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Kurds Poised For Oil Boom, Amid Looming Political Turmoil
...erator 2011 Average Production Current Production March 2013 End-2013 Tawke DNO 52 50 10...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Korean Group Wins Abu Dhabi Oil Deal As ADCO Concession Nears Expiry
...elds comprise one offshore in Area 3 and two onshore in Areas 1 and 2. The UAE government had previously said it expected the deal to be closed by the end of 2011 (MEES 26 September 2011). State-owned Abu Dhabi National Oil Company (ADNOC) holds 60% in the projects, which require a total of $5bn in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Libya Crisis Hits Companies’ Bottom Lines
...LIBYA Libya Crisis Hits Companies’ Bottom Lines Libya’s 2011 political upheavals have had significant material impacts on the net profit of all of the foreign oil companies producing in the country. All eight of the top foreign producers in Libya saw their overall production fa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
ITGI Transformation Into South Stream Branch Gains Momentum
...s markedly improved since June 2011. Regardless of the “clouds” that existed over the proposed Burgas-Alexandroupolis oil pipeline, Moscow has been convinced, primarily thanks to the efforts of Junior Energy Minister Yannis Maniatis, that Greece supported the pipeline option whereas Gazprom always sp...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Bahrain Banking System Resilient To Crises, Says CBB Governor
...ntinue. Moody’s Investors Service has kept its negative outlook on the Bahraini banking system since reaffirming it in October last year, citing the unrest and its ramifications (MEES, 7 November 2011). But Mr Maraj believes that many have exaggerated the impact of the political situation on the banking se...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
OPEC Output Hits 38-Month High
...ncerns surrounding Iran and reduced output from non-OPEC members such as Sudan, Yemen and Syria. OPEC Crude Oil Production Feb 2011 – Feb 2012 (MEES Estimates – '000 B/D) 2012 2011 Fe...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
EIA Expects Crude Consumption To Grow By 1.1Mn B/D In 2012
...tlook, released on 6 March, it forecast that world liquids consumption would grow by an annual average of 1.1mn b/d in 2012 and 1.4mn b/d in 2013. The administration said in the monthly review that world liquid fuel consumption grew by around 0.8mn b/d to 87.9mn b/d in 2011, adding that growth would ac...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Saudi Crude Prices To US And Far East Raised, Lowered For Europe
...d B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Apr Mar Feb Ja...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Feb Jan Dec Nov Oc...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
BP Exits Algeria’s Rhourde El-Baguel
...r Algerian business.” As part of the ongoing exploration program at Bourarhat, BP has been pursuing unconventional gas through a program of hydraulic fracturing (MEES, 28 February). BP’s gas production in Algeria, after royalties and other payments, eased to 1.18bn cu ms for 2011, from 1.3 bc...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Block 12 Gas Reserves Estimated At 5.1 TCF By Netherland Sewell
...ock 12 contained two reservoirs with proven reserves of 1.7 tcf and 3.4 tcf respectively, based on the results from the Cyprus A-1 well. Noble holds a 70% working interest in Block 12, which subsidiaries of Israel’s Delek Group, Delek Drilling and Avner Oil & Gas each hold 15% (MEES, 12 December 2011...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Kuwait Energy Reports Fourth Find On Western Desert Concession
...% of Kuwait Energy’s current 15,000 boe/d production (of which 10,000 b/d is in Egypt). Beach produced a mere 6,600 boe/d in 2011 and Dover, something of a silent partner on the block, has no current production. Drilling of the last two wells of the six-well campaign is underway, initial results are cu...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Edison Hit By Egyptian Debts, Struggling To Fund Spending
...EGYPT Edison Hit By Egyptian Debts, Struggling To Fund Spending Italy’s Edison is the latest company to announce that overdue Egyptian payments have hit its bottom line. The company’s working capital fell by €494mn in 2011 with the chief culprit “overdue receivables” relating to its Eg...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
CBE Reports Slower Erosion Of Reserves In February
...the end of February from $16.3bn at the end of January, the CBE said. But despite this slowing down, the situation remains fragile, and Egypt has used half its reserves since January 2011 to support the value of the Egyptian currency (MEES, 27 February). Egyptian Prime Minister Kamal al-Ga...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Egypt Gas Export Pipeline Attacked For 13th Time
...eraged about one per month since former president Husni Mubarak was forced from power in February 2011. Shipments to Jordan, which relies on Egyptian gas for about 80% of its power generation, and to Israel, have over the last year been seriously disrupted at times, to the point that neither country now re...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran Threatens To Stop Oil Supply To Belgium, Czech Republic And Netherlands
...bruary the European Commission announced that Netherlands and Belgium had terminated all crude imports from Iran “within January 2012” whereas the Czech Republic stopped buying Iranian crude in July 2011 (MEES, 27 February). /font> ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran’s 2012 Budget Allocates $5Bn To Refinery Completion
...sets of the National Development Fund, which is dedicated to the execution of the 2011-15 five-year development plan. The NIORDC investment is intended to speed the construction of the Persian Gulf Star and Anahita refineries, with throughput capacities of 360,000 b/d and 120,000 b/d, respectively. The la...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Parliament Ratifies Record 2012 Iraqi Budget
...cember figures (MEES, 12 December 2011). But, according to Inside Iraqi Politics, on 29 February, the passage of the budget by parliament “is a victory for Prime Minister Nuri al-Maliki, who made minor concessions and received a budget imprinted with strong central government views. Its very passage also ce...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Baghdad Sweetens Fourth Round Terms
...ven years (MEES, 19 September 2011). These conditions remain in the new proposed contract. But Baghdad will now pay interest of London Interbank Offered Rate (Libor) plus 3% on costs incurred during any holding period. The oil ministry is also offering to cover costs and pay Libor plus 5% in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Qatar Looks To Boost Power Capacity With $5.2Bn Investment
...ne last year with the inauguration of the QR14bn ($3.8bn) Ras Girtas power plant by Qatar’s Minister of Energy and Industry Muhammad al-Sada (MEES, 6 June 2011). “The plant will be able to meet some 30% of Qatar’s electricity needs and 20% of its water demand if required by Qatar Electricity and Wa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012