2007
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Iraq issues Kirkuk tender
Iraq has issued a tender to sell 6m barrels of Kirkuk crude oil through Turkey's Ceyhan terminal, reported the Dow Jones newswires. The tender is the 13th released this year for Kirkuk crude and bids must be received no later than 5pm on December 31. The winning bid will be announced 72 hours later and the oil must be lifted by January 15.
Dolphin awards Salzgitter
Abu Dhabi's Dolphin Energy has awarded the construction contract for its new Taweelah - Fujairah gas pipeline to Salzgitter Mannesmann International, who will manufacture the pipe at the Europipe Steel Mill in Germany. The contract is worth more than $200m and some 120,000 tonnes of X70 48 inch coated line pipe will be supplied. First deliveries are expected in the summer of 2008, with delivery completion in spring 2009.
Iran firm on Crescent deal
Iran has again stressed that it won't supply any gas to Sharjah's Crescent Petroleum via a pipeline from the offshore Khuff Reservoir unless a higher price is agreed, reported Emirates Business 24/7 citing the Upstream magazine. Iran's Oil Minister Gholamhossein Nozari has said the gas could be re-directed via an alternative pipeline to be used locally at the port of Assaluyehm. The price dispute has dragged on for several years.
Oil above $77 next year
Oil prices will average above $77 a barrel next year according to a poll of analysts carried out by Reuters. The monthly survey of 36 analysts predicted US crude futures would hit a record average of $77.6 a barrel next year, up $3.2 on last month's poll. The experts cited Opec's reluctance to hike output despite prices well above $90 last month and ongoing regional tensions as key factors.
UAE crude output down 18%
Opec's market report for December has revealed that the UAE's crude oil production dropped more than 18% in November, mostly due to maintenance at offshore facilities, reported Gulf News. The UAE generated just over 2.1m barrels per day last month, making the country the oil cartel's seventh largest producer. Saudi Arabia, Iran, Kuwait, Venezuela, Nigeria and Iraq all topped the UAE's output.
Iran ups petrol allowance
Iran has decided to give motorists an extra 20 litres of petrol a month as part of its rationing policy, reported the AFP citing state television. Drivers will now have a monthly allowance of 120 litres for the next four months. Figures just released show that petrol consumption in the first six months since rationing was introduced reached 59m litres, a drop of 22% when compared to the previous year.
Ergil wins Suleymania deal
Turkey's Ergil, an oil and gas industry service provider, has been awarded a turnkey contract for the construction of the Suleymania fuel storage tank project in northern Iraq. Engineering and design studies commenced last week and the project is scheduled to be completed in eight months. The facility will have a capacity of 60,000 cubic metres and there will be 12 tanks in total.
Vitol scraps Iran deal
Iran's biggest provider of petrol, Vitol, has decided to end its contract with the Islamic Republic from next year, reported Reuters. The firm has made a loss of $70m from the contract during 2007 and an un-named source cited this as the reason for the withdrawal rather than political factors. Vitol supplies 60% of Iran's needs and it is presently unclear where the country will turn for alternative supplies.
Oil jumps $2 a barrel
The price of US light crude spiked by more than $2 yesterday, Friday, as a government report suggested robust consumer spending in the States and potential for further economic growth, according to Bloomberg. Crude oil for February delivery rose almost $2.3, or 2.5%, to end the day on $93.3 a barrel, while London Brent advanced by $1.6 to hit $92.5.
Masdar, Cosmo go solar
Abu Dhabi's Masdar and Japan's Cosmo Oil Company have signed a contract with the Tokyo Institute of Technology to research and develop solar tower 'beam down' technology, a solar thermal process that offers lower electricity generation costs and higher efficiency. Masdar and Cosmo will each invest several million dollars in the programme. Solar thermal technology converts solar energy into electricity via a system of mirrors and turbines.
Kuwait to spend $51bn
Kuwait is to pump $51bn into its energy sector over the next five years according to the CEO of Kuwait Petroleum, Sa'ad Al Shuwaib, and cited by Bloomberg. The Gulf state is to undertake an 'aggressive programme' of increasing its production capacity with 4m barrels per day the goal for 2020. Al Shuwaib said the Kuwait Oil Company should develop reserves in the Lower Fars reservoir alongside ExxonMobil inside three years.
Adnoc, Linde in JV
The Abu Dhabi National Oil Company (Adnoc) has teamed up with Germany's Linde to establish a joint venture (JV) which will produce and supply industrial gases, reported Reuters. Adnoc will hold a controlling stake of 51%, while Linde will own the remaining shares in the JV called Elixier. A $65m air separation plant will be built in Ruwais and it is hoped nitrogen will be produced by the end of 2009.
Dragon buys Yemen stakes
Dragon Oil, an international oil and gas development and production company, has agreed to acquire interests in blocks 35, 49 and R2 in Yemen from Virgin Resources, subject to required approvals being granted. Dragon has bought a 10% holding in blocks 35 and R2 and up to 10% in 49. A drilling programme for blocks 49 and R2 is already underway.
Dana Gas Egypt discovery
Sharjah's Dana Gas has located more gas in its Egyptian concessions. The Dabayaa-2 delineation well was drilled on the eastern side of Dana's West Manzala concession to appraise the Dabayaa-1 discovery well in the Lower Abu Madi sandstone formation. Gas bearing zones were found in both the upper and lower formations. The lower formation flowed at a rate of 10m cubic feet of gas and 240 barrels of condensate per day.
Takreer in base oil plant JV
The Abu Dhabi Oil Refining Company (Takreer), Finland's Neste Oil and Austria's OMV are to form a joint venture (JV) company and build a sulphur free, very high viscosity index (VHVI) Group III base oil plant in Abu Dhabi. The JV will be owned 60% by Takreer and 20% each by Neste and OMV. The facility will be capable of producing 500,000 tonnes per year of VHVI base oils.
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