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Qatar Electricity profits up
Qatar Electricity & Water Company (QEWC) has posted a net profit of QR415.1m for the half-year period ending June 30, 2009 in comparison to QR349m for the same period last year. The company's earning per share had amounted to QR4.15 as of June 30, 2009 compared QR3.49 for the corresponding period in 2008, the utilities company said.
Iraq removes Siba field from bidding
Iraq has removed the Siba gas field in southern Basra province from a list of 11 gas and oilfields to be offered in a second bidding round for development contracts, Reuters has reported. The reason behind the decision is that the field was considered small enough for the state-run South Oil Company to develop itself, Abdul-Mahdy Al-Ameedi, deputy director general of Iraq's contracts and licensing directorate has said.
Abu Dhabi crude prices fall 51.12%
The average official selling price (OSP) of Abu Dhabi crude oil grades fell to $52.95 a barrel in the first six months of 2009, according to figures from Abu Dhabi National Oil Company (Adnoc). This is 51.12% lower than the average selling price of Abu Dhabi crude grades during the first half of 2008, which was $108.32 a barrel.
Aramco receives Shedgum bids
Saudi Aramco has received bids from two international contractors and seven local firms for a $40m contract to upgrade the acid gas piping system at its Shedgum gas processing plant, 135 kilometres southwest of Dhahran in the Eastern Province, Meed magazine has reported.
Unicorn sells Regional Energy stake
Bahrain-based Unicorn Investment Bank, an Islamic lender and adviser, has said that it has sold a 10% stake in Regional Energy Services Holding to Eastern Industrial & Oilfield Services Holding BSC, Bloomberg has reported. Unicorn has said that the sale generated a 124% return on investment for holders of the Unicorn Global Private Equity Fund I, of which Regional Energy was a unit.
El Sewedy to build Nigeria plant
Egypt-based El Sewedy Cables Holding Co. has said that it is to build an electrical converter plant in Lagos state, Nigeria with a total investment of $25m. El Sewedy Cables will have a 94.7% stake in the factory, the company has said in a statement to the Egyptian Exchange.
Gulf Keystone to explore in Iraq
Iraq's Kurdistan Regional Government has awarded British energy company Gulf Keystone Petroleum contracts to explore the Sheik Adi and Ber Bahr blocks in Dahuk province. The British company will hold a majority stake in the Sheik Adi block, while taking a minority share in the Ber Bahr block under Turkey's Genel Enerji. Work for both blocks includes exploratory drilling in fields expected to hold at least 1 billion barrels of oil in place, the company said.
Iraq July oil exports averaging 2.08m bpd
Falah Alamri, head of Iraq's State Oil Marketing Organization, said his country's oil exports have averaged 2.08 million barrels per day in July so far, Reuters has reported. Exports from southern Iraq had averaged 1.521 million bpd so far this month and exports from northern Iraq were an average of 559,000 bpd, he said. Iraq will exceed levels predating the 2003 ouster of Saddam Hussein if average oil exports this month top 2.2 million bpd, he added.
Dragon Oil H1 output below expectations
Dubai-based Dragon Oil has said its average production rose 11% in the first half of 2009, but said it was below its expectations due to changes in the drilling programme and some operational issues, Reuters has reported. The average daily production rate grew to 42,808 barrels of oil per day from 38,482 bopd in the year-earlier period, but the rate declined from 43,787 bopd in the first quarter as two new wells came on stream only at the end of May and on significantly lower output from the Dzheitune (Lam) A/127 well. However, the rate had declined from 43,787 bpd in the first quarter as two new wells came on stream only at the end of May and on significantly lower output from the Dzheitune (Lam) A/127 well, the firm said. The operational issues at this well are expected to be resolved later this year, it said.
PetroRabigh's loss doubles in Q2
Saudi-based Rabigh Refining and Petrochemical Co. (PetroRabigh), a joint-venture between Saudi Aramco and Japan's Sumitomo Chemical, has said its losses had more than doubled in the second quarter, citing higher costs and lower demand for petrochemical products, Reuters has reported. The JV made a net loss of SR236 million ($62.93m) in the quarter compared to a SR115 million loss in the same period last year. Operational losses increased in the second quarter by 90% to SR240 million, compared to SR126 million in the same period last year.
Edison to sell Abu Qir in 2010
Umberto Quadrino, chief executive of Italian power company Edison SpA, said the firm plans to sell a 25% stake in Egyptian gas field Abu Qir field by early 2010, Reuters has reported. Edison bought the Abu Qir field in 2008 for $1.405bn. It has reserves of about 70 billion cubic metres of gas equivalent of which Edison is entitled to about 40%.
Kuwait-Qatar electricity synchronization mission begins
A synchronization of the Kuwait and Qatar electricity network was announced successful on Monday, marking the first stage of the Gulf Cooperation Council electricity linkage project, KUNA has reported. Board Chairman of the Gulf Electricity Linkage Authority, Yousif Janahi has said the plan had included operation of the 'first stage' states. It consists of operating the first circuit of marine cables linked between Bahrain and the main network in Saudi, through Qatar and Kuwait on Tuesday. This would be followed by the synchronization process between networks of Bahrain, Qatar and Kuwait on Wednesday. The Gulf electricity linkage project will complete its three final stages by 2011.
Saudi Electricity net drops 8.5%
The state-controlled Saudi Electricity Co. has posted an 8.5% drop in second-quarter profit as new projects increased costs, Bloomberg has reported. The power producer's net income fell to SR715 million ($191m) from SR781 million a year earlier. Operating profit fell 2.5% to SR622 million. The company's operating loss, in the first half, had widened to SR276 million from SR193 million. The company has attributed the increased losses to higher costs from new projects entering service.
Private sector oil refinery installed near Arbil
A local company in Iraq's Kurdistan region has installed the first private sector oil refinery to the west of Arbil city with an initial capacity of 20,000 barrels per day (bpd), Aswat Al-Iraq news agency has reported. Construction work on the refinery began in 2005 under a contract between the ministries of oil, and industry and minerals. Work was planned to be carried out by the Iraqi government, but was later contracted out by the Kurdistan Regional Government to the private sector due to financing difficulties.
Egypt's water needs to surpass resources by 2017
A report by the Egyptian cabinet's Information and Decision Support Centre has said the country's water needs will surpass its resources by 2017 due to the fast increase in its current 76-million population, Reuters has reported. The Arab world's most populous country would need 86.2 billion cubic metres of water in 2017, while resources would expectedly be only 71.4 billion cubic metres. By 2017 the Nile, on which Egypt is heavily dependent, is expected to supply only 80.5% of Egypt's resources.
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