SHELL DEVELOPES MAJNOON
OGJ. Shell Iraq Petroleum Development BV has let engineering and procurement services contracts to Foster Wheeler Kentz Energy Services DMCC, Dubai, for Shell's Majnoon field in Iraq. The 2-year contracts include concept selection, front-end design, detailed design, procurement, and contract services, said Foster Wheeler Kentz.
In 2010, Iraq's Oil Ministry signed a 20-year contract with Royal Dutch Shell PLC and Malaysia's Petronas to provide technical assistance in the development of the Majnoon oil field (OGJ Online, Jan. 18, 2010). Majnoon, which lies in southern Iraq 70 km north of Basra City, is one of the world's largest oil fields with 38 billion bbl of oil in place, according to the Iraqi government.
Operator Shell holds a 45% share. Partner Petronas holds 30% while Iraq's state holdings are 25%.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.