Page 10 - MEOG Week 50

MEOG PriCes MEOG
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
11 December
58.65
63.72
64.38
65.38
12 December
59.06
64.20
65.00
65.81
13 December
59.98
65.22
66.12
66.76
16 December
60.14
65.34
66.22
67.22
17 December
60.87
66.10
66.80
67.48
neWs in brief
ComPanies oiL Gas
Aramco acquires 17% of
South Korean Hyundai
Oilbank
Saudi arabian Oil Company (Saudi aramco) has completed, through its subsidiary aramco Overseas Company B.V. (aOC),
the acquisition of 17% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for approximately US$1.2 billion. The completion follows receipt of all necessary regulatory consents and approvals.
The investment in South Korea’s
Hyundai Oilbank supports Saudi aramco’s Downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses which enable Saudi aramco
to place crude oil and leverage its trading capabilities.
Hyundai Oilbank is a private oil refining company established in 1964. The Daesan Complex, where Hyundai Oilbank’s major facilities are located, is a fully integrated refining plant with a processing capacity
of 650,000 barrels per day. The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations. aramCo
Eni’s Bahrain exploration deal approved
The Shura Council, or Consultative Council, in Bahrain approved Sunday an agreement between the National Oil and Gas authority (NOGa) and Italian firm Eni for oil exploration and production.
The move will kick off investment in the explored reserves of oil and gas in Bahrain Bay oilfield.
The Council of Representatives of Bahrain had in November approved the agreement.
Manama plans to drill the first exploratory well during the first quarter of 2020, given that the Kingdom is facing a mounting demand for gas. Estimates show that the demand for gas doubled with the launch of new industrial projects.
Bahrain had announced in april 2018 the discovery of the Bay oilfield, which boasts the Kingdom’s largest gas and oil reserves, estimated at around 80 billion barrels of oil and 20 trillion cubic meters of gas.
In 2018, Bahrain launched a fund to invest in energy with an initial capital of around one billion dollars in participation with world, Gulf and Bahraini institutions. The fund will invest in funding energy projects that require 3-5 years to reach the production phase. asharQ aL aWsat
Energy firms try to end
court order delaying
Leviathan gas output
Companies developing the huge natural gas field Leviathan will try to convince an Israeli court on Wednesday to remove an injunction that threatens to delay production due to environmental concerns.
On Tuesday, the Jerusalem District Court, in a surprise decision, issued a temporary order that barred any gas emissions from Leviathan, effectively putting the project, which was due to come on line this month, on hold.
It was unclear how long the delay would last. The companies, led by Texas-based Noble Energy and Israel’s Delek Drilling, have already signed major, multi-billion dollar export deals to Egypt and Jordan.
The hearing was moved up from the original date of Sunday.
Delek said it saw its chances of the getting the injunction canceled as “greater than 50%”.
Should the injunction be withdrawn on Wednesday, Delek said: “the transport of the natural gas from the Leviathan reservoir is expected to begin shortly thereafter, and accordingly, no delay is expected in the planned timetables for commencement of commercial production.”
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Week 50 18•December•2019