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US Plays Hardball On Oil Sanctions As Iran Nuclear Talks Resume
...ey will actually still be losing money, even during this six-month period relative to the amount of oil sales they had back in 2011,” he said. The US would only “open up the spigot a little bit, for a very modest amount of relief that is entirely subject to reinstatement if, in fact, they vi...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Cepsa Boosts Asia Portfolio
...ployees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy." IPIC completed the takeover of Cepsa in 2011 when it acquired Total’s 49% stake (MEES, 8 August 2011)....
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Jordan Approves 2014 Budget, Spending Up 13%
...dget 2013 Budget **2013 Actual 2014 vs (%) 2012 Actual **’13 vs ‘12 (%) 2011 Actual ‘13 Bud ‘13 Ac...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Syrian Bank Recapitalization To Cost Up to $16Bn
...rising in March 2011. At the same time Mr Mayyala attributed the recent strengthening of the local currency to a surplus of foreign exchange in the free market, from which the exchange bureaus could of late secure their foreign currency needs, rather than buying it from the CBS. In October the au...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 95.44 93.93 94.32 100.57 106.27 105.73 94.17 94.18 95...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Egypt Finalizes Bidding Award
...s net Egyptian production of 13,000 b/d of oil equivalent (boe/d), up from 7,000 boe/d at the start of 2011. The company plans to boost production following the approval of three pending development leases which it is hopeful will come through before the year end (MEES, 12 October). Dana’s Egypt co...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
OPEC Role Steady Amid Rapid Change In IEA Outlook
...erage IEA crude oil import price approaches $125/B (in year 2011 dollars) by 2035. The study’s Current Policies scenario assumes the implementation of no policies adopted after mid-2012, while the 450 Scenario (MEES, 14 November 2011) assumes policy action to limit the long term global temperature in...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Benchmark Crude Prices
...12 Q2 2012 2011 2010 WTI 85.45 85.99 85.88 89.57 94.69 92...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Repsol Strikes Gas In Algeria
...oduction heartland. The Tihalatine South-1 well flowed at 3.7mn cfd at a depth of 1,070ms in the Ordovician shale reservoir. Appraisal work will be carried out by the consortium to assess the size of this discovery. Exploration began in July 2011 with the acquisition of 2D and 3D seismic da...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Jordan’s Energy Price Hike Triggers Protests
...generate its electricity supply, following the interruption in the flow of cheaper Egyptian gas via the Arab Gas Pipeline. This was bombed 15 times since the overthrow of the Mubarak regime in January 2011. Last week Egypt agreed to raise its gas exports to Jordan to 60mn cfd from an average of 42...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Sudan Rebuffs IMF Austerity Recommendations
...ficit which primarily came about as a result of Sudan losing some 75% of its oil revenues to the South when it seceded in July 2011. The deficit was estimated at around $2.4bn in June this year. Yet despite these measures, the IMF has urged the authorities in Sudan to continue along this same path and cu...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
UAE Issues 2012 Supplementary Budget
...e budget announced in October 2011, while total revenue will increase by Dh3.7bn ($1bn) to Dh45.1bn ($12.3bn) from Dh41.4bn ($11.3bn). The resulting deficit will now stand at Dh1bn ($272mn), compared to Dh400mn ($109mn) in the original budget (MEES, 17 October 2011). According to the de...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
IMF Sees Solid Economic Performance In Algeria
...at the fiscal balance is expected to deteriorate to 3.7% of GDP, weighted by the full effect of wage increases and back payments. It points out that “vulnerability to hydrocarbon prices has constantly increased, with the breakeven price reaching $121/B in 2012.” Unemployment was stable at 10% in 2011...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
ExxonMobil-KRG Oil Deals Send Seismic Shock Through KRG-Baghdad Relations
...ast tripling electricity provision there. Pointing to World Bank statistics, Mr Salih noted that GDP per capita had grown almost 1,500% in the last nine years, from $375 dollars in 2002 to estimates of “at least” $5,500. “In 2002, the annual budget of Kurdistan was $100mn. In 2011, we had $10bn of go...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
East Mediterranean Energy Potential Under Spotlight At Cyprus Conference
...ars, he added. A total of nine wells were drilled in 2011 and a further 12 wells are planned for 2012-13. Israel has proven natural gas reserves of 277 bcm (9.8 tcf) and a possible total of 730 bcm (25.8 tcf), he said, adding that estimated reserves could be as high as 60-70 tcf of gas and 1bn barrels of...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Hawrami: ‘Let Parliament Rule On Oil Policy Differences’
...nanza and has been the driving force behind the autonomous region’s ambitious and controversial oil policy. The KRG is producing in excess of 200,000 b/d, and has recently committed to raise oil exports to 175,000 b/d next year from its 2011 commitments of 100,000 b/d. Dr Hawrami talked to Rafiq La...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
WTI Tops $100/B, Falls Back On Eurozone Worries
...ice on 11 November was $111.87/B, $4.01/B more than the previous week’s price and $26.33/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Brent DME Oman ICE Dubai OPEC Basket 11 No...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
China’s Crude Oil Imports Rise In October
...ptember imports of 20.45mn tons (4.82mn b/d) and they are 26.9% over October 2010 crude imports of 16.39mn tons (3.86mn b/d). During the January-October 2011 period, China has imported a total of 207.57mn tons of crude oil. Total crude oil imports during 2010 amounted to 239.31mn tons (4.79mn b/d). Ch...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 47 21-Nov-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Dec No...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Noble Assesses East Mediterranean Prospects, Puts Aphrodite At 3-9 TCF
...800ms (MEES, 26 September). In a report released prior to its 2011 analysts conference in Houston, Noble gave an update on its current status of operations in the eastern Mediterranean, where it has made significant discoveries at the Tamar and Leviathan fields offshore Israel and has worked to en...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011