Google+ Followers

Thursday, 10 June 2010

Russia overtakes Saudi Arabia as world oil production leader - paper | Business | RIA Novosti

Russia produced more oil and less gas than Saudi Arabia in 2009 and is now the world's biggest oil producer, a Russian business daily said on Thursday.

Kommersant daily quoted BP's 2009 annual fuel and energy report as saying that global oil consumption saw its strongest decline since 1982 (down 1.7 percent year-on-year.)

BP CEO Tony Hayward said the report reflected long-term changes in the world's energy patterns and a trend towards more eco-friendly energy sources.

Qatar, Russia Shutter Gas Supply as Prices Sag: Energy Markets -

Qatar, the world’s largest producer of liquefied natural gas, will idle 66 percent of its export plants this year, reversing earlier plans and joining Russia in curtailing supply amid a global glut.

Qatar’s two LNG producers, Ras Laffan Liquefied Natural Gas Co. and Qatar Liquefied Gas Co., had an “unusually heavy” maintenance program during the past two months that shut six of 12 production units for several weeks, New York-based consultant Poten & Partners said in a report. Another two units will undergo repairs this summer.

Russian gas-export monopoly OAO Gazprom, which supplies about a quarter of Europe’s gas, cut its 2010 production goal yesterday because of reduced demand. Qatar has changed tack from a January comment by Faisal al-Suwaidi, then chief executive officer of QatarGas, that his company probably wouldn’t idle any LNG units for maintenance in 2010. Qatar and Russia rejected a proposal by Algeria in April that exporting nations trim shipments to support prices.

Qatar Expects To Reach Maximum LNG Output Capacity By Year-End

Qatar should reach its targeted production capacity of 77 million tons of liquefied natural gas by the end of this year, the emirate's energy minister said Wednesday.

Speaking on the sidelines of a petroleum industry conference in Calgary, Alberta, Qatar Minister of State for Energy and Industry Affairs Mohammed Salef al-Sada also said the expansions of RasGas and Qatargas, the country's LNG- export companies, were proceeding without any problems.

RasGas has completed its seventh and final LNG train, or liquefaction facility, and they are all up and running, while Qatargas is finishing work on its sixth train and the seventh and final train should be completed by the end of this year, al-Sada said.

Middle East Producers See More Heavy Oil in their Future - Arab News

MIDDLE East oil countries should increase production of heavy oil as oil prices remain higher and improved technology makes it easier, those attending an industry conference in Bahrain were told.

Bahrain's oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28 percent of total world reserves, but historically accounted for little more than 10 percent of production.

"The vast reserve demonstrates the importance of heavy oil as a future energy source, one that cannot be overlooked and, therefore, companies that position themselves early in the heavy oil business are likely to win the game," Mirza said, according to local news reports.

Gulf’s green metropolis faces scrutiny

When Abu Dhabi announced plans to develop the world’s first carbon neutral city, the project shot to the top of the list of the swathe of high-profile and ambitious mega projects dreamed up during the boom years in the Arab Gulf.

In a nation that is one of the world’s top oil exporters and one of its worst offenders for carbon emissions, the $22bn Masdar City project raised eyebrows, but also brought kudos and attention from across the globe.

But two years after construction on the city began, it has been the focus of increasing speculation about the project’s progress and sustainability amid lay-offs and rumours about whether the development would go ahead as initially touted.

Dubai vs Abu Dhabi - beaches or bonuses? | beyondbrics |

Forget the fear stalking global markets: try the 14th floor of the Dubai International Financial Centre’s Gate building.

The DIFC, a tax-free financial centre located in the heart of Dubai, has been laying off staff this week: as many as 50 of the 400-strong staff were booted out on Tuesday, according to some estimates. Others are leaving the centre, lured by fat salaries in Abu Dhabi as the brain drain to the high-paying capital continues.

The redundancies form part of a new business plan as the government-owned centre trims costs while also trying to boost the hub’s status as the go-to location for international banks and asset managers in the oil-rich Gulf region.