Tag Archives: International

Bahrain Security Forces Foil Attacks On Three Oil Pipelines

Bahrain’s security forces have prevented a terrorist attack on three oil pipelines as well as attacks on public figures, the Chief of the country’s Public Security, Major General Tariq al-Hassan told media today. According to Al-Hassan, the plotters behind the plan were acting on directives from a terrorist based in Iran, who had ties to Iran’s elite security force, the Revolutionary Guards Corps. The security chief noted that the plot was uncovered prior to the explosion at the Saudi-Bahraini pipeline that occurred over the weekend. The official went on to add that Bahrain’s security forces had […]

OPEC Sees Oil Demand Soaring In 2018

True to its perpetually optimistic form, OPEC, which only last week for the first time conceded the threat posed by rising US shale production… … sharply raised its demand forecast for cartel oil in 2018, ahead of a key meeting of the group’s ministers later this month. According to OPEC’s monthly market report, the oil exporters said the forecast demand for its oil next year had been increased by around 400,000 barrels a day from the previous month to 33.4mmbpd, about 0.46mmbpd higher than in 2017. Overall, the cartel now expects global demand growth to rise by 1.53 […]

Sudan In Talks With Foreign Oil Firms To Boost Crude Production

Sudan has discussed the development of its oil industry following the removal of many U.S. sanctions on the country—including on oil and petrochemical industries—with Russia’s Lukoil and with other firms from Europe and Canada, Sudan’s Oil Minister Abdul Rahman Osman said on Tuesday. “There are many companies that are not committed yet, but they have sent emissaries or they are already negotiating in order to see their potential in coming into Sudan,” Osman said on the sidelines of the Abu Dhabi Petroleum Exhibition & Conference (ADIPEC), as quoted by Reuters. According to Sudan’s minister, companies […]

Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire

Four oil platforms in the Gulf of Mexico have been shut after a fire broke out at Shell-operated Enchilada oil platform last week, Shell said on Tuesday. “Production is shut in at the Shell-operated Enchilada and Salsa platforms, as well as the associated Hess-operated Conger field,” said Shell which has a 37.5-percent stake in the field. “In addition, Shell safely shut in all production operations at its Auger platform due to downstream constraints caused by this incident,” the Anglo-Dutch oil major said, as quoted by Reuters. Last Wednesday, Shell said that overnight on November 8, […]

The War That Would Transform Oil Markets

A fire erupted at an oil pipeline connecting Bahrain and Saudi Arabia, and the two Arab allies are pointing the finger at Tehran. Iranian officials denied any involvement, but the incident is the latest in a series of events that are intensifying conflict between the Middle Eastern rivals. The oil pipeline resumed operations in a matter of hours, but the war of words is heating up. Bahrain’s Foreign Minister Khalid Al-Khalifa said on Twitter that the “attempt to bomb the Saudi-Bahraini oil pipeline is a dangerous Iranian escalation that aims to scare citizens and hurt […]

Ghana Looks To Ramp Oil Production

Ghana, one of Africa’s democratic standard bearers, is a relative newcomer to the oil sector. Having surpassed oil development’s teething problems, it has remained highly committed not to scaring foreign investors away and keep existing covenants intact. While the nation’s energy outlook is improving, significant challenges remain. This year saw Ghana propel to an upward curve, leaving behind the travails of 2015 and 2016, not only because new projects are coming online (currently only three offshore fields are producing), but also because Accra has managed to peacefully resolve its maritime boundary dispute with Côte d’Ivoire. […]

OPEC Chairman: Output Cuts Are The ‘’Only Viable Option’’

OPEC and its non-OPEC partners are expected to unanimously decide to extend the production cuts at the Vienna meeting on November 30, but the duration of the extension is still under negotiation, the UAE’s Energy Minister Suhail Al Mazrouei said at a conference in Abu Dhabi on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” AFP quoted al-Mazrouei as saying. Commenting on the cuts, OPEC’s Secretary-General Mohammed Barkindo used equally as strong words, […]

Iran Denies Involvement In Bahrain Oil Pipeline Blast

Tehran has denied that it had anything to do with the blow-up of Bahrain’s biggest oil pipeline that carries crude from Saudi Arabia. In a statement carried by media, the spokesman for Iran’s Foreign Ministry said “It seems the only thing that Bahraini officials have learned to do after any incident in the island is pinning the blame on Iran. “They should know that the era of making such absurd and false statements and the time of playing such childish blame-games has come to an end.” The blast occurred late on Friday night near a […]

Bahrain Says Militants Attacked Oil Pipeline

DUBAI, United Arab Emirates (AP) — An explosion ripped through a pipeline belonging to Bahrain’s state-run oil company and sent flames shooting up into the night sky, with government officials on Saturday blaming the blast on an attack by militants guided by Iran. No one was injured in the explosion late Friday night near the Shiite village of Buri and no militant group immediately claimed the blast. However, it potentially opens a new front in the low-level insurgency plaguing Bahrain since its 2011 Arab Spring protests. The explosion damaged cars and nearby buildings, forcing firefighters […]

Pipeline Construction Project Contract Issued in India

L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary of Larsen & Toubro, has been awarded a contract for the Pipeline Replacement Project-4 from Oil & Natural Gas Corporation (ONGC) valued at approximately $194 million. Under the terms of the contract, the scope of work consists of engineering, procurement, construction, installation and commissioning activities. The project is part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works on existing platforms in the company’s Mumbai High, Neelam, Heera and Bassein & Satellite Fields, situated in the Western Offshore field […]

$43 Billion China-Alaska Energy Deal Looks Shaky

China’s largest oil company, Sinopec, signed a deal last week to explore the development of a massive $43 billion natural gas pipeline and LNG export terminal in Alaska. The project would carry natural gas from Alaska’s North Slope to its southern coast, where it would be liquefied and exported. The announcement was one among a flurry of putative deals inked as part of U.S. President Trump visit to China. But despite the hype, it is merely a non-binding vague agreement that lacks details regarding financing, offtake agreements, or timelines. Without those hard contracts, it is […]

Citi: Don’t Expect OPEC To Extend Production Cuts

Citigroup predicts that companies planning to profit off of an OPEC deal extension next month are setting themselves up to be disappointed. So far, most hedge funds bet that Brent futures will rise as a result of an agreement extension that will extend 1.2 million barrels per day worth of cuts through 2018. The bloc’s November 30th meeting in Vienna may not deliver its public promises though, the bank says. “There is an exuberance in the market about there being a done deal to extend through the end of 2018 and I think there’s likely […]

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