Energy, Oil and Gas
- The news you choose »
- Login to Add to Watchlist
Saudi Arabia drops price of oil to US
Saudi Arabia has reduced the price of oil to the US and plans to keep crude allocations to the US unchanged in October, Reuters has reported. Saudi Light oil will cost $2.90 a barrel, a reduction of $1.80. It also makes it cheaper than US light crude. The availability of Saudi oil to the US has been unchanged for months but shipments have been smaller, due to weaker demand.
Circle Oil doubles output in Egypt
Circle Oil, an Irish oil-explorer, has announced that it doubled crude extraction in Egypt after connecting two new wells with pipelines in the North West Gemsa field. Average gross daily output from the four producing wells reached 4,300-4,350 barrels of oil a day, the company said in a statement.
Qatar signs exploration deal with Chinese firm
Qatar Petroleum has said it has signed a 25-year exploration and production sharing agreement for Qatar Offshore Block 'BC' with CNOOC Middle East (Qatar) Ltd, a subsidiary of China Offshore Oil Corporation, The Peninsula has reported. The agreement starts with a 5-year first exploration period, but the Chinese firm has said it would reduce the time to three years, during which CNOOC Middle East (Qatar) will implement a work programme consisting of technical studies, 2D and 3D seismic acquisition, processing, reprocessing and interpretation and drilling of exploration wells to the pre-Khuff formation.
Yemen's 2008 oil production hit 107m barrels
According to a report issued by Yemen's Ministry of Oil, Yemen produced over 107 million oil barrels from 12 oil blocks in 2008, the Yemen news agency (Saba) has reported. The minimum monthly production had reached some 8.4 million barrels in November 2008 while the maximum monthly production was 9.7 million barrels in January. Al-Masillah block No. 19 had ranked the first in oil production with 34.6 million barrels, or 32%, followed by block No. 18 in Marib and Jawf.
Oman seeks bidders for steam oil project
Petroleum Development Oman has announced that it is welcoming bids for one of the country's largest enhanced oil recovery projects, Reuters has reported. The project will involve building two production trains, a power station, pipelines and aquifer pumps, and integrated surface facilities required for large-scale steam production for the two Amal fields, in the East and West. Both fields could produce up to 60,000 barrels per day when the project comes online in 2012, officials said. The closing date of submission for the bids is February 7, 2010 and the contract award is expected on June 30 2010.
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.
It looks like you are using a Mac - check out our 
Web Feeds