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Iraq: Shell Steps On The Gas With Basra Project
...sra gas processing from 250mn cfd to 400mn cfd since the contract was signed in late 2011. Now discussions are underway to add another 1.1bn cfd of processing capacity over the next few years. But rising crude output has exacerbated Iraq’s already massive flaring problem, with a lack of processing fa...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Libya: Berruien Out?
...e post-revolutionary rebirth of Libya’s oil industry. In just seven months, August 2011 to March 2012, Libyan oil production went from practically zero to 1.4mn b/d. Progress has been harder going since then, but Mr Berruien’s departure, if confirmed, would come as a blow to many foreign in...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Iran Crude Importers Secure New US Waivers
...a mistake,” he said. The US in December 2011 passed a law cutting off access to the US financial system for foreign financial institutions involved in oil trade with Iran and its Central Bank, unless their home countries were given a waiver by considerably reducing its oil import volumes fr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
GCC Petchems Sector ‘Thriving’ With 5.5% Growth For 2012
...12, outperforming global chemical production which grew by 2.6% in 2012, lower than the 3.8% growth rate in 2011.” Saudi Arabia maintained its position as the region’s largest petrochemicals producer with 86.4mn tons of capacity – 67.6% of the regional total, the GPCA says (see gr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Saudi-Egypt Power Link Deal Signed, But GCC Grid Usage ‘Minimal’
...en Oman was connected (see map). But whilst the GCC grid has achieved its primary objective of increasing cross-border electricity supply –unscheduled power exchange doubled from 2010 to 2011 and from 2011 to 2012, according to GCCIA CEO Ahmad al-Ibrahim – traded energy fell to zero in 2012 after a fl...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Occidental Eyes Sale Of All Mideast Assets
...en more geopolitical weight in the negotiations. For 20 years until 2011 Ray Irani was Oxy’s CEO and Chairman and total shareholder return increased more than 20-fold. In the Middle East, his relationship-building skills with rulers and powerful oil figures secured Oxy many concessions. But th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Wintershall Qatar Gas Plans
...ploring Qatar. By end-2013/early 2014, Chinese state firm CNOOC and French major Total are expected to drill their first well in exploration Block BC. In Qatar, Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). A potential export option is Abu Dhabi-based Dolphin En...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
UAE’s Dana Gas Looks To Move On From Sukuk Troubles
...llapse (see graph and MEES, 6 February 2012). Drilling and production have since rebounded somewhat. For 1Q13 Dana’s Egyptian output was 33,000 barrels of oil equivalent/day (boe/d), up 3% on the previous quarter, but still well down on 2011. The firm’s overall production also rose 3% to 61,000 bo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
S&P Upgrades Saudi Sovereign Credit Ratings
...8% for 2012 and 8.5% for 2011 (see graph). Riyadh slams IMF Projections The Saudi government takes exception to these IMF growth numbers, Finance Minister Ibrahim al-‘Assaf told a Riyadh forum at the end of May. He says (unspecified) higher Saudi estimates for 2013 are more ac...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Yemen To Get $200Mn Aid
...ate energy subsidies, which are as high as 5% of GDP, the main area of concern. The IMF estimates GDP growth at a mere 0.1% in 2012 after shrinking 10.5% in 2011 as a result of the political turmoil in the country. The IMF had earlier said that the government first needs to agree on its economic pr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Bahrain Beats Budget Projection
...strengthening of the investment climate, will be the key to restoring high levels of private sector-led growth and the creation of employment for Bahrainis. Given this uncertainty, Bahrain can look forward to benefit from the $10bn aid package pledged by the GCC countries in 2011 for ec...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Benchmark Crude Prices
...12 2011 WTI 94.76 93.48 95.11 94.75 92.09 94.42 88.25 94.18 95...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013