Gulf Oil and Gas Newsletter Feb 2006

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Gulf Oil and Gas Newsletter Feb 2006 - 01

5/24/2007 2:32:43 PM

US_NL

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Gulf Oil and Gas Newsletter Feb 2006 - 01

	NEWS LETTER
	Volume 022006

Oil Market @ GulfOilandGas

Oil Market Highlights - Dec 06: Early indications suggest that the world economy will perform well in the first half of 2006. The Euro-zone economies are experiencing a clear improvement in business sentiment and the growth forecast for 2006 has been increased to 1.6%. Japan is expected to grow by 2.0% as a result of strengthening domestic demand. Growth of the US economy moderated in the final quarter of 2005 but an improving labour market should maintain consumer spending. The US economy is expected to grow by 3.2% in 2006. More...

Middle East Highlights @ GulfOilandGas

SABIC and Kayan sign an initial MOU for Kayan Petrochemical Project
Saudi Basic Industries Corporation (SABIC) and Kayan Petrochemicals Company have signed an initial Memorandum of Understanding appointing SABIC as a partner in Kayan Petrochemicals Company project. According to the MOU, SABIC is required to review all works, studies, agreements and update the respective feasibility study in no later than two months. The two parties will enter into a final agreement should they agree upon the results. More...

Halliburton Awards Two-Year Multi-Service Contract from Occidental in Oman
Halliburton Worldwide Limited has been awarded a two-year, $40 million USD multi-service contract by Occidental Mukhaizna, LLC, a subsidiary of Occidental Petroleum Corporation, for the Mukhaizna Field in Oman. The contract calls for Halliburton to provide an integration of services from the Fluid Systems, Drilling and Formation Evaluation, and Production Optimization divisions. The range of services includes fluid services, cementing, casing attachments, directional drilling, mud logging, reservoir coring, and completion tools. More...

Africa Highlights @ GulfOilandGas

Total Announces Angola’s Deep Offshore BBLT Comes on Stream
Total announced that the Belize field, part of Angola’s deep offshore BBLT (Benguela-Belize-Lobito-Tomboco) Development, has been brought on stream in Block 14. Total has a 20% interest in BBLT, alongside Chevron (operator), Sonangol, Eni and
GALP. More...

BG Group and Brass LNG Enter Agreement for LNG Supply
BG Gas Marketing Ltd (BGGM), a wholly owned subsidiary of BG Group plc, has entered into a Memorandum of Understanding with Nigeria’s Brass LNG for the acquisition of 2.0 million tonnes per annum (mtpa) of LNG. The proposed deal will last for a 20 year term, with initial deliveries expected to start during 2010. More...

Events @ GulfOilandGas

Cairo Arab Int'l Exhibition & Conference For Gas and Petroleum Services
The exhibition covers all areas of the Gas & Petroleum services: exploration and production, on-shore and off-shore technology, Communications Technology, transportation, drilling, Electrical Equipment, measurement systems, automation and information technology, security and environmental protection, Power Generation Equipment.

2nd Annual Energy APAC regional conference
The key driver has been strong demand for oil, reflecting in large part the industrialisation of China and India at a time when global oil production is constrained and refinery capacity is limited. The tight supply/demand balance has left the oil market vulnerable to anything that may disrupt supply, including terrorist attacks, political developments in supplier nations and Gulf of Mexico Hurricanes. It is, of course, the latter that has seen the oil price spike temporarily above US$70, but even before tropical storm Katrina appeared the oil price had made it above US$65.

Mega Methanol Conference 2006
Experts anticipate that the Mideast to be ready to export more than 10m tonne/year of methanol to Asia in 2009. The region will see many world-scale production facilities come onstream by 2007 - with most material planned forNorth Asia/China.

World Oil Supply

World Oil Demand

Balance of Supply/Demand

www.gulfoilandgas.com

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