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Bahrain Discovers New Crudes As Gas Plans Take Shape
...2014 (MEES, 10 October 2011). To date four wells have been drilled. Regardless of the quantities of gas ultimately discovered and produced from the deep gas reservoir, Dr Mirza stresses that the LNG terminal is needed. The purpose of LNG imports would be to smooth peak demand periods and allow in...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
BP In Talks For Multi-Billion Dollar Kirkuk Rescue Plan
...at 200,000 b/d from 160,000 b/d a couple of years ago. But problems installing water injection capacity will has delayed a planned push to boost Bai Hasan to 240,000 b/d. Jambur is at 55,000 b/d, slightly up on late last year (MEES, 19 September 2011). Khabbaz output of 28,0000 b/d will rise to 30...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Oman Relies On Independents To Boost Crude Output By 40,000+ B/D
...bject of intense debate. PDO announced on 20 February its crude output dropped slightly to 549,280 b/din 2011from 553,000 b/d in 2010 because of strikes triggered by political unrest and flooding caused by heavy rain. PDO Managing Director Raoul Restucci said to replace output lost to depletion, PDO is...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Qatari Petrochemical Projects Seek Financial Advisers For Deals Worth $5Bn
...efin derivative unit (MEES, 12 December 2011). Banking sources expect the QP/Shell project to replicate previous Qatari deals, which have tended to secure funding from multiple sources such as export credit agencies (ECAs), banks (both conventional and Islamic) and bonds. A useful template will be Qa...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
CGES Says Faltering Non-OPEC Production Growth Could Press OPEC To Boost Output
...s Monthly Oil Report. It said: “Concerns are again rising about non-OPEC increases and forecasts of significant growth in 2012 may be too optimistic.” The consultancy pointed out that after rising by more than 1mn b/d in both 2009 and 2010, annual average non-OPEC production declined in 2011, “co...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
CME Group And Oman Investment Fund To Boost Stakes In DME
...505 Contracts In 2011 During 2011, the DME delivered more than 145mn barrels of crude oil – an increase in year-on-year trading volume growth of 19%, the DME said in the statement. Average daily volume rose to 3,505 contracts [each for 1,000 barrels of crude], peaking at 4,427 a day in July, wh...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Jan Dec Nov Oct Sep Au...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Sonatrach Plans 70% Hike In Refining Capacity
...pacity as booming domestic gasoline and diesel consumption has left the country’s refiners unable to keep up. Algeria imported a record $2bn of refined products in 2011, with a similar level of imports forecast for 2012....
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Egypt Expects To Finalize $3.2Bn IMF Loan In March
...sign the agreement for the loan, which will be disbursed in three tranches. The loan has been under discussion with the IMF since July 2011 and the Egyptian authorities have yet to agree to the IMF terms. Speaking on 23 February Gerry Rice, the IMF's External Relations Director, said that “we do...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Apache Diversifies Away From Egyptian Instability
...eve Farris said, in a presentation marking the release of the firm’s 2011 results, that Apache’s “perceived overexposure” to Egypt (as well as to the Gulf of Mexico where a drilling moratorium in the wake of BP’s 2010 spill also hit Apache’s figures) has “caused concern,” despite record oil prices li...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
European Dependence On Iran Oil Decreases, Tehran Embargoes UK And France
...ly 2012. Iran’s decision with respect to the UK and France has little actual impact, since the UK had not imported Iranian crude since February 2010 and France’s Total, which is estimated to have imported around 58,000 b/d in December 2011, had stopped importing Iranian oil even before 23 Ja...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
IEC Confirms 15-Year Gas Supply Deal With Tamar Partners
...ported on 20 February, adding that some changes had been made to the original agreement that had been approved in principle last December (MEES, 26 December 2011). Under the terms of this latest agreement, IEC after the start of supply in 2013 will have two opportunities – after eight years and after 11 ye...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
EU Assistance To Jordan To Top €3Bn Over Next Three Years
...therine Ashton announced on 22 February at the end of the first meeting of the EU-Jordan Task Force. Detailing this assistance, Ms Ashton noted that the amount allocated to Jordan from the EU budget for 2011-13 has been increased by an additional €70mn to rise to almost €300mn. Also, the European In...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
IMF Warns That Lebanon Faces Political And Economic Challenges
...LEBANON IMF Warns That Lebanon Faces Political And Economic Challenges Lebanon’s economy lost momentum in 2011 after four years of impressive economic growth as a result of internal political bickering after the collapse of the coalition government in January 2011 and regional unrest, th...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
BP Sees North Africa As Key Exploration Area
...REGIONAL BP Sees North Africa As Key Exploration Area Oil major BP, in its 2011 results and strategy presentation delivered 7 February, labeled “offshore North Africa” as one of the company’s four key global exploration areas, all of which are offshore. The company has taken the bold de...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Saudi Aramco And Pertamina Sign MOU For 300,000 B/D Java Refinery
...gineering packages are in the process of getting awarded (MEES, 1 August 2011). But an official green light for a major expansion at Petro Rabigh is still being delayed. A final investment decision (FID) was originally to have been made in late 2010/early 2011, to allow for start-up in 2014. But partner Su...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
China And South Sudan To Hold ‘Clear The Air’ Talks After Petrodar Chief’s Expulsion
...ighbor have been locked in a bitter dispute over oil revenues ever since November last year, when Juba accused the North of stealing its oil – something Juba now insists Mr Liu was involved in (MEES, 5 December 2011). Speaking to reporters, Mr Benjamin said that a recent government investigation had fo...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Trafigura Gets Green Light To Unload Disputed Sudanese Oil
...dependence 470,000 b/d crude output (MEES, 7 November 2011). Due to a lack of its own export infrastructure however, it is still forced to depend on the North to use the only existing pipeline to the Red Sea outlet of Port Sudan. While there have already been several rounds of talks between the two sides to re...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Dragon Records 68% Jump In Profits For 2011, Maintains Push To Diversify
...UAE Dragon Records 68% Jump In Profits For 2011, Maintains Push To Diversify Dubai-based Dragon Oil announced on 21 February a 68% rise in its profits for 2011 relative to the previous year, due for the most part to a production ramp-up at its oil field offshore Turkmenistan, and a hi...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Total Restarts Block 10 Oil Production As Masila Strike Ends
...ock 14 was cut earlier this month after more than 1,000 PetroMasila employees working on the block went on strike on 9 February over claims that the government had not paid them their due end-of-service allowances following the pull-out of Canada’s Nexen from the block in December (MEES, 28 November 2011...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012