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Taqa eyes BG's power assets
State-controlled energy producer Abu Dhabi National Energy Co. (TAQA) has expressed interest in buying BG Group Plc's power generation unit if its assets were brought to market, Bloomberg has reported. The energy firm plans to spend some $1bn on acquisitions in the next 12 months, TAQA's CEO Peter Barker-Homek said.
Dana Gas finds two new fields in Egypt
UAE-based Dana Gas said it has discovered two fields in Egypt with 86 billion cubic feet of gas reserves. The Faraskur-1 discovery, which may add as much as 73 billion cubic feet to the company's Egyptian reserves, is located in the West El Manzala concession. The upper zone in El Manzala's Marzouk-2 well, in the Abu Madi formation, has estimated reserves of 13.4 billion cubic feet.
Oil climbs to near $74
Oil prices rose for a fourth day to near $74 a barrel Tuesday in Asia on speculation that the dollar will weaken further. Benchmark crude for November delivery was up 52 cents at $73.79 by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
Cost of Jubail refinery to hit $12bn
Saudi Aramco and France's Total are expected to pay more than $12bn to build the Jubail oil refinery in Saudi Arabia, Reuters has reported. 'The EPC (engineering, procurement and construction) cost is $9.6bn and on top of that there are other costs... owners' costs, in our case, cost of financing, which is about 25% more, that works out to around $12bn plus," Daniel Lacombe, the Jubail Refinery's project director said.
West Delta Electricity receives $183m loan
The Arab African International Bank has said that Egypt's state-owned West Delta Electricity Company has raised EGP1bn ($183m) in a syndicated loan to cover a finance gap at its Abu Qir power project, Reuters has reported. The power company has been building a power station for two years at Abu Qir, east of the northern coastal city of Alexandria.
Aramco to award drilling work in Ghawar
Saudi Aramco is set to award an integrated $500m drilling contract in South Ghawar by mid-November, in a bid to cut costs, Reuters has reported. Baker Hughes, Sinopec, Schlumberger, Halliburton, and Weatherford are bidding for the job, the news service reported, citing sources at oil service firms. The five-year turnkey project will allow services providers to fully manage the drilling operations, including rigs.
Oman daily production tops 800,000
Nasser al-Jashmi, Oman's undersecretary for oil and gas has said that the Sultanate has reached its target of producing 800,000 barrels per day (bpd) of oil in September, and was expected to exceed that by the end of 2009, Reuters has reported. Oman's oil output peaked at 956,000 bpd in 2001 and since then it has been fighting to arrest declining production from depleted fields. The average daily production in September was 835,000 barrels per day, according to Nasser al-Jashmi, the state undersecretary for oil and gas.
Iraq moots Exxon, Lukoil bids
Revised offers from Exxon Mobil and Lukoil for West Qurna are being considered by Iraq's Oil Ministry, Reuters has reported. The oilfield is one of many for which Iraq had failed to secure a developer in a June auction. Iraq also expects an offer from France's Total for the field, and says it has received another bid from Italy's ENI for Zubair, which also went unawarded in June. West Qurna phase 1 has reserves of 8.7bn barrels while Zubair's reserves are estimated at 4bn barrels.
Iraq agrees BP, CNPC Rumaila deal
Iraq's state-run South Oil Company has signed an agreement with Britain's BP and China's CNPC to develop its super-giant Rumaila oilfield, Reuters has reported. The service contract for Rumaila field is the only deal which emerged from the country's first oilfield auction in June. BP holds a 38% stake in the Rumaila venture; CNPC has a 37% share, while Iraq's State Oil Marketing Organisation controls the rest.
Iran bonds to fund refinery projects
Iran plans to sell about $555m in bonds to fund refinery projects in the country, amid threats that companies selling gasoline to Iran may be penalized, Bloomberg has reported. Proceeds from the bond sale will finance production of gasoline at the Abadan refinery and work at the Esfahan refinery.
Iran to up gasoline production
Noureddin Shahnazizadeh, the head of Iran's National Refining and Distribution Company has said that the country plans to increase gasoline production capacity by more than 50% by 2012, Reuters has reported. Gasoline production would be increased by 6.4 million litres a day next year with improvements under way at the refineries in Tehran and Abadan, he said.
Qatargas final platforms installed
Qatargas has announced the installation of the last of three topsides and pipeline risers onto the QW8 jacket of the QG3&4 Project. The pipelines and topsides will now be hooked up and fully commissioned in preparation for the introduction of gas.
NSH opens Abu Dhabi office
Nassir S Al Hajri Corporation (NSH), a Saudi-based industrial contracting firm, has set up its first full-fledged office in Abu Dhabi, Emirates Business has reported. The company, which specialises in oil and gas, power and petrochemical projects and employs about 50,000 employees across the GCC, has said it plans to recruit 8,000 employees for new refinery work it expects in the UAE capital.
Tasweeq to take over Qatar crude selling
Qatar Petroleum's crude oil selling business will be taken over by International Petroleum Marketing Co. (Tasweeq) in 2010, Reuters has reported, citing trade sources. Created in 2007, Tasweeq is set to market all Qatari refined oil products, liquefied petroleum gas (LPG) and condensate.
Qatargas delays shutdown of LNG Train 4
Qatargas has postponed the shutdown of its LNG train 4 to early next year, according to a company spokesperson, Bloomberg has cited. The 7.8 million-ton-a-year train 4 is a joint venture between state-run Qatar Petroleum and Exxon Mobil Corp. The company has scheduled the facility to be closed for two weeks this month for inspection.
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