Global energy news
Energy related news.
UPI - Saudi Arabia to launch $9.8B refining complex
Saudi Aramco and Sumitomo Chemical agreed to finance the $9.8 billion PETRORabigh project, the country's largest integrated refining and petrochemical complex to be located in the Red Sea town of Rabigh on Saudi Arabia's west coast.
The two sides agreed last August to set up PETRORabigh as a joint venture after the successful completion of a joint feasibility study.
The project would allow for the indirect construction of an industrial complex to process all of PETRORabigh's downstream products.
"All infrastructure requirements for this industrial complex will be provided with enough capacity to accommodate more than 30 investment sites," Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said. "We anticipate great success in attracting national and global investment for these downstream projects."
Saudi Aramco signed an agreement to conduct a joint feasibility study with Sumitomo Chemical in May 2004, when the two companies signed a memorandum of understanding to launch the project, which resulted in the creation of a joint venture last September.
PETRORabigh secured financing agreements on March 2 with Japan Bank for International Cooperation, Public Investment Fund of Saudi Arabia and 17 financial institutions for $5.8 billion.
The project also allows for investment from the private sector in the projects utilities and other related infrastructure.
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Lukoil leads in oil, gas reserves
After completion of an evaluation and independent audit last January of its oil and gas reserves, Lukoil ranks first among Russian oil companies and second among private international oil and gas majors.
Russian oil firm LUKoil's proven reserves are estimated at 20.331 billion barrels of oil equivalent, including 16.115 billion barrels of oil and 25.298 trillion cubic feet of gas, according to Miller and Lents Ltd., independent petroleum engineers.
For six consecutive years, Lukoil managed to replace its hydrocarbons production with reserves additions.
In 2005, LUKoil had 4.8 percent growth of the proven reserves, while discounting the production, the annual company's proven reserves growth was 1.3 percent.
The evaluation of LUKoil's reserves was performed in compliance with requirements under the U.S. Society of Petroleum Engineers, and proven reserves included those volumes, which are recoverable up to and past license expiry dates.
Whether a company is able to replenish reserves will determine the company's ability to maintain growth and production in the future.
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Kenya hopes to strike oil
Kenya hopes to find oil as the country aims to meet some of the local demands and begin exporting by the end of the year, Energy Assistant Minister Mwangi Kiunjuri said Monday.
He said the government had already signed a drilling contract with prospecting companies to begin work by September or October.
A venture was set up between U.S.-based Global Petroleum Ltd., Woodside Energy Pty Ltd., an Australian-Kenyan venture, and U.S.-based Dana Petroleum for a project to drill for oil off the Lamu coast.
"Global is pleased to have secured a firm drilling plan and proposed date for the commencement of exploration drilling," John Armstrong, chairman of Global Petroleum, was quoted as saying in local media.
"Drilling will be undertaken using the deep water drilling vessel, Chikyu, which has been contracted by Woodside Energy Ltd through the Norwegian international drilling contractor, Smedvig, on behalf of the Japanese Agency for Marine-Earth Science and Technology."
After Kenya's announcement that it hopes to find oil, many potential foreign investors expressed interest in joining the endeavor and acquiring licenses to start explorations such as the China National Offshore Oil Corp., Spain's CEPSA and Canada's Stratic.
But Kenya still needs to address concerns over environmental safety and the income that will be generated from such a major investment, Kenyan official said.
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CNPC says relations with Russia are good
China National Petroleum Corp. said it is optimistic about it operations with Russia.
"Cooperation between CNPC and Russian oil and gas companies already has a history of many years," CNPC President Chen Geng told Interfax.
"The degree of mutual interest and sincerity in this cooperation has become much higher in recent years," he said. "We fully believe in prospects and reserves for the development of interaction between us."
The Chinese firm, which earned a net profit of $21.9 billion in 2005, looks to strengthen relations with Russian firms as it aims to secure supplies. Its assets are worth $113.8 billion.
"We are sure that, in the future, with support from the leaders of our states and our government, and with the participation of major Russian companies, we will be able to achieve mutual benefit and prosperity and bring cooperation between our two countries in the oil and gas industry to a new stage of development," Chen said.
In 2005, CNPC produced 106 million tons of oil, which amounts to more than 60 percent of all oil produced in China; the firm produced 36.7 billion cubic meters of natural gas, which represented more than 70 percent of the country's total gas output, Chen said.
