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KRG Nears Separate Export Decision
...rkey wants to be one of the top 10 economies in the world by 2023, and it has identified Iraq in general, and the KRG in particular, as strategic fuel sources for this planned economic expansion. “We need KRG oil and gas,” concedes a Turkish diplomat. And energy imports are only part of the story. In 2011...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Saudis Stick To Economic Expansion, Despite Crude’s Eurozone Jitters
...December 2011). During crises Saudi Arabia does not see the outflows of investments that hit other places like Dubai, but this shows its isolation and “betrays a weakness in the Saudi system,” comments Crispen Hawes, Director of the Eurasia Group. Concern over the crisis could delay the regulatory re...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qatar Joins renewables Race In Move To Conserve North Field Gas
...tar faces a 10% drop in its associated gas as crude output falls. $20Bn Power/Water Expansion In 2011, Qatar’s total installed capacity was 8.76gw, while peak demand was 5.5gw. This gives a reserve margin – the spread between power demand and production capacity – of 37%. Qatar plans to sp...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Turkey Warns Of ‘New Problems’ In Wake Of Cyprus Licensing Round
...TRNC (MEES, 5 December 2011). Any activity of international oil companies in these areas in future would bring them into confrontation with TRNC and TPAO and caused undesired tension. Turkey…acting upon its responsibilities as a motherland and a guarantor power, will give every support to TR...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
CGES Says Saudi Output Hike Aimed At Avoiding Oil Price Spike Over Iran Embargo
...12 4Q12 2010 2011 2012 World Oil Demand 89.2 89.5 89.1 88.3 90.0 90...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
China’s Crude Oil Imports Reduced In April
...55mn b/d) in March. Saudi Arabia was the largest crude oil supplier to China during April at 4.38mn tons (1.066mn b/d), followed by Angola, Russia and Iran. Imports from the latter averaged 388,000 b/d. China Crude Oil Imports 2011-12 20...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...OPEC/OIL PRICES Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jun Ma...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Socar And PetroVietnam Sign Agreement To Redevelop Onshore Oil Fields
...eri state firm Socar noted in a statement, adding that combined oil production from the three fields in 2011 was 26,000 tons. To date the fields have produced 3.4mn tons of oil and 100mn cu ms of gas. This is the first investment by the Vietnamese state firm in Azerbaijan. BP Completes Sh...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Eni Digs Deep For Egyptian Production Boost
...ate firm EGPC (50%). Agiba produces a total of 36,000 b/d – with Melehia accounting for around half of this. Eni has 56% share of Melehia on a working interest basis, Lukoil 24% and Mitsui 20%. Eni is Egypt’s largest producer, with net output of 240,000 b/d of oil equivalent for 2011, up 8,000 boe/d on...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
US Senate Pushes For Harsher Sanctions, Asian Buyers Cut Iranian Oil Imports
...11, India, South Korea and Japan have already conformed with the US request for a 15-20% reduction in their annual intake of Iranian oil from 2011 levels. On 23 May India’s Mangalore Refinery and Petrochemicals Ltd announced that it would drop its imports from Iran by about 19% in the fi...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qasemi Says Caspian Gas Field Also Holds Light Oil
...e field was discovered by Iran’s Khazar Exploration and Production Company (Kepco), and was said earlier by Mr Qasatemi to have estimated gas in place of 50 trillion cu ft (MEES 19 December 2011). While the minister gave no further details of the oil layer appraisal results, a former Iranian deputy pe...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
ILDC Energy Anticipates Offshore Drilling In Early June
...rporation (MEES, 11 July 2011). The company is facing a 15 June deadline for the start of drilling, set by Israel’s Petroleum Supervisor (MEES, 2 April). The Myra and Sarah Blocks have the potential to hold up to 6.5 trillion cu ft (184bn cu ms) of natural gas and 150.7mn barrels of crude oil based on a 3D an...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
AGOCO Claims Libyan Production At Pre-Revolution Levels
...nge before the February [2011] revolution”, adding that Libya’s overall production “exceeded 1.6mn b/d.” This “completely contradicts the expectations of international experts who said it would take Libya two years from last October’s victory for the country to return to full production,” AGOCO sa...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Tunisian Oil Workers Strike Amid Economic Gloom
...ivers or unqualified workers”, TAP quoted Winstar’s Tunisian general director Rafiq Hamza as saying. The company says that an increase in its staff from 80 to 100 during 2011 was partly “to help spur the local economy” hit by high unemployment. Winstar says the latest unrest marks an “un...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
IMF Estimates UAE Real GDP Growth In 2011 At 4.9%
...E IMF Estimates UAE Real GDP Growth In 2011 At 4.9% UAE real GDP in 2011 is estimated to have risen by 4.9%, according to the IMF Article IV consultation with the UAE, published on 16 May. “High oil prices and increased production, strong growth in Asia, and the UAE’s perceived safe haven status in...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
TAQA Considering Energy Investment In Turkey, Posts Strong 1Q12 Figures
...rth – a Calgary-based subsidiary of the state-controlled company – completed the sale of its oil and gas assets in southeast Saskatchewan earlier this year in a move the company said was “part of the ongoing management” of its global portfolio (MEES, 26 December 2011). TAQA 1Q12 Financial Re...
Volume: 55Issue: 22Published at Mon, 28 May 2012