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Qatar expected to supply full crude allocations
At least two Asian term buyers have been notified by Qatar that it will supply crude oil at full contracted volumes for December, Gulf Times has reported. Qatar will supply its Marine and Land crudes at full contracted volumes for December, steady from the previous month.
Kuwaiti oil exports to Japan rise
Kuwait is now the fourth-biggest crude supplier to Japan, supplying 345,000 barrels per day and overtaking Iran. Kuwait provided 10.5% of Japan's crude oil in September, compared with 8.5% in the same month of 2008 and 8% in August. Kuwait's largest oil buyer, it is the first time since April that its share has gone above 10% in the Japanese market. Saudi Arabia remains Japan's biggest oil supplier, with imports up 0.2% from a year earlier to 29.38 million barrels over the month, followed by the UAE with 21.61 million barrels, down 27.9%. Qatar is Japan's third biggest oil supplier, with shipments down 29.2% to 10.39 million barrels during September.
Adnoc to raise output in December
The Abu Dhabi National Oil Company (ADNOC) has announced plans to raise exports from two big offshore oilfields in December, The National has reported. The move is seen as indication of Adnoc's intention to increase crude output before the next OPEC meeting.
Aramco to switch price benchmark for US deliveries
Saudi Aramco announced it will begin using the Argus Sour Crude Index (ASCI) published by Argus Media as the benchmark price for all grades of crude oil sold to US customers. The ASCI was launched in May this year to represent the daily value of US Gulf coast medium sour crude, based on physical spot market transactions. Saudi Aramco had used WTI crude prices published by McGraw Hill's Platts as the benchmark for crude sales to the US since 1994. The new policy will be in effect for January sales to the US, the company said in a statement.
Kuwait Petroleum in China refinery deal
Kuwait Petroleum Corp has signed an initial agreement with China Petroleum & Chemical Corp. to build a refining complex in Guangdong province, Bloomberg has reported. The project will include a refinery that can process 15 million metric tons a year of crude oil and a 1 million ton-a-year ethylene plant.
Bahrain, Aramco in pipeline talks
Bahrain's Oil and Gas Affairs Minister and National Oil and Gas Authority chairman has said that the kingdom is in talks with Saudi Aramco over plans to proceed with building a new pipeline between the two countries, Gulf Daily News has reported. 'We are now in discussions on the design and the route,' the minister said. The more-than-100km project, expected to cost $350m, is expected to start by the end of the year.
Saudi Electricity awards $64m contract
Saudi Electricity has awarded a SR241m ($64m) contract to a consortium that include India's KEC International Ltd and Al-Sharif Group to install a power transmission line north of Riyadh, Reuters has reported. The contract covers installing a 380 kilovolt transmission line and would be completed in 30 months.
Aramco to bring Moneefa oilfield online in 2013
Saudi Aramco has said the kingdom plans to bring online in 2013 its 900,000 barrels per day Moneefa project, Reuters has reported. After delaying the project this year, no further delays were envisaged for now, Aramco's VP of Northern Area Oil Operations Fahad al-Moosa said.
Taqa unit North Sea well starts production
State-controlled Abu Dhabi National Energy Co. (TAQA) has said it has started production from its first North Sea oil well, Bloomberg has reported. The well, drilled by its Aberdeen-based unit Taqa Bratani, is expected to produce around 10,000 barrels of oil equivalent a day, the firm said.
Jordan's energy needs cost $18bn, says minister
Jordan's minister of energy and mineral resources has said that the kingdom needs to invest $18bn in various sectors to meet the growing demand of energy in the country by the end of 2020, Petra news agency has reported. Cost of energy in the kingdom last year had amounted to JD2.765bn, compared to JD1.153bn in 2004, representing more than 21% of GDP at current prices, compared to 14.5% of GDP in 2004, the minister said.
OPEC may boost oil output in Dec, says president
OPEC may boost production targets in December as crude futures have rallied 80% this year, the group's president said in an interview with Bloomberg. 'We have always defended a position of equilibrium," Jose Maria Botelho de Vasconcelos, who is also Angola's oil minister, told the news service. 'Some countries are available to pump more oil into the market and if it comes to be necessary to pump more oil into the market this will be done.' OPEC will meet Dec 22 in Luanda, Angola, to review production quotas that it has left unchanged at three gatherings in 2009.
Aramco gas plant to start soon in Saudi
Partial operations at Saudi Aramco's gas processing plant at Khursaniyah in the kingdom are expected to start in a few weeks, Reuters has reported. A shortage in labour and materials had led to construction delays at the plant, which was initially scheduled to start in December 2007.
Jordan, BP ink gas exploration deal
Jordan's minister of energy and mineral resources has said that the kingdom and British Petroleum (BP) have signed an agreement to explore for natural gas reserves near the border with Iraq, AFP has reported. Under the agreement, BP plans to invest $237m to explore the Risheh field, which currently produces 21 million cubic feet a day. 'If the firm discovers large reserves, it would spend $8bn to $10bn in the second phase to develop Risheh to produce between 300 million cubic feet and one billion cubic feet a day,' the minister told reporters.
Abu Dhabi closes LNG plant for maintenance
Abu Dhabi Gas Liquefaction, the emirate's only exporter of liquefied natural gas, has shut its largest production line for maintenance through early November, Bloomberg has reported. The 4-million-tons-per-year Train 3 had been closed on October 8, for maintenance expected to last 40 to 50 days.
DIFC: GCC oil reserves worth $18trn
According to the Dubai International Financial Centre Authority, the present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's US GDP, Gulf Daily News has reported. The total amount was based on a price of oil at $50 per barrel and gas at $9 per million BTU. If oil prices were to average $100 per barrel and gas $15, the present value of GCC energy reserves would be $37.7trillion.
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