UPI - Saudi Arabia to launch $9.8B refining complex
Saudi Aramco and Sumitomo Chemical agreed to finance the $9.8 billion PETRORabigh project, the country's largest integrated refining and petrochemical complex to be located in the Red Sea town of Rabigh on Saudi Arabia's west coast.
The two sides agreed last August to set up PETRORabigh as a joint venture after the successful completion of a joint feasibility study.
The project would allow for the indirect construction of an industrial complex to process all of PETRORabigh's downstream products.
"All infrastructure requirements for this industrial complex will be provided with enough capacity to accommodate more than 30 investment sites," Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said. "We anticipate great success in attracting national and global investment for these downstream projects."
Saudi Aramco signed an agreement to conduct a joint feasibility study with Sumitomo Chemical in May 2004, when the two companies signed a memorandum of understanding to launch the project, which resulted in the creation of a joint venture last September.
PETRORabigh secured financing agreements on March 2 with Japan Bank for International Cooperation, Public Investment Fund of Saudi Arabia and 17 financial institutions for $5.8 billion.
The project also allows for investment from the private sector in the projects utilities and other related infrastructure.
-0-
Lukoil leads in oil, gas reserves
After completion of an evaluation and independent audit last January of its oil and gas reserves, Lukoil ranks first among Russian oil companies and second among private international oil and gas majors.
Russian oil firm LUKoil's proven reserves are estimated at 20.331 billion barrels of oil equivalent, including 16.115 billion barrels of oil and 25.298 trillion cubic feet of gas, according to Miller and Lents Ltd., independent petroleum engineers.
For six consecutive years, Lukoil managed to replace its hydrocarbons production with reserves additions.
In 2005, LUKoil had 4.8 percent growth of the proven reserves, while discounting the production, the annual company's proven reserves growth was 1.3 percent.
The evaluation of LUKoil's reserves was performed in compliance with requirements under the U.S. Society of Petroleum Engineers, and proven reserves included those volumes, which are recoverable up to and past license expiry dates.
Whether a company is able to replenish reserves will determine the company's ability to maintain growth and production in the future.
-0-
Kenya hopes to strike oil
Kenya hopes to find oil as the country aims to meet some of the local demands and begin exporting by the end of the year, Energy Assistant Minister Mwangi Kiunjuri said Monday.
He said the government had already signed a drilling contract with prospecting companies to begin work by September or October.
A venture was set up between U.S.-based Global Petroleum Ltd., Woodside Energy Pty Ltd., an Australian-Kenyan venture, and U.S.-based Dana Petroleum for a project to drill for oil off the Lamu coast.
"Global is pleased to have secured a firm drilling plan and proposed date for the commencement of exploration drilling," John Armstrong, chairman of Global Petroleum, was quoted as saying in local media.
"Drilling will be undertaken using the deep water drilling vessel, Chikyu, which has been contracted by Woodside Energy Ltd through the Norwegian international drilling contractor, Smedvig, on behalf of the Japanese Agency for Marine-Earth Science and Technology."
After Kenya's announcement that it hopes to find oil, many potential foreign investors expressed interest in joining the endeavor and acquiring licenses to start explorations such as the China National Offshore Oil Corp., Spain's CEPSA and Canada's Stratic.
But Kenya still needs to address concerns over environmental safety and the income that will be generated from such a major investment, Kenyan official said.
-0-
CNPC says relations with Russia are good
China National Petroleum Corp. said it is optimistic about it operations with Russia.
"Cooperation between CNPC and Russian oil and gas companies already has a history of many years," CNPC President Chen Geng told Interfax.
"The degree of mutual interest and sincerity in this cooperation has become much higher in recent years," he said. "We fully believe in prospects and reserves for the development of interaction between us."
The Chinese firm, which earned a net profit of $21.9 billion in 2005, looks to strengthen relations with Russian firms as it aims to secure supplies. Its assets are worth $113.8 billion.
"We are sure that, in the future, with support from the leaders of our states and our government, and with the participation of major Russian companies, we will be able to achieve mutual benefit and prosperity and bring cooperation between our two countries in the oil and gas industry to a new stage of development," Chen said.
In 2005, CNPC produced 106 million tons of oil, which amounts to more than 60 percent of all oil produced in China; the firm produced 36.7 billion cubic meters of natural gas, which represented more than 70 percent of the country's total gas output, Chen said.
posted by Marko at 3/23/2006 08:20:00 AM
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