08/03/2010 oil and gas round-up

Again this weekend, the oil and gas sector in the Middle East has been a busy one with news of profit rises, new agreements and deals, and proposals between countries.

Petrofac, a British oil and services company, which has significant operations in the UAE has posted a full year net profit of US$353.6 million in 2009, in large part to additional projects in the Middle East and Turkmenistan.

The company saw its full year profits increase by 33 percent compared to the previous year and said it remained confident for the year ahead.

"Overall, 2009 was another excellent year. We have delivered record results and a record order intake which gives us outstanding revenue visibility for the current year and beyond," said Ayman Asfari, group chief executive of Petrofac, to Arabian Business.

The company said it had new orders worth US$6.3 billion in 2009 from projects in Abu Dhabi, Algeria, Oman and Saudi Arabia.

AlMansoori Petroleum Services new venture

AlMansoori Petroleum Services has signed a joint venture agreement with American-based onshore energy production services company Key Energy Services. The joint venture will bring several new services to AlMansoori's capabilities in coil tubing, workover rigs, pumping/cementing, fracturing and acidising.

Iran and China deal

Iran and China have reached a US$143 million deal, allowing a Chinese company to set up a drilling rig in the Persian Gulf.

The contract has been signed by Iran's North Drilling Company (NDCO) and China Petroleum Technology Development Corporation (CPTDC), Shana news agency has reported. China currently relies on Iran for more than 15 percent of its oil and has commitments of over US$80 billion in the country's energy sector.

Iran wants to work with Kuwait

According to a senior official, Iran has proposed to Kuwait that the two OPEC countries together develop the disputed Arash natural gas field in the Gulf

"Iran has proposed that development, investment, production and management [...] be done on a joint basis by the parties involved," said Mahmoud Zirakchianzadeh, head of the state Offshore Oil Company.

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