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Libya Attempts To Tackle Chronic Instability
...e-war levels of 1.5-1.6mn b/d (see graph). With the handful of technical problems left over from 2011’s fighting being dealt with, senior Libyan oil industry figures were confident output of 1.6-1.7mn b/d would be sustainable from the end of the first quarter this year; the key issue going forward wo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Qatar Changes PSAs to JVs, Invests In Al-Shaheen
...cidental’s (Oxy) 105,000 b/d Idd al-Shargi concession. Since taking the helm of the Energy and Industry Ministry in January 2011, and chairmanship of state-owned QP, Muhammad al-Sada has led the drive to restore Qatari crude output. Qatar had under-invested in state-owned QP-operated fields, whose ou...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Fiscal Concerns Linger, Despite Easing Demand Growth Alarm
...oduction below 3mn b/d for the first time since March. At just under 30.3mn b/d, overall OPEC output is the lowest since October 2011, according to MEES estimates. This, the fifth consecutive month of Saudi production falls, comes amid a generally firm price environment, with monthly OPEC Basket pr...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Benchmark Crude Prices & OPEC Basket Components: 2012 Average Prices
...12 Q3 2012 2012 2011 WTI 95.49 93.36 92.74 88.26 86.85 88.25 92...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Iran’s Service Sector Buckles Under Sanctions Strain
...ts on multiple fronts. US-led pressure on oil sales is impacting export levels. According to MEES calculations, output is around 800,000 b/d down on 2011’s average 3.6mn b/d. And a senior politician recently acknowledged oil revenues in the fourth quarter of the current Iranian year (corresponding to 21...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Sudan Targeting 150,000 B/D Output By Year End
... SUDAN Sudan Targeting 150,000 B/D Output By Year End Since losing around three-quarters of its near 450,000 b/d former oil output to the South in 2011, Sudan has been pushing hard to raise its oil production and refining capacity. In December last ye...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Turkish-Qatari Gas Talks Stall As Balkan LNG Terminal Discussed
...ng-term gas supply contract that would help Turkey further limit its import dependence on Iranian gas. Turkey covered around 16% of its final gas demand from Iran last year according to recently published statistics from the International Energy Agency. In 2011 Iran exported 8.4 bcm to Turkey, making it...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Qatar Claims ‘GTL World Capital’ Status
...Ls and GTL products through 3Q12 and is currently producing and selling all GTL products from its product slate,” he noted. “Just last month we celebrated the 100th GTL cargo from Pearl during 2012.” Pearl GTL was inaugurated in November 2011 after an $18.5bn development, but was not expected to re...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
SEC Lines Up ACWA-Led Consortium For Rabigh-2 IPP
...pointed in June 2011. The consortium submitted the lowest bid of 7.416 hals/kwh of electricity, with a plant capacity of 1.96gw. Qurayyah was initially intended to be a heavy oil plant, but SEC opted instead for a gas-fired unit. The project is slated for start-up in mid-2014 and is expected to cost $1....
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
New Saudi Eastern Province Governor Appointed
...ea is at the epicenter of the Saudi oil industry and home to Ghawar, the world’s biggest oil field, the kingdom’s biggest oil processing center at Abqaiq, and Ras Tanura, location of its biggest refinery and export terminal. In 2011, King ‘Abd Allah sent troops to put down a Shi’ite-led pro-democracy mo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
TAQA Shuts Down North Sea Platform
...veloping a 100mw hydroelectric plant in northern India. The joint venture partner is Jyoti Structures, an Indian power infrastructure company, which signed a Memorandum of Understanding with TAQA in July 2011 to look at investing in renewables. Carl Sheldon, TAQA’s Chief Executive Officer, said: “This in...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Sudan Secures $1.5Bn Chinese Loan
...onomy hammered by the loss of nearly three-quarters of its 450,000 b/d of oil production to South Sudan when the latter seceded in July 2011. Oil export revenues were estimated to have accounted for around 85% of Sudan’s total pre-secession export earnings, which in 1H11 amounted to around $7.5bn, ac...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Samba Projects Fall In Saudi Real GDP Growth In 2013-15
... SAUDI Samba Projects Fall In Saudi Real GDP Growth In 2013-15 Saudi Arabia’s real GDP growth is projected to fall to 3.3% in 2013-15 from the very high rates of 7% in 2012 and 8.5% in 2011, Samba said in its latest update on the Saudi economy. The main reason fo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Kuwait Audit Bureau Estimates RFFG Assets At $261Bn
...742.35mn ($2.64bn) in the year ending 31 March 2011 and KD710.27mn ($2.52bn) in the previous year ending on 31 March 2010. The Audit Bureau called for the adoption of necessary measures to ensure stability in the value of portfolios and minimize possible risks. The report also noted that political ch...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Iraqi Oil Sector Set For Change As Political Crisis Intensifies
...art from official airports. Decision making has been far too slow – Lukoil and Statoil are still waiting on a cabinet green light for a 400,000 b/d first phase of West Qurna-2, which should have been approved months ago (MEES, 5 December 2011). These issues, coupled with major differences with Ir...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Iran Sanctions Trigger Economic Chaos, Food Shortages And Protests
...cked the government in 2009. EU Struggles To Tighten The Oil Screw EU Foreign Ministers have urgently rescheduled a meeting that aims to achieve a European boycott of Iranian oil – moving it from 30 January to 23 January. The EU imported in the first half of 2011 an average of about 450,000 b/d of...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
South Pars Reservoir Faces Challenges
...South Pars will be completed. The experience with the first 10 phases suggests that delays are likely, especially given the escalation in sanctions.” The IEA said in late 2011 that Iran’s energy industry is “clearly under stress from further wide-ranging sanctions imposed by the international co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Producers Adopt Higher Crude Prices For 2012 Budgets
...MEES Agenda Oil Producers Adopt Higher Crude Prices For 2012 Budgets With the OPEC Basket price averaging $112.11/B last year versus 2010’s $107.46/B many MENA countries posted a surplus for 2011 and were encouraged to hike the oil price forecast they will use in their 2012 budgets. Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
OPEC Production Stays Firm Amid Market Tumult
...rk, according to the latest MEES estimates. OPEC Basket prices averaged a record $112.11/B in 2011, compared to $107.46/B the previous year. OPEC’s 2011 production was almost 400,000 b/d up on 2010 (see table). And this was despite the loss of over 1mn b/d of Libyan output from the market. As so ma...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
EIA Sees Acceleration In Crude Demand Growth During 2012-13
...EIA Sees Acceleration In Crude Demand Growth During 2012-13 The US Energy Information Administration (EIA) said in its latest Short Term Energy Outlook, released on 10 January, that world oil consumption grew by around 1.0mn b/d in 2011 to 88.1mn b/d. This compares with the EIA’s 2010 es...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012