Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 12 February 2012 Regional Oil & Gas Highlights Kuwait Energy makes a new well discovery in the Western Desert in Egypt - Kuwait Energy plc announced that it has made an oil well discovery in the Western Desert in Egypt. The new well is named Al Jahraa-1X and is located in the Abu Sennan exploration concession where Kuwait Energy is the operator and holds a 50% working interest. The Al Jahraa-1X well was drilled at 12,210 feet depth and showed commercial flow rates of 835 barrel of oil equivalent per day (boepd) in the initial testing for production. This is Kuwait Energy's fifteenth discovery in Egypt and its third oil discovery in the Abu Sennan concession.
Select MENA Oil & Gas Stock Prices Ticker
IPG OULAFUEL ABAR BPCC SABIC SAFCO
Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co. Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co.
KWD KWD KWD KWD SAR SAR
295 270 198 560 95.75 180
0.00% 0.00% 0.00% 0.00% 0.00% -1.23%
N/A 24.83 20.49 10.97 9.83 10.95
PETROR YANSAB IQCD QGTS DANA TAQA
Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co. Dana Gas Abu Dhabi National Energy Co.
SAR SAR QAR QAR AED AED
22.55 45.8 134.1 17.02 0.42 1.27
-0.22% -0.43% -0.74% -0.12% 0.00% 0.00%
299.79 8.12 9.50 11.97 5.47 5.25
Shell Oman Marketing Co.
Sabic, Sinopec in talks over $5bn methanol plant - Sabic and China Petroleum & Chemical Corp (Sinopec) have started negotiations with Trinidad and Tobago to build a $5.3 billion methanol complex there. Sabic and its Chinese partner obtained the approval of Trinidad and Tobago on Feb. 9 after bidding against SOM other international companies. Oman's UES buys Malaysian firms' assets -Oman-based United Engineering Services (UES) has acquired assets of two Malaysian companies - Professional Power Craft and Wise Marine. UES, which began operations in 1979, is today a multi-disciplinary engineering sales and oilfield services company covering the oil, gas and water industries in Oman and the Gulf region. This strategic acquisition provides UES an entry into the advanced composites industry.
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Iraq targets 200,000 bpd oil export jump - Iraq aims to boost Euro/USD 1.3286 0.67% oil exports by 200,000 barrels per day next month after it opens up a USD Index ($ vs. Weighted Currencies) 78.617 -0.49% new Gulf outlet, freeing Baghdad to export all the extra barrels *All prices as of last traded day foreign oil companies are extracting from its giant fields. If all goes NYMEX WTI Crude Oil Futures Forward Curve to plan, exports from Iraq's southern oilfields will rise to 1.9 million 105 bpd by March - pushing overall oil sales to 2.3 million bpd - a 100 postwar record. Qatar inks major Korea LNG supply contract - Qatar's Rasgas has agreed to sell South Korea's state-run Korea Gas Corp (Kogas) an additional 2 million tonnes a year of LNG for the next 20 years. Kogas, one of the world's biggest LNG buyers, already has contracts with Rasgas to receive a total of around 7 million tonnes a year until 2024-2026.
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