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Kufpec China Blocks
...8mn, bringing its total stake to 49%. CNOOC owns the remaining 51% and operates. The field has been in decline for some time, yielding just 185mn cfd in 2012, down from 240mn cfd in 2011 and 325mn cfd in 2010 (MEES, 17 May 2013). The new blocks are adjacent to the pipeline linking Yacheng to shore. Ku...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...spectively, though the Middle East’s contribution has risen steadily and accounts for 77% of the total so far this year. South Korean imports have fallen sharply to 1.8mn b/d, of which 1.5mn b/d was supplied by Middle Eastern exporters, but it is down from a peak of 2.2mn b/d in 2011 and 2012, Mr Ketbi sa...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Israel-Cyprus-EU Gas Pipeline: Talk Hots Up, Action Unlikely
...ke it highly unlikely. A 1,500km sub-sea gas pipeline, which would link the 40 tcf-plus of gas discovered offshore Israel and Cyprus with European markets via Greece and Italy, has been mooted ever since key Israeli fields were discovered in 2010 and 2011. Plans got a boost when the 5 tcf Ap...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UK Restores Permanent Gulf Presence Amid Escalating ISIS Fight
...’s facilities after its withdrawal in 1971 – and therefore benefits from the United States’ security umbrella. Largely due to the presence of international security forces in Bahrain, including the US Navy as well as the GCC force that intervened to help quash unrest in 2011, Bahrain spent just $1....
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Libya: UN Efforts To Mediate Run Into Headwinds
...und of talks held in September did not yield any results. Libya’s latest political crisis in the aftermath of the 2011 revolution that swept Mu’ammar al-Qadhafi from power ignited when Islamist militia took control of Tripoli in July in response to parliamentary elections held a month earlier. The el...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...7mn b/d for 2013 and almost 2.5mn b/d in 2011, before sanctions started to bite (see graphs). That year Iran’s oil export earnings hit a record $255mn per day, that is to say $93bn for the year as a whole – the height of former president Ahmadinejad’s spending largesse, spending that with hindsight is se...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...ganization was divided into two newly created bureaus in the President’s office: “Planning and Guidance Supervision” and “Management and Human Capital Development.” The Fifth Plan: 2011-2015 After a long delay in its preparation, the text of the Fifth Plan was approved in January 2011 by the Majlis wi...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 59.95 67.18 71.75 75.48 84.33 97.25 103.00 98...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014