Saudi Arabia to host OPEC summit
Saudi Arabia, the world's largest oil producer, has hosted the third OPEC summit on Saturday and Sunday as oil prices inch closer to $100 per barrel.
In addition to discussing world oil supplies, prices and energy policies, the summit of 12-member countries promises to open up the cloistered group to the world, the Asia Pulse reported.
The Saudi government has invited 350 journalists from the United States, China, India, Canada, Brazil, South Africa and Mexico to attend the summit, with a promise to give unprecedented access to OPEC's decision-makers and oil industry executives.
Prior to the actual conference, the Saudi government has organized four days of "familiarization tours" to the kingdom's historically off-limits oil installations. Journalists have also been taken to Saudi national oil firm Saudi Aramco's Dhahran headquarters.
Pre-summit conferences included a two-day conclave of oil ministers of member countries that has been thrown open for the media.
The summit, only the third after the Algerian meet in 1975 and Venezuelan gathering in 2000, is convening under three general themes: providing petroleum, promoting prosperity, and protecting the planet.
The summit will be preceded by several activities, including a two-day symposium in which leading energy ministers and international oil experts will take part.
The symposium will cover topics such as energy for sustainable development, OPEC's role in securing oil supplies and boosting stability, and the future of oil in the global energy mix.
Venture for Shtokman to be created
The venture for implementing the first phase of the Shtokman gas condensate field development project will be created by Dec. 20, the Gazprom's management board decided Thursday.
"At about the same time the company's management bodies will be set up," the gas holding said in a news release.
The management board instructed Gazprom's divisions concerned to ensure the implementation of the Shtokman field's comprehensive development project to ensure commercial gas extraction begins in 2013. The board also approved of investment feasibility studies, Prime Tass reported.
Gazprom CEO Alexei Miller earlier on Thursday told reporters about the progress in the implementation of the first phase of the Shtokman deposit with the participation of management board members, company's divisions concerned and Sevmorneftegaz representatives.
Gazprom's divisions concerned were instructed to ensure the implementation of the project in keeping with the schedule that would synchronize the beginning of gas production, deliveries through the pipeline and liquefied gas production.
The Shtokman deposit lies in the central part of the Russian sector of the Barents Sea's shelf.
LUKoil to start supply of gas from Khauzak area
LUKoil Overseas and Uzbekneftegaz, the national holding company, have started supplying gas from the Khauzak area in Uzbekistan within the framework of implementation of a production-sharing agreement for the Kandym-Khauzak-Shady-Kungrad project, according to the press center of LUKoil Overseas.
The start of the gas supply is the most important stage of the implementation of the Khauzak gas field development project. As of today, five wells have been commissioned in the field, a gas treatment unit has been started, gas refining facilities at the Mubarek gas plant and the gas transportation via the Central Asia-Center Pipeline have been prepared.
Starting Nov. 8, continuous supply of feedstock from the wells to the Dengizkul-Mubarek pipeline is being ensured. All equipment that has passed the necessary inspection, start-up and commissioning and pilot operation is working in a normal mode. The field is fully staffed; the engineering and technical personnel underwent relevant training at the professional training centers of the gas industry of Uzbekistan and Russia. Marketing services started commercial operations for selling the marketable gas.
At the same time, further drilling and additional exploration of the area are carried out using three drilling rigs. All construction, assembly and commissioning operations are carried out at the highest technical, technological and organizational level with obligatory observance of the strictest environmental and industrial safety requirements.
The ceremony of starting up the Khauzak gas field will be held at the end of November this year.
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Closing oil prices, Nov. 16, 3 p.m. London
Brent crude oil: $91.70
West Texas Intermediate crude oil: $94.16
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