|
Pipeline decay to push oil up 20%
Decaying oil pipelines could add 20% to energy prices over the next ten years, Bloomberg reported. According to Barclays Capital analyst Kevin Norrish, repairs an replacements of pipes, valves and refineries will help push oil to $93 a barrel by 2015.
1 hour, 1 minute ago
Iraq plans more refineries
Iraq outlined plans to build several new oil refineries and upgrade existing ones to start exporting petrol and other byproducts by 2010, AFP reported. The largest, with a capacity to produce 140,000 bpd of product, will be built in central Iraq and be ready by 2009 or 2010, said oil minister Hussain Al Shahristani. He also predicted the country would increase crude production from around 2m bpd to pre-war levels of 3m bpd by the end of the year.
Iraq: 2 hours, 41 minutes ago
Japan wants oil out
Japan is denying newspaper reports that it wants oil left out of initial economic sanctions on Iran, according to Reuters. Tehran faces sanctions if it fails to stop uranium enrichment. Japan says it will join international sanctions, despite its own energy needs. Japan currently holds the rights to develop Iran's Azadegan field, believed to be one of the largest untapped oil reserves in the world, but negotiations have been deadlocked since 2004.
3 hours, 57 minutes ago
Dubai $1bn LNG storage
Dubai Multi Commodities Centre, Techno Park and LNG Impel will build a $1bn LNG storage facility in Dubai. It will be able to store 40-65bn cubic ft of LNG. Customers will be able to store, trade and plan LNG supplies.
United Arab Emirates: 4 hours, 2 minutes ago
Oil up on Iran rejection
Oil rose a second day after Iran defied a UN resolution to stop enriching uranium, Reuters reports. Crude oil for September rose 56 cents, or 0.8%, to $71.70 per barrel in New York. The September crude contract expires tomorrow. The more-active October contract rose 30 cents, or 0.4%, to $72.40 per barrel. Oil is now up 17% this year.
Iran: 4 hours, 6 minutes ago
Turkey explosion halts Iranian gas
Iran has stopped the flow of natural gas to Turkey according to a report on the Dow Jones Newswires. An Iranian gas industry official said the decision had been taken due to an explosion on the Turkish side of an international pipeline. It was only revealed earlier this week that Iran intends to supply gas to Europe via Turkish pipelines and has plans to increase flow rates.
Iran: Monday, August 21 - 2006 at 08:01
Iran issues NIOC permit
Iran has given a temporary permit to the National Iranian Oil Company, allowing it to continue importing petrol, reported Bloomberg citing state television. Iran had planned to reduce its petrol imports, due to mounting costs and a reduced budget, by rationing the fuel to three litres a day per motorist from September. But no ration cards have been issued and no infrastructure has been set up to enable their use.
Iran: Sunday, August 20 - 2006 at 14:35
Delays and costs hit oil output
Delays in project start-up and increased costs are hitting oil production at a time of inflated prices, reported the Bahrain Tribune. Norway's Norsk Hydro said in June that it was likely to miss its 2006 output target, while BP and S have also suggested they may miss their intended output. Deutsche Bank said that eight major European oil firms missed their targets by a combined 530,000 bpd in Q2.
Saudi Arabia: Sunday, August 20 - 2006 at 11:54 |
|