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Baghdad Shrugs Off Political Turmoil To Proclaim Imminent Output Surge
...05 to 2.358mn b/d in 2010 and 2.653mn b/d in 2011, Mr Laibi’s presentation showed. MEES estimates (the ministry does not appear to account for KRG production consumed within the region or smuggled oil) are actually higher at 2.441mn b/d and 2.754mn b/d for 2010 and 2011 respectively. Crude revenues ha...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
EU Considers Iran Petchems And Gold Bans To Offset Oil Embargo Delay
...er the course of 2011 by buying heavy sour Middle East grades, much of it Iranian. If they push that back out, it will be replaced by Saudi, Iraqi, Kuwaiti and some Qatari output.” But this may cost Korean refiners money, according to Korean media. Iranian crude imports last year amounted to 82...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Egypt Negotiates IMF Lifeline As Economy Deteriorates
...urces. Egyptian Minister of Planning and International Cooperation Fayza Abu al-Naja said that finalizing the loan with the IMF had become a priority with the rise of the balance of payments deficit to $16bn from about $6bn in July 2011, when the terms of the loan were rejected, and the bulging budget de...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Abu Dhabi Continues Uncertainty Over 1.4Mn B/D Concession
...ld its ADCO partners that it expected the Supreme Petroleum Council (SPC) to make a decision in 2011 on extending the concession – first saying it would be made in the summer and then by the year end. The uncertainty has dampened the consortium’s enthusiasm for investing in fields that it may soon no lo...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Israel And Cyprus Face Decisions As Gas Reserves Expand
...jections and the subsequent presence of its warships. Closer Ties Since January 2011 when Israel’s Delek Group proposed to the Cypriot government joint cooperation for the creation of a LNG plant on the island’s southern coast (only weeks after the announcement of the Leviathan discovery and the si...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
OPEC Sees Non-OPEC Supply Weak As First Quarter Gets Under Way
...arter 2011 and first quarter 2012 demand for its crude, largely on the back of downward revisions to estimates on non-OPEC supply. As a result the MOMR revised its projections for the call on OPEC crude in 4Q11 and 1Q12 by 220,000 b/d and 80,000 b/d respectively. The experience of the last few years ha...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
IEA Reduces Global Crude Demand Growth Forecast To 1.1Mn B/D For 2012
...id an “exceptionally precarious” economic backdrop in the fourth quarter of 2011 saw oil consumption globally return to a declining trend. Global oil demand fell by 0.3mn b/d (-0.3%) year-on-year, to 89.5mn b/d, the IEA said. “Elevated oil prices, partly a consequence of the standoff with Iran, fu...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
DME Reports 19% Growth In Trading Volume During 2011
...DME Reports 19% Growth In Trading Volume During 2011 The Dubai Mercantile Exchange (DME) on 18 January announced that it had recorded a year-on-year trading volume growth of 19% during 2011. The exchange said in a statement that it delivered more than 145mn barrels of crude during 2011, mo...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
China Imported 21.92Mn Tons Of Crude In December, 252.18Mn Tons Total In 2011
...China Imported 21.92Mn Tons Of Crude In December, 252.18Mn Tons Total In 2011 China imported 21.92mn tons (5.16mn b/d) of crude oil during December for a total of 252.18mn tons (5.04mn b/d) of crude during 2011, according to data released by China’s General Administration for Customs in ea...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Libya (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 2010 Feb Jan Feb Ja...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
KMG Reshuffle Continues After Kazakh Parliamentary Elections
...re fueled by KMG’s decision to fire several thousands of oil workers who went on strike in May 2011 over reduced wages. Mr Akchulakov replaces Lazzat Kiinov, who succeeded Mr Akchulakov on 22 December 2011 as head of KMG. This Soviet-style reorganization is being viewed as a first indication that Mr...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Dana Petroleum Reports First Oil From Matr-1XST Well In North Zeit Bay
...r the purpose of producing oil and gas from the Lorcan development lease (MEES, 5 December 2011). Besides the onshore North Zeit Bay PSC, Dana Petroleum also operates the South October PSC. It is also a partner in the offshore West El-Burullus concession and the East Beni Suef license in the Western Desert. ...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Iran Increases Gas Exports, Additional Supply To Turkey Unlikely
...IRAN Iran Increases Gas Exports, Additional Supply To Turkey Unlikely The Managing Director of the National Iranian Gas Company (NIGC) Javad Owji told IRNA on 18 January that since the beginning of the current Iranian year (21 March 2011 – 20 March 2012), Iran has increased its na...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Jordan’s Energy Import Bill Rose To $4.7Bn In January-November 2011
...JORDAN Jordan’s Energy Import Bill Rose To $4.7Bn In January-November 2011 Jordan’s energy import bill in the first 11 months of 2011 rose by 55.7% to JD3.355bn ($4.731bn) from JD2.154bn ($3.037bn) for the whole of 2010, according to figures from Jordan’s Department of Statistics. The va...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Lebanon Extends Contract With Spectrum For Seismic Offshore Data
...e enhancement of the EMED-00 survey, which was completed in 2011. Earlier this month, Lebanese Minister of Energy and Water Gebran Bassil announced that his country plans to launch its first licensing round for offshore gas within three months. “We now have everything required for an oil company to...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Energy Stocks: Companies Focus On Debt Restructuring
...nuary Dana Gas announced it planned to honor obligations related to the $1bn sukuk and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which analysts believe is due to concern about its ability to repay debt, as well as problems receiving payment for projects in Egypt, where the majority of it...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Kuwait To Explore Oil Investment Opportunities In Sudan
...oduction (MEES, 11 July 2011). Kuwait’s state-owned KUNA news agency reported that a delegation from the Kuwait Foreign Petroleum Exploration Company (Kufpec) met with Sudan’s Minister of Petroleum 'Awadh Ahmad al-Jaz to promote mutual cooperation and discuss opportunities for Kuwait to expand its in...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
MENA Facing Uncertainty From Arab Spring, Eurozone Crisis, Says World Bank
...herwise) Est Forecast 98-07* 2008 2009 2010 2011 2012 2013 GDP at market prices (2005 US...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Saudi Aramco/Sinopec Refinery Deal Highlights Growing Sino-Saudi Energy Axis
...nopec signed a memorandum of understanding for the Yanbu΄ project last March after Saudi Aramco’s original partner ConocoPhillips withdrew the previous year (MEES, 21 March 2011). The two firms are spearheading the growing energy relationship between the world’s largest crude exporter and the rising ec...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Sudan Admits To Confiscating South Sudan’s Oil As Dispute Talks Resume
...aring of oil revenues (MEES, 11 July 2011). While Sudan’s Foreign Ministry initially declined to comment on this latest development, members of the northern delegation that arrived in Addis Ababa for the January 17 talks confirmed to reporters that the country had in fact began confiscating oil from th...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012