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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.
Taqa buys Dutch oil firm for $404m
A unit of the Abu Dhabi National Energy Company's (Taqa) has announced plans to buy Dutch oil and gas exploration and production firm DSM Energie Holding (DSM Energy) for $404m, it was announced today. Taqa Energy's acquisition includes non-operated interests in pipeline company Noordgastransport, three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. The purchase will give Taqa an additional daily production of around 5,000 barrels of oil equivalent, of which 85% is natural gas.
Japanese gas client to seek better deal with Abu Dhabi
Tokyo Electric Power Company, which buys at least 4.1 million tons of Liquefied Natural Gas annually from Abu Dhabi Gas Liquefaction, a subsidiary of Abu Dhabi National Oil Company, is seeking new contract terms that give them the option to adjust contract volumes and resell unneeded gas, The National has reported. 'We will be seeking more flexible contracts,' Takao Arai, the managing director for fuel purchases at TEPCO told the daily.
Shell, Aramco study Saudi's Kidan Gas Field
Royal Dutch Shell and Saudi Aramco are conducting a study to develop the Kidan gas field in Saudi Arabia, the Arabic daily Al-Hayat has reported. Drilling in the Kidan field showed the presence of gas that's high in sulfur and also the presence of liquid hydrocarbons, the newspaper said citing Aramcos CEO Khalid al-Falih as saying.
Saudi burning more crude oil for power
Demand for imported fuel in Saudi Arabia is likely to be eliminated this summer because the kingdom is burning more crude oil in domestic power plants to keep new wells pumping and produce cleaner electricity, Reuters has reported. The kingdom may be burning as much as 470,000 bpd of crude this year, up 62% from 2008, according to an estimate by consultancy FACTS Global Energy.
Kuwait Petroleum Italia posts 175m euro profit
Kuwait Petroleum Italia, a subsidiary of Kuwait Petroleum International, has posted net profits of €175.5 million after the payment of taxes and duties in the 2008-2009 fiscal year ending March 31, KUNA has reported. The Rome-based firm engages in distribution of petroleum products.
Saudi Aramco, Total seek $8bn loan for refinery
Saudi Aramco and Total are looking to borrow $8bn to build an oil refinery on Saudi Arabia's Gulf coast, Bloomberg has reported, citing two people familiar with the matter. The two companies are raising the 16-year loans in the name of Saudi Aramco Total Refining & Petrochemical Co, the sources said. The joint venture wants to borrow $3.5bn from international lenders, $1.5bn from Saudi banks and about $2bn from Saudi government funds. The remaining $1bn will be raised from lenders including the Japan Bank for International Cooperation, the sources added.
Oil demand to rise in 2010, say analysts
Oil consumption worldwide will rise again in 2010 as a recovery in the global economy boosts demand, according to a poll of oil-tracking analysts and organisations conducted by Reuters. World demand has fallen by 2.5% since hitting 86.2 million bpd in 2007 due to high oil prices and the economic crisis. Oil demand is predicted to rise by 900,000 barrels per day (bpd) to 84.9 million bpd in 2010, the poll of nine forecasters found. However, the expected increase of 1.1% worldwide is unlikely to drain away all the excess supplies, despite the slow growth in production outside OPEC, Reuters reported.
Egypt extends deadline for wind farm bids
Egypt's Electricity Minister Hassan Younes has said that the deadline for bids for a tender to build a 250-megawatt wind farm on the country's east coast has been extended by a month to August 20 to give companies more time to prepare necessary documents, Reuters has reported. Younes had said in June a total of 72 international companies had expressed interest in the tender.
GCC countries switch on regional grid
Saudi Arabia, Kuwait, Bahrain, and Qatar yesterday linked their power grids in the first phase of a $1.4bn initiative to help alleviate shortages in the Gulf. The UAE and Oman will join by early 2011. No scheduled power trades have yet taken place on the grid, though electricity is flowing on an unscheduled basis due to the flow of electrons, Mohamed Sheikh, head of maintenance and operations at the Gulf Cooperation Council Interconnection Authority told Bloomberg.
Iraq to auction rights to ten crude-oil areas
Iraq plans to auction rights to develop 10 crude-oil areas including Majnoon, West Qurna Phase 2, Badra, East Baghdad, Garraf, Halfaya, Najmah and Qaiyarah, Bloomberg has reported. Projects in the eastern and middle Furat areas will also be put up for development, according to Abdul Mahdy Al-Ameedi, deputy director general at Iraq's Petroleum Contracts and Licensing Directorate.
Chevron shuts Kuwait office
US-based energy major Chevron Corp. has announced the closure of its main office in Kuwait after exiting negotiations with state-run Kuwait Petroleum Corporation (KPC) and its subsidiaries, over a key contract to provide technical services, Meed Magazine has reported. Chevron had been trying to negotiate fresh terms for a technical services agreement with KPC subsidiary Kuwait Oil Company (KOC) that expired in August 2008, under which it provided consultancy and management services. The energy firm has said it could not make enough money from the agreement on its current terms to make it worthwhile for a company of its size.
Dolphin closes debt refinancing
Abu Dhabi's Dolphin Energy closed the $3.5bn refinancing of its debt on 24 July, Meed Magazine has reported. Dolphin had already secured $2.6bn of loans from commercial banks for its project to supply gas from Qatar to the UAE through a sub-sea pipeline. Bankers have said the energy company would probably borrow less than $2.6bn from the commercial banks if a separate bond issue succeeded in raising more than the $1bn targeted.
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