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Windsor Energy Group News Update: April 2008 April 2008 April 2008
WEG Newsletter April 2008
Dear Reader,
Herewith is the latest edition of the WEG newsletters. Energy prices continue to dominate world headlines. While US politicians attempt to take the pain our of high gas prices for their voters the Gulf economies continue to enjoy record revenues but are worried by inflation.
If you would like to know more about the WEG forthcoming programme or to suggest events or articles to us, we would be very pleased to hear from you on projects@meconsult.co.uk Kind regards,
Laura H. Sandoval Editor MEC International Ltd. Fax: 0044 (0)20 7591 4801
Saudis to launch $5.3bn sovereign fund. Saudi Arabia’s Public Investment Fund is in the “final stages” of launching the kingdom’s first sovereign wealth fund. But its early financial commitment will disappoint those hoping for another megafund. 28th April 2008
Oil Price Rise Fails to Open Tap. As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supplies would rise as producers drilled for more oil. 29th April 2008
Peak Oil? Saudis Squeeze the Stone Even Harder. As oil reserves get harder and more expensive to suck out of the ground, one big question looms: Is Saudi Arabia facing “practical peak oil” or the real thing?. 22nd April 2008
Brazil Oil Finds May End Reliance on Middle East, Zeihan Says. Brazil’s discoveries of what may be two of the world’s three biggest oil finds in the past 30 years could help end the Western Hemisphere’s reliance on Middle East crude, Strategic Forecasting Inc. said. 24th April 2008
Gasoline Costs Increasingly Impact American Families. In the results of a survey conducted during the first two weeks of April 2008 with 2,003 adult participants, 44% identified the price of gasoline as the chief economic concern changing the lives and spending habits of Americans. 29th April 2008
Saudi Arabia investing billions in energy infrastructure projects. Saudi Arabia is expected to invest USD 119 billion in energy infrastructure projects from 2007 to 2009, according to latest studies, with investments in the refining sector being expected to grow by a staggering 2189 per cent within the same period compared to figures from 2004 to 2006. 17th April 2008
Foster Wheeler wins BANAGAS contract. Foster Wheeler Ltd subsidiary, Foster Wheeler Energy Limited, has been awarded a contract by the Bahrain National Gas Company (BSC) (BANAGAS) to carry out the pre-FEED (pre-front-end engineering design) for the revamp and expansion of the BANAGAS liquefied petroleum gas (LPG) facilities in Bahrain. 16th April 2008
Qatar Energy City project. Emirates Islamic Bank has entered into a new strategic agreement with Energy City Development Company WLL to finance partially the Energy City project in Qatar originally sponsored by Gulf Finance House. 15th April 2008
PetroChina, Qatargas and Shell sign China LNG deal. Qatargas, Shell and PetroChina today signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from The State of Qatar to the rapidly growing Chinese market. 10th April 2008
’Threat’ to future of Russia oil. The future supply of Russian oil is threatened by a likely decline in production levels, one of the country’s top oil executives has warned. 15th April 2008
Re-thinking US Democracy Efforts in the Middle East. President George W. Bush intended to bring democracy to the Middle East, but the early results were dispiriting. After stalemate in Iraq and the electoral success of Hamas, many observers concluded that the pursuit of Arab democracy was a fool’s errand. Despite these setbacks, Tamara Cofman Wittes argues that democracy promotion in the Arab world remains an essential component of any strategy to achieve long-term American goals in that critical region. She writes:"Think of this book as a realist’s argument for democracy promotion in the Middle East and a guidebook for making the choices that a realistic strategy demands”. Russian Oil Has `Peaked,’ Billionaire Vekselberg Says. Oil output in Russia, the world’s biggest supplier after Saudi Arabia, has ``peaked’’ and may decline in the coming years, said billionaire Viktor Vekselberg, an owner of BP Plc’s venture TNK-BP. 23rd April 2008
Saudis put off longer-term oil capacity rise on hold. Saudi Arabia, the world’s biggest oil producer, has put on hold plans to increase long-term production capacity from its vast oil fields beyond existing proposals, its most powerful policymakers have said. 30th April 2008
Iraq Oil Ministry: Foreign Cos Stay Away, Pipe Network At 35%. Iraq has failed to attract foreign companies due to violence and around 70% of the oil pipeline network remained idle due to sabotage and lack of repairs last year, the Oil Ministry said Tuesday. 29th April 2008
Meeting of national oil companies talks tech solutions. Saudi Aramco’s Research and Development Centre (R&DC) in Dhahran recently hosted the 7th NOC Technology Workgroup Meeting. The objective of the gathering, which ended on 16 April, was to find common ground for solving technological challenges for national oil companies, such as desulphurisation, clean fuels and carbon management. 30th April 2008
