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Tullow Consolidates Mauritanian Position Ahead Of Key Drilling Campaign
...Petronas 13.5%, Kufpec 11.1%, Premier 6.2%, SMH 10% Remainder of former PSC A&B after discoveries hived off in Oct 2011. 3Q13 well targets ‘Tapendar’ C-18 90%op SMH 10...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
South Sudan Plots New Oil Concession Sales
...nth, representing 98% of government revenues. The country’s output was halted after it accused Khartoum of confiscating around $815mn worth of its crude as it flowed through Sudan to the Red Sea for export. Despite breaking away from Sudan in July 2011, South Sudan is still dependent on Sudan fo...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Vive La Difference! IEA, OPEC Split On Supply, Price Views
...d oil price assumptions, as a recent study comparing their respective scenarios reveals. Differences become more acute through to 2035. Medium-term, 2011-16, the IEA sees oil demand growth as 400,000 b/d higher than OPEC. Given 2016 demand will be 93mn-94.5mn b/d, this reflects “roughly th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Benchmark Crude Prices
...12 2012 2011 WTI 92.84 96.94 96.20 94.88 88.26 88.25 92.21 94...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Kuwait Prepares Refinery Bidding, Amid Latest Political Chaos
...grill Mr Husain have said that they have dropped their plan to also question him about Shell’s $800mn consultancy deal with KPC’s upstream firm Kuwait Oil Company (KOC) to help develop northern Jurassic gas fields (MEES, 8 August 2011). Shell investigations by the government and parliament probed if...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Syrian Officials Review Economic Consequences Of Ongoing Civil War
...finery running at 70% capacity and Banias at 79.5% capacity. Their output meets about 40% of domestic demand, with the remainder imported from “friendly countries,” he added. (Prior to the political turmoil in the country, the two refineries were processing around 245,000 b/d of crude – MEES, 7 November 2011...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Egyptians Rush Into Dollars, Fearing Pound’s Collapse
...out 14% since the beginning of the Egyptian revolt in January 2011 to an official rate of $1=E£6.73. A black market for foreign exchange has also emerged with the pound trading even lower at around $1=E£7. Forex reserves have fallen to $13.6bn at the end of January, less than half their level in Ja...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
SWIFT Denies Knowledge Of Iran Sanctions Busting
...rcumvent them is “a matter for regulators and policy makers.” As a global supplier of secure messaging services, SWIFT notes it has no involvement in or control over the underlying financial transactions that are contained in the messages of its member banks. In its 2011 annual review, Belgium-in...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Jordan Disburses $141Mn To Offset Energy Cost
...ficit ballooned and the government was no longer able to bear the burden. Following the overthrow of the Husni Mubarak regime in Egypt in early 2011, the flow of Egyptian gas to Jordan was sporadic because of the frequent sabotage of sections of the Arab Gas Pipeline (AGP) which supplied cheaper gas to th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
An Evaluation of EU-Russian Energy Relations - A Policy Perspective
...ices has coincided with lower gas demand. With the continued Eurozone debt crisis damaging economic recovery, oil-indexed pricing is coming under increasing pressure. In 2009 Statoil reduced oil indexation to 75% in its contracts, compared with Gazprom’s 85% in 2011. If Statoil again re...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Egypt Struggles With Gas Supply Challenge
...ost domestic production from deepwater deposits. Egypt’s gas production has edged lower for each of the past three years since peaking at 62.7bcm in 2009. Production of 60.6bcm for 2012 was 3% down on 2009 and a further 0.6bcm/year (60mn cfd) down on 2011 (see graph and table). Output for th...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
BG Egypt Output Hit By WDDM Compression Failure
...’s flagship WDDM project did rise by 9% to 6.5bcm for 2012 stemming three years of continuous decline including a precipitous 17% fall in 2011 (see graph). However the 2012 rebound was much more modest than the 7.7bcm rise BG had anticipated. Nine new development wells were drilled during 20...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Japanese, French, Move To Secure Abu Dhabi Concessions
...vember 2010). A Bigger Prize The November 2010 package helped secure the renewal of some small offshore concessions in early 2011. This time Tokyo is aiming for a bigger prize – a stake in major onshore producing fields when the ADCO concession ends. Upstream firm Inpex, through its Abu Dh...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Tokyo Visits Top Two Suppliers
...NA Breakdown By Grade, 2011 & 2012 2012 2011 2012 2011 '000 b/d % of total '00...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Benchmark Crudes & OSPs
...12 2012 2011 WTI 97.31 96.20 97.44 94.88 88.26 88.25 92.21 94...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Sanctions Cost Iran $40Bn In 2012, IEA Says
...e region of $40bn in oil export revenues last year, as its crude oil exports sunk to an average of 1.5mn b/d – down nearly 1mn b/d from 2011 levels, the International Energy Agency (IEA) said on 13 February. “A back-of-the-envelope calculation shows Iran lost just over $40bn in export revenues in 20...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
LNG: Qatar’s Russian Strategy – Compete Or Collaborate?
...2011 exported 14.4bcm to Asia-Pacific – 9.8bcm to Japan and 3.9bcm to South Korea. State-owned Gazprom signed a preliminary deal in September 2012 with the Japanese government, which will help fund a planned $13bn 10mn t/y LNG export terminal in Vladivostok – like Sakhalin only 3 days’ shipping to To...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
South Sudan Claims Progress On Own Oil Pipeline
...ighbor to the north signed a series of cooperation agreements in late September, which were – among other things – meant to pave the way for Southern Sudanese crude oil to resume its flow through Sudan and on to Port Sudan for export. Despite seceding from the north in July 2011, South Sudan is still hi...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Global Economic Weakness Pares Saudi Petchem Profits
...lf improved their profitability. Used in wide array of automotive, packaging, consumer durable, and construction products to name but a few, petrochemicals depend heavily on robust economic growth. The IMF put 2012’s global growth at 3.2%, which is down from 2011’s 3.9%. In January it also cu...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Renewables To Spearhead Multi-Billion Dollar Moroccan Capacity Drive
...igibility for a $6.3bn Precautionary and Liquidity Line arrangement over two years. And last September the African Development Bank approved $800mn in loans for the country’s solar and wind power sectors. Planned 2020 renewables capacity is almost equal to Morocco’s 2011 capacity of 6,377mw. Five pr...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013