AME Info, Abu Dhabi, United Arab Emirates, energy, oil and gas briefs
Aug 27, 2012 (Menafn - AME Info - McClatchy-Tribune Information Services via COMTEX) --IRAN CONSIDERS OIL BANK TO BOOST ENERGY INVESTMENTS: The Iranian government is considering the establishment of an oil bank to increase investments in Iran's energy sector, Fars news has reported. "The bank's initial funding capital stands at 300m, but it will certainly increase to 800m very rapidly because the bank will be widely welcomed by private contractors and companies in the oil sector," a member of the Oil Bank's Founding Board told the news service. "Our goal is investment in the energy sector but the priority of investments will be the oil sector since this sector needs investment and it will make activities in Rial and foreign currencies."
GLOBAL ENERGY DEMAND SEEN RISING 35 percent BY 2030: US-based oil and gas firm, ExxonMobil has said global energy demand is expected to increase by an average annual rate of 1.2 percent a year through 2030, when the world will be using almost 35 percent more energy than it did in 2005, Saudi Gazette has reported. The projected rate of energy-demand growth is less than half the rate of global GDP growth 2.7 percent through 2030 as a result of expected gains in energy efficiency, the 'Outlook for Energy : A View to 2030' report said. The company said that between 2005 and 2030, non-OECD energy demand will grow by about 65 percent. In contrast, in OECD countries, energy demand is expected to actually be slightly lower in 2030 versus 2005, even though their economies will be more than 50 percent larger on average primarily due to efficiency.
OMAN PLANS OVER 100BN OIL AND GAS INVESTMENT: Oman's oil ministry has said investments in the country's mainstay oil and gas industry are projected to exceed 100bn over the next ten years, Oman Daily Observer has reported. "Investments in the oil sector over the 2013-2022 timeframe will be in excess of 60-70bn," said Sheikh Ali bin Thabit al Battashi, adviser to the ministry. "In the gas sector alone, Oman will invest more than 40bn in exploration and production activities. Thus, over the next 10 years, we will see a gross investment in oil and gas of over 100bn-110bn," he added.
RO 27M FOR OMAN WATER PROJECTS: Oman's Public Authority for Electricity and Water has said it is carrying out water projects in the Wilayat of Seeb at a cost of RO27m (70.2m), Oman Daily Observer has reported. The projects include, among others, construction and expansion of water distribution networks, water transmission lines and pumping stations.
NATURAL GAS WEALTH IN LEBANON SIGNIFICANT, SAYS SPECTRUM: Norwegian oil explorer Spectrum, which is carrying out the first 3-D seismic survey of Lebanon's offshore deposits, has said it is very likely there will be substantial quantities of natural gas and possibly oil off the Lebanese coast, The Daily Star has reported. "You will never know [how much gas there is] until you drill a well under the sea, [but] you can make an assessment from the site we surveyed," Spectrum CEO David Rowlands told the daily. "Our assessment indicates so far there is a significant volume of gas to be discovered, and maybe even oil."
JORDAN'S ANNUAL FUEL SUBSIDIES PROJECTED TO REACH JD650M: Jordan's energy minister Alaa Batayneh has said annual subsidies for oil derivatives are expected to reach around JD650m (914.2m), "in light of a sharp increase that fuel prices have witnessed recently," Jordan Times has reported. The government's bill of subsidies, including those for staples, is expected to amount to more than JD2bn by the end of the current year, Batayneh said.
SCOMI GROUP WINS QATAR PETROLEUM CONTRACT: Qatar Petroleum has awarded Malaysian oilfield services firm Scomi a contract to supply drilling fluids and engineering services over three years, The Star has reported. Under the contract, which was awarded to Scomi Oiltools (Cayman), Qatar branch, the firm is to "formulate solutions for challenging drilling environments onshore as well as providing drilling fluids services for an initial four rigs with more rigs anticipated towards the end of the year," Scomi said.
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