Posts Tagged ‘gas demand’
JEDDAH – Qatar will account for just 1.10 percent of Middle Eastern (ME) regional oil demand by 2014, while providing 6.70 percent of supply, BMI said in its latest “Qatar Oil & Gas Report”.
Regional oil use of 7.47 million barrels per day (b/d) in 2001 rose to an estimated 10.64 million b/d in 2009. It should average 10.98 million b/d in 2010 and then rise to around 11.95 million b/d by 2014.
Regional oil production was 22.83 million b/d in 2001, and averaged an estimated 24.66 million b/d in 2009. It is set to rise to 27.18 million b/d by 2014.
JEDDAH – The Middle East region is still in the comparatively early stages of development of its natural gas sector and has yet to fulfill the full potential of its resources, Majid Jafar, executive director of Crescent Petroleum and a Member of the Board of Dana Gas PJSC, said.
Speaking on Sunday at the first day of the 4-day 14th annual Middle East Gas (MEGAS) Summit taking place at the Radisson Blu Hotel on Yas Island, Abu Dhabi, he said the Middle East region still accounts for only 12 percent of global gas production, despite holding 41 percent of world gas resources.
SHARJAH – In the aftermath of the global economic crisis, as the world focuses on the effects of global warming and the need to develop long-lasting, clean, but affordable energy sources, the Gulfs energy sector is excellently placed to engage with emerging opportunities, create new ones and position itself at the forefront of the new wave of clean energy solutions, which will ensure future growth and prosperity, said
Badr Jafar, CEO of Crescent Investments on Thursday.
RIYADH – Saudi Arabia Oil Company “has been commissioned to build Jizan refinery as soon as possible, Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Tuesday.
He said tht following the royal directives to consider the establishment of a refinery in Jizan region, the ministry had immediately floated the tenders for the project.
Eight Saudi companies have been short-listed. They and 42 other international oil companies had been invited to form consortiums, with each consortium having at least one or more global companies invited for the bidding.
RIYADH: Saudi Arabia may commission the construction of a petrochemical plant with the planned new Jazan oil refinery in the Kingdom, industry sources said.
At least one bidder in a tender for the refinery has submitted a proposal that would include building a petrochemical plant, one source said.
The project would cost at least $10 billion, the source said. The Ministry of Petroleum and Mineral Resources received two bids to build, own and operate the refinery in a tender that expired on Nov. 7.
JEDDAH – Saudi Aramcos gas processing plant at the 500,000 barrels per day (bpd) Khursaniyah oilfield is ready to start operations, the companys vice president for project management said on Tuesday.
Speaking at the sidelines of an industry conference, Majid Al Mugla said: “Khursaniyah gas plant is commissioning, the first unit finished and will produce tomorrow (Wednesday).”
He added: “The second unit will start production in two to three months.”
ALKHOBAR: Saudi state oil giant Aramco is shifting its exploration and production focus to gas to meet rapidly rising domestic demand as its program to expand oil capacity comes to a close.
Falling global oil consumption has left the Kingdom sitting on its biggest supply cushion in years and allowed it to shift attention from oil to booming gas demand at home.
There will be more gas developments, a senior source at Aramco told Reuters. We are expanding gas activity and we are slowing down oil.