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Fluor and Global Industries form offshore oil and gas consortium
Fluor Offshore Solutions, part of US-based Fluor, has joined forces on an exclusive basis with Global Industries, a US-based offshore construction firm, to pursue offshore oil & gas projects in the Middle East and North Africa region. The consortium will offer its services in the areas of engineering, project management, procurement, construction, construction management, transportation and installation and commissioning services for offshore oil & gas projects. Global Industries has offices and port facilities in the UAE and Saudi Arabia.
September OPEC oil production cut unlikely
If oil prices remain stable at current levels, two OPEC delegates have said the organisation is unlikely to cut oil output further at its meeting next month. "It is hard to predict now, but I don't think there is a need to do anything," said the official, who declined to be identified, reported Reuters. "How can you cut with this economy? The price is going up and down. It's still below $75. But if that is because of the economy, how can OPEC cut?" he added.
Iran and Iraq reach electricity supply deal
Iran has reached agreement with the Iraqi Electricity Ministry to restart electricity supplies with the country. Under the new agreement, Iran will export 600 Megawatts through three lines, each for one part of Iraq, north, mid, and south. Iraq has a 50% power shortage level, the ministry said.
Iraq oil exports highest since war
Oil exports from Iraq rose in July to their highest level since the 2003 US-led invasion, AP has reported. Exports had averaged 2.037 million barrels per day, an increase from 1.925 million barrels in June, Oil Ministry spokesman Assem Jihad said. Before the invasion, Iraq exported about 2.4 million barrels a day.
Taqa takes over Brent System
Abu Dhabi National Energy Company (Taqa) has formally taken over operation of the North Sea Brent System pipeline and facilities from Shell, which had been operator of the facilities since the mid 1970s. The Brent system is jointly owned by 21 companies and consists of part of the processing systems and structure on the Cormorant Alpha platform, operated by Taqa, as well as a 150 kilometre pipeline connecting Cormorant Alpha to the BP-operated Sullom Voe oil terminal in the Shetland Islands. Taqa has a 24% stake in the terminal.
Aramco moots Asia export price cuts
Saudi Aramco may cut the official price of its Arab Light oil for September sales to Asia by an average of $1.30 a barrel, as a slump in demand for diesel fuel and gasoline has reduced refiners' crude purchases in the past month, Bloomberg has reported. Extra Light may fall by $1.40 a barrel, said the traders who asked not to be identified, citing confidentiality agreements.
Saudi/Shell JV says Empty Quarter zones give gas
South Rub al-Khali Co, a Royal Dutch Shell and Saudi Aramco joint venture, has said that gas from two zones under exploration in the kingdom's Empty Quarter flowed at a combined rate of 90 million cubic feet per day, Reuters has reported. The two zones were located in the Arab reservoir in its fourth exploration well called Kidan-6, SRAK has said.
Oman oil export revenue drops 47%
Oman's oil export revenues for the first five months of the year fell more than 47% compared to 2008, despite a 7% rise in output, according to estimates by MEED. Official data of the Sultanate's Ministry of National Economy show that the country had exported 119.25 million barrels of crude oil and condensate during the first five months of 2009, at an average price of $44.84 a barrel. The country's oil and condensate exports rose 6.97 million barrels from 2008, but oil prices declined sharply from the $90.03 a barrel average seen in 2008.
KOC invites bids to enhance oil recovery
Kuwait Oil Co has invited interest from contractors for services to enhance oil recovery as part of the country's plans to boost its production potential, Reuters has reported. The state-run company has said that companies have until August 19 to submit paperwork to pre-qualify to compete for the deal. Kuwait has a long-term target to boost its output capacity to 4 million barrels per day by 2020, from around 3 million bpd.
Gofsco wins $122m Kuwait oil well services contract
Kuwait-based Gas & Oilfields Services Co (Gofsco) said it has signed a $122m contract with Kuwait Oil Co to provide oil field services. The contract covers the provision of slicklines, long metal wires used for the maintenance and monitoring of oil wells and pipelines, and associated services, the company said.
Oman inks deal with Halliburton
Oman's ministry of oil and gas has signed an agreement with Halliburton Worldwide Limited to establish the seismic phase of the Oman Oil and Gas Data Repository, Oman's news agency has reported. Under the contract, Halliburton will supply and install the required hardware, software and services. Halliburton will also operate OGDR with seismic data and provide maintenance and support services for hardware and software during the contract term, and will also train the ministry's staff who will take over operations after all initial data is loaded.
Dana Gas discovers more gas in Egypt
Dana Gas has said it discovered two more gas at its concessions in the Egyptian Nile Delta: Sharabas-1 and Sama-1. The Sharabas-1 was discovered in the West El Manzala concession, tested at 7 million standard cubic feet per day (MMscf/d) of gas with 198 barrels per day (bbl/d) of condensate while the Sama-1 discovery was located in the West El Qantara concession, tested at 13 MMscf/d of dry gas from a reservoir of Messinian age.
Dolphin Energy secures $4.1bn finance
Dolphin Energy Limited (Dolphin) has announced that it $4.1bn of debt has been funded to refinance current debt. The fund will be partially used for the construction of the Taweelah-Fujairah Pipeline project and pay fees associated with the refinancing. In April this year, Dolphin has secured financing commitments of $3bn from 25 financial institutions. Dolphin shareholders include Mubadala Development Company with 51%, Total S.A., 24.5% and Occidental Petroleum Corporation, 24.5%.
Oil prices have hit floor around $50-$60, says IEA
Eduardo Lopez, a senior oil demand analyst at the International Energy Agency, says that oil prices have reached a floor of $50-$60 a barrel, and that OPEC is unlikely to announce major output cuts in September, Reuters has reported. 'Unless something dramatic were to happen, it's plausible ... prices will remain again at around that level, of course with probably a lot of volatility,' he told the news service.
Oman PDO extends bid deadline for oil contracts
Oman's Petroleum Development Oman (PDO) has said it had extended the deadline for prequalification of contractors to Aug. 12 from July 28, to compete for up to $7bn in contracts to work on the country's oilfields, Reuters has reported. "The dates have been moved to give PDO more time to evaluate the bids after receiving a bigger response than we expected," a PDO tender official has said.
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