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MOL Expands Kazakhstan Presence
...e Fedorovsky block, made a significant discovery there at the end of 2011 indicating the existence of around 37mn boe, which is primarily gas condensate. KMG EP is Fedorovsky’s operator with a 50% stake. ...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Dragon Sees Oil Production Increase In Turkmenistan
...0,000 b/d gross production level in 2015,” he added. By June this year Dragon had increased production to 64,200 b/d from a level of 58,000 b/d in the first half of 2011. Since the beginning of this year Dragon has completed 12 wells, including two sidetracks, in Turkmenistan’s Dzheitune (Lam) field. Its op...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Egypt’s Sinai Gas Pipeline Bombed For 15th Time
... EGYPT Egypt’s Sinai Gas Pipeline Bombed For 15th Time Egypt’s gas pipeline infrastructure in the Sinai Peninsula was bombed for the 15th time since February 2011 on 22 July. Security officials said a truckload of men pulled up next to the pipeline at a location east of al-'Ar...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Suez Canal Revenue Edges Up, Despite Global Crisis
...YPT Suez Canal Revenue Edges Up, Despite Global Crisis The Suez Canal Authority (SCA) reported on 26 July that revenues rose by 3.6% year-on-year to $5.225bn end of June 2012 compared with $5.043bn end-June 2011. On releasing the results, the SCA commented on the repercussions of the global ec...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Northern Exports Continue Grim Trajectory
....238 75.63 2011 Average 1.711 0.455 2.166 5.444 1.472 6.916 82.988 104.96 Q4 2010 Av...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
NATO Making Gains In Battle Against Somali Piracy
...mali piracy cost the global economy between $6bn and $6.9bn in 2011, with the shipping industry being forced to cover more than 80.5% of this total. Figures released by the IMB earlier this month showed a sharp fall in the number of pirate attacks in the first half of 2012. Overall, in the fi...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Turkey Plans To Reduce Natural Gas Use For Power Generation
...untry’s intention to cut consumption of natural gas, which amounted to some 40 bcm in 2011 (MEES, 13 February). Natural gas typically supplies around 53% of Turkey’s power generation needs and it intends to reduce this to 30% by 2023. He said that high output from the country’s hydroelectric plants this ye...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Mubadala Restructures Energy Assets, Develops Thai Oil Field
...eld output in Tatweer joint venture with Occidental. 2010 Mubadala Oil & Gas Signs memorandum of understanding with Yemen Company for investing and cooperating in oil and gas exploration and production. October 2011...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Rhourde Yacoub Firms Up Promise
...2011 (MEES, 28 November 2011), but Rhourde Yacoub provided Algeria’s only 2011 discovery by a foreign oil firm (MEES, 20 February). ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Lebanon Signs Contract For Turkish Power Ships
...vernment subsidies, which rose to around $1.2bn in 2011. ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Sees Good Growth Prospects For Libya
...BYA IMF Sees Good Growth Prospects For Libya Libya’s economic activity is recovering rapidly with the restoration of hydrocarbon production, the IMF said on 11 July in its concluding statement after a visit to Libya. Real GDP contracted by 60% in 2011, but is projected to rebound by twice as much (11...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Oman Starts Reducing Gas Subsidies
...an Oman Starts Reducing Gas Subsidies Oman’s Ministry of Oil and Gas has started to end gas subsidies to industry – paving the way to offering BP a price that will make developing its tight gas projects viable. It is the first Arab Gulf state to do this (MEES, 7 February 2011), while others with ga...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Puts Up MENA 2012 Growth Forecast On Oil Production Boost
...tivity in Libya is rebounding rapidly after the unrest in 2011. For global growth, the IMF trimmed its April forecast by 0.1% and is now predicting 3.5% for 2012. It put 2013’s forecast down 0.2% to 3.9%. It said that there are downside risks looming large, reflecting delayed or insufficient po...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Syria Raises Gasoil Price By 15%
...d LPG. It has recently managed to import limited quantities of these products from Venezuela and Iran (MEES, 16 July). Syria’s consumption of gasoil in 2011 stood at 7.6mn liters. US Adds New Names Of Syrian Officials To Sanctions List The Office of Foreign Assets Control (OFAC) of th...
Volume: 55Issue: 30Published at Mon, 23 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 -
Absheron Discovery Declared Commercial
...scovery, announced in September 2011, on the Absheron X-2 well. The company said the well was drilled in 474ms of water to a depth of 6,874ms. One of the hydrocarbon bearing intervals tested at 960,000 cmd of non-associated gas and 2,500 b/d of 42.5° API condensate. “The well results indicate gas resources of...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012