| Work Detail |
Oil and gas producers are seeking to maintain the Asian demand markets, which are gaining increasing share of the regions total production. The data show that Asian countries account for 68.5% of Saudi oil exports by the end of 2017, compared to 14.1% To the United States of America, while Saudi Aramco announced the signing of new agreements for the supply of oil to reach the total volume of supply to China in 2019 about 1.67 million barrels per day, the Chinese demand for oil reached 11.77 million barrels per day at the end of 2017, with the expectation of registering Tra Gradual increase over the next five years due to the current focus on energy efficiency. The weekly report of Crescent Petroleum says that the continued fluctuation and volatility of global oil markets carries a lot of risks to the economies of producers in particular and importers economies in general, at a time when global energy markets are more confused and conflicting on indicators and estimates related to the expectations of global demand Data on oversupply and the level of hard-to-verify stocks that are affecting the prevailing price of crude in global energy markets. On the other hand, the trend towards valuing existing markets and opening up new demand markets may be the best solution for producers at present as it helps stabilize crude markets and prevailing prices and reduces the dominance of major importers on the tracks of the daily oil markets. The report said that the African demand for oil seems promising in the coming years and that the focus of expansion plans in this direction seems feasible, as the success in the conclusion of medium and long-term supply agreements would give producers from the countries of the region more economic flexibility as well as more strength Despite the fact that the continent has huge oil and gas reserves estimated at only 10% of the worlds oil reserves and 7% of its gas reserves, Africas weight will remain relatively limited. Globally, in the same context, African gas can be the trump card in a vital sector such as the electricity production sector being less expensive and polluting coal and oil in light of the economic deficit experienced by these countries. The current market tracks are pushing new supply agreements and intensifying marketing efforts and plans to diversify the customer base and expand strategic relationships that will ultimately result in producers from the region receiving increasing share of demand for oil. African markets currently reflect many indicators Positive and can be classified as promising markets due to high indicators of improved demand for oil. Dana Gas has announced a payment of 73 million dirhams ($ 20 million) in Egyptian pounds from the Egyptian government. The company added that it is likely to receive another payment in US dollars before the end of this year. She pointed out that the total receivables received by the company from the Egyptian government during 2018 amounted to 152 million dollars. Dana Gas also announced a high production rate of 70,000 barrels per day (bpd) since November 19. The increase comes as a result of the completion of the expansion and development project, implemented by the company in the Kurdistan region of Iraq, with the aim of raising the daily production rate of gas and condensate. The main operations of Dana Gas are in the Kurdistan Region of Iraq and Egypt. The drilling of the Balsam 8 well within the Nile Delta concession area has contributed to an increase in the total production of the Group to a maximum of 70 thousand barrels of oil equivalent per day, Which represents a significant increase compared to the average production for the first nine months of this year, which amounted to 62,250 barrels of oil equivalent day. During the fourth quarter of 2018, Dana Gas Egypt completed drilling and linking the Balsam 8 well ahead of schedule and with less than the allocated budget, adding more than 5,000 barrels of oil equivalent per day to the companys total production. In the Iraqi Kurdistan region, the company announced a 30% increase in its production in the Khor Mor field, which it jointly operates on behalf of Pearl Petroleum. The expansion of the gas processing plant has included a series of additions and modifications for its development and modernization. This has resulted in a production capacity of 305 to 400 million standard cubic feet of natural gas per day and more than 15,000 barrels of condensate per day. Mubadala Petroleum won an alliance with a local gas concession company in Thailand, which the two companies had bid for. Sources said the Thai government had agreed to give Mubadala Petroleum Company (Mubadala), a subsidiary of Mubadala Investment Company and the Thai government-owned public exploration and production company, a marine gas concession in Thailand. Sources in November said the Mubadala and Thai companies were expected to win the Irawan gas concession in the Gulf of Thailand. Mubadala and the Thai company have outbid a rival bid from US Chevron, which currently runs the Irawan concession in alliance with Japans Mitsui Oil Exploration Company, and the two companies won the privilege, Thai local reports said. Kuwait Oil Company (KOC) is currently working on 27 major pre-implementation projects worth about $ 15.8 billion. The company is evaluating bids for seven projects worth more than $ 5 billion, including an estimated $ 3.5 billion for environmental damage from oil lakes Which was formed during the withdrawal of the Iraqi armed forces from Kuwait in 1991. On the other hand, the Kuwait Oil Company announced that the contractors of oil projects implemented according to the system of engineering, supply and construction EPC, whether local or international wishing to win tenders for the implementation of projects in Kuwait To submit a set of new documents to qualify for the new oil projects under new regulations established by the Kuwait Oil Company, to be done by the end of 2018 to submit their documents to the embassies of Kuwait in their country. On the other hand, Kuwait Oil Company (KOC) has requested a contract with Kuwait Drilling Company to continue to provide the contractors main contract and provide a 12-month working contract within the contract of KD 5.7 million. Kuwait Drilling has been drilling and developing wells in Kuwait since 1965. The company has worked on drilling more than 2500 wells during this period inside Kuwait and in joint operations between Saudi Arabia and Kuwait in Khafji and Al-Wafra. The company plans to expand its operations in Kuwait in conjunction with Kuwaits plan to increase production to 4 million bpd by 2020. Kuwait is expected to spend about $ 9 billion on exploration, production and exploration inside and outside Kuwait. Petrofac has awarded Petrofac a contract worth 115 million dollars (44.19 million riyals). Petrofac said in a statement that the contract aims to develop the project horn science joint in Amman. The contract is part of its agreement with Oman Petroleum Development signed last year to provide engineering support, procurement, construction management and major oil and gas projects. The company noted that its work in the horn of science project includes the installation, operation and support of several gas turbine generators, and another exploiting the heat of a power plant built to support the extraction of oil in the central region of Amman. The contract duration is 36 months, and the implementation of engineering, procurement and project management activities will be from Petrofacs office in the Omani capital. .............................. Global growth concerns push copper down for four straight weeks Copper prices fell for a fourth week in a row on concern that weak economic growth will cut demand for the red metal, overshadowing supply shortfalls. Standard copper ended trading on the London Metal Exchange yesterday, down 0.2 percent to $ 1995 a tonne, extending its losses this week to 2.3 percent. Fears of a slowdown in economic growth in China, the worlds biggest copper consumer and concern that a trade dispute with the United States could exacerbate the slowdown, have pushed prices for the red metal down 17 percent this year. ........................... .. Gold falls from the highest level in six months, but ending the week on gains (Reuters) - Gold prices fell on Friday amid profit - taking a day after recording the highest level in six months and with the rise of the dollar, but the precious metal ending the week on gains with a decline in investor appetite Risk assets. Spot gold fell 0.3 percent to $ 1255.71 an ounce late in the session, after hitting a 26-day high of $ 1266.40 on Thursday. But the yellow metal ended the week with an increase of about 1.3 percent. ........................... .. Russia expects to export 42 million tonnes of grain this season The Russian Agriculture Ministry raised its grain export forecast for the 2019/2018 season to 42 million tonnes during a routine meeting on Friday with major firms, citing it as another sign that the risk of export restrictions is faltering. Expectations that Russia, the worlds biggest wheat exporter, could cut exports later in the season, which began on July 1, have given support to wheat prices in the past few months. But the risk of restrictions has fallen since September. Russian officials have given the impression that Russia is not planning to impose any restrictions on grain exports, two sources familiar with the discussions said at a meeting on Friday. The Russian Agriculture Ministry said cereal exports in the 2019/2018 season were expected to reach 42 million tonnes, of which 14 million tonnes would be shipped from January to June. The ministry added that the number of grain exports includes 37 million tons of wheat. The total exports in the first half of the season - from July to the end of December 2018 - will be 28 million tons. Russia exported 26.8 million tons of grain from July 1 to December 21, up 4 percent from the same period a year earlier. The ministry had earlier predicted that Russia would issue 38-39 million tons of grain, including 35 million tonnes of wheat, in the 2019/2018 season. The meeting, planned for some time, came a day after Russia failed to bid for wheat in Egypt, the worlds largest importer and biggest buyer of Russian wheat, for the first time in six months. Egypt on Thursday bought 60,000 tons of Ukrainian wheat and the same amount from a Romanian source because Russian wheat prices were higher. ................... Wall Street closes sharply lower, ending week on heavy losses Wall Street closed sharply lower in volatile trading on Friday as the US stock market was hurt by fears of slowing economic growth that prompted investors to flee high-value sectors such as technology and telecom services. The Dow Jones industrial average ended the session down 414.23 points, or 1.81 percent, at 224,537. The Standard & Poors 500 Index <.SPX> was down 50.84 points, or 2.06 percent, to end unofficially at 2,416.58. The Nasdaq Composite Index closed down 195.41 points, or 2.99 percent, at 6333.00. The three indexes ended the week with sharp losses, with the Nasdaq falling 8.36 percent, Standard & Poors down 7.05 percent and Dow Jones falling 6.87 percent. It was the biggest weekly drop for the S & P since August 2008, while the Dow Jones was the biggest weekly drop since October 2008. The Nasdaq posted its biggest weekly loss since November 2008. |
