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Exxon Shrugs Off West Qurna-1 Cut
...Cs’ unattractive terms, which do not allow IOCs to book reserves, led ExxonMobil to ignore Baghdad’s threats of expulsion and sign production-sharing contracts for six KRG exploration blocks in 2011. ExxonMobil has managed to retain its WQ-1 operatorship, having reduced its stake from 60% to 25%, wh...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Iraq, KRG Narrow Differences In Oil Row But Final Accord Elusive
...ditional $2bn to the KRG, rather less than the $9bn that Erbil says is owed by Baghdad for oil sales between 2011 and 2013, when the KRG halted exports of some 150,000 b/d because of the row over non-payment to foreign contractors. But he reiterated the Iraqi government’s position that no oil could be ex...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Chinese Import Slowdown Sets Alarm Bells Ringing For OPEC
...nce mid-2012 been required to dramatically reduce its imports of Iranian crude oil so as to stay in line with US sanctions placed on Iran’s key oil and banking sectors. Washington in late 2011 passed a law cutting off access to the US financial system for entities involved in oil trade with Iran and it...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Force Majeure A Reminder Of Risks For Energy Producers In Egypt
...wn the impact of the Arab Spring upheaval on business, even as the amount of outstanding receivables continued to grow. Gas Pipeline Bombed, Again But while oil and gas production sites have remained unaffected by the violence that has periodically engulfed Egypt’s main cities since 2011 (th...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Rafsanjani Criticizes IRGC’s Economic Power
...e Iranian rail network (MEES, 16 November). The previous Minister of Petroleum Rostam Qasemi, who served as managing director of Khatam al-Anbia before his appointment in August 2011, called for expansion of the role of the IRGC-affiliated engineering firm in the economy, by becoming a “re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
UN Sees Polarized Performance In Arab Region
...anwhile Syria’s oil production (from government-controlled fields) has sunk to a new low of 13,000 b/d, or about 3.5% of 385,000 b/d at the beginning of the crisis in 2011, Syria’s Deputy Minister of Petroleum Hasan Zainab told the local daily Tishreen on 23 January. He estimates Syria’s oil-related ec...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Mauritania Bags $850Mn
...ending heavily on food and energy subsidies and higher public sector salaries in 2011-12. Qatar was the last of the four Gulf states to sign the aid accord with Morocco....
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
The North Sea & OPEC, Contrasting Policies, But Comparable Oil Resources?
...rrels. Avaldness Field was discovered in 2010 with reserves estimated at about 0.4bn barrels, but with upward revisions they could be nearly 2bn barrels. The Schiehallion and Loyal Fields went onstream in 1988 and had produced about 400mn barrels by 2011 when about 450mn barrels were added to the re...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 98.23 95.91 93.38 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Bid Round Puts Algeria’s New Hydrocarbon Law To The Test
...ALGERIA Bid Round Puts Algeria’s New Hydrocarbon Law To The Test Algeria launched its first bid round since 2011 this week, seeking to stem declining output with improved terms. But it will have to banish the ghosts of In Amenas. Algeria launched a long-anticipated bid round this we...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Gas The Priority For Iran’s New Oil Team
...14 2020+ 1.8 77 14 50 2014 2020+ 1.8 77 15,16 90 2011...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Jordan Left With Few Gas Options After BP Abandons Risha
...an. Yet, a severely limited set of options may force Jordan to look seriously at Israeli gas import proposals going forward. Until January 2011, Jordan depended on Egyptian gas supplies via the Arab Gas Pipeline (AGP). Contracted volumes called for 250mn cfd of exports to Jordan to supply power st...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Libya: Situation Normal, All Falling Apart
...my is no match for the plethora of militia groups that effectively control the country. These include radical Islamists that have made their presence noticed by fighting government forces in Benghazi. The militias’ unchecked rule has led to the unlawful incarceration of thousands of Libyans since the 2011...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Sudan’s Upstream Banking On Repeat Business
...SUDAN Sudan’s Upstream Banking On Repeat Business Sudan is looking to drum up interest in its stalled upstream, close to three years after losing the majority of its oil producing assets due to South Sudan’s independence in July 2011: since the South’s secession production ha...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Upper Zakum Extended, Terms Sweetened
...morandum of Agreement brings together the expertise of two of our investee companies currently operating across diverse geographic regions.” Cosmo has a small concession in Abu Dhabi, which was renewed in 2011. Abu Dhabi Oil Company (Cosmo 63%, Nippon 31.5%, Tepco 1.8%, Kansai 1.8%, and Chubu 1.8%) op...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Kufpec Scales Up Ambitions With Shell LNG Buyout, RWE-Dea Bid
...bmitted the highest bid – of about $6.8bn – when proposals were due this week, the Wall Street Journal reports. RWE-DEA Oil & Gas Production (Net) 2012 2011 Oil (‘000 b/d): Germany 13...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Syria: The Cost Of War
...SYRIA Syria: The Cost Of War As the Syrian civil war enters its fourth year, the Syrian Deputy Prime Minister for Services and Minister for Local Administration ‘Umar Ghalawanji puts the damage to the economy from March 2011 to date at S£3,250bn ($21.7bn): S£2,528bn ($16.9bn) in in...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Yemen: 2014 Budget Looks To Patch Holes In Violence-Fueled Revenue Slump
...14, both figures represent a real-terms cut. Table 2: Yemen’s 2014 Budget (Yr Bn) 2014 2013 % Change 2012 2011 Revenue 2,...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
ILO Report Offers Stark MENA Outlook
...erage. Of course, high youth unemployment in countries such as Egypt and Tunisia is often cited as a key catalyst for the 2011 ‘Arab Spring’ uprisings. But the data is now far worse; for North Africa youth unemployment rose by almost six percentage points between 2010 and 2013, another ‘world’s worst’ pe...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Iraqi Oil & Gas Data, 2013 (‘000 B/D)
...v 2013 2012 2013/12 2011 2010 2009 ‘000 b/d % Crude Production (Federal Areas) 3,...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014