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Oil Earnings Fuel Bumper Saudi Budget
...tual figures for 2011 show that the kingdom’s revenues hit SR1,110bn ($296bn), their highest ever levels, even edging over the SR1,100bn ($293.3bn) seen in the boom year of 2008. While oil prices fell short of the $147/B peak reached in July 2008, throughout 2011 they maintained an average of over $10...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Noble Makes Major Gas Find Off Cyprus, Government Readies Licensing Round
...cember 2011). Delek first proposed building an LNG facility in Cyprus in a letter delivered to Mr Christofias in January 2011, about a month after Noble announced the discovery of 16 tcf of natural gas in the Leviathan field offshore Israel (MEES, 17 January 2011). Last April, Noble and Delek together pr...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tribal Attacks Cripple Yemeni Oil Sector
...ntinue. In November, Yemen declined to renew Canadian independent Nexen’s operatorship of the 35,000 b/d Masila field, handing operations from 17 December to a proposed new state firm PetroMasila (MEES, 28 November 2011). “But this firm has no offices yet, no managing director, no experts. I just don’t se...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Iran’s Political Struggle May Further Delay Major Gas E&P Push
...ternational sanctions slowing projects, whose production has not pushed ahead of domestic demand. In January 2011 state-owned National Iranian Gas Company (NIGC) said the average gas consumption hit a new historical record of 530mn cmd, although only weeks earlier the government said consumption had fa...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Crude Prices Move Into 2012 At Over $100/B
...nuary, the US Energy Information Administration (EIA) said US commercial crude oil inventories increased by 2.2mn barrels during the week ending 30 December 2011. At 329.7mn barrels, US crude oil inventories are in the upper limit of the average range for this time of year. Total motor gasoline in...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Japan’s Crude Imports Rise To 3.55Mn B/D For November
...Japan’s Crude Imports Rise To 3.55Mn B/D For November Japanese crude oil imports averaged 3.554mn b/d in November 2011, an increase of 4.5% over the October 2011 import average of 3.401mn b/d, according to import data released by Japan’s Ministry of Economy, Trade and Industry (METI) on 28...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Saudi Crude Prices Reduced To Europe And Asia For February
...days after B/L for the US, 40 days after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Feb Ja...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Saudi LPG Prices Raised For January 2012
...tane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 2012 1 Jan 85...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 Dec Nov Oct Sep Aug Ju...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Turkey And Azerbaijan Sign MOU For TANAP Pipeline
...atolian Pipeline (TANAP). The latter could carry at least 16 bcm/year of natural gas from Azerbaijan’s Shah Deniz Stage 2 development. The MOU follows intergovernmental agreements between Turkey and Azerbaijan signed in October 2010 (MEES, 31 October 2011). TANAP is being considered as an alternative to th...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Plans No New Gas Exports, Domestic Prices To Go Up, Says Petroleum Minister
...crease, following the conclusion of a new agreement between Egypt and Jordan, signed on 21 December (MEES, 26 December 2011). Egyptian officials reported last year that a new price of around $5/mn BTU had been agreed with Jordan (MEES, 26 December 2011)....
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
IMF Said To Set Conditions For Loan Negotiations With Egypt
...d the country’s foreign exchange reserves have plunged from some $36bn at the end of 2010 to about $20bn in November 2011. Egyptian Prime Minister Kamal al-Janzuri complained last month that Egypt had not received the aid pledged by donor countries since the revolution, and warned of a grave ec...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Signs For Loans/Grants Worth $533Mn
...e fund agreed to provide to Egypt for budgetary support. The agreement for the first tranche of $200mn was signed in November 2011 (MEES, 28 November 2011). Egyptian Minister of Planning and International Cooperation Fayiza Abu al-Naja said that the AMF loan will be used to finance structural re...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tehran Defiant As EU Agrees ‘In Principle’ To Iranian Oil Embargo
...l imports. Of this, Italy bought on average 249,000 b/d of Iranian crude in 2011, while Greece imported some 35% of its oil from there. In Washington, reports of the move were welcomed by the Obama Administration, with US State Department spokesman Victoria Nuland saying the decision was “very go...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Baghdad Postpones Fourth Bidding Round
...ntroversial one, introducing a number of unusual contractual clauses such as a right to postpone development of any oil discoveries for seven years and a proposed Infrastructure Fund for regional development (MEES, 19 September 2011). At a second road show for the bidding round held in 'Amman, Jordan, mi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Jordan Discusses Prospects Of Importing Qatari LNG
...rdan was relying on Egyptian gas to generate about 80% of the kingdom’s electricity. But with the interruption of gas supplies since February 2011, Jordan was forced to rely on imported diesel and heavy fuel oil to generate its electricity, which is more expensive than Egyptian gas. The national energy bi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Terminal Restarts Pave Way For Fresh Libya Output Surge
...r November and December. The figures essentially back up MEES estimates of overall Libyan crude production for December, but there are some noteworthy discrepancies (MEES, 26 December 2011). While MEES (largely on the basis of information given by operators in late November) estimated Bouri 23 De...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
IMF Says Oman’s Economy Grew By 5.5% In 2011
...OMAN IMF Says Oman’s Economy Grew By 5.5% In 2011 Oman’s Real GDP growth was projected to reach 5.5% in 2011, with 6.4% growth in the non-hydrocarbon sector, and average CPI inflation projected at 4.1%, according to the IMF in the latest Article IV consultation with Oman, released on 19...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Qatari Economic Growth To Slow In 2012, IMF Warns
...s recorded considerably high growth rates over the last 10 years – grew by some 17% in 2010 before accelerating to around 19% in 2011. Of this, real hydrocarbon GDP growth is forecast to slow down to less than 3% in 2012 due to Qatar’s self-imposed moratorium on the development of new North Fi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
EBRD Accepts Jordan And Tunisia As Members
...mbership of the EBRD in 2011, saying that they believed its support would play an important role in helping them to implement their economic and political reform programs. The countries join Egypt and Morocco as EBRD shareholders in the southern and eastern Mediterranean (SEMED) region. Egypt and Morocco we...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012