2007
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Oman will partly shut down LNG plant for maintenance
Oman will shut in a third of capacity for a week of scheduled maintenance and inspection at the liquefied natural gas (LNG) plant in Qalhat in April and again for 18 days of work in August, reported Reuters. The plant has capacity to produce just under 10 million tonnes of LNG per year.
Bahrain oil output reaches 9.5m barrels
Bahrain's crude oil output topped 9.507 million barrels over the first nine months this year, reported The Daily Gulf News. The daily output decreased by 3.5 per cent to reach 34,825 barrels, down from 36,065 over the same period in 2006. The fall in output is normal as the ageing Bahrain field dates back 75 years.
UAE plans work at offshore oilfield
The UAE is planning three weeks of annual maintenance at its offshore 280,000 barrels per day (bpd) Lower Zakum oilfield in October 2008, reported The Peninsula. Lower Zakum accounts for just over 10 per cent of output, which stood at 2.57 million bpd of oil in October. The field was entirely shut down as part of scheduled maintenance that took place this month. The work at the field finished last week. The maintenance at Lower Zakum, Upper Zakum and Umm Shaif fields cut the UAE's November output by an average of 600,000 bpd.
Oil nears $100
Oil rose to a near record high on Monday, as continued weakness in the dollar and cold weather in the US spurred prices once again toward the $100 a barrel mark, reported Reuters. US light, sweet crude for January delivery rose 67 cents to $98.85 by 0120 GMT, building on last week's late gains and nearing the all-time high of $99.29 from last Wednesday.
Three firms win $49m Oman deal
Three projects worth 18.7m Omani riyals ($49m) have been signed for the supply of water utilities and services in Oman's Sohar Industrial Port Area. The contracts were awarded to Al Adrak Trading & Contracting Co, Towell Al Zawra Engineering Service SAOC and Al Ansari Trading Enterprises.
World's first LNG contract in Dubai
The Dubai Multi Commodities Centre (DMCC) is planning to launch a liquified natural gas (LNG) futures contract on its exchange soon, reported Reuters. An LNG contract could help revitalize spot trade in the product, which is now sold primarily on the basis of long term contracts. DMCC and LNG Impel, are setting up a 40 to 65 billion cubic feet LNG storage facility at a cost of about $2bn to offer customers the ability to store and trade the product.
Iraq nullifies Kurdish deals
Iraq's Oil Ministry has stated that all oil deals signed by the Kurdistan Regional Government have been nullified and 'will not be recognised', reported the AFP. The KRG has inked 15 exploration and exportation contracts with 20 international firms since it passed its own oil law back in August. Oil Minister Hussein Shahristani has previously declared the contracts as 'illegal'.
Oil closes on $98.2
Crude oil futures hit a record closing price in New York yesterday, reaching $98.2 a barrel, a gain of 0.9%, on the New York Mercantile Exchange, reported Bloomberg. Oil had broken through the $99 barrier in intraday trading on November 21 with concerns over stockpiles growing as the northern hemisphere winter sets in. London Brent for January delivery closed on $95.8 a barrel.
Yamani: raising output would lower oil prices
Former Saudi oil minister Ahmed Zaki Yamani said oil could fall to as low as $75 a barrel if OPEC decides to boost output at its meeting in December and if there is a mild winter, reported Reuters. However, he warned that prices could spike as high as $200 if the United States attacks Iran.
Dana opens office in Kurdistan
Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has opened its new Suleymaniya office in the Kurdistan Region of Iraq. In April, Dana agreed to produce, process and transport natural gas from the Khor Mor gas field and to appraise the Chemchemal gas field for development, in order to provide natural gas supplies to fuel domestic electric power generation plants currently under construction near Erbil and Suleymania.
Taqa gets nod for purchase
The Abu Dhabi National Energy Company (Taqa) has received final approval for the purchases of Pioneer Natural Resources Canada (Pioneer) and PrimeWest Energy Trust (PrimeWest). The purchase price of Calgary-based Pioneer was $540m, while the cost of PrimeWest amounted to C$5bn.
Bahrain oil output to double
Bahrain's oil production will double to 70,000 barrels a day following the development of Bahrain fields for which global companies have offered bids, reported the Bahrain Tribune. Minister of Oil and Gas Affairs and Head of the National Oil and Gas Authority Dr Abdulhussain bin Ali Mirza said that the companies winning tenders would start work by the end of march and results might be known by mid-2008.
ADMA-OPCO awards contract
National Petroleum Construction Company and Technip have jointly won a $370m engineering, procurement and construction contract from Abu Dhabi Marine Operating Company to expand gas processing facilities at Lower and Upper Zakum Fields in Abu Dhabi, reported Khaleej Times. The project aims to increase processing capabilities of associated gas at the fields to up to 440 MMSCFD in order to cope with future oil production increases.
Oil hits $99
Oil rose above $99 a barrel for the first time, boosted by record weakness in the dollar and concerns over tight supply heading into winter. Oil climbed as much as $1.26, or 1.3%, to a record $99.29 a barrel in after-hours electronic trading on the New York Mercantile Exchange, reported Bloomberg.
Bahrain Refinery gets upgrade
Bahrain's Minister of Oil and Gas, Abdulhussain bin Ali Mirza, has said the Bahrain Refinery is to undergo significant expansion, reported the Bahrain Tribune. All of the refinery units will be replaced, while new pipelines will be laid to transport crude from Saudi Arabia. The refinery, which has a capacity of 250,000 barrels per day, is the oldest in the GCC and takes 17% of its oil from the Bahrain Field.
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