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QP Considers Next Step For North Field
...e Iranian side of the field – productivity of recently opened phases has fallen, while another drilled a dry hole, and salt water is increasingly entering some South Pars wells (MEES, 12 December 2011). Furthermore, Iran gives unreliable reports about how much gas it intends to extract and the ti...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Iraqi Production Rise Hits Hiccup
...IRAQ Iraqi Production Rise Hits Hiccup By Rafiq Latta Iraqi production surged last year by some 300,000 b/d compared to 2011, and 2012 levels stand some 700,000 b/d higher than 2008, despite well-publicized delays on projects and a cut-off in Kurdistan Re...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
In Amenas Fallout Continues As BP And Statoil Weigh The Options
...around 3.5bcm/y – a message repeated by Mr Yousfi on 5 February. Evaluation of damage to the plant continues, Mr Yousfi added. Lost Production In Amenas output averaged 7.8bcm for both 2011 and 2012 – 10% of Algeria’s total commercial gas production – significantly below the plant’s 9b...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Production Rise Fails To Dent Prices
...rch 2011-March 2012 Iranian year, and a 12-well drilling drive on the offshore Kish gas field. But it is clear Tehran is worried. President Mahmoud Ahmadinejad, speaking on 7 February during the first visit of an Iranian President to Egypt since the 1979 Islamic revolution, responded positively to a US...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Benchmark Crudes, Official Iraqi Oil & Gas Data and Iraqi Gas Output & Flaring
...12 2012 2011 WTI 95.83 97.44 95.83 94.88 88.26 88.25 92.21 94...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Egypt: Eni Digs Deep
...om “at least two” planned 2013 development wells – slated to produce 2,000 b/d each – targeting the Upper and Lower Safa. Production will be delivered to the existing Melehia facilities. 2011 production, all from shallower reservoirs, was 19,000 b/d. Output has since risen sharply, with pr...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Oman Energy Sector Changes Could Impact DME Benchmark
...ading volume on the DME climbed 25.7% to 103,904 contracts from 82,671 in December 2011. Oman crude futures is the DME’s only contract and acts as the benchmark for Oman and Dubai official selling prices (OSPs). The Oman and Dubai governments launched the DME in 2007 to create transparent pr...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
SEC Revises IPP Program To Add Second Dhuba Plant, Adjust Timings
...52gw Jiddah South-2 plant, intended for start-up in 2020. Dr Alawaji estimated that Saudi Arabia had a total available power capacity of 53gw and a peak load of 47.3gw to date. He expected electricity demand to grow by 7.6% a year in 2011-15 and 4.7% a year during 2016-20, and predicted that de...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Schlumberger Sees Middle East As 2013 Driver Of Growth
...e company expects to achieve the highest growth in Sub-Saharan Africa – where it currently holds a strong position – and Russia, where it joined forces with Integra, a local oil services group; and Geothech Holding, a Russian seismic company, to form IG Seismic Services in December 2011. Th...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
SABIC ‘Barely Impacted’ By Strike At Dutch Subsidiary
...lyethylene and 620,000 t/y of polypropylene. SABIC’s total polymers output was 11.33mn tons in 2011. The company recently reported a net income of SR24.72bn ($6.59bn) for 2012, compared with SR29.24bn ($7.80bn) for 2011. The 15.5% decline was attributed to the “higher cost of sales and lower sales pr...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Egypt’s Budget Deficit Rises 24%
...its Financial Monthly for January 2013. Total revenue in July-December 2012 rose 31.1% to E£152.9bn ($22.8bn) from the corresponding period of 2011, mainly as a result of the 38.1% increase in tax revenue. Income tax revenue in July-December 2012 rose by 53.1% over the same period in 2011. Non-oil ta...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Revolutions Spiral Out Of Control
...prived southern town of Tataouine are debated (MEES, 30 November 2012). Not only has the fall in oil production of recent years continued, the decline accelerated for 2011 whilst the sharp climb in gas output over the years to 2010 has gone into reverse (see graph). Of the almost 10...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Examining The CBI-Iraq Government Conflict – A Focus On Forex
...ccess to secure loans from the CBI to finance a possible deficit in the budget. (Article 26 of the CBI Law prohibits lending to the government.) Since then, efforts to limit the bank’s independence resulted in a decision by the High Federal Court in January 2011 to subordinate the CBI and other in...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Qatar Takes Stake In Egypt’s Musturud Refinery Project
...10, but the deal saw delays in reaching financial close amid late changes in the equity ownership. Then, like other projects in the country, it was held up by the revolution which toppled the Husni Mubarak regime (MEES, 7 February 2011). Investment by deep-pocketed Qatar is a “game changer” and pr...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Total Eyes Misan Gas Opportunity
...st year (MEES, 4 July 2011) to over 20,000 b/d and is eyeing eventual production of 100,000 b/d, in addition to 60,000 b/d at the Amara field, MEES understands “We don’t need to reinvent the wheel,” argues Gulfsands CEO Mahdi Sajjad. “This is essentially our previous project. We have already done mo...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Gives Confusing And Contradictory Response To Sanctions
...E on 7-9 February. The tour, according to the president’s website, is to help “secure a stable supply of energy resources.” Turkey, however – which got 180,000 b/d, almost one-third of its oil needs, from Iran in 2011 – is publicly supporting Iran over energy issues. Minister of Energy Taner Yi...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Japan’s Crude Imports Rose In December, But Down For 2011
...SUPPLY/DEMAND Japan’s Crude Imports Rose In December, But Down For 2011 Japanese crude oil imports averaged 3.872mn b/d in December 2011, an increase of 8.9% over the November 2011 average of 3.555mn b/d, according to monthly import data released by Japan’s Ministry of Economy, Trade an...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Saudi LPG Prices Raised To Record Levels For February
...ange Propane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 20...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012
...ALGERIA IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012 Algeria’s growth in 2011 is estimated to have remained solid and higher oil prices have strengthened the country’s external balance and boosted its fiscal revenue, the International Monetary Fund (IMF) said on 27 Ja...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dana Egypt Production Slides On Non-Payment Standoff
...EGYPT Dana Egypt Production Slides On Non-Payment Standoff UAE-listed Dana Gas saw 2011 production flat-line as the company scaled back Egyptian drilling in response to non-payment of revenues from the Egyptian authorities. The company’s Egyptian production finished the year at 38...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012