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Oil price at 'good level' for Oman, says central bank chief
Hamud Al-Zadjali, Governor of Oman's central bank, has said that oil prices have risen to 'a good level' that will help the Sultanate implement its development plans, Reuters has reported. Oman is boosting oil production at a time when OPEC members, which supply about 40% of the world's crude oil, have reined in output.
Partnership formed to run Bahrain field
Abu Dhabi's Mubadala Development Co, the National Oil and Gas Authority of Bahrain and US-based Occidental Petroleum Corp have formed a partnership to run an oil and natural gas field in Bahrain, Reuters has reported. Tatweer Petroleum-Bahrain Field Development Co will begin operating Bahrain Field immediately, and oil production is expected to peak at 100,000 barrels per day with natural gas production of 2.5 billion cubic feet per day. Under the terms of the agreement, Occidental holds a 48% stake, with Mubadala holding 32% and the Bahrain oil and gas authority holding the rest.
OPEC will not boost production, says official
Hasan Qabazard, OPEC's head of research, has said the group will not need to increase oil production levels when it meets next month in Angola, as stockpiles are 'very high', Bloomberg has reported. 'I don't see that production should be increased,' he told the news service. 'Stocks are a worry, particularly the product stocks. At current calculations we will go to stock build early next year.'
Three Iraqi oil fields to pump 6m barrels, says minister
Iraq's oil minister, Hussain al-Shahristani, has said he expects three of the country's oil fields to pump more than 6 million barrels a day once foreign companies complete development work they were awarded this year, Bloomberg has reported. 'This is higher than what we were hoping for from all the eight fields in the first bid round,' he said. Iraq is the only OPEC member not bound by the group's quotas system and expects this exemption to last for many years.
Qatar to buy stake in Shell's Singapore venture
Qatar Petroleum International will sign an agreement today to take a stake in Royal Dutch Shell's chemical joint ventures in Singapore, Bloomberg has reported. Shell's investments in the Singapore petrochemicals industry include two polyols plants and a joint-venture styrene monomer and propylene oxide plant, in addition to a 50% stake in the Petrochemical Corp. of Singapore, a chemical joint venture with Japan-Singapore Petrochemicals Co.
Korea Gas to test clean fuel before building Saudi plant
State utility Korea Gas has said it plans to test market a low-cost clean cooking fuel derived from natural gas and coal in South Korea before signing a final agreement to build a plant a $342m in Saudi Arabia, Bloomberg has reported. The new fuel is a blend of dimethyl ether, commonly used in spray cans, and liquefied petroleum gas. The company had signed a preliminary agreement with the Saudi Arabian government on November 1 to build a 300,000 tonne-a-year plant in Jubail by 2013.
Iran-UAE gas dispute to go to arbitration
UAE-based Crescent Petroleum has said that a three-person international arbitration tribunal has been formed to settle a longstanding dispute over a gas deal between the firm and National Iranian Oil Company, Reuters has reported. NIOC and Crescent had signed the 25-year gas contract in 2001, with a price linked to oil, but as oil rallied in the following years, some officials and politicians in Iran called for the price formula to be revised and blamed the price dispute for delivery delays. Crescent, however, says the contract with its agreed price is internationally binding.
Sembcorp wins power plant deal in Oman
Oman's tender board has awarded Singapore's Sembcorp Utilities a contract to build a 450-megawatt power plant in the southern port city of Salalah, Reuters has reported. The plant will supply electricity for the expansion of the Salalah free trade zone and new housing units planned in the area.
Aramco to raise gas supplies 30%
Saudi Aramco plans to raise its daily gas supplies by 30% within five years to 8 billion cubic feet, reported Al-Hayat, citing the company's CEO Khalid al-Falih. Aramco will also increase its daily supplies in ethane to 1 billion cubic feet and those of liquefied natural gas to 850,000 barrels, Al-Hayat quoted him as saying.
Egypt to sell diesel to Bangladesh
Egypt-based Middle East Oil Refineries (MIDOR) has agreed to supply state-owned Bangladesh Petroleum Corporation (BPC) with 60,000 tonnes of diesel for consumption during January-June period of next year, Reuters has reported. The deal aims to diversify sources of fuel as demand is rising sharply, BPC said. MIDOR had approved Bangladesh's proposal to sell diesel at a premium of $3.90 per barrel, which is lower than the rates offered by Gulf refineries.
Yemen LNG shipment leaves for S Korea
Yemen's first liquefied natural gas (LNG) shipment from a $4.5bn Total-led plant, has left the export terminal at Belhaf for South Korea aboard a Korean tanker, carrying around 149,000 cubic metres of LNG, Reuters has reported. A second, 160,000 cubic metre shipment is scheduled for November 13, on a Yemeni tanker owned by the Yemen Liquefied Natural Gas Company, the country's minister for oil & mineral resources, Amir al-Aidarous told the news service.
Exxon consortium wins West Qurna initial rights
Asim Jihad, Iraq's oil ministry spokesman has announced that a consortium led by US-based Exxon Mobil has won initial rights to develop Iraq's West Qurna field, Reuters has reported. Under the 20-year contract, the group plans to raise the field's output nearly five-fold to 2.325 million barrels per day (bpd) from less than 500,000 bpd at present. The consortium would get a remuneration fee of $1.90 per barrel, the ministry said.
Halliburton wins South Ghawar deal
Saudi Aramco has awarded US-based oilfield services corporation, Halliburton a broad five-year oilfield service contract to develop wells in the world's largest oil field, South Ghawar, Reuters has reported. The project is expected to use three to four rigs to develop between 153 and 185 oil production, water injection and evaluation wells. The deal comes more than two years after the Houston-based firm set up another headquarters in Dubai to sharpen its focus on the Middle East.
ABB wins deal for Abu Dhabi crude pipeline
Power and automation technology group ABB has inked a $21m deal with EPC contractor China Petroleum Engineering & Construction Corporation (CPECC) to supply an integrated electrical system for the Abu Dhabi Crude Oil Pipeline project, Gulf News has reported. The pipeline project aims to transport an estimated 1.5 million barrels of crude oil per day to the main terminal in Fujairah in the northern emirates.
Ruwais plant deal awarded
UAE-based Takreer, an affiliate of state-run Abu Dhabi National Oil Company, has awarded South Korea's SK Engineering and Construction a $2.1bn contract to build an oil refinery in the UAE, the Associated Press has reported. The plant will be constructed in Ruwais, 250 km west of Abu Dhabi.
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