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Windsor Energy Group News Update: July 2008 Dear Reader,
Welcome to the MEC’s latest edition of the Windsor Energy Group newsletters. In this issue, find news about the erosion of Asia’s competitive edge due to the rise in oil prices, the discovery of new oil fields in Iran and massive investment in the gulf in energy output.
If you would like to learn more about this newsletter or forthcoming events, or would like to suggest an event or article for inclusion in the next edition, please do not hesitate to contact me at projects@meconsult.co.uk.
Kind regards,
David Arnold, Editor MEC International Ltd. Fax: 020 7591 4801 Email : projects@meconsult.co.uk
Dollar to rise against emerging markets, Morgan Stanley, The U.S. dollar will appreciate against most emerging market currencies as their economies are hurt by rising energy prices, according to a Morgan Stanley. 4th July 2008
Rising energy costs eroding Asia’s competitive edge The "flat" globalized world is getting a bit rounder, as high energy prices increase the costs of transportation and undermine Asia’s economic miracle. 3rd July 2008
QIB profit up 70% to QR854mn Qatar Islamic Bank (QIB) has reported a healthy 70% growth in net profit to QR854mn in the first six months of this year. Seeking strategic ventures for arranging Shariah-principled funding, QIB said it was currently exploring expansion plans in Turkey, Egypt, the Arabian Gulf region and Southeast Asia through the Asian Finance Bank in which it owns a majority share.
Uranium supply sufficient for next century Global uranium supply is sufficient for at least the next 100 years and countries going ahead with nuclear energy programme will have enough fuel for their robust demand and growth, says International Atomic Energy Agency (IAEA).
The new geopolitics of energy. While the day-to-day focus of US military planning remains Iraq and Afghanistan, American strategists are increasingly looking beyond these two conflicts to envision the global combat environment of the emerging period--and the world they see is one where the struggle over vital resources, rather than ideology or balance-of-power politics, dominates the martial landscape.
Iran discovers new oil field with reserves of 1.1 billion barrels. Iranian Oil Minister Gholam Hossein Nozari said on Sunday that Iran has discovered a new oil field in the southwest province of Khuzestan with in-place reserves of 1.1 billion barrels.
Gulf countries will invest about $200b to boost energy output. Gulf Cooperation Council countries will be investing $160 billion-$200 billion to develop 14-20 energy projects, according to reports from the energy sector. Dr Abdullah Al Amiri, chairman of the Emirates Energy Award, told Gulf News that this amount would be invested "in the next 10-12 years to meet the increase in the Gulf energy consumption."
Kuwait to import Iranian gas. Kuwait is in advanced talks with Iran to import gas to help meet spiralling domestic demand, a Kuwaiti newspaper said yesterday.
Kuwait’s Oil Minister Mohammad Al Olaim held talks with Iranian Deputy Foreign Minister Alireza Shaikh Attar on Monday to discuss gas import prices, Al Rai reported in an unsourced report.
Sovereign funds’ assets may reach $8tn by 2013 Sovereign wealth funds, which own about $3tn in assets, may almost triple their investments in the next five years as oil and gas prices surge, State Street Corp has said.
Sovereign wealth funds (SWFs) may invest an additional $5tn in the next five years, State Street said yesterday in a report titled ‘The Growing Role of Sovereign Wealth Funds’.
Gazprom warns of global energy shortages by 2012 The head of Russian gas giant Gazprom Alexei Miller said yesterday the world would face a big energy shortage from 2012 and had lost its chance to enjoy low energy prices by investing too little in new fields.
Eni Makes Significant Gas Discovery in Sicilian Strait Eni has made a new, significant gas discovery in the Sicilian Strait, with the Cassiopea 1 well at a water depth of some 560 meters, about 22 kilometers off the coast of Agrigentos.
The Cassiopea field extends across G.R14.AG and G.R13.AG exploration licenses, which Eni operates with a 60% stake. Edison holds the remaining 40%. Gas reserves associated with the discovery are estimated at approximately 16 billion cubic meters.
The Arctic Holds an Estimated 90B Barrels of Crude, 1,670TCF of Gas The Arctic contains just over a fifth of the world’s undiscovered, recoverable oil and natural gas resources, according to a long-awaited review released Wednesday, confirming its potential as Big Oil’s final frontier.
Oil prices slip to seven-week low Oil prices have tumbled to seven-week lows amid concerns that the slowing US economy will weaken demand.
