Energy, Oil and Gas

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Middle East Oil and Gas

Iraq favours state-run oil bidders
Iraq is expected to award contracts to develop its oil reserves to state run companies. Forty-one national oil companies have been pre-qualified by Iraq, including Exxon Mobil, Royal Dutch Shell, BP and China National Petroleum, said Bloomberg. They will bid in the first licensing round since US-led forces attacked the country in 2003. Talks with bidders will be held in London on October 13.
Iraq: Saturday, October 11 - 2008 at 09:50

Iranian gas to go east not west
Future natural gas exports from Iran are more likely to go to Asia than Europe, an Iranian industry consultant has told Bloomberg. Speaking at a conference in Holland, Bijan Khajehpour, CEO of Atieh Bahar Consulting and MD of Qeshm Energy said the 'natural route of gas exports from Iran is east'. This is because of high growth in India and China, where there is also less political opposition to Iran.
Iran: Saturday, October 11 - 2008 at 09:41 |

Oil hits 2008 low
Oil prices dropped to their lowest this year yesterday, as fears of a global recession continued to bite. Crude fell to $78, and was down 17% across the week on the New York Mercantile Exchange. This was its biggest dip in a single week since March 2003.
Middle East: Saturday, October 11 - 2008 at 09:36

Oil prices continue slide
Oil prices continued to dip on Thursday on fears of slowing world energy demand. New York's main contract, light sweet crude for delivery in November, fell 63 cents to $88.32 dollars a barrel after a drop of $1.11 to $88.95 Wednesday at the New York Mercantile Exchange. Oil prices have already plunged from record highs above $147, reached in July, because of demand worries, dealers said.
Middle East: Thursday, October 09 - 2008 at 10:48

Turkey to pursue gas deal with Iran
Turkey intends to move ahead with a planned deal to produce and export gas from neighbouring Iran, despite objections by the US, reported Reuters. Turkey's Energy Minister Hilmi Guler, who said he will go to Tehran to sign the accord when the text of the deal is ready, called cancellation of the deal 'out of the question'. Under the deal, Turkey's state-owned petroleum company, TPAO, will explore in Iran's South Pars field and gas will be piped to Turkey for consumption or re-export to European markets.Turkey and Iran failed to conclude expected energy accords during a visit by Iranian President Mahmoud Ahmadinejad to Turkey in August. The United States, which is seeking to isolate Tehran over its nuclear programme, opposes the plan.
Iran: Thursday, October 09 - 2008 at 08:43

World 2009 oil demand growth cut
World oil demand growth next year will decline by 140,000 barrels per day due to the 'deteriorating' global economy, the US Energy Information Administration said Tuesday. Global oil consumption was forecast to average 86.92 million bpd in 2009, about 780,000 bpd more than this year's demand but 140,000 bpd less than the agency had forecast just last month. World oil use was projected to rise by only 330,000 bpd this year, about 340,000 bpd lower than EIA's projections last month, reported Reuters.
Middle East: Wednesday, October 08 - 2008 at 09:42

Qatar to add 5,400MW nuclear capacity
According to a report by Moody's on the Arabian Gulf Electricity Industry, Qatar is looking to add up to 5,400 megawatts of nuclear energy to its supply between 2011 and 2036. The report notes that Qatar will double its present capacity by 2015.
Qatar: Tuesday, October 07 - 2008 at 11:16

GCC may need $35bn to fund power projects
A new report by Moody's has revealed that the power sector in the GCC could require more than $35bn in financing in the next 10 years, reported Gulf News. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE are expected to spend $50bn by 2015 to boost generation capacity by nearly 60,000 megawatts, the report said.
Tuesday, October 07 - 2008 at 09:41