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Abu Dhabi To Import 1.2Bn CFD Of LNG, Shah Gas Field Slips
...G engineering firm Chiyoda (MEES, 10 October 2011) replace ADGAS’s two LNG trains that will be over 30 years old by 2019, as part of a package that would secure Japanese upstream firms’ concessions in the emirate. ADGAS’s third LNG train is more recent. However, Abu Dhabi could build an...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Regional Tensions, Oil Price Prompt Rise In MENA Defense Spending
...ew by a far lesser margin. And this trend, IISS notes, is something that has been mirrored in defense spending across the region. “Oil exporting states made up nearly 75% of total regional defence expenditure, and in 2011 their collective spending rose to $95.57bn [from $87.97bn], a no...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
OPEC Continues Bearish On Demand
...nor downgrade to projections for non-OPEC supply meant the MOMR kept its projection for the 2012 ‘call on OPEC crude’ steady at just over 30mn b/d. OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 2010 1Q...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Global Crude Oil Inventories Need To Rise, Says CGES
...B/D) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011 2012 World Oil Demand 89...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China’s Crude Oil Imports For February Reach Record 5.95Mn B/D
...nce September 2010, when Chinese crude imports averaged 5.67mn b/d. February imports are 0.98% above January and 18.49% up from February 2011. China Crude Oil Imports 2011-12 2012 2011 Im...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Crude Oil Formulas/Posted Prices
...OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Libya (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 2010 Ap...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Bahrain’s Crude Output Rises 4.6% In 2011
...Bahrain Bahrain’s Crude Output Rises 4.6% In 2011 Bahrain’s crude oil output rose by 4.6% to an average of 190,281 b/d in 2011 from 181,850 b/d in 2010, according to statistics posted on the National Oil and Gas Authority (NOGA) website. Of this total 43,510 b/d were produced from th...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Minister Responsible For Energy Replaced In Government Mini-Reshuffle
...prus Energy Department and oversees the island’s nascent energy industry. Ms Antoniadou was given the post in August 2011 following the collapse of a coalition government under President Demetris Christofias. Ms Antoniadou has created a stir amongst the island’s political parties and within the local me...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Dana Gas Secures Egypt Payment Schedule, Looks To Libya
...r 2011, filed to the Abu Dhabi Bourse on 20 March, the firm said the “trade receivables” it was owed had almost doubled to Dh1.74bn ($475mn) during 2011. This is split roughly evenly between the firm’s two key areas of operation – the Kurdistan Regional Government (KRG) area of Iraq ($240mn) and Eg...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
S&P Maintains Egypt Banking Risk Rating, Lowers Economic Risk Score
...bruary 2011, as reflected by our successive lowering of the sovereign ratings on Egypt which now stand at B/B with a negative outlook.” S&P said that uncertainties surrounding Egypt’s political transition phase, as well as security issues, may hamper the country’s economic growth and put ad...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China Offers Insurance To Iran Oil Shippers, Withdraws From Pipeline Finance
...ear if China will use a national re-insurer or seek assistance from non-US allied nations in the Asia-Pacific area. However, Beijing has signaled that it will do its outmost to sustain at least its 2011 level of imports. These accounted, according to the US Energy Information Administration, for 22% of...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
India To Exempt Rupee Oil Payments To Iran From Taxation
...uivalent value in their local currency by designated Iranian banks, which will be paid in local currency by Iranian importers of Indian goods.” India paid Iran around $12.7bn in 2011 to cover 12% of its final oil needs. Indian exports to Iran are primarily agricultural products, accounting for al...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Irbil Threatens To End Export Deal Amid Rising Oil Tensions With Baghdad
...G,” the Kurds said, accusing federal authorities of not paying anything since May 2011. Baghdad “owes the KRG more than $1bn for revenues accrued in 2011. Furthermore, not a single dollar has been received for exports in 2012,” the KRG said. Reaching an agreed 175,000 b/d KRG export commitment was ce...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Delek Announces LNG Deal With Gazprom
...e offshore Tamar gas field signed a memorandum of understanding (MOU) with South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) concerning the use of a floating LNG (FLNG) plant in the development of Tamar (MEES, 28 November 2011). The Delek statement said that in reference to the DSME ag...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait To Raise Budget Expenditure By 13.4% In 2012-13
...KUWAIT Kuwait To Raise Budget Expenditure By 13.4% In 2012-13 Kuwait’s budget for fiscal year 2012-13, which starts on 1 April, is projecting a 13.4% increase in total expenditure to KD22bn ($79.0bn) from KD19.4bn ($69.7bn) in 2011-12, the head of Kuwaiti parliament’s budget co...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Cyprus And Lebanon Discuss Lebanon-Israel Maritime Dispute
...ying. “We should work closely together to achieve the greatest benefit for both our countries.” In August 2011, Lebanese Foreign Minister 'Adnan Mansur said that the delimitation agreement between Cyprus and Israel was “a violation of Lebanon’s sovereignty and economic rights and threatens pe...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Sadara Financing Stays Focused on ECAs, Saudi Lenders
...mpleted last year. Pricing was at 130-200 basis points (bps) over the 16-year tenor on the commercial bank tranche (MEES, 19 December 2011). This was close to the levels secured by the Satorp 400,000 b/d export refinery in Saudi Arabia, sponsored by Saudi Aramco and French oil major Total. Satorp reported 18...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
SEC Plans To Issue First International Sukuk
...ow strong appetite, possibly influencing pricing in other regions. SEC said in 2010 it was considering tapping international debt markets in a bid to fund a five-year investment program estimated at SR150bn ($40bn). But international markets were volatile through much of 2011 due to the Eurozone debt cr...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Towards Convergence Of Sustainable Energy Pathways
...OIL PRICES/OPEC Towards Convergence Of Sustainable Energy Pathways By Noé van Hulst Dr van Hulst is Director of the new Energy Academy Europe (EAE), based in Groningen, the Netherlands. He was Secretary-General of the International Energy Forum (IEF) from 2008 through 2011...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012