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Exxon Shrugs Off West Qurna-1 Cut
...Cs’ unattractive terms, which do not allow IOCs to book reserves, led ExxonMobil to ignore Baghdad’s threats of expulsion and sign production-sharing contracts for six KRG exploration blocks in 2011. ExxonMobil has managed to retain its WQ-1 operatorship, having reduced its stake from 60% to 25%, wh...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Iraq, KRG Narrow Differences In Oil Row But Final Accord Elusive
...ditional $2bn to the KRG, rather less than the $9bn that Erbil says is owed by Baghdad for oil sales between 2011 and 2013, when the KRG halted exports of some 150,000 b/d because of the row over non-payment to foreign contractors. But he reiterated the Iraqi government’s position that no oil could be ex...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Chinese Import Slowdown Sets Alarm Bells Ringing For OPEC
...nce mid-2012 been required to dramatically reduce its imports of Iranian crude oil so as to stay in line with US sanctions placed on Iran’s key oil and banking sectors. Washington in late 2011 passed a law cutting off access to the US financial system for entities involved in oil trade with Iran and it...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Force Majeure A Reminder Of Risks For Energy Producers In Egypt
...wn the impact of the Arab Spring upheaval on business, even as the amount of outstanding receivables continued to grow. Gas Pipeline Bombed, Again But while oil and gas production sites have remained unaffected by the violence that has periodically engulfed Egypt’s main cities since 2011 (th...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Rafsanjani Criticizes IRGC’s Economic Power
...e Iranian rail network (MEES, 16 November). The previous Minister of Petroleum Rostam Qasemi, who served as managing director of Khatam al-Anbia before his appointment in August 2011, called for expansion of the role of the IRGC-affiliated engineering firm in the economy, by becoming a “re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
UN Sees Polarized Performance In Arab Region
...anwhile Syria’s oil production (from government-controlled fields) has sunk to a new low of 13,000 b/d, or about 3.5% of 385,000 b/d at the beginning of the crisis in 2011, Syria’s Deputy Minister of Petroleum Hasan Zainab told the local daily Tishreen on 23 January. He estimates Syria’s oil-related ec...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Mauritania Bags $850Mn
...ending heavily on food and energy subsidies and higher public sector salaries in 2011-12. Qatar was the last of the four Gulf states to sign the aid accord with Morocco....
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
The North Sea & OPEC, Contrasting Policies, But Comparable Oil Resources?
...rrels. Avaldness Field was discovered in 2010 with reserves estimated at about 0.4bn barrels, but with upward revisions they could be nearly 2bn barrels. The Schiehallion and Loyal Fields went onstream in 1988 and had produced about 400mn barrels by 2011 when about 450mn barrels were added to the re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 98.23 95.91 93.38 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014