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Category: Oil and Gas Market Update

Oil and Gas News United Arab Emirates

Posted by: Chemist Posted on: September 2, 2013 ,

• Hydrasun announces Middle East expansion – Hydrasun, a leading specialist provider of integrated fluid transfer, power and control solutions to the global energy industry, has announced the launch of a new company and associated office and workshop facilities in the Middle East.
• Hydrasun FZE, based in Dubai, UAE, has been formed to support the company’s growing number of customers in the Middle East. The new 1000m2 facility will establish a permanent presence in the region supplying Hydrasun’s complete range of products and added value services as well as facilitating the pursuit of new business opportunities.
• Opec reports record high in petroleum exports – Export revenues reached $1.26 trillion in 2012, but likely to fall this year on lower crude prices.
• Tourism body TDIC floats tender for Guggenheim Abu Dhabi – .Tourism body TDIC floats tender for Guggenheim Abu Dhabi – Contractors invited to prequalify for Guggenheim main construction contract
• RasGas Company Limited (RasGas) has safely and successfully completed offshore drilling for 30 development wells for the $10.3 billion Barzan Gas Project, paving the way for subsequent phases of the project to proceed with connecting the wells to subsea pipelines that will take gas to shore.
• DNO updates on Middle East production plans – First production expected from Iraqi Kurdistan, UAE and Yemen licences.
• Abu Dhabi Municipality to issue tender for beach club.
• Abu Dhabi tenders for Al-Ain airport upgrade – Al-Ain airport tender covers design consultancy services.
• Dewa tenders advisory contract for first IPP – Hassyan private power plant to be coal-fired.

• Base Oil Group II prices in Middle East is oscillating in the narrow range.
• Abu Dhabi based Specialized Oilfield Products has introduced a unique digital sensor monitoring system, which can extend the life of wireline through continuous surveillance and create significant cost savings.

• Lukoil to move overseas office to Dubai – Russia’s Lukoil is to relocate its oversees arm to Dubai in order to support regional operations, namely in the giant oil fields of Iraq, according to Abu Dhabi’s The National newspaper.

• Soaring MENA energy demand to increase solar drive – Over US$1.1 trillion worth of commercial and residential construction projects in the next decade across the Middle East and North Africa will further increase energy demand in the region, according to industry experts.

African and Kenya Oil and Gas News

Posted by: Chemist Posted on: August 4, 2013 , , ,

Updates from July, 2013

• Uganda Builds New Refinery, Kenya Upgrades. VENTURES AFRICA – Plans to construct a new refinery in Uganda and upgrade an existing one in Kenya are already afoot, according to an oil and gas analyst.
• Demand was seen from east Africa, with Tanzania’s Petroleum Importation Coordinator (PIC) likely to buy August-delivery products through tender from trading firm Augusta Energy.
submitted the lowest weighted average differentials among five offers for gasoline, gasoil and jet-kerosine, at a $44.874/t premium to a combination of Mopag and Mediterranean spot quotes. PIC’s tender called for a 100,590t cargo of 91R gasoline for delivery to Dar es Salaam. The gasoline component in Augusta’s weighed average quote was at a premium of $46.88/t to Meditteranean quotes, the second lowest behind trading firm Vitol’s $42.50/t. Trading firms Swiss Singapore, Glencore and Gapco Tanzania also participated in the tender.
• Six consultancies shortlisted for Algerian oil field development – Sonatrach to tender front-end engineering and design of Hassi Messaoud peripheral fields.
• Wood Group Wins Subsea Gig at BP Offshore Projects in Angola.

• Kenya is expected to soon issue a tender for August and September gasoline. The country’s energy ministry last bought a 362,000 bl cargo of gasoline from trading firm Gulf Energy at a discount of $11.70/t to Mediterranean quotes for 13-15 July arrival, and another 362,000 bl cargo at a discount of $8.70/t for delivery on 23-26 July.
• Oil & Gas Africa – The Gateway to the East African Oil & Gas Industry – Kenya has attracted oil & gas companies not only because of its ports and strategic location but also because the government is keen not to be left out of the exploration.
• Tullow Oil has confirmed commercial viability of Kenya’s oil and announced that it will start negotiations with the Government on development and production.

Australian Oil, Gas and Energy News

Posted by: Chemist Posted on: August 4, 2013 ,

Updates from July, 2013

• OIL Search said it had discovered modest quantities of natural gas during a new exploration campaign in Papua New Guinea, but that the find had encouraged it to continue drilling.
• Woodside, Australia’s second-biggest oil company by output behind BHP Billiton, said the drop in revenue for June to $US1.3 billion – down from $US1.4 billion a year ago – was a result of an ongoing outage at the company’s Vincent oil field, which is historically Woodside’s biggest single source of oil production.
• GAS infrastructure giant APA Group has made merger proposal to gas distributor Envestra in a move that values the target at $1.98 billion.

