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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 -
Crude Prices Rebound, But Barrels ‘Missing’ From Inventories, Says CGES
...ES Global Supply/Demand Balance (Mn B/D) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 2011 2012 20...
Volume: 55Issue: 31Published at Mon, 30 Jul 2012 -
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 -
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 -
OPEC Oil Revenues Top $1 Trillion Mark
...EC/OIL PRICES OPEC Oil Revenues Top $1 Trillion Mark In 2011, for the first time ever, revenues from OPEC petroleum exports exceeded $1 trillion, OPEC’s latest Annual Statistical Bulletin (ASB) shows. A 2011 average OPEC Basket price of $107.46/B pushed revenues ahead of the previous re...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
China’s Crude Imports Fall To 21.7Mn Tons In June
...ring May reportedly boosted the country’s inventories because refinery demand slipped. China has imported 140.06mn tons during 2012, an average of 5.62mn b/d so far this year. China Crude Oil Imports 2011-12 2012 2011...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012