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Russians To Invest As Iraqi Crisis Escalates
...s investment last year in six KRG blocks, any West Qurna-1 divestment is clearly linked to worsening Iraqi energy relations (MEES, 21 November 2011). As this year has progressed, the Baghdad/Irbil oil dispute has become less local and more regional, as Arab Spring tensions and Washington’s co...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Sudan Oil Standoff Continues Despite Juba’s Increased Transit Fee Offer
...adline]. It is time for the parties to conclude an agreement,” South Sudan’s Chief Negotiator Pagan Amum told reporters on the sidelines of the talks. Since the South’s secession from Sudan on 9 July 2011, the two civil war foes have been locked in a dispute over a range of issues including the sh...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
BP Wins First Ever Israel LNG Supply Contract
...ssel and from this point, the gas starts to flow from the ship into the pipeline, and from there to the coast of Israel and into the Israel Natural Gas Lines (INGL) national transmission system. In November 2011, INGL awarded Italy’s Micoperi a $140-150mn contract to construct the offshore te...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
BP To Sign Gas Deal With Oman By September
...elds – puts it ahead of those Arab Gulf states that are struggling to do this and face gas shortages due to lack of incentives for upstream developers (MEES, 7 February 2011). Having failed to develop their sour gas fields on time, Abu Dhabi and Kuwait face importing LNG. BP Field Development Pl...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Sadara $20Bn Petrochemical Project Financing Advances
...0,000 b/d Satorp export refinery project. Sized at SR3.749bn ($1bn – MEES, 17 October 2011) it was snapped up by local investors. “That’s good because it means Sadara will not have to reinvent the wheel,” commented one expert. It is possible that the sukuk could be launched before the sponsors reach fi...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
Chevron Takes Stake In Kurdish Oil Sector
...e California-based major may have come out earlier than ExxonMobil after disclosing its deal – for months after the November 2011 announcement ExxonMobil refused to comment on its KRG investment – but it is nevertheless keeping its cards close to its chest. “We do not disclose details of our di...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Confusion Spreads Over Abu Dhabi Oil Fields Concession
...ld Bloomberg News at the inauguration about BP not being invited: “The whole process is just starting, so we can’t be definitive with anyone. Still, everything is open.” The confusion is continuing into its fourth year. Twice in 2011 ADNOC told its ADCO partners – ADNOC 60%; Shell Total, BP an...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Hormuz Bypass Pipeline Inaugurated, Operational By Year-End
...ong with Rotterdam and Singapore. MEES reported last year that Abu Dhabi was considering the possibility of building a second crude pipeline to bypass the strait by 2020. The financing for the project would again be organized by IPIC (MEES, 23 May 2011). Propaganda And Political Ma...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Iran’s High Inflation Could Derail Targeted Subsidies Plan
...unteract the poor performance of the economy, spiraling inflation and unemployment. Although the government claims to have created some 2.5mn jobs in 2011-12, the unemployment rate according to reliable sources was still around 20% last winter, with many young people and university graduates out of work, ac...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
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 -
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 -
New Egyptian Government Faces Daunting Energy Challenge
...noup al-Wadi, as potential candidates. The two have both been previously linked to the post (MEES, 4 April 2011). Pretty much everything else about the policies and future cabinet membership of the country is unknown, including whether Mr Mursi’s swearing in ceremony will take place on 30 Ju...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012 -
Thin Exploration Returns Leave Libya Reliant On EOR-Fuelled Expansion
...ismic 13.7 0.3 Major discoveries. Libya's state investment authority (LIA) bought Verenex's stake in 2009. Medco took over operatorship in 2010. Development plans for 50,000 b/d production from 2015 approved Dec 2011. (Verenex originally submitted development pl...
Volume: 55Issue: 27Published at Mon, 02 Jul 2012