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AME Info News - Energy, Oil and Gas
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Oil prices near 22-month low
Oil prices fell to a nearly 22-month low on Wednesday after a US government report showed a bigger-than-expected rise in crude inventories, heightening speculation that demand for petroleum products is waning. US crude for December delivery fell 77 cents to $53.62 a barrel. The last time prices were this low was January 2007.
[AMEInfo.com]
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Bahrain plans onshore oilfield expansion
Bahrain has unveiled an ambitious plan to expand its onshore oilfield, reported Gulf Daily News. Three companies - ExxonMobil, Occidental and Maersk - have been shortlisted for the project, which is expected to cost up to $5bn. However, the contract winner will develop and renovate the oilfield for free - with a deal to be hammered out later depending on the success of the project. Bahrain's Oil and Gas Affairs Minister Dr Abdulhussain Mirza said the expansion could lead to a 100% increase in the country's oil output, which now stands at 33,000 barrels per day.
[AMEInfo.com]
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Qatar Petroleum inks deal with Wintershall Holding
Qatar Petroleum has signed an oil and gas exploration and production sharing agreement with German firm Wintershall Holding for Qatar Offshore Block-4N (Khuff). The terms of this 25-year agreement call for an initial 30-month exploration period during which Wintershall Holding will undertake a work program comprising technical studies, acquisition of 2-D and 3-D seismic data, processing, re-processing, interpretation and exploratory drilling to Khuff formation. All relevant operations and studies will be conducted with QP supervision. Pending the results, hydrocarbon development will be carried out.
[AMEInfo.com]
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Pirates hijack Saudi tanker
A Saudi Arabian oil tanker with 25 crew members on board has been hijacked by Somali pirates and is being taken to a region in the Horn of Africa used by gangs seeking ransoms for ships, the US Navy said. The hijackers boarded the Saudi Arabian Oil Co Sirius Star about 450 nautical miles from the Somali coast on Nov. 15, the pirates' farthest strike offshore so far, reported Bloomberg. [AMEInfo.com]
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Abu Dhabi to discuss cooperation with Total
The Chief Executive of French oil and gas group Total, Christophe de Margerie, has met Shaikh Mansour Bin Zayed Al Nahayan, the chairman of Abu Dhabi energy fund IPIC, to discuss joint cooperation. The discussions covered "the horizons of mutual cooperation between IPIC and Total and ways of developing them, and reviewed projects by [Total] in the UAE". [AMEInfo.com]
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