Gulf Oil and Gas Newsletter Nov 2005

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Gulf Oil and Gas Newsletter Nov 2005 - 02

5/27/2007 11:39:12 AM

US_NL

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Gulf Oil and Gas Newsletter Nov 2005 - 02

	NEWS LETTER
	Volume 112005_02

Oil Market @ GulfOilandGas

Recent Movements in Crude and Product Prices (OPEC): The market situation has changed significantly over the last two years. One of the most pronounced developments has been the break in the conventional inverse relationship between US crude oil inventories and prices. Previously, higher crude oil stock levels would result in a drop in prices, but this has not been the case over the last two years. Despite rising inventory levels over 2004, prices continued to move upward. this dual rising trend has been exaggerated further in 2005, with inventories corresponding to even higher price levels than in 2004 or in previous years. More...

Middle East Highlights @ GulfOilandGas

Petrofac Secures Major EPC Contract With Petroleum Development Oman
Petrofac has received a letter of award for the EPC contract with Petroleum Development Oman (PDO) to build the second phase of the Harweel Cluster Development in southern Oman. The project will be executed in conjunction with Galfar a leading Omani Engineering & Construction Company. This contract, valued at just under 1 billion dollars, will be executed over three years through Petrofac’s Engineering & Construction division from its base in Sharjah, UAE. More...

ExxonMobil and Qatar Petroleum Progress LNG Project
Qatar Petroleum and ExxonMobil Ras Laffan (III) Limited, a wholly owned subsidiary of Exxon Mobil Corporation , announced the launch of Ras Laffan Liquefied Natural Gas Company Limited (RL3). RL3 is a further expansion of the existing LNG production facilities operated by RasGas Company Limited (Qatar Petroleum 70 percent; ExxonMobil 30 percent) at Ras Laffan Industrial city in North Eastern Qatar. More...

Africa Highlights @ GulfOilandGas

VAALCO Energy Acquires New Concession in West Africa
VAALCO Production (Gabon) Inc., a subsidiary of VAALCO Energy, Inc. (Houston), signed a new production sharing contract with the Ministry of Mines, Energy, Petroleum, and Hydraulic Resources of Gabon. The Mutamba Iroru G4-219 Permit located onshore Gabon contains approximately 270,000 acres, the equivalent in size to 50 blocks in the U.S. Gulf of Mexico. More...

Stolt Offshore S.A. Announces Extension to Awarded Deepwater Moho-Bilondo Project
Stolt Offshore S.A. had been awarded an extension to the recently awarded Total E&P Congo Moho-Bilondo deepwater field development offshore Congo. The extension, valued at approximately $55 million is for the engineering, procurement, installation and commissioning of a 16" diameter export pipeline from the FPU (Floating Production Unit) of the Moho-Bilondo field to the Djeno Terminal. The installation work will be performed by the Seaway Polaris in 2007. More...

Events @ GulfOilandGas

INTERGAS III 2005
Intergas III is organised under the High Patronage of H.E. Sameh Fahmy, Minister of Petroleum and Mineral Resources from 18-20 December 2005 at the prestigious Cairo International Convention Centre. Established as Egypt’s most important Oil, Gas & Petrochemicals Exhibition and Conference, Intergas III is dedicated to delivering a first class platform that delivers real results to all participants.

Shutdowns & Turnarounds Middle East
Join some of the leading shutdown and maintenance professionals to discover how you can advance your plant's core process efficiencies.

Middle East Total Logistics & Supply Chain 2005
TLS Congress Middle East provides the opportunity for the region's biggest players involved in Logistics, Distribution, Procurement, Purchasing, Inventory, Warehousing and Supply Chain to influence the strategic direction of investment, decision making and to steer towards a sustainable future of efficiency and high returns.

World Oil Supply

World Oil Demand

Balance of Supply/Demand

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