Iraq builds up arrears to oil majors
LONDON: Iraq is building up debts to the oil companies developing its giant fields, industry sources said, a further sign of how the oil-price drop is putting a squeeze on revenues in Opec’s second-largest producer.
Western oil companies including Royal Dutch Shell, BP and Exxon Mobil are working at Iraq’s southern oilfields under contracts which are based on a fixed dollar fee for additional volumes produced. As a result of the halving of oil prices to around $56 a barrel from $115 in June, the crude needed to pay the companies has roughly doubled – reducing revenue to the government.
US crude stocks at record high
NEW YORK: US crude stocks rose last week to record highs for the ninth straight week, while gasoline stocks decreased and distillate inventories rose, data from the Energy Information Administration (EIA) showed. Crude inventories rose 4.5 million barrels in the week to March 6 to 448.9 million, the highest level for this time of year in at least 80 years, the EIA said.
BAC, nogaholding set up JV
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BAHRAIN: Bahrain Airport Company (BAC), the managing body of Bahrain International Airport (BIA), and nogaholding will launch a joint venture (JV) for the operation of the fuel farm complex at BIA. A memorandum of understanding (MoU) was signed between Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa, CEO of nogaholding, and Mohamed Yousif Al Binfalah, CEO of BAC, in this regard.
The JV will take over the ownership of the fuel farms and hydrant system and supervise the overall operation including the design and construction process for the new fuel farm complex and extended hydrant system at BIA.
Rig blast kills three workers
HOUSTON: An explosion has killed three people and injured one at an oil and gas field in West Texas, a spokesman for well owner Parsley Energy said. The Occupational Safety and Health Administration said it was investigating the rig explosion in Upton County, about 50 miles south of Midland that involved contractors at Mason Well Service firm.
Gulf Petrochem office in London
DUBAI: UAE-based Gulf Petrochem Group has opened its new trading office in London, UK, as part of its global expansion plans and has appointed Neil Lamerton as the global head of its bunkering division based in the London office. Lamerton joins Gulf Petrochem from KPI Bridge Oil where he held the position of Director.
ConocoPhillips cancels project
OSLO: Oil major ConocoPhillips has decided to cancel its 17-billion crown ($2.1 billion) Tommeliten Alpha gas and condensate development in the Norwegian sector of the North Sea, Stavanger Aftenblad reported.
BP makes major gas find
CAIRO: BP Egypt has made an important gas discovery in the North Damietta Offshore Concession in the East Nile Delta, which is expected to be the deepest well ever drilled in Egypt. The “Atoll-1” deepwater exploration well, currently being drilled using the 6th generation semi-submersible rig Maersk Discoverer, has reached 6,400m depth. “The estimated potential in the concession exceeds 5 trillion cu ft and we now have a positive starting point for the next possible major project after BP’s West Nile Delta project in Egypt,” said Bob Dudley, BP Group chief executive.
