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230,000 B/D Garraf Joins List of Delayed Iraqi Projects
...late 2011/early 2012, causing a delay of at least two years to the original 2015 phase 1 start-up (MEES, 26 March 2012). Current project manager, CH2M Hill believes it can still make the 5.2mn b/d phase 1 start up by 2017 (MEES, 22 March), but most Iraqi oil investors are skeptical. A high pr...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Wintershall Set To Explore Shuweihat As IOCs Help Abu Dhabi Boost Gas Production
...eathing tanks. Three workers had previously died from hydrogen sulfide at the Shah oil field on the same site (MEES, 4 April 2011). Unlike Shah – which is isolated in a mostly unpopulated quarter of Abu Dhabi’s desert – Bab is near heavily populated areas such as the Habshan gas processing hub. Sh...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
US Mulls Further Tightening Of Iran Sanctions Screw
...porting oil from Iran. Washington in December 2011 passed legislation cutting off access to the US financial system for foreign financial institutions involved in oil trade with Iran, unless their home countries were given a waiver by committing to reduce oil import volumes from Iran. Each im...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Bahrain LNG Import Plans
...unch a tender by the end of 2010 (MEES, 15 March 2010). Bahrain ended up rejecting a 2011 offer by Shell to sell gas to Bahrain at or near oil-price parity. Qatar Gas For Bahrain Qatar, meanwhile, discussed the possibility of building a gas pipeline that would supply Bahrain with Qatari ga...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
GCC Polypropylene Boosted By Conversion Push
...bolstering demand for PP in a region which has long been a net exporter. The GCC PP resin market for local conversion was worth $983mn in 2011, says Frost & Sullivan, but is expected to grow to $1.366bn by 2016. “GCC states’ easy access to PP resin, owing to their large oil and gas re...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
OPEC Producers