Page 14 - MEOG Week 24

MEOG
neWs in Brief
MEOG
PoLiCy
Iran endorses OPEC meeting date change
Iranian Minister of Petroleum Bijan Zanganeh said Iran would con rm rescheduling of the upcoming OPEc meeting only if it was to be held on July 10, 11 or 12 from originally June 25. e o cial voiced his agreement with the date change a er a meeting with his Russian opposite number alexander Novak in Tehran on Monday.
Zanganeh said: “For the time being, the 176th meeting is slated to be held on the original date (June 25) and I disagree with changing the date to July 3 and 4 because of being busy.”
“If the OPEc meeting is held on July
10 to 12, I would have no problem with it
and will participate in the meeting,” Mr. Zanganeh said. Previously Iran had told the Organization of the Petroleum Exporting countries (OPEc) that it opposed delaying the oil producer group’s next meeting. changing the dates would require unanimity. In December, OPEc and its allies, also known as OPEc+, agreed to reduce total supply by 1.2 million barrels per day from Jan. 1.
shana
Oil derivative taxes to remain frozen
Taxes on oil derivatives will remain frozen, according to comments made by Minister of Energy and Mineral Resources Hala Zawati on Wednesday.
During a meeting with journalists on Wednesday, Zawati said that the tax is calculated based on the average price of Brent oil in the past 24 months, which averaged out
to $66 per barrel.
During the meeting, attended by Minister
of State for Media a airs Jumana Ghunaimat, Zawati said that keeping the fuel tax xed means it will not increase now, nor in the future, even if international prices climb.
Every month, international prices of gasoline were reviewed to administer changes to local prices, the minister said.
However, with a xed rate consumers will be protected from any tax increase when there is a hike in global fuel prices, and the government’s revenue from taxes on fuel derivatives will remain xed, Zawati said.
Revenue currently amounts to around JD2 billion annually, and is tied to the state budget as funds are completely poured into the Treasury.
In regards to the Risha gas eld, the minister said that investment would continue through the National Petroleum company (NPc), and that the government would not bring foreign investors into the eld.
e Risha gas eld’s Well 48 recently showed it had a daily production capacity of 7 million cubic feet (mcf) of natural gas, pushing the eld’s production to 16mcf per day, or 5 per cent of the Kingdom’s daily gas needs, according to Zawati.
e minister added that the digging of Well 49 had begun, noting that Well 50 would be dug before the end of 2019.
Jordan times
oiL
Yemen’s southeastern province of Shabwa on Tuesday, causing a large explosion, a security o cial told Xinhua.
“a group of unknown gunmen used explosive devices and blew up a crude oil pipeline in Radhum district of Shabwa Province,” the security source said on condition of anonymity.
e targeted pipeline transports crude
oil from the eld of Uqla to ayadh sector in Jardan district, and then to alnushima area close to an oil port on the coast of the arabian Sea, he added.
an o cial source from Yemen’s Oil Ministry said around 15,000 to 17,000 barrels of oil were daily exported through the sabotaged pipeline from oil elds in the government-controlled Shabwa.
Late last year, oil production and export were resumed in Shabwa, following years of unrest that forced oil companies in the province to stop their operations.
No groups have so far claimed responsibility for the blast, but previous similar attacks in the region were claimed by al-qaida militants.
Shabwa boasts ve sectors of crude oil production, which produce about 15,000 barrels per day.
e Yemen-based al-qaida branch and
the Islamic State militants are active in the mountainous areas in the provinces of Shabwa and neighboring abyan, carrying out sporadic attacks against government forces.
xinhua
Gas
IsraelElectrictobuyabout
$700 mln in natgas from
Leviathan
Israel Electric corp will buy about $700 million worth of natural gas until June 2021 from the Leviathan eld in the Mediterranean, one of the partners in the eld said on Wednesday.
Delek Drilling said the Israeli state utility will buy about 4 billion cubic meters of gas from Leviathan, from the time it begins operation around Oct. 1, 2019 until June 30, 2021, or until the Karish eld comes online, whichever happens rst.
Delek owns 45% of Leviathan while Texas- based Noble Energy and Ratio Oil are also partners in the eld.
reuters
Unknown gunmen blow up
oilpipelineinsoutheastern
Yemen
Unknown gunmen blew up an oil pipeline in
P14
w w w . N E W S B A S E . c o m
Week 24 18•June•2019