according to an un-named industry source. Bids were submitted to the Abu Dhabi National Oil Company in August.
Iran to end petrol imports
Iran will be able to refine enough petrol to cover its domestic needs by 2009 and should be able to commence exporting the fuel a year later according to an official from the National Iranian Oil Refining and Distribution Company and cited by Reuters. The Islamic Republic is on track with its plan of doubling its refining capacity to 3.3m barrels per day.
US crude at $96
US light crude for December delivery edged up in trading yesterday to a fraction below $96 a barrel after a slight downturn on Thursday, reported the AFP. Analysts described the market as 'fatigued' and 'out of adrenaline' after recent gains peppered the $100 mark. In London, North Sea Brent was trading at $93.1. Warnings of an economic growth slowdown from the Federal Reserve helped to cool price rises.
Oil hits $99
Oil prices reached $99 a barrel on Wednesday, closing in on a triple-digit all-time high, reported Reuters. The surge brings oil near the the inflation-adjusted record peak of $101.70 hit in 1980 when war between OPEC producers Iran and Iraq ignited an oil supply crisis.
Abu Dhabi to invest $20bn
Abu Dhabi plans to invest more than $20bn to bolster the emirate's oil and natural gas output, reported Gulf News. Fardan Hassan Al Fardan, chairman of Al Rayan Investment said the proposed investment will be made under Abu Dhabi's Strategic Plan 2030. The emirate plans to increase its production from 2.6 million barrels per day to around 3.5 million barrels per day from 2009 and 2011.
US urges OPEC to up output
US Energy Secretary Sam Bodman has urged OPEC to raise production, saying that current oil prices were not in any exporter's interest, reported Reuters. Current high oil prices are a problem for US consumers, particularly people with low incomes, Bodman said, adding that he is worried about its impact on America's economy.
Oil hits $97
Oil prices climbed to a record on Tuesday, surpassing $97 as a storm forced BP and ConocoPhillips to evacuate workers and cut production in the North Sea, reported Bloomberg. Crude oil for December delivery gained as much as 94 cents, or 1%, to $97.64 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Kuwait appoints acting minister
Kuwait has appointed its electricity and water minister as acting oil minister following the resignation of Bader Al-Humaidhi on Monday, reported Reuters. Mohammad Al-Olaim, who was also named as caretaker in June after another oil minister stepped down to avert a no-confidence vote by lawmakers in a similar dispute, was picked to oversee the energy sector until a new minister is named.
Oil prices dip
Oil fell more than $2 on Monday due to heightened concern over the economic health of the world's biggest fuel consumer, reported Reuters. US light crude fell more than $2 at one stage. It stood $1.93 lower at $94.00 by 1419 GMT.
Kuwaiti Oil Minister resigns
Kuwait's State Minister for Cabinet Affairs Faisal Al Hajji has been quoted by the KUNA as saying that Oil Minister Bader Mishari Al Humaidhi has resigned from his post, according to the AFP. It was reported here earlier today that Al Humaidhi's departure was likely following criticism of his appointment by MPs. Humaidhi met with Prime Minister Sheikh Nasser Al Mohammed Al Sabah last week to discuss his possible resignation.
OMV, IPIC upstream agreement
Austrian oil and gas company OMV has signed an agreement with its second-largest shareholder, Abu Dhabi's International Petroleum Investment Company (IPIC), to jointly establish upstream products in the Middle East, North Africa and the Caspian region, reported the Dow Jones newswires. IPIC holds a 17.6% stake in OMV and first bought into the firm in 1994. OMV opened an office in Abu Dhabi in July to further its ties with IPIC.
Iran warns foreign firms
Iran's Acting Oil Minister GholamHossein Nozari has warned foreign energy firms that the Islamic Republic will implement major oil and gas deals with local firms if they do not hasten negotiations, reported the AFP. Nozari said the signing of a sub-contract with an Iranian firm for the country's first LNG plant demonstrated the threat was real. Foreign firms are under pressure not to deal with Iran over its nuclear policy.
Kuwaiti Oil Minister could quit
Kuwait's New Oil Minister Bader Al Humaidhi has offered to resign after some Members of Parliament voiced dissatisfaction at his appointment last week, according to Upstream. Al Humaidhi held a meeting with Prime Minister Sheikh Nasser Al Mohammed Al Sabah last Friday to discuss his possible departure and the Al Watan newspaper reported that Al Sabah might accept it. No policy changes would be expected.
Yemen eyes refinery
Yemen's Oil Minister Khalid Mahfoud Bahah has said the country is considering developing a multi billion dollar oil refinery and petrochemical complex, reported Reuters. The refinery would have a capacity of around 200,000 barrels per day and would cost about $2.5bn. The facility could be located either on the country's Red Sea coast or on the Gulf of Aden.
Iran shuns greenback deals
An official at the National Iranian Oil Company (NIOC) has revealed that 85% of the Islamic Republic's oil deals are now conducted in currencies other than the US dollar, reported the Tehran Times. The NIOC has requested that purchasers pay in alternative currencies so that Iran can reduce its 'dollar dependence'. The US is currently leading an aggressive economic boycott of Iran over its disputed nuclear policy.
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