AME Info, Abu Dhabi, United Arab Emirates, energy, oil and gas briefs
Nov 14, 2012 (Menafn - AME Info - McClatchy-Tribune Information Services via COMTEX) --RENAISSANCE MULLING SALE OF TOPAZ'S ENERGY UNIT: Renaissance Services has said it is considering selling the oil and gas engineering unit of Topaz Group, as sales fall short of break-even, Bloomberg has reported. "We are pursuing an initiative that may lead to divestment of the Topaz Oil & Gas Engineering Division business," Renaissance, the parent of Topaz, said. "The due diligence process is in progress," and the sale may be completed by the end of fourth quarter or in first quarter, it said, without disclosing the name of buyer.
SHELL EXPECTS IRAQ'S MAJNOON OUTPUT AT 200,000BPD: Royal Dutch Shell has said Iraq's Majnoon oilfield is expected to hit output above 200,000 barrels per day (bpd) in the third quarter of 2013, above the level needed to start recovering costs, Reuters has reported. Shell and minority partner Petronas of Malaysia, won the Majnoon service contract by promising to boost the largely undeveloped field to 1.8 million bpd for a fee of 1.39 a barrel, though it had started talks with Baghdad this year to reduce the target at the super-giant field to one million barrels per day. Under the contract the consortium should reach 170,000 bpd output, or the 'First Commercial Production' level, to trigger it to retrieve investment costs.
CRESCENT PETROLEUM TO EXPAND INTO IRAQ, LIBYA, LEBANON: Sharjah-based Crescent Petroleum is set to expand into the Iraqi oil and gas sector and debut into Libya and Lebanon, Reuters has reported. "We are looking at entering Libya with the right opportunity. Other countries like Lebanon, despite plans being delayed, have been setting up regulations bodies in preparation. It's an area of potential interest," Crescent chief executive Majid Jafar said. The company plans to expand investment and production in Kurdistan and into other areas in Iraq given the country's under-explored state, he said. "There are only 2000-3000 wells drilled in the whole of Iraq so far compared to ten times as many in Saudi and 1 million wells in Texas alone," Jafar said.
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