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Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...feeding stranded provinces to become a strategic energy balancing tool. According to the report, the difference between summer and winter demand peaks jumped from 180mn m3/d (6.36bn cfd) in 2011/12 to 221mn m3/d (13bn cfd) in 2021/22. Moreover, steady growth means that consumption in summer is no...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Libya Calls On IOCs To Return To Work
...e country to return and “lift the force majeure declared by them.” Libya’s chaotic political trajectory since the 2011 ouster of Muammar Gaddafi has made many IOCs wary of fully engaging in the country which holds the largest proven oil reserves in Africa some 48.3bn barrels according to Op...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Jordan Gas Trade: Hello Israel, Bye-Bye LNG?
...rtainly did keep Amman from the brink: when Egyptian gas supplies dwindled in 2011, Jordan had to import and burn costly oil products (mainly diesel) in its power fleet just as oil prices exceeded $100/B – forcing the state firm Nepco to incur over $7bn in debt (MEES, 31 May 2019). But even with the st...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Opec Output On Track For Eight-Year Low
...Opec output fell 140,000 b/d to 29.59mn b/d last month despite perennial quota-busters Iraq and Nigeria continuing to flout their commitments. For 2019 Opec output is on track to fall below 30mn b/d for the first time since 2011. After having promised Saudi Energy Minister Prince Ab...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Libya’s Oil Storage Woes
...tput. Elsewhere, any export terminal shut-in would lead storage tanks to drink up crude to ship another day. But not in Libya. Years of fighting since the 2011 revolution have left storage infrastructure crippled (MEES, 7 September). NOC chief Mustafa Sanalla said ahead of this week’s Opec meeting th...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Qatar Shines Spotlight On OPEC Divisions As It Ends 57-Year Membership
...tween 2009 and 2011 while maintaining its Opec membership. Yes, the benefits of continued Opec membership for Qatar are limited, but this has held true for years. Why opt to leave now? Because the GCC rift has eroded Qatar’s voice within Opec and therefore the benefits that it derives from me...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...l prices. At the start of the 2000s Algeria’s conservative budget assumptions meant the country racked up trade surpluses even when crude was $25-30/B (see chart 3). But the country posted a series of blowout budgets from 2011 as Algiers distributed largesse on the back of $100/B-plus crude in a bi...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...oblems remain. Output has been in long-term decline, the result of a collapse in exploration. The country had over 50 active exploration permits at the start of the decade. The number fell after instability rose following the revolution at the start of 2011, which also saw key officials ousted and ot...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
KRG Goes Fishing For New Investors, But Will They Bite?
...ES. …EXXON GO-SLOW ExxonMobil was awarded six blocks in 2011 but progress has been minimal, largely due to proximity to the front line with areas under Islamic State (IS) control. The firm has the Pirmam block just east of Chevron’s Sarta, as well as the controversial Al-Qush and Baeshiqa bl...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...CEMBER* *THE EIA FOCUSES ON THE SEVEN MOST PROLIFIC AREAS IN THE LOWER 48 STATES WHICH ACCOUNT FOR 92% OF OUTPUT GROWTH BETWEEN 2011-2014. SOURCE: EIA DPR, MEES CALCULATIONS. PERMIAN PROMISE Short-term, firms have understandably been attracted to the Permian Basin, due to its low co...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Egypt Inaugurates 200mw Gebel El Zeit Wind Farm
...vestment Bank provided a further €50mn and the European Commission €30mn. The project was slowed by the 2011 ‘Arab Spring’ uprising and subsequent political turbulence, a Ministry of Electricity and Energy official told reporters. Project go-ahead was given in late 2008 and the financing deal was co...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
US Oil Output, Imports, Exports, Demand: Q3 Oct & Nov 2015 (‘000 B/D)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Crude Official Selling Prices ($/B)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Healed GCC Is To Meet In Doha, Discuss Stronger Military Ties
...gional security – including the expansionary Islamic State and the GCC’s rival across the Gulf, Iran – the group will likely only be capable of taking baby steps towards that goal. GCC defense spending has come off its early 2000s highs but outlays have spiked since unrest rocked the MENA region in 2011...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...eir revenue since prices hit their peak in mid-June. The OPEC basket then briefly topped $110/B; since OPEC decided against cutting output on 28 November its value has fallen below $70/B. Current prices (OPEC Basket) of around $68/B are 37% down on the $107/B that they averaged between January 2011...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 66.81 71.75 75.44 75.48 84.33 97.25 103.00 98...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Promises $1.5Bn Receivables Payout
...eviously touted by Oil Minister Sharif Isma’il. Foreign energy companies have been reluctant to invest into expanding production in Egypt without some cash flow from government coffers. Egypt has a history of late payments, but receivables ballooned during the political turmoil of the Arab Spring in 2011...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Bullish Iran Meets With Majors As It Gears Up For ‘Big Return’
...arved it of much-needed investment, and more recently resulted in a slashing of the country’s crude output by 1mn b/d since late 2011. Under the existing sanctions regime imposed by the US and EU, Western oil companies are effectively barred from investing in Iran. But sensing a possible opportunity fo...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Umm Lulu Moves Forward
...the offshore site. AMEC was also awarded a contract by ADMA-OPCO in 2011 during the first phase of Umm Lulu development. This follows a $1.69bn contract awarded in September to a consortium of local contractor National Petroleum Construction Company (NPCC) and France’s Technip. Work at Umm Lu...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013