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Weatherford Hit By MENA Corruption Rap As Region Ranks Poorly
...change Commission (SEC) to settle corruption charges linked to a string of incidents in the Middle East and Africa. The firm “between at least 2002 and July 2011” routinely secured business through bribes and lavish corporate hospitality, according to evidence catalogued by the SEC in a 25-page do...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...ys soaring government expenditure between 2010 and 2013 became a major challenge for the state, especially given that some 75% of the total went on current expenditure, which cannot be reduced easily. In the wake of the Arab Spring, Oman in early 2011 embarked on a policy of social spending in order to...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Benchmark crude prices ($/B)
...12 2011 WTI 97.38 93.00 94.00 93.85 100.57 105.73 94.17 94.18 95...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Indonesia’s Pertamina Pays $1.75bn For ConocoPhillips Algeria Assets
...rcumstances, production rarely if ever brought ‘home’, it is not always clear that this could even happen in an emergency situation. Abu Dhabi’s state investment vehicle IPIC’s 2011 purchase of Ourhoud operator Cepsa is another example of state firms expanding in Algeria at the expense of in...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Libya Output Hit By Strikes
...pped to 1.54mn b/d from October’s post-revolution high of 1.56mn b/d as strikes shut Ras Lanuf for several days. Limited storage at the 220,000 b/d refinery and neighboring port – tanks destroyed during 2011’s fighting have yet to be replaced – means that problems at the refinery have a rapid impact on up...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Use Of Cypriot Gas Deposits As Collateral Premature Says Kassinis
...-20% of the combined reservoir, although MEES understands that Israeli estimates put it at as much as 30-35%. Since 2011 Cyprus and Israel have been negotiating a unitization agreement on the joint exploitation of Aphrodite/Ishai. These talks are highly unlikely to be completed before the re...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Badri Urges Straight Course
...ssible emergency meeting ahead of May (MEES, 14 December). Just why such high supply has not had a bigger impact on prices was somewhat of a mystery. OPEC basket prices have been above $100/B for all but three months since January 2011. OPEC output, according to the OPEC’s own Monthly Oil Ma...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
MENA Active Drilling Rigs, November 2012
...12* November 2012 breakdown* Nov-12 Oct-12 Nov/ Oct Sep-12 Nov-11 2012/ 2011...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Benchmark Crude Prices & Saudi Arabia - Economic Data
...12 Q2 2012 2011 2010 WTI 90.13 86.15 87.53 86.85 89.57 92...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Cyprus Ends Gas Block Talks With French-Russian Consortium
...alleviate its debt burden – it was heavily hit by the Greek sovereign debt crisis. Block 9 is one on offer that adjoins Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. A second phase of drilling on Noble’s field, Aphrodite, is due to take pl...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Suez Canal Traffic
...nuary-November 2012 are both down 2% on year ago levels. Last year’s revenues were the second highest on record after 2008 despite Egypt’s massive political upheavals. Southbound crude volumes, at 900,000 b/d for the first 11 months of 2012, are up almost 70% on the same period in 2011...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
UAE Signs Nuclear Deal With Russia
...dertake the study failed to “submit its report on time.” Worldwide uranium production was estimated at 54,610 tons in 2011, while proven global uranium resources amounted to 5.33mn tons at end-2011. Meanwhile, Iran is the only country in the region to have built a commercial-sc...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Israeli-Turkish Normalization Talks May Include Energy Parameter
...rmara incident, when Israeli commandoes killed nine Turkish citizens while boarding a Turkish ship, which was attempting to break Israel’s blockade of the Gaza Strip. Although both sides have been pressured by the US to reach some sort of accommodation since the autumn of 2011, the campaign has been st...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Lebanon’s $2Bn Issue Meets Limited Market Appetite
...GDP in 2011 allow the country to be relatively insulated from geopolitical developments. It adds that Lebanon has never defaulted on its debt servicing, despite serious political and economic shocks. Confidence in the Lebanese pound remains strong, as conservative bank regulations have enabled the Ce...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Why The Middle East Will Lead The World In Developing Sustainable Energy
...nkings* Country 2012 Rank 2011 Rank 2010 Rank Qatar 41 48 38 UA...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Ministers Roll Over Ceiling Again, Badri Gets Seventh Year
...asonable price levels for producers and consumers.” OPEC would “swiftly respond to developments that might have a detrimental impact on an orderly oil market,” it vowed. Basket prices have remained over $100/B for all but three months since January 2011 delivering a revenue bonanza, pr...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Petchem Firms Face Saudi Ethane Supply Restrictions
...e of the lowest costs seen for mega projects, following the financial crisis. It was the largest project financing completed last year, priced at 130-200bps across a 16-year tenor (MEES, 19 December 2011). This was close to the 2010 pricing seen for the Aramco/Total 400,000 b/d Satorp export re...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
SABIC Strategy Tracks Demographic Trends
...e US. Industrial Cities The petrochemicals giant is also looking to expand downstream. In March 2011 SABIC and the Saudi Industrial Property Authority (MODON) signed an agreement with Boston Consulting Group (BCG) to develop industrialization strategies for the Saudi cities of Al-Jo...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Egypt At the Crossroads: A MEES Special Report On Egypt’s Economy And Politics
...v) $26.6bn $35.2bn GDP (annual % change) +3.3 (Q2)* +1.8 (2011)* +5.1 Industrial Production (% chg on year) -4.4 (Se...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Crude Prices
...12 2011 2010 WTI 85.89 87.53 87.68 86.83 89.57 92.21 93...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012