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Power Plant Sabotage Threatens Libyan Oil Gains
...grained since the unseating of former leader Mu’ammar al-Qadhafi in 2011. The Libyan coastguard will seize any vessels transporting fuel without authorisation and the GNA will issue arrest warrants for smugglers via Interpol, it said. In a speech on 3 January, Mr Sanalla laid the blame for smuggling wi...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...ve been widely domestically criticized. Independent MP Jamal Dawud said that “the decision will make the poor poorer.” Meanwhile, the main Shia political bloc Al-Wifaq, that has boycotted parliament since 2011, said the decision” reflects a futile and impromptu management of economic policies in the ki...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Sinai Instability Headache For Regional Pipeline Plans
...peline south of Arish, in the north of Egypt’s lawless Sinai Peninsula. The pipeline linking Egypt with Jordan (and in theory Syria and Lebanon) has been the target of militants on more than 30 occasions since 2011. Though Egypt was contracted to supply 250mn cfd, no gas has reached Jordan si...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Shell, Iran Clear Debt
...troleum Contract (IPC - MEES, 4 December 2015). The debt stems from purchases of Iranian crude in 2011 and 2012 for which Shell was unable to pay due to the imposition of fresh sanctions in 2012. In the firm’s 2012 annual report, it said that “Currently, we have approximately $2,336 million pa...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Oil Price Slide Exposes Flaws In Juba-Khartoum Transit Fee Deal
...ound $80/B on average for its oil exports – once taking into account Sudan’s share, and the discounts at which its two export grades Dar and Nile Blend are sold. The South Sudan Development Plan 2011-13 released in August 2011 set an oil price assumption of Brent minus $2/B for its Nile Blend ex...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
MEES Analysis: Bid Round Offers Century Old Acreage
...illing two dry wells in 2011. Ganope’s previous bid round offered 20 exploration blocks – 11 of which were in the Western Desert – in December 2012. But, amid the then prevailing uncertain investment climate and bureaucratic delays, definitive exploration agreements have only been signed for two, bo...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ojected at OR9.16bn ($23.8bn), or 79% of total revenue, level with 2014 but well down on the 85% average for 2011-13. Thus the 2015 budget projects a record deficit of OR2.5bn ($6.5bn), equivalent to 21.6% of revenue and to 8% of GDP (see graph). OMAN’S FINANCES 2006-15 (OR BN)* OM...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D)
...D14 vs YTD13 vs YTD12 2013 2012 2011 2010 2009 Crude Production 9,690 -14 -63...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi ‘Off-Spec’ On 2016 Product Quality Target
...D13 vs YTD12 2013 2012 2011 2010 2009 Crude Production 9,690 -14 -63 9,...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Khartoum Gets Involved In Southern Sudanese Conflict
...eaking away from one another in July 2011, the economic futures of Sudan and its neighbor to the South are still very much linked – none more so by way of their oil industries. South Sudan is still dependent on the North for its oil export pipeline, as it remains the only existing and viable route by wh...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
IOCs Welcome New Egyptian Bid Round As Sign Of Progress
...2010 for North El Mahala Centurion N El Fayrouz Offshore North Sinai 2,280 9 2011 for North El Fayrouz Offshore Tharwa N Po...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Petroceltic Focuses On North Africa As Investment And Production are Set To Slump
...ined three new concessions in Egypt with the finalization of awards from 2012 EGAS and 2011 EGPC bidding late last year (two blocks and one block, respectively – all in partnership with other firms), more than tripling its exploration acreage in the country. The business outlook for Egypt improved ma...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
KRG Finalizes Marketing For End-January Independent Crude Exports
...red to the KRG due to the more attractive terms on offer when compared to the low returns of Baghdad’s long-term service contracts. ExxonMobil, which signed PSCs with the KRG for six blocks in 2011 despite the threat of expulsion from southern Iraq, has started drilling operations at its Pirmam bl...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
OPEC Output Recovers In December On Gulf Boosts
...nce September 2011 – when the country was still wracked by post-revolutionary turmoil. Protests at a number of Libya’s main oil fields and terminals continued throughout last month, severely disrupting supplies and keeping production at well below the near the 1.5mn b/d Libya was pumping earlier this ye...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Egypt Eases Forex Rules
...fect. It supersedes other circulars issued since the 2011 revolution which restricted transfers abroad to a maximum of $100,000 once in a life time only, on account of “the situation in the country.” The new circular will no doubt help Egyptians in acquiring their foreign exchange needs. But the av...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Oman’s 2014 Budget Aims To Curb State Expenditure
...tal budget revenue and 6% of GDP. The government appears to be calling an end to its sharp post-Arab Spring spending increases (as seen in the 2011, 2012 and 2013 budgets – see table), which Oman and other GCC countries instigated in an attempt to nip unrest in the bud. $85/B Oil Price As...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Nine Approaches To Counter The Emergence Of Unconventional Oil
...an to increase crude oil exports in order to maintain revenues. In 2012, total world oil supply exceeded demand by approximately 1mn b/d compared with 200,000 b/d in 2011. Based on currently available data, the surplus in crude oil supply will continue to grow, and the disparity between oil supply an...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 91.66 96.78 99.50 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Baghdad’s New Oil Leadership Faces Stiff Challenges
...hieved last August. And while average crude supply to refineries last year was certainly up on 2009’s 440,000 b/d, it was only a marginal improvement on 2011’s 565,000 b/d. And given low gasoline output from the ageing units, upgrades are badly need to cut down on expensive imports. Northern Di...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Algeria Fleshes Out New Oil Law
...ly nine blocks were awarded of 36 on offer in the three bid rounds – 2008, 2009 and 2011 – conducted since Algeria introduced the current hydrocarbons law (MEES, 21 March 2011). Several large IOCs have headed for the exits – most recently ConocoPhillips, which cited a desire for “improved returns on ca...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013