Gulf Oil and Gas Newsletter Dec 2005

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Gulf Oil and Gas Newsletter Dec 2005 - 02

5/27/2007 12:03:52 PM

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Gulf Oil and Gas Newsletter Dec 2005 - 02

	NEWS LETTER
	Volume 122005_02

Oil Market @ GulfOilandGas

Review of oil market in 2005, outlook for 2006 (OPEC): With 2005 coming to a close, the estimate for world GDP growth now stands at 4.4%, lower than the spectacular growth rate seen in 2004, as rising interest rates and higher energy prices have moderated the growth of demand. This estimate shows a slight increase over our initial forecast for the year of 4.3% due to higher than expected growth in China and developing countries. In regional terms, the USA has grown strongly throughout the year and Japan has also shown an encouraging recovery. More...

Middle East Highlights @ GulfOilandGas

Technip Signs Contract for Major Ethylene Plant in Kuwait
Technip has signed a contract for the construction of an ethylene plant at The Kuwait Olefins Company’s (TKOC) new Olefins-2 Petrochemical Complex in Shuaiba, Kuwait. This contract covers the detail engineering, procurement and supply of equipment and materials, construction and pre-commissioning and follows the signing in June 2005 of a memorandum of understanding between Technip and TKOC, a joint venture between
The Dow Chemical Company (Dow), Petrochemical Industries Company, Kuwait (PIC) and Kuwaiti Private Companies. More...

Lukoil Oil Makes Major Discovery on Anaran Exploration Block in Iran
A major discovery was made on the Anaran exploration block in west Iran, which could become one of the most significant oil finds over the past several years. The Anaran field was discovered as result of testing of the exploration well drilled on the Azar structure, which produced commercial crude in July 2005. Exploration
operations on the block are continuing with the Changuleh-West well currently in drilling. More...

Africa Highlights @ GulfOilandGas

Afren Announces Placing of New Ordinary Shares to Fund New Offshore Development in Nigeria
Afren PLC announced that its brokers, Bridgewell Securities Limited and Jefferies International Limited, have placed 24,444,441 new ordinary shares with a range of institutional investors. The new shares ("the Placing Shares") were placed at a price of 45p per share, raising £11.0 million (before expenses) for the Company ("the Placing"). Application has been made to AIM for the Placing Shares to be admitted to trading, which is expected to commence on 22 December 2005. More...

Baraka Petroleum Confirm Mauritania and Mali Blocks Development Results
Baraka Petroleum Limited has completed the reprocessing and interpretation of data for both its onshore coastal block in Mauritania (Block 20) and of its 5 blocks in the Taoudeni basin in Mali (Blocks 1 to 4, 9). The extremely encouraging results have confirmed the Company’s development of these blocks is on-track, with potential hydrocarbon targets for Block 20 drilling programme now confirmed. More...

Events @ GulfOilandGas

LNG Asia Pacific
The Pension & Investment Funds Summit Asia is a unique, exclusive summit that brings together senior level pension and investment executives from leading Asian organisations with senior representatives from the industry solution providers. This is the perfect event to examine the challenges and issues most relevant to the pensions industry. Pension & Investment Funds Summit Asia uses a unique flexible format that has been proven to ensure a highly effective direct channel to the market.

Reserves Valuation & Reporting Asia Pacific
Every year, reserve estimations and evaluations must be carried out for the purposes of reporting reserve numbers internally and externally. However, year after year, you end up facing: Uncertain geological estimations and conflicting reserves data, Ambiguous mixture of imprecise regulations, Varying corporate culture for reserves accounting<br>
The above all have one thing in common: They are barriers to accurate estimation, valuation and reporting of your reserves, and they have never been more critical to your company’s survival than they are now.

Drilling Fluids and Cutting Management Asia
Drilling fluids and cuttings management represent the second largest cost associated with production. You need to have the latest tools and techniques at your fingertips to keep overheads as low as possible. The industry is constantly evolving with new drilling fluids, new technologies and improved techniques being introduced into the market.

World Oil Supply

World Oil Demand

Balance of Supply/Demand

www.gulfoilandgas.com

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