- Sort by:
- Score
- Published ▼
-
Kurds Defy Baghdad To Initiate Independent Oil Exports
...st year. The BP-led Rumaila project was to have hit 1.55mn b/d by end-2012, but is now targeting 1.45m b/d, one source says (MEES, 12 December 2011), while Shell-led Majnoon was to have hit first phase 175,000 b/d by year-end, but is now targeting mechanical completion by then. ExxonMobil’s West Qu...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Libya Enters Democratic Era With Oil Export Disruptions
...BYA Libya Enters Democratic Era With Oil Export Disruptions The broad-based National Forces Alliance (NFA), led by Muhammad Jibril, a key figure in 2011’s post-Qadhafi National Transitional Council, looks set to emerge as the clear winner of Libya’s 7 July elections. But anyone expecting the el...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Investors Flock To $4bn Qatar Sukuk
...tegrated petrochemical project in Jubail. The kingdom’s first bond was issued in 4Q11 by Saudi Aramco and Total for their 400,000 b/d Satorp export refinery project and sized at SR3.749bn ($1bn – MEES, 17 October 2011). Arrangers have already been appointed for the Sadara sukuk, but with Ramadan due to st...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Sudan Awards New Exploration Deals
...oke away in July last year (MEES, 11 July 2011) leaving the oil-dependent economy desperate for revenues and facing an estimated budget deficit of around $2.4bn, which day-by-day is getting worse. And yet with the economy already under severe strain from years of US sanctions, a weakening currency and do...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
OPEC Projects Tough 2013
...th structural and likely to persist beyond next year. Even should the economy rebound, China, the main source of new demand growth of the last decade, is likely to continue energy efficiency efforts. These are already starting to reap benefits – 2011 Chinese oil demand growth stood at over 5%, while th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Komlev Outlines Gazprom Export Strategy
...e progress of Nord Stream and South Stream. Q: How can you say that these elements inhibited the progress of Nord Stream when Nord Stream has been in operation – as scheduled – since November 2011? Moreover, what is the connection with South Stream? A: I am sorry but this is not th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
New US Sanctions Hit Iran, Upstream Sector Already Stressed
...force a cutback in Iranian exports of around 1mn b/d from the summer onwards compared with 2011 levels. It estimates output to be near 22‐year lows at 3.2mn b/d for June. OPEC’s tally of secondary sources puts this figure at 2.963mn b/d (see page 9) and MEES estimates it at 3.12mn b/d (MEES, 9 Ju...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
IEA Trims 2012 Demand Forecast To 89.9Mn B/D, Projects 2013 Demand At 90.9Mn B/D
...mand will exceed that of the OECD for the first time ever in 2Q13, “a trend that is unlikely to be reversed.” Non-OECD demand is forecast at 45.7mn b/d in 2013, 600,000 b/d more than OECD demand of 45.1mn b/d. “After two years of relatively flat growth – up by 700,000 b/d in 2011 and an an...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
EIA Lowers Demand Growth Outlook On ‘Less Optimistic’ Economic Assumptions
...ll rise by 800,000 in 2012 and 1.3mn b/d in 2013, with the largest growth coming from US shale oil and Canadian oil sands. OPEC condensate, NGLs and GTL output is expected to increase by 300,000 b/d in 2012 and less than 100,000 b/d in 2013. OECD commercial oil inventories ended 2011 at 2....
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Jun May Apr Ma...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Egypt’s New Budget Targets Reduction Of Petroleum Subsidies
...33.7bn ($88.1bn), up 8.8% on 2011-12. The resulting deficit in 2012-13 will rise by 4.5% to £140.3bn ($23.2bn) – 7.9% of GDP – from £E134.3bn ($22.2bn) in 2011-12 – 8.6% of GDP. A key feature of the new budget is the 26.3% fall in the petroleum subsidy to £E70bn ($11.6bn) from £E95bn ($15.7bn) in 2011-12. Th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Apache Takes Long Term View On Egypt
...ice ($/B) $79.45 $107.14 $123.55 Source: Apache, MEES calculations. Although Apache forecasts 1% annual average growth in its Egyptian production over 2011-16 (on a barrels of oil equivalent [boe] basis) th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
TransGlobe Completes South Alamein Purchase, Looks To Bid Round Awards
...rmer Egyptian assets of US independent El Paso, including the other 50% of South Alamein. TransGlobe expects the Cepsa deal to be finalized late this month. Both deals are somewhat convoluted. TransGlobe originally agreed to buy Cepsa’s 50% South Alamein stake for $3mn in June 2011. However, wi...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
RasGas Successfully Navigating US Gas Market Weakness, Says Fitch
...sGas’s contracts are fully divertible, allowing spot and short term sales. These reached a record level of 26% of cargoes in 2011 from 21% in 2010. High oil prices and strong global demand for natural gas currently mitigates any potential risk stemming from a weaker offtake structure, commented Fitch. Ra...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Yemen Government Accuses Military Of Marib Pipeline Sabotage
...nsecutive attacks (MEES, 24 October 2011). The country’s economy has been hit hard as a consequence, with the attacks cutting off crude supply to the 150,000 b/d refinery in Aden, forcing its closure. This in turn led to serious fuel shortages in Yemen, which has since depended on Saudi Arabia to make up fo...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Energy Perspectives From The GCC
...ntinue rising, especially within non-OECD countries. World Energy Consumption 1990-2035 (Quadrillion BTU) Source: EIA, International Energy Outlook, September 2011. The GCC national oil companies (NOCs) have developed their oil fields but have often neglected, un...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Iran Retaliates Against Tightening Sanctions By Threatening To Block Hormuz
...ude oil exports in 2011 were approximately 2.5mn b/d and have dropped to roughly 1.5mn b/d, which in real terms means almost $8bn in lost revenues every quarter. On 11 June Washington granted exemptions to India, South Korea, Turkey, Taiwan, South Africa, Sri Lanka and Malaysia for 180 days (MEES, 18 Ju...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Libya’s Exploration Record Offers Challenge For New Government
...ological and geophysical study" (2011 annual report). Pertamina's Libyan assets were evaluated as part of a 2011 company-wide audit. CNPC Area 17 (Block 4), offshore (Sabratah Basin). 28.5 6....
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
OPEC Output Remains Firm Amidst Price Turbulence
...allenge April’s highs, according to the latest data from tanker tracker Oil Movements. The UAE’s Upper Zakum field, where output fell by around 100,000 b/d in May, should come back fully in July, sources say. And Saudi Arabia continues to pump strongly. OPEC Crude Oil Production June 2011 – Ju...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Japan’s Crude Imports Fall 9.13% In May To 3.572Mn B/D
...erage of 3.930mn b/d, but year-on-year it is 16.04% above the May 2011 import figure of 3.078mn b/d. Imports from the Middle East averaged 2.929mn b/d in May, down by 10.36% from the April average of 3.268mn b/d, but 10% above the May 2011 average of 2.662mn b/d. Saudi Arabia continues to be Japan’s ma...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012