Energy, Oil and Gas
- The news you choose »
- Login to Add to Watchlist
Oman raises June oil production
Oman's Oil and Gas Ministry has said the Sultanate has succeeded in raising its oil production to 807,000 barrels a day in June in line with the 2009 general budget estimates, Kuna has reported. Reports have showed that Oman's oil production jumped from 784,000 barrels a day in April to 803,000 barrels a day in May, and again to 807,000 barrels a day in June. Average production during the first half of 2009 rose to 792,000 barrels a day compared to 743,000 barrels a day for the same period last year.
Aramco floats jack-up rig tender
Saudi Aramco has floated a tender for the construction of newbuild jack-up rig, according to the Saudi Gazette. The rig will be built according to KFELS B Class design, the PPL Pacific Class 375 or one of the LeTourneau designs, but will be equipped with larger deck space than the standard jack-up, according to a source close to the development. The contract is expected to be awarded by the end of this year, with delivery scheduled for 2011 to 2012.
Dolphin gas pipe ready Q3 2010
Sharjah-based Dolphin Energy has said it would finish building a cross-country pipeline to pump gas from Qatar to the UAE's east coast in the third quarter 2010, Reuters has reported. The pipeline would allow Dolphin to pump gas 240km (150 miles) to the emirate of Fujairah from the plant in Abu Dhabi's Taweelah which receives Qatari gas. Another section of the pipeline from Taweelah to link up with a pipeline to Al Ain and then on to Fujairah would be completed in February, Dolphin has said.
Jordan ups fuel prices
The Jordanian government on Thursday raised the price of fuel by 2%-4%, The Jordan Times has reported. The updated prices, which will last until September 17, reflect the average international price of crude oil over the past 30 days, which reached $69.5 per barrel, compared to $65.3 in the previous month, Jordanian Ministry of Energy and Mineral Resources has said.
New Najaf unit inaugurated
Iraq's oil ministry has inaugurated an additional unit to the Najaf oil refinery in the district of al-Hadariya, Aswat al-Iraq news agency has reported. The new unit, which should increase the facility's production to 30,000 barrels per day (bpd), will produce gas oil, kerosene and benzene, which should meet the province's needs for oil derivatives, the ministry has said. The new unit will add 10,000bpd to production.
Iraq inks $7bn GE deal
Iraq's Ministry of Electricity has announced the signing of a $7bn contract with US-based General Electric (GE) to set up 56 power generation units at a capacity of 7,000 megawatt, Aswat al-Iraq news agency has reported. 'The ministry has abandoned the patching-up methods and embarked on an integrated strategy to overhaul power in Iraq,' the ministry has said.
Dana Gas posts Dhs392m profits in Q2
Sharjah-based Dana Gas has releases its financial results for the second quarter ending on 30 June 2009, with a net profit of Dhs392m, compared to Dhs34m in the same period last year. The company has said its Egypt operations contributed significantly to the results, as it ended the quarter with a production of 3.19m barrels of oil equivalent (MMboe) for the quarter.
RasGas Train 6 produces its first LNG
RasGas Company Limited (RasGas) has announced that Train 6 has produced its first liquefied natural gas (LNG). The new train is capable of producing 7.8 million tonnes of LNG per annum (Mta), boosting the overall LNG production capacity of all RasGas companies to approximately 28.5 Mta.
Oman oil production up 6.6%
Oman's Ministry of National Economy has said the Sultanate had pumped 6.6% more crude in H1 compared with a year earlier, according to Zawya Dow Jones. Oil production in the Sultanate had averaged 792,700 barrels a day up to June, against an average of 743,400 barrels a day during the same period last year, the ministry's figures show. Total production of crude oil and condensates, high-quality oil produced with gas, had reached 143.5 million barrels by the end of June, against 135.3 million barrels a year earlier, a 6% rise. Oman had exported a total of 117.7 million barrels in the first half of this year, most of which went to China.
Sinochem in Emerald bid
Sinochem Corp., China's biggest chemicals trader, has offered to buy UK-based Emerald Energy Plc for £532m ($875m) to boost revenue from oil and gas operations fourfold by tapping wells in Syria and Colombia, Bloomberg has reported. Syria accounted for nearly $25.8m of Emerald's revenue in 2008, according to the firm's 2008 annual report.
Opec fears fall in demand
According to the monthly report of the Organisation of the Petroleum Exporting Countries (Opec), rival oil supplies and the sluggish pace of recovery in world consumption will shrink demand for Opec's crude oil next year, Reuters has reported. Demand for Opec crude will average 27.97 million barrels per day (bpd) next year, down 480,000 bpd from 2009, the report has said. 'If market expectations for an economic recovery are not fully realised, current price levels could face increasing pressure,' the producer group has said.
IEA warns on oil prices
Fatih Birol, chief economist of the International Energy Agency (IEA) has said that a fragile global economic recovery will be hurt if oil prices stay at $70 per barrel or rise higher, Reuters has reported. He said he did not want a decision from the Organisation of Petroleum Exporting Countries (Opec), when they meet on September 9, to boost prices to levels that could damage the recovery.
Kuwait cuts price of September crude
Kuwait Petroleum Co (KPC) has cut its crude oil official selling price to the lowest level in seven months because of reduced demand from refineries in Asia, Bloomberg has reported. The state-owned company has lowered the price to a discount of $1.50 a barrel to the average of Persian Gulf benchmarks Oman and Dubai grades, from parity in August.
Jordan moots electricity tariffs updates
Jordan's Ministry of Energy and Mineral Resources is considering a pricing system for electricity, amongst other alternatives, which adopts a periodic update to tariffs based on changes in oil prices on the world market, The Jordan Times has reported. The proposed measure aims to reduce the National Electric Power Company's budget deficit, which resulted from the increase in oil prices, the ministry has said.
Kuwait creates KD5m companies
The Kuwait government has said it has established two closed shareholding companies with a capital of KD5m, Kuna has reported. The first company, KIC Petrochemicals, was established with a capital of KD3m to provide various maintenance and public services to the oil sector. The second company, the Arabian Sponge Industries, was established with a capital of KD2m and will focus on private exhibitions and the ownership of real estate.
It looks like you are using a Mac - check out our 
Web Feeds