Oil News from around the web, Middle East
Posted on July 3, 2009 – 9:25 pm | by oilandgaspress.com
Repsol announced the discovery of two new offshore wells in the Mediterranean that could produce oil for at least five years.
The Montanazo D-5 and Lubina-1 wells are located roughly 30 miles off coast of Tarragona, where Repsol has similar developments.
Repsol said development of the offshore fields will require at least $77.4 million in investments over the next two years. Production, however, could quadruple the current Spanish level of production of 2,000 barrels of crude oil per day.
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Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crudes oil for June. According to a company statement, the Government Selling Prices for crude oil FOB Abu Dhabi ports for the month of June are as follows: Murban (US$71. 65) per a barrel, Lower Zakum (US$70.50), Umm Shaif (US$71.15) and Upper Zakum (US$69.90) per a barrel. – Emirates News Agency, WAM
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Abu Dhabi National Oil Company (ADNOC) on Monday told customers it will cut their allocations by 19% for August 2009 shipments from its four wells: Murban, Upper Zakum, Lower Zakum and Umm Sheif by 19%. The move aims at complying with the UAE’s production quota set by the Organization of Petroleum Exporting Countries (OPEC). Last year, OPEC agreed to reduce production by a total of 4.2 million barrels per day (bpd) in a series of meetings it held in the months of September, October and December 2008. Meanwhile, the organization maintained the production quotas of its members in its meeting last May in a step to help the global economy recover from the financial meltdown. – Emirates News Agency, WAM
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The Governments of Abu Dhabi and Japan signed on Thursday a memorandum for joint cooperation under which Abu Dhabi will store its crude oil in Japan.
Abu Government was represented in the signing of the memo by the Supreme Petroleum Council (SPC), while the Agency for Natural Resources and Energy acted on behalf of Japan.
The memo, the first one inked by the Government of Abu Dhabi in this field, will help Abu Dhabi boost its relations with Asian markets and Japan in particular in a way that ensures regular supply of crude oil to these markets in case of emergencies.
The initiative stems out of Abu Dhabi’s strategic plan and instructions of its wise leadership.
The plan is set to go into operation by the final quarter of the current year. Abu Dhabi National Oil Company (ADNOC) will execute and follow up the vital project.
The initiative, which was released by Abu Dhabi early this year, has been well received by Japan. – Emirates News Agency, WAM
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