US sweet, light crude fell $2.23 to settle at $123.26 a barrel - more than $20 off their peak earlier in July, when prices reached a record $147.27
Future of UK North Sea Oil, Gas Seen in Hands of Smaller Players Small, independent oil and gas producers have begun to recognize the value in aging North Sea oil fields and could be key to unlocking an estimated 16 billion-25 billion barrels of oil equivalent lying unexploited in the U.K. Continental Shelf, industry analysts and participants say.
Exxon, BHP Billiton Invest $1.1B for Turrum O&G Development BHP Billiton and ExxonMobil Australia subsidiary, Esso Australia Resources Pty Ltd., have approved an expenditure of US$1.1 billion for the full field development of the Turrum oil and gas field, a significant hydrocarbon resource in the Gippsland Basin, offshore Victoria. The Turrum development will produce new supplies of natural gas and liquids through new and existing Bass Strait facilities.
Crude Oil Rises After Nigerian Militants Claim Pipeline Attacks July 28 Crude oil rose, rebounding from a seven-week low in New York, after a Royal Dutch Shell Plc pipeline in Nigeria was attacked by militants. The incident occurred on the Nembe Creek trunk line in Rivers State, Shell spokeswoman Caroline Wittgen said. The rebel group, the Movement for the Emancipation of the Niger Delta, or MEND, claimed responsibility for damaging two pipelines in an e- mailed statement.
U.A.E. Plans to Cut Oil Production From October, Officials Say July 28 (Bloomberg) -- The United Arab Emirates, the third- largest oil producer in the Middle East, plans to reduce its oil production by at least 100,000 barrels a day for up to 40 days from Oct. 23, officials at the Abu Dhabi National Oil Co. said.
Government opposes Exxon’s plan with Vietnam Hong Kong/Beijing: The Chinese government opposes a plan by Exxon Mobil Corp., the world’s biggest oil company, to explore for petroleum in the South China Sea with Vietnam, saying the project marks a breach of its historical claim to the area.
S&P affirms sovereign ratings on Abu Dhabi Dubai: Standard & Poor’s Ratings Services on Monday said it had affirmed its ’AA’ long-term and ’A-1+’ short-term sovereign credit ratings on the emirate of Abu Dhabi. "The ratings on Abu Dhabi are supported by the government’s very strong asset position, which provides significant financial flexibility, the country’s high level of political stability and wealth, underpinned by its rich resource endowment, and by policies that reinforce Abu Dhabi’s integration with the global economy," Standard & Poor’s credit analyst Luc Marchand said.
Dana Gas, Crescent Petroleum joint venture expect to generate $40 billion in FDIs to Iraq Dubai: Gas Cities LLC, a joint venture between Dana Gas PJSC, private-sector natural gas company, and its partner Crescent Petroleum, announced on Tuesday that the company will develop Iraq’s Kurdistan Gas City.
Oil prices rise above $126 LONDON (AFP) - Oil prices climbed further on Tuesday, trading above 126 dollars in London, a level described as "abnormal" by OPEC president Chakib Khelil.
$3 billion firm to tap booming oil sector Bahrain-based First Energy Bank unveiled its first major investment with the launch of a $3 billion drilling company that will exploit opportunities in the booming oil industry across the Middle East, Asia and North Africa.
US Interior Secretary: New Oil Lease Plan May Include Closed Areas The U.S. Secretary of the Interior Wednesday ordered the agency to start preparing a new five-year oil and natural gas lease sale program that will include areas currently under a congressional moratorium.
Iran to Drill 160 Oil Wells by March 2009 Iran says it will drill roughly 160 wells by next March, the oil ministry’s official Shana Web site reported Wednesday.
Iraq crude output hits highest since US-led invasion WASHINGTON: Iraq’s daily oil production is at its highest level since the March 2003 US invasion, in large part thanks to improved security, according to a Pentagon audit.
‘Abnormal’ oil could fall to $70-80: Opec chief Opec should not consider cutting production after oil’s steep two-week decline as markets are now balanced, Opec President Chakib Khelil said yesterday, adding that prices could yet fall another $50 a barrel.
Marathon mulls splitting in two; shares jump NEW YORK (Reuters) - Marathon Oil Corp may split its oil and gas production business and its refining and marketing operations into separate entities, the company said on Thursday, sending its shares sharply higher. Marathon, the sixth-largest U.S. oil refiner, said it was likely to decide during the fourth quarter whether to undertake the move. If it proceeds, the split would probably occur in the first quarter of 2009, it said. Read entire article @ |
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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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