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Saudi minister sees no change at OPEC meeting
Saudi Arabia's oil minister, Ali al-Naimi has said that the production target set by OPEC will not be changed when its ministers meet later this month as oil prices are at the desired levels. 'Nothing will happen, no change in production as oil prices are at the desired positions and markets are calm,' Saudi-owned al-Hayat newspaper quoted Naimi as saying on the sidelines of an Arab oil exporters' conference in Cairo.
Saudi cuts January oil prices for Europe
Saudi Arabia's state-owned oil company, Aramco has lowered its official selling prices for all crude grades for customers in North-western Europe and the Mediterranean for January, Bloomberg has reported. The price of Aramco's Arab Extra Light Crude has seen the biggest cut for European buyers, widening the discount versus the Brent benchmark to $1.65 a barrel in January from a discount of $1.05 in December.
Egypt moots gas, oil block offers
Egyptian oil minister, Sameh Fahmy has said that offers are still under evaluation for the country's latest oil and gas bid round offering 11 blocks in the Gulf of Suez and the South Eastern Desert, Reuters has reported. Fahmy has also said Egypt will evaluate its policy on signing new gas export contracts at the end of 2010. Egypt's proven natural gas reserves rose to around 77.2 trillion cubic feet in the 2008/09 fiscal year, while reserves of crude oil and condensates rose to 4.4bn barrels, according to the government.
Iraq Qurna, Zubair deal decisions before year-end
Iraq to decide on Qurna, Zubair before year end Iraq's deputy oil minister has said that the government is expected to decide on deals with Eni-led group and for an Exxon Mobil-led consortium to develop Zubair and West Qurna oilfields before the end of 2009, Reuters has reported. The deals, which had been expected early in November, are part of Iraq's bid to invigorate its energy sector.
Saudi Arabia: Oil prices in 'right range'
Saudi Arabian Oil Minister Ali al-Naimi has said that crude oil prices are in 'the right range' and there is no need to reduce inventories, Bloomberg has reported. 'Inventories are coming down, the price is perfect, and all investors, consumers, producers - they're all very happy,' Al-Naimi said in Cairo, where Arab oil ministers are holding an annual meeting.
Aramco: Moneefa field completion delayed
Saudi Aramco has said completion of the Moneefa giant oilfield has been delayed by at least two years, Reuters has reported. The state-controlled firm has been developing its 900,000 barrels per day (bpd) heavy crude Moneefa project since 2006 with an anticipated completion date of 2013. Aramco had previously said Moneefa would compensate for declining output at other fields, and would not boost Saudi production capacity.
Saudi Saline calls for Ras Al-Zawr plant bids
The Saudi Saline Water Conversion Corp. is seeking bids for the construction of a desalination plant in Ras Al-Zawr, Arabic daily Asharq Al-Awsat has reported. Bidders will be given until March 20 to present their offers, while the winner will be announced on March 21. The plant will produce 2,400 megawatts of electricity and 1.02 million cubic metres of desalinated water when it is finished in 2013.
Fitch downgrades Dewa
Fitch Ratings has said that the state-owned Dubai Electricity and Water Authority (Dewa) has been placed on rating watch negative, due to uncertainty over payment of a substantial portion of privately held debt, The National has reported. Fitch also said it had placed Dewa's short-term default rating of "F3" on rating watch negative and its Dhs3.2bn ($871.2m) sukuk, maturing in 2013, which is rated "minus BBB".
Jordan, Turkey launch water project
The Turkish President Abdullah Gul and the Jordanian prime minister Nader Al-Dhahabi have launched the Al-Desei water project, which will provide the Jordanian capital with approximately 100 million cubic metres of water annually, Kuna has reported. The strategic project is scheduled for completion by 2012 and will help reduce the water shortage and raise the water amount provided for the greater Amman area.
Qatargas delivers first Canada LNG cargo
Qatar Gas Operating Co has said that its first cargo of liquefied natural gas (LNG) has been delivered to Canada. The LNG delivered was produced by the company's Train 4 and Train 5, which started production in May and September, respectively.
Enoc to keep Dragon Oil shares
Dubai-based Emirates National Oil Company (Enoc) has said that it will not sell any of its shares in explorer Dragon Oil until the end of 2011, dismissing speculations of a sale based on Dubai's need for cash to meet crushing debt obligations, Reuters has reported. The firm has also said that it remained committed to a November 2 bid for the remaining 48% of the London- and Dublin-listed firm for about $1.8bn, valuing Dragon at $3.9bn.
Iraq resumes Turkey oil exports
Iraq's oil ministry has said that oil exports through the Turkish port of Ceyhan have resumed yesterday through Kirkuk, after a five-day interruption because of sabotage to a pipeline in northern Iraq, Aswat al-Iraq news agency has reported. 'The Ministry is pumping 640,000 barrels of oil per day to compensate for the shortage caused by the interruption of oil in the past five days,' a ministry spokesman said.
Kuwait Shuaiba station comes online early
Kuwait's ministry of electricity and water has said that all four units of the North Shuaiba station have become ready before the set deadline in June 2010, Al-Watan Daily has reported. AlـShuaiba station produces 750 megawatts as part of the country's total power output.
Saudi remains biggest Japan oil supplier
The Japanese Natural Resources and Energy Agency has said that crude oil imports from Kuwait had dropped 9.2% in October from a year earlier to 7.79 million barrels, or 251,000 barrels per day (bpd), the first decline in two months, Kuna has reported. Saudi Arabia remained Japan's biggest oil supplier, with imports from the kingdom plunging 22.6% from a year earlier to 29.42 million barrels, followed by the UAE with 27.69 million barrels, up 4.1%. Qatar ranked third, with shipments jumping 36.7% to 13.77 million barrels.
Somali pirates sieze oil tanker
Somali pirates have hijacked a tanker carrying crude oil from Saudi Arabia to the US in the waters off East Africa, AFP has reproted. The Greek-owned Maran Centaurus was hijacked Sunday about 800 miles off the coast of Somalia, said Cmdr. John Harbour, a spokesman for the EU Naval Force. Harbour said there were 28 crew members on board the 300,000-tonne ship. Somali pirates have successfully hijacked dozens of vessels the last several years, but Sunday's attack appears to be only the second ever on an oil tanker.
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