Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 7 June 2012
Algeria to Invest $80 Billion in Oil and Gas– Algerian state energy company Sonatrach plans to increase its investment to $80 billion over the next five years as the Opec member country seeks to expand its gas resource base and boost its refining and petrochemical capacity. The planned investment is $12 billion more than previously announced, which is a significant supplier of natural gas to Europe. The increase in the investment is mainly focused on the upstream (sector) to increase its refinery capacity and petrochemical base. Mideast LNG Exports Seen Steady in 2012– Liquefied natural gas (LNG) producers in the Middle East expect to keep their exports steady in 2012, top executives from the biggest suppliers said on Wednesday, despite strong demand from within the region. The heads of world's two biggest LNG exporters, Qatar's Rasgas and Qatargas, said they expect to produce at full capacity this year, while the head of Oman LNG said the company would export similar volumes of super cooled gas as last year. Oil Prices Climb on Hopes of Central Bank Stimulus – Oil prices rebounded on Wednesday, recovering from recent multimonth lows as sentiment was supported by growing hopes of possible central bank intervention in the eurozone debt crisis. Financial markets were also boosted after G7 European leaders vowed to respond speedily to the eurozone's debt crisis.
Oil & Gas Prices Currency
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
325 300 182 610 90 172.25
0.00% 3.45% 0.00% 0.00% -1.10% 0.44%
N/A 26.20 26.34 33.63 9.38 10.60
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
19.6 43.2 134.4 15.8 0.39 1.17
-1.26% -2.48% 0.75% 0.96% 0.00% 0.00%
N/A 7.65 9.55 10.66 3.95 6.30
Shell Oman Marketing Co.
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MSCI World Index
MSCI World Energy Index
S&P 500 Energy Index Oil Service Sector Index
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Abu Dhabi SE
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*All prices as of last traded day
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NYMEX Henry Hub Futures Forward Curve
Kuwaiti Crude up to USD 94.68 pb Tuesday – The price of Kuwaiti crude oil went up USD 0.95 to trade for USD 94.68 per barrel (pb) compared to Tuesday's USD 93.73 pb, according to (KPC ) on Wednesday. Global prices slightly increased yesterday after hopes that the EU leaders would take new measures to tackle the euro debt crisis. The positive statistics from the US economy as well as the American crude oil reserve also played an integral part in the increase.
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Regional Oil & Gas Highlights Kuwait Energy Still Has Libya in Mind – Kuwait Energy is still in the process of forging positive relations with Libyan officials according to the CEO of the company Sara Akbar. The company has organized a one-day workshop for senior Libyan officers with the aim to shed more light on the Libyan oil sector and pros and cons of investing in it. Kuwait Energy has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.
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