Gulf Oil and Gas Newsletter June 2008 Vol 6 Issue 25

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Gulf Oil and Gas Newsletter June 2008 Vol 6 Issue 25

6/23/2008 12:19:29 PM

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Gulf Oil and Gas Newsletter June 2008 Vol 6 Issue 25

Newsletter Volume 06 Issue 25

Asia & Middle East Highlights

Total and CNOOC sign an agreement to supply LNG to China
Total signed a Memorandum of Understanding with China National Offshore Oil Corporation. CNOOC Group President, Fu Chengyu, and Total Chief Executive Officer, Christophe de Margerie, signed the MOU on behalf of the two companies respectively. The aim of the two companies is to enhance wide-ranging cooperation in the areas of upstream, downstream and in the field of new energies. More...

Newfield Commences Production From New Development Offshore Malaysia
Newfield Exploration Company announced that the East Belumut/Chermingat fields in PM 323 recently commenced production and the Puteri field in PM 318 is expected to commence production later this week. The East Belumut/Chermingat and Puteri fields are located offshore Malaysia. More...

Neste Oil and Bapco agree on building a joint base oil plant in Bahrain
Neste Oil Corporation, Bahrain’s Oil & Gas Holding Company (OGHC) and the Bahrain Petroleum Company (Bapco) have decided to establish a joint venture known as the Bahrain Base Oil Company to build a high-quality lubricant base oils plant in Bahrain. The plant will have an annual capacity of 400,000 tons of VHVI base oil for use in blending top-tier lubricants. More...

Circle Oil Granted Extension for Block 49 in Oman
Circle Oil announced the granting of permission for the first extension period for its Block 49 permit in the Sultanate of Oman commencing July 1st 2008. Circle has completed extensive reprocessing and interpretation of pre-existing seismic and gravity/magnetics data from the Block. More...

Africa Highlights @ GulfOilandGas

Nortechs FPSO signs contract with Peak Petroleum Industries Nigeria
Nortechs FPSO PTE Ltd. entered into an agreement with Peak Petroleum Industries Nigeria Ltd. for the FPSO East Fortune to provide production, storage and offloading services on the Bilabri Field, located in Block OML 122, offshore Nigeria. More...

Eni and NOC sign new petroleum contracts
Eni and NOC signed the six contracts of Exploration and Production Sharing (EPSA IV) that convert the original agreements that ruled oil and gas activity of Eni in the country. Contracts have been renewed for 25 years from January 2008. The new expiry dates set by the agreement are 2042 for production of oil and 2047 for gas. More...

Events @ GulfOilandGas

Fuel Oil and Bunker Trading
The course’s programme will cover the following: Asia Pacific fuel oil supplies – overview, growth and supply challenges. Markets – China/ India. Fuel oil pricing and bunker components’ costs. The importance of regional market values based on refining economics and location.

Algae Biofuels Summit
Growdiesel Climate Care Council a non-profit, non-commercial organization is dedicated to the cause of climate care through prevention of Global Warming. Growdiesel is actively engaged in technology development and commercialization. Our recent developments include a low cost enclosed Photobioreactor system to produce Algae for Biofuels.

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Oil Market @ GulfOilandGas

Oil Market Highlights - June 08
Market volatility was dominated by a number a factors in May, primarily speculative pressure, fluctuations in the US dollar and geopolitical concerns. A strike by port workers in France disrupting petroleum shipments and outages in West Africa further supported the bullish market momentum. Fear over tight supplies of light-end products amid persistent low refinery run rates kept alertness in place. More...

World Oil Supply
World Oil Demand
Balance of Supply/Demand

www.gulfoilandgas.com

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