AME Info News - Energy, Oil and Gas

Oil rises as Iran test-fires missile

Wed, 09 Jul 2008 13:41:00 +0400

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.
[AMEInfo.com]

Dophin Energy to fence pipeline

Wed, 09 Jul 2008 10:57:00 +0400

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.

[AMEInfo.com]

Conoco, Adnoc sign gas deal

Wed, 09 Jul 2008 10:05:00 +0400

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. [AMEInfo.com]

Oil falls to $136

Wed, 09 Jul 2008 07:04:00 +0400

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.

[AMEInfo.com]

Dubai World may face rival bid for OGK-1

Tue, 08 Jul 2008 11:25:00 +0400

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.
[AMEInfo.com]