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November Political Changes Unlikely To Impact Energy Macro-Trends
...ian purchases as a proportion of total Gulf crude exports will rise to some 12.7mn b/d out of 15.9mn b/d, or 79.9%, up from around 73% in 2011. Saudi reliance on Asia-Pacific is slightly less marked (see table) but the same trend still holds – in 2002 Asia-Pacific took less than 50% of Saudi exports. It...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Iraqi Oil Sector Set For Major Change
...ocks last year (MEES, 21 November 2011). One source notes: “You know a Rosneft entry as ‘nominal’ operator could give Baghdad a fig leaf that it got rid of Exxon for the KRG investment, and you know they could have worked out an arrangement with Rosneft whereby they stayed in effective control.” Ho...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Libya’s AGOCO Looks To New Ghadames Production Heartland
...velopment in October 2010, although awards were overtaken by 2011’s fighting. NC-100 contains more than a dozen oilfields discovered by Bulgarian firm Geokom in the late 1980s and early 1990s. However their relatively small size and lack of nearby infrastructure coupled with tough contractual te...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algeria’s South West Gas Project Boosted By Pipeline Award
...t the biggest share would likely come from Total’s Ahnet tight gas project, where the company plans 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up. However discussions with the Algerian authorities remain ongoing, with Total thought to be an...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IEA Sees Ethylene Market Driven By Ethane Cracker Surge
...st and the US, according to the International Energy Agency (IEA). In the 12 October Medium-Term Oil Market Report the agency predicted that global ethylene capacity will rise to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011, equivalent to yearly growth of 3.7%. In 2012, oil eq...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IMF: Hydrocarbon Dependence Leaves GCC Exposed
...OIL PRICES IMF: Hydrocarbon Dependence Leaves GCC Exposed Though overall real economic growth for the Gulf Cooperation Council (GCC) countries is projected to rise yet again this year relative to 2011, heavy dependence on their respective hydrocarbon se...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Benchmark Crude Prices & Crude Official Selling Prices
...pt Q3 2012 Q2 2012 2011 2010 WTI 87.09 86.69 91.64 89...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Unrest Threatens To Scupper Yemen Oil Sector Investment Hopes
...etings Yemen’s President ‘Abd Rabbu Mansur Hadi has urged foreign oil companies to increase their investments. Crude production in Yemen has been in steady decline over the past 10 years or so, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 30...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Cyprus Awards Four Offshore Licenses
...s Corporation (Kogas) were awarded the licenses for Blocks 2 and 3. Two of the blocks adjoin Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. Blocks 2, 3 and 9 are positioned on the eastern sides of Cyprus’ exclusive economic zone (EEZ), and Blocks 3 and 9 are ad...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Israel Gas Sector Development Faces Setbacks
...0mn outlay. The fields were considered by many to be a ‘safe bet’ – the consortium had shot detailed seismic over the offshore area in June 2011, a year before the drilling begun on the Myrah block. The results indicated a high probability (between 50-90%) of as much as 6.5 trillion cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Nakilat Profit Slips, As It Ponders Fleet Fuel Switch
...e first nine months of the year, the Qatari company reported a QR562.4mn ($154.5mn) profit, compared to QR 624.2mn ($171.5mn) in 2011. Since the results were announced on 22 October, Nakilat’s share price on the Qatar Exchange has edged down from QR15.76 ($4.3) and was at QR15.55 ($4.27) on 1 No...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
MENA Solar Power Progressing In Small Steps
...derstanding (MOU) with Morocco’s Agency for the Development of Renewable Energy and Energy Efficiency (Aderee) for the exchange of expertise in developing energy policy and regulation. DII is currently developing joint projects with Morocco, Tunisia and Algeria. In May 2011, DII and Masen signed an MOU for a re...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Dana Gas Misses Sukuk Deadline
...e down 6% compared to the same period in 2011 “mainly due to a fall in natural gas production in Egypt” the company says. The company’s overall net production fell 9% to 59,600 b/d of oil equivalent (boe/d) over the same period. Egyptian production for the first nine months of 2012 was 32,000 boe/d, do...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Syria’s Budget Deficit Set To Double For 2013
...expenditure to S£1,383bn. The budget deficit will rise more than twofold to S£749bn from S£335bn in 2012. But this comparison in budget numbers does not take into account the depreciation in the value of the Syrian pound which has lost about half its value (from $1=S£47 in March 2011 to $1=S£69.6 cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algerian Export Revenue Up, But Hydrocarbon Dependence Increases
...peats the picture for 2011 when export revenue soared by 26% from $56bn to $72bn on the back of a $32/B rise in the price Algeria realized for its oil exports. This came despite a 4% fall in domestic hydrocarbon production and rapidly rising domestic consumption. But super-reliance on hy...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Moody’s Sees Negative Outlook For Lebanese Banking
...ar-end 2011. ...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Political Comment (2 November 2012)
...March 2011 – such as the US, France and Turkey – appear to be having second thoughts. But the harsh reality is that it may already be too late, and that Syria, like the egg Humpty Dumpty in the English nursery rhyme, is already broken beyond repair. Unless Mr Asad can bomb his own ci...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012