OMV Expands in Libya With Purchase Of Oxy Zueitina Stake

...CIDENTAL BLOCKS OXY DIVESTMENT STRATEGY Oxy’s Libya sell-off was long expected. In theory it still has extensive exploration interests in Libya (see map). When civil war broke out in early 2011 it had been on the verge of kicking off a 22-well exploration campaign. As recently as July 2012 the co...

Iran Eyes Growing Gas Shipments To Armenia, Turkey

...at Armenia would be able to transfer 0.5 bcm/year of Iranian gas to Georgia. BREAKTHROUGH ON TURKISH PRICING? Iranian and Turkish officials said on 2 February that the International Court of Arbitration had ruled that Iran should cut the cost of gas exports to Turkey backdated to 2011. Turkey ha...

Algeria Reaches Critical Crossroads

...e Arab Spring that started in 2011. The government responded to local protests through more spending via food and fuel subsidies, salaries increases for public jobs and housing and health assistance, at a time when oil prices were comfortably sitting above $100/B. But it is now paying dear for a fa...

The $100bn-Plus Cost Of Syria’s Civil War

...bn. This is almost as large as Syria’s pre-war GDP, the Bank notes in its latest Mena Quarterly Economic Brief. In addition, damage caused by the war to the “capital stock” in Syria between 2011 and 2014 was estimated at $72bn, the World Bank said, quoting a report by the local Syria Center for Po...

Ministry Claims $60bn Oil Sector Losses

...Syrian oil minister Sulaiman al-Abbas says that the country’s oil and gas sector has suffered “direct and indirect” losses of $60.4bn between 2011 and end-2015. The minister said that oil production from government-controlled areas averaged 9,500 b/d in 2015, just 2.5% of the pre-civil wa...

Iran’s Oil* Exports By Destination (‘000 B/D): Volumes Edge Up In January But Still 1.3mn B/D Down On 2011 Levels

Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits

...terpreted as implying total exports of 1-1.1mn b/d – a level in line with MEES 994,000 b/d estimate of average intakes of Iranian oil for the six months leading up to the deal. Iran’s oil exports are down from an average of just over 2.5mn b/d in 2011, before the imposition of the latest US and EU-led sa...

South Korean LNG Imports: Qatar Cements Top Position In 2014

...South Korean LNG Imports: Qatar Cements Top Position In 2014   2014 2014 vs 2013 2013 2012 2011   ‘00...

Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons)

...Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons)   2014 vs 2013   vs2010   2013 2012 2011...

Japanese Crude And Condensate Imports: Saudi Retains Top Spot As Russia Surges Up Rankings (‘000 B/D)

...nk 2012 rank 2011 rank 4Q14 4Q14vs4Q13 Dec-14 Nov-14 Oct-14 Total 34...

Saudi Arabia Advances Carbon Capture Project

...en reluctant to tamper with the energy subsidy and raise prices to both industrial and private consumers, even as it has in the past two years increased spending on infrastructure and social programs, in part as insurance from the ‘plague’ of  the Arab revolution that started in 2011.   Imf: Sa...

Iran: French Avant-Garde Leads IOC Rush To Return

...timates, stood at around 2.75mn b/d last month, down by more than 800,000 b/d on its 2011 average of 3.59mn b/d. Crude exports averaged just over 1.1mn b/d in 2013, representing a 54% drop in shipments relative to 2011. But with the apparent thawing of relations between Iran and the West since Pr...

Egypt Heads For Gas Deficit

...nce the Arab Spring in 2011, allowing for a simmering energy crisis to come to a boil. With three governments in just over three years, a lack of continuity in and concentration on energy policy has failed to address gas price reform and ensure payment to producers – leaving investment far below the le...

Iraq Hires Big Law Firm To Thwart KRG Export Plans

...transport 1.1mn b/d but – even when things have been running smoothly – it has only been operated at around a third of capacity in recent months. For January a mere 190,000 b/d of Iraqi crude was shipped via the Kirkuk-Ceyhan pipeline, down 50,000 b/d on December and down 250,000 b/d on 2011 vo...

New Kuwait Inquiry Targets GDF Suez, Sumitomo Deal

...osecutor, where the case has sat unresolved since 2011. Yet the man who led the charge against the Shell deal, ‘Ali Salih al-‘Umair, was recently appointed Minister of Oil. The al-Zour IWPP is not alone in the latest round of parliamentary scrutiny: also targeted is a $4.4bn deal to purchase 25 new Ai...

Dana Gas Sees Production But Also Receivables Rise in 2013

...bitration.   Dana Gas reported an 8% increase in overall production across its KRG and Egypt asset base, reaching 64,700 barrels of oil equivalent per day (boe/d) in 2013, compared with 2012 levels of 59,800 boe/d. Production in 2013 was still 2.3% lower than the firm’s 2011 net production level. While KRG pr...

IMF Approves $507Mn Credit To Tunisia

...ternal buffers and foster higher inclusive growth, following the economic difficulties and series of external shocks arising after the 2011 revolution. Protracted Transition Commenting on the release of the second tranche, the IMF’s Deputy Managing Director, Nemat Shafik said that “Tunisia is go...

Jordan’s Budget Challenges: Energy And Refugees

...s large deficit, and indicated that it was looking for alternative sources of energy to lower the public debt arising from high energy costs. Prior to the Egyptian revolution of 2011, Jordan generated around 80% of its electricity from Egyptian gas imported at preferential prices. Supplies have si...

US Shale Gas: A New Option For Japanese LNG Supply

...INTERNATIONAL   US Shale Gas: A New Option For Japanese LNG Supply   By-James Jensen   Japan has increasingly been forced, since the 2009 recession, to face severe challenges to its energy and environmental policies. The March 2011 Fukushima disaster placed the fu...

Benchmark Crude Prices ($/B)

...13 2012 2011 WTI 97.84 97.24 95.91 94.81 97.91 97.54 105.73 98...