High energy prices here to stay. In a candid keynote speech to the region’s energy professionals, the secretary general of the World Energy Council, Gerald Doucet, stressed the importance fossil fuels will play in meeting global energy demand for the next 40 years. 30th April 2008
Taqa earnings soar six-fold. Abu Dhabi National Energy Company (Taqa) posted a more than six-fold rise in first-quarter profit after adding petroleum business revenue from a C$5 billion ($4.94 billion) buyout of a Canadian firm. 30th April 2008
Rising Oil Prices, 1st Quarter Results Boost Stocks. Rising oil prices and quarterly corporate results, particularly of blue chip firms, were apparently behind a sustained recovery at the Saudi stock exchange last week. 26th April 2008
Iraq boosts crude exports to Turkey. Exports from the northern oil fields of Kirkuk to Turkey have surged to 430,000 barrels a day, Oil Ministry sources said. 30th April 2008
Iraqi Kurdistan Region Oil Sold to Iran. Iraqi Kurdistan Region oil is secretly sent to Iran, Rozhnama daily newspaper run by the former deputy leader Nawshirwan Mustafa reported on 23 April. 28th April 2008
Indian oil companies sign agreements for oil blocks in Yemen. Agreements for five hydrocarbon exploration blocks in Yemen have been signed by the Indian companies on Apr. 13, 2008 in Yemen. These include agreements for block Nos. 82 & 83 by Oil India (OIL) and Indian Oil Corporation (IOC) in consortium with their foreign collaborators namely, Medco Energy and Kuwait Energy and for block Nos. 19, 28 and 57 by Gujarat State Petroleum Corporation with their foreign collaborators Jubilant Enpro and Alkor Petro. 16th April 2008
Halliburton gets Manifa contract. Halliburton has been selected to provide oilfield services for the offshore portion of Saudi Aramco’s Manifa project, the Saudi company’s second-largest oil production project. The Manifa field is located in the Persian Gulf, and has a production target of 900,000 b/d. 21st April 2008
The Peak Oil Crisis: The Case for 2008. It is conventional wisdom for most of the people following the peak oil story that we still have a few years to go before the real troubles begin. Some say 2011, others 2015 or later, but in general, among those calculating the depletion vs. new supply balance most have been talking about troubles starting in years rather than months. 24th April 2008
Journey begins for Aker H-6e. The hull substructure for the advanced drilling rig Aker H-6e has started on its 50 days journey from Dubai to Stord in Norway. 16th April 2008
BP keeps Amec on Azerbaijan plan. UK-based Amec secured a US$500 million engineering modification services contract for BP in Azerbaijan. 29th April 2008
MIS launches second Middle Eastern jackup. Maritime Industrial Services (MIS) has launched its second offshore jackup drilling rig, the SeaWolf Onome. In December, MIS became the first Middle Eastern company to build an offshore jackup drilling rig as the SeaWolf Oritsetimeyin rolled off the construction belt. 30th April 2008
Obama, Clinton Put Gasoline Tax at Center of Debate. Hillary Clinton and Barack Obama are closing out their marathon campaigning in Indiana and North Carolina tussling over Clinton’s proposal to suspend the federal tax on each gallon of gasoline for the summer months, one of the few stark policy differences between the two Democratic presidential candidates. 6th May 2008
Out of Africa: a growing threat to Europe from al-Qaeda’s new allies.It is a vast expanse of desert where conditions are so inhospitable that almost no one lives there. But for al-Qaeda – on the run in Iraq and under attack in Pakistan and Afghanistan – this stretch of the Algerian Sahara has proved fertile ground in its quest to open a new front on Europe’s southern doorstep. 6th May 2008
Master’s Programme "Economic Change in the Arab Region (ECAR)". Arab countries are in different phases of economic development. However, many of them are struggling with organizing their economies during the process of transition. While elements of a market economy are sometimes implemented, this is often done on an ad hoc basis. Quite often, problems of economic development can be traced to two sources: poorly structured institutions and inadequate academic education of the local workforce. This Master’s course aims to offer modern economic knowledge to the Arab region and contribute to establishing a functioning market economy.
Musharraf makes Chinese oil plea. The Pakistani president, Pervez Musharraf, says he is lobbying Chinese leaders to build gas and oil pipelines between his country and China. 15th April 2008
Leading article: High prices, huge profits and a logical response. Night follows day and, when the price of oil rises, so do the profits of the oil companies. That is the context we should bear in mind when we read about Shell and BP’s record profits this year. 30th April 2008 Read entire article @ |
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New Study on Sovereign Wealth Funds Available
MEC International Ltd. Granville House 132-135 Sloane Street London SW1X 9AX Tel: 020 7591 4816 Fax: 020 7591 4801 e-mail : mec(at)meconsult.co.uk |
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