Energy, Oil and Gas

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Middle East Oil and Gas

Oil demand growth to drop
A new report by the International Energy Agency said world oil demand growth will slow slightly to 890,000 barrels per day in 2009 to 87.7 million bpd, down from growth of 860,000 bpd this year, reported Reuters. The report said high oil prices have contributed to lower demand in developed countries, although this was offset by robust growth in emerging economies.
Middle East: Thursday, July 10 - 2008 at 13:44

Non-Opec output slows
Oil supplies from non-Opec countires will be far smaller this year than previously expected and unable to keep up with growing global oil demand, according to the US government's top energy forecasting agency. Non-Opec oil supplies are projected to rise by only 230,000 barrels per day this year and by 830,000 bpd in 2009, far below the agency's estimate at the beginning of the year, the US Energy Information Administration (EIA) said. Supply growth has been limited by faster declines in older fields and delays in expansion projects, reported Reuters.
Middle East: Thursday, July 10 - 2008 at 07:41

Oil rises as Iran test-fires missile
Crude oil rose today, Wednesday, after Iran test-fired a long-range missile capable of reaching Israel, reported Bloomberg. The Iranian exercise heightened concerns of an attack by Israel, which was said last month to have rehearsed an air-strike on Iran. Crude oil for August delivery rose as much as $2.24, or 1.7 percent, to $138.28 a barrel in electronic trading on the New York Mercantile Exchange.
Iran: Wednesday, July 09 - 2008 at 13:41

Dophin Energy to fence pipeline
Dolphin Energy said work is about to begin to fence key sections of its Al Ain to Fujairah Gas Pipeline in the UAE. The contract for $19.1m has been awarded to Al Husam General Contracting Establishment of Abu Dhabi, who will erect fencing along more than 100 kilometres of the 184 kilometre pipeline. This programme has been designed to improve security and to ensure public safety.
United Arab Emirates: Wednesday, July 09 - 2008 at 10:57

Conoco, Adnoc sign gas deal
ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) have signed an agreement to develop the Shah Gas Field in Abu Dhabi. The project involves the development of natural gas condensate reservoirs within the field, located onshore approximately 180 kilometers southwest of the emirate. The project will involve the construction of a new one billion cubic feet/day natural gas processing plant at Shah, and new natural gas and liquid pipelines and sulfur-exporting facilities at Ruwais, UAE.
United Arab Emirates: Wednesday, July 09 - 2008 at 10:05

Oil falls to $136
Oil prices, which hit record heights close to 147 dollars a barrel just last week, plunged again on Tuesday as resurgent worries about an economic slowdown stoked fears about future energy demand. New York's main oil futures contract, light sweet crude for August delivery, tumbled by $5.33 to close at $136.04 a barrel.
Middle East: Wednesday, July 09 - 2008 at 07:04

Dubai World may face rival bid for OGK-1
OGK-1 CEO Vladimir Khlebnikov said Dubai World and its partner may face competition for the Russian power generator as another group of investors is preparing a bid, reported Bloomberg. Dubai World and Moscow-based Roskommunenergo have until Oct. 1 to structure the purchase of a controlling stake, Khlebnikov said. Roskommunenergo last month offered $5.3bn for about 75% of OGK-1.
United Arab Emirates: Tuesday, July 08 - 2008 at 11:25

Exxon to get world's biggest LNG tanker
Samsung Heavy Industries is to deliver the world's biggest liquefied natural gas tanker to Exxon Mobil Corp.'s venture in Qatar in August, reported Bloomberg. The 266,000 cubic-metre capacity tanker, Mozah, named after the wife of the Emir of Qatar, can hold almost twice the amount of LNG as conventional tankers.
Qatar: Tuesday, July 08 - 2008 at 09:43