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Benchmark Crude Prices & OPEC Basket Components: 2012 Average Prices
...12 Q3 2012 2012 2011 WTI 95.49 93.36 92.74 88.26 86.85 88.25 92...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Iran’s Service Sector Buckles Under Sanctions Strain
...ts on multiple fronts. US-led pressure on oil sales is impacting export levels. According to MEES calculations, output is around 800,000 b/d down on 2011’s average 3.6mn b/d. And a senior politician recently acknowledged oil revenues in the fourth quarter of the current Iranian year (corresponding to 21...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Sudan Targeting 150,000 B/D Output By Year End
... SUDAN Sudan Targeting 150,000 B/D Output By Year End Since losing around three-quarters of its near 450,000 b/d former oil output to the South in 2011, Sudan has been pushing hard to raise its oil production and refining capacity. In December last ye...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Turkish-Qatari Gas Talks Stall As Balkan LNG Terminal Discussed
...ng-term gas supply contract that would help Turkey further limit its import dependence on Iranian gas. Turkey covered around 16% of its final gas demand from Iran last year according to recently published statistics from the International Energy Agency. In 2011 Iran exported 8.4 bcm to Turkey, making it...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Qatar Claims ‘GTL World Capital’ Status
...Ls and GTL products through 3Q12 and is currently producing and selling all GTL products from its product slate,” he noted. “Just last month we celebrated the 100th GTL cargo from Pearl during 2012.” Pearl GTL was inaugurated in November 2011 after an $18.5bn development, but was not expected to re...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
SEC Lines Up ACWA-Led Consortium For Rabigh-2 IPP
...pointed in June 2011. The consortium submitted the lowest bid of 7.416 hals/kwh of electricity, with a plant capacity of 1.96gw. Qurayyah was initially intended to be a heavy oil plant, but SEC opted instead for a gas-fired unit. The project is slated for start-up in mid-2014 and is expected to cost $1....
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
New Saudi Eastern Province Governor Appointed
...ea is at the epicenter of the Saudi oil industry and home to Ghawar, the world’s biggest oil field, the kingdom’s biggest oil processing center at Abqaiq, and Ras Tanura, location of its biggest refinery and export terminal. In 2011, King ‘Abd Allah sent troops to put down a Shi’ite-led pro-democracy mo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
TAQA Shuts Down North Sea Platform
...veloping a 100mw hydroelectric plant in northern India. The joint venture partner is Jyoti Structures, an Indian power infrastructure company, which signed a Memorandum of Understanding with TAQA in July 2011 to look at investing in renewables. Carl Sheldon, TAQA’s Chief Executive Officer, said: “This in...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Sudan Secures $1.5Bn Chinese Loan
...onomy hammered by the loss of nearly three-quarters of its 450,000 b/d of oil production to South Sudan when the latter seceded in July 2011. Oil export revenues were estimated to have accounted for around 85% of Sudan’s total pre-secession export earnings, which in 1H11 amounted to around $7.5bn, ac...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Samba Projects Fall In Saudi Real GDP Growth In 2013-15
... SAUDI Samba Projects Fall In Saudi Real GDP Growth In 2013-15 Saudi Arabia’s real GDP growth is projected to fall to 3.3% in 2013-15 from the very high rates of 7% in 2012 and 8.5% in 2011, Samba said in its latest update on the Saudi economy. The main reason fo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Kuwait Audit Bureau Estimates RFFG Assets At $261Bn
...742.35mn ($2.64bn) in the year ending 31 March 2011 and KD710.27mn ($2.52bn) in the previous year ending on 31 March 2010. The Audit Bureau called for the adoption of necessary measures to ensure stability in the value of portfolios and minimize possible risks. The report also noted that political ch...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Baghdad’s New Oil Leadership Faces Stiff Challenges
...hieved last August. And while average crude supply to refineries last year was certainly up on 2009’s 440,000 b/d, it was only a marginal improvement on 2011’s 565,000 b/d. And given low gasoline output from the ageing units, upgrades are badly need to cut down on expensive imports. Northern Di...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Algeria Fleshes Out New Oil Law
...ly nine blocks were awarded of 36 on offer in the three bid rounds – 2008, 2009 and 2011 – conducted since Algeria introduced the current hydrocarbons law (MEES, 21 March 2011). Several large IOCs have headed for the exits – most recently ConocoPhillips, which cited a desire for “improved returns on ca...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Algeria Set For LNG Capacity Hike
...geria’s core European customers (notwithstanding Turkey’s plans to at least maintain current volumes – see below). For 2011 Algeria exported LNG equivalent to 17.3bcm of gas, less than half Sonatrach’s claimed 42bcm/y liquefaction capacity and down more than 10% on 19.3bcm for 2010, which in tu...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Higher Oil Prices Adopted In 2013 Budgets
...imulus programs put in place to appease Arab Spring protestors. Higher market prices have also provided encouragement. The OPEC Basket price climbed to a yearly average of $109.45/B last year versus 2011’s $107.46/B. This means OPEC producers will surpass their 2011 record $1 trillion oil revenue ja...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Benchmark Crude Prices & Opec Basket Price 2009-2012
...12 Q3 2012 2012 2011 WTI 93.82 92.74 89.97 88.26 86.85 88.25 92...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Aramco Eyes Seven-Well Red Sea Drilling Drive
...aditional Eastern Province heartland. Aramco has boosted gas reserves for at least 12 straight years from 1999 to 2011. And raw gas production has risen for all but one of those years (MEES, 4 June 2012). Nevertheless a gas shortage looms for the Kingdom, with liquids burning for power generation on the in...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
UAE Misses 3Mn B/D Crude Target, Set To Become Net Gas Importer
...rned 3.21mn barrels of crude and 2.74mn barrels of gasoil in power stations (MEES, 23 April 2012). This is expected to have increased in 2011 – when peak power demand leapt 14%, and to have risen further to meet 2012’s expected 10% growth. State-owned IPIC and Mubadala, in a 50:50 joint ve...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Ishai Drilling Disappointment May Change Israel’s Gas Export Views
...place in Ishai is shifting the balance of power in favor of the conservationist lobby inside Israel’s fractious decision-making mechanism. Estimates published by Ryder Scott in June 2012, which were based on detailed 3D seismic studies completed as late as June 2011, projected a very high pr...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
MENA Active Drilling Rigs, December 2012
...cember 2012 breakdown* Dec 2012 Nov 2012 Dec/ Nov Oct 2012 Dec 2011 2012/ 2011...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013