South Korean Oil, Gas and Energy News

Posted by: Chemist Posted on: August 4, 2013 , ,

Updates from July, 2013

• Japan, S Korea bunker fuel premiums fall $10-15/mt on ample supply.
• Trading activity in South Korea was subdued, but demand was still expected from buyers that have yet to fully cover for supplies arriving over first-half August.
• South Korea produced 2625 MT of Greases in April 2013.
• Korean consortium wins Turkmenistan refinery order

Thailan Oil, Gas and Energy News

Posted by: Chemist Posted on: August 4, 2013 , ,

Updates from July, 2013

• Thailand imported 24394 MT of Base Oil in May 2013.
• Thailand Imports of Base Oil from Singapore comprises 52% of its total import during May 2013.
• Thailand’s Koh Samet oil spill – Oil spill blackens Thailand’s beaches.
• An oil spill that leaked from a pipeline has reached a popular tourist island in Thailand’s eastern sea despite continuous attempts to clean it up over the weekend.

Singapore and Malaysia Oil and Gas

Posted by: Chemist Posted on: August 4, 2013 , ,

Updates from July, 2013

• Base Oil Group I SN-150/500/ BS-150 Singapore price oscillating in the price range of USD 1025 – 1030/1050 – 1060/1110 -1130PMT
• Oil explorer Rex International Oil aim to raise more than S$85 million in Catalist listing.
• Singapore’s Hin Leong bets on emerging Asia’s thirst for oil – Oil trader Hin Leong is blazing ahead with ambitious investments into some of Asia’s frontier markets. The group’s chairman O.K. Lim talks to Reuters about his plans for Myanmar and East Timor.

China Oil, Gas and Energy News

Posted by: Chemist Posted on: August 4, 2013 , ,

Updates from July, 2013

• China’s biggest offshore oil-and-gas producer Cnooc Ltd. (CEO) set a conservative crude oil and natural gas output target for 2013 but said it was boosting capital expenditure by up to 52% as it seeks to expand in the country and abroad.
• The Shengli opencast coal mine in Xilin Hot, Inner Mongolia. China’s five north-western provinces aim to increase coal production by 620m tonnes by 2015.

Pakistan and India Oil and Gas News

Posted by: Chemist Posted on: August 4, 2013 , ,

Updates from July, 2013

• Pakistan Petroleum Limited (PPL) has successfully completed another production testing at its exploration well Adam X-1, located in district Sanghar, Sindh on Friday. • UK firm to help drill Pakistan’s oil and gas – UK-based exploration firm Orion Energy and Pakistan Petroleum have agreed to work together to develop the offshore oil and gas potential of Pakistan.

• India’s Larsen & Toubro (L&T) has announced that Saudi Aramco has awarded it a contract worth US$300mn to build a gas plant in Saudi Arabia. The plant, to be built for Midyan Gas Fields, will have a daily capacity to process 2.1mn standard cubic metres of gas and 4,500 barrels of condensate, the company said.
• India’s state-controlled ONGC has a tender to sell 35,000t of naphtha for 30-31 July loading from Hazira. The tender closes on 3 July with a single day’s validity. ONGC also sold through a tender 35,000t of naphtha, possibly to BP, for 11-12 July loading from Mumbai a $23-24/t premium to Mopag. ONGC previously sold a similar cargo to Shell at a slightly higher premium of around $25-26/t to Mopag for 4-5 June loading from Mumbai.
• Higher exports from India pushed the west coast India naphtha premium down to $24/t on 1 July from $26/t last week.
• Indian Rupee downfall takes toll on Base Oil prices of State Oil PSU’s, hefty hike announced effective July 1 2013.
• Base Oil N-60/70/TOBS/SN-70/SN-90/HVI grades imports of India comprises 42% of its total imports during May 2013.
• Base Oil N-60/70/TOBS/SN-70/SN-90/HVI grades imports of India comprises 40% of its total imports during November 2012.
• Domestic prices rose in India last week for the third time in June. State-controlled refiners and fuel marketers IOC, HPCL and BPCL lifted gasoline prices by 1.85 rupees/litre ($0.031/l) excluding state levies, on the back of a weaker Indian rupee and steeper global benchmark prices. The retail gasoline price is now about Rs68.60/l in New Delhi, up by about 8pc from early June. The frequent increases in gasoline retail prices could hit demand, with this set to be reflected in official consumption numbers for June that are expected by the end of July.