Record Oil Price, Asian Stocks Fall on Accelerating Inflation
Asian stocks fell, sending the region’s benchmark index to its worst first half since 1992, as Japan’s inflation rose to the highest in a decade and oil traded at a record.
Matsushita Electric Industrial Co., the world’s largest consumer-electronics maker, declined after Japan’s household spending dropped. Warehouse Group Ltd. tumbled after New Zealand’s economy contracted and the discount retailer cut its profit forecast. Taiwan’s Taiex Index slumped the most in five months after the central bank raised borrowing costs to a seven- year high. China’s CSI 300 Index fell 5.5 percent, extending this year’s decline to 47 percent.
We’ve entered a period of global stagflation, with record oil prices and slowing growth,” said Leslie Phang, Singapore- based head of investments at the private clients unit of Schroders Plc, which manages $260 billion assets worldwide. “Central bankers have got to decide whether they want to sacrifice growth or live with inflation. Read more
Drilling for iron ore deposits in ancient creek beds
The company’s exploration manager, Peter Buckley, says it has just raised $5 million through a public offering on the stock exchange.
He says about half the money will be used to accelerate its drilling program, to help determine the quality of the iron ore.
“This money now means that we can press ahead,” he said.
“We are meeting this week with the drilling contractor about negotiating a start time, which hopefully will be in the middle part of this month and that means we’ll be able to hit the ground running.
“The process going forward will be an accelerated program of drilling, air core drilling to assess these paleo-channel areas to determine how much iron ore is there and what sort of marketable quality it is.”
Bakken oil play just south of the Canada - U.S
Yet that was the outcome of his re-discovery of the vast Bakken oil play just south of the Canada-U.S. border, beneath large parts of Montana and North Dakota, long after large oil companies had given up on it because they thought of it as a poor producer.
Thanks to new technology that made it possible to squeeze oil out of old rock, the Bakken has become so prolific in the United States it’s one of the top onshore fields found in the past half-century.
On the Canadian side, where the formation straddles a big portion of southeastern Saskatchewan and the southwestern edge of Manitoba, companies that imported Mr. Findley’s views during the past three years have been well-rewarded.
The Bakken is shaping up to be the largest light-oil pool discovered in Western Canada since 1957, holding at least one billion barrels of oil, of which up to a quarter is recoverable.
Read more
Qatar Petroleum Investments : Qatar first in the Middle East produce lead-free gasoline
Qatar Petroleum Investments studies also published several studies, publications and environmental awareness material
* Qatar was the first in the Middle East to produce lead-free gasoline. Its program to phase out gasoline containing lead stared in the beginning of 1990s until 2000.
* Recognizing the importance of the environmental effects, Qatar is using the most advanced and environment-friendly technologies and equipment to handle the problems of all kinds of solid an liquid waste and improve the work atmosphere and quality of air.
* Qatar’s support for the national activities to protect the environment and nature has increased enormously. Its efforts in this field include afforestation projects at concession areas in Dukhan, Mesaieed and Ras Laffan industrial cities and developing the infrastructure in these areas, setting up marine and onshore sanctuaries and restoring traditional landmarks, waterfront asthmatic monuments and greenery to encourage tourism. Read more
Qatar Petroleum Exploration Production
The Qatar Petroleum plan target production for 2012 is about 8.7 Tcf, nearly six times greater than 2005. The expected increase will fuel growing requirements of domestic industry, LNG export, exports through the Dolphin pipeline, and several gas-to-liquids projects. In 2005, Qatari government officials became worried that the North Field’s reserves were being developed too quickly, which could reduce pressure in the field’s reservoirs and possibly damage its long-term production potential.
In 2005, the government placed a moratorium on North field development projects pending assessment. However, this freeze did not affect projects already approved or underway. In November 2005, ExxonMobil started production at the Al Khaleej block (North Field) at 750 MMcf/d. In July 2006, they announced plans to expand to 1.6 Bcf/d by 2009, which will be used to fuel power plants and industrial customers in Ras Laffan, RasGas, and as feedstock at the Oryx GTL Project.
Qatar, oil and associated gas production
With falling oil and associated gas production, and depletion of the Khuff reserves, developing the North field became imperitive. In 1984 and it was decided that development would occur in phases. Phase 1 involved installing production, processing, and transport facilities for 800 mcfd to serve local utilities and produce 5,000 tons per day of propane, butane, gasoline, and naphtha.
In 1989 a gas sweetening plant and sulfur processing unit were added. Phase one was online by early 1991. Phase two was expected to involve selling North Field gas to its neighbors, possibly through a Gulf Cooperation Council (GCC) gas grid. Phase three involved exporting to Europe and Asia. Even before the Gulf War, this phase ran into trouble. To justify the investment, QP needed two large-scale long-term supply contracts. Despite efforts from QP managing director Jaber al-Marri, contracts were not forthcoming.
Read more
Qatar Petroleum market the products of gas sector
Qatar is doing its utmost to market the products of its gas sector. Several long-term sale and purchase agreements were concluded with Japan, Korea and Petronet Co. of India to export LNG produced by Qatargas and Rasgas. More sale and purchase agreements and heads of agreements were signed with the world’s largest oil and gas companies; and massive large-scale projects are underway at present to set up larger and better LNG producing units.
Qatar intends to invest UD $ 25 billion in the next 6 years to increase the present LNG export capacity in excess of four-fold to reach 63.5 million tons by the year 2010. Negotiations have reached an advanced stage to sell 37 million tons of LNG to two US companies by the year 2008/2009.
Qatar signed heads of agreements to supply the American and British markets with 7.5 and 15 million tons of LNG through Conocophilips Company and Exxon Mobil Company, respectively.
Read more