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Qatar, Kuwait to keep crude supplies unchanged
Qatar has notified several term buyers it would supply full contracted crude oil volumes for October, while Kuwait has cut supplies by 5% for the October-December period, Reuters has reported. Trade sources have said that both moves were in line with market expectations.
Dubai establishes Department of Oil Affairs
Dubai has established an administrative body to oversee the emirate's crude oil and an authority to manage energy supplies. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, yesterday issued laws setting up the Department of Oil Affairs and the Supreme Council for Energy. Sheikh Mohammed also issued decrees appointing Sheikh Ahmed bin Saeed Al Maktoum as Chairman of the Department of Oil Affairs and Chairman of the Supreme Council for Energy.
Dubai extends Hassyan tender deadline
Dubai Electricity & Water Authority (Dewa) has extended the tender closing date for the estimated $1.5bn contract to build the Hassyan sea-water cooling system, MEED has reported. The turnkey engineering and construction contract involves building a seawater intake and outfall system for the Hassyan power and desalination complex. The new closing date has been extended to September 25, whereas it was previously September 13.
ADNOC to cut supplies 15% in October
Abu Dhabi National Oil Company (ADNOC) has informed its clients it will cut their October allocations by 15% from its four fields, Murban, Upper Zakum, Lower Zakum and Umm Shaif, WAM has reported. The latest cut is in accordance with OPEC's decision to reduce production, ADNOC said.
ABB wins contract to boost power at Saudi sub-stations
Asea Brown Boveri (ABB) has won $60m worth of orders to boost the power factor of 28 distribution sub-stations for the Saudi Electricity Company, the Saudi Gazette has reported. ABB will supply capacitor banks, reactors, medium-voltage switchgear, protection and control equipment and a SCADA system to help the utility manager power flow in the network. It will supply power-factor correction for 19 sub-stations in central, southern and north-western provinces, and for nine sub-stations in around the capital Riyadh.
OPEC crude supplies up in July
According to an estimate by energy consulting group PetroLogistics, 11 OPEC member countries increased slightly their crude-oil supplies last month to some 26 million barrels a day, up from 25.96 million a day in June, Bloomberg has reported. Supplies from all 12 members, including Iraq, rose to 28.6 million barrels a day from 28.3 million a day, the company said.
Cairn undecided on Iraqi oil bid
Scottish explorer Cairn Energy has said it may bid for blocks of Iraqi oil fields with partners, if it decides to take part in the auction. The company is one of 45 to have qualified to bid in the next round of contracts, but it said it has not yet decided if it will take part. "Cairn's board has not taken a decision on whether we will participate. We don't know what the commercial terms are," Bill Gammell, Chairman of Cairn Energy told Reuters. Iraq plans to sell off 10 oil and gas fields in November's auction.
Geo-Chem wins Kenya testing contract
Inspection and testing firm Geo-Chem Middle East has won a contract from the Kenya Bureau of Standards (KEBS), the government agency responsible for establishing and governing metrology standards, to test petroleum imports to Kenya. Under the contract, Geo-Chem will issue certificates on the quality and quantity of the imports and ensure product quality, and act as a one-stop shop for all petroleum product-related analytical needs.
RasGas to increase LNG sales to India
Qatar's RasGas will increase supplies of liquefied natural gas (LNG) to Petronet LNG in India by 50% from November, Reuters has reported. Under a long-term agreement, Petronet currently imports five million tonnes of LNG every year from RasGas, and from the final quarter of this year supplies will be raised to 7.5 million tonnes.
Dubai oil retail price increases
The price of Dubai's diesel has increased to Dhs10.20 per gallon from Dhs9.90 per gallon, Gulf News has reported. An oil retailer has confirmed the increase in the price of diesel by Dh0.30 per gallon attributed to a sharp increase in international oil prices in recent weeks. The price of diesel in Dubai was last increased on June 8.
Qatar-Turkey gas pipeline discussed
Qatar has proposed a gas pipeline from the Gulf to Turkey. According to reports in the Turkish press, the two countries are looking into if Qatar can supply gas to the Nabucco pipeline project, which would transport Central Asian and Middle Eastern gas to Europe, bypassing Russia. A Qatar-to-Turkey pipeline might hook up with Nabucco at its proposed starting point in eastern Turkey, the reports said.
Oman to privatise power stations
Oman plans to privatise its existing power stations and invest RO3bn ($7.8bn) in new projects over the next six years, in a bid to boost the economy and reduce the budget deficit as electricity demand grows, Reuters has reported. "The aim is to eventually sell, partly or wholly, government owned power stations to attract more international investors to the country," Sheikh Abdulmalik al Hinai, Undersecretary at the Ministry of National Economy said. The private sector's participation will help reduce the government's deficit in the annual budget, he added.
Lamprell posts declining profit
UAE-based oil and gas engineering services firm Lamprell has reported a 34% drop in first-half profits compared to the same period last year, following lower demand for offshore construction and repair services, MEED has reported. Net profit fell to $31.6m, down from the $47.8m in H1 2008 and revenues were down 18.2% to $259.9m. Booked orders for the company's services totalled $417m in June 2009, down 49% from $818m in 2008, although prospective orders were at their highest level in Lamprell's history, Nigel McCue, Lamprell's CEO said.
Sasref refinery to be upgraded
Saudi Aramco and Royal Dutch Shell have said they plan to upgrade their joint venture Sasref refinery in Saudi Arabia. Plans include the addition of new units to clean exhaust gases from sulphur to protect the environment, Reuters reported. The 305,000bpd refinery will upgrade its Super Claus units, build a new off-gas treating unit, a sour water stripper and other support utilities.
Iraq reduces fees to stimulate oil auction
Iraq has reduced signature bonuses in the hope that a second oil auction, to be held later this year, will prove more successful than the first. However, foreign oil firms may still be put off by the fact that they have to pay non-recoverable fees ion order to take part in the auction, Reuters has reported. Global oil companies were unhappy with the initial auction in June - the first since 2003 - after it became clear that Iraq was unwilling to pay anticipated fees to develop the country's oil fields. 'We expect a better matching between our expectations with what the companies are going to bid in the second round," Iraq's Oil Minister, Hussain al-Shahristani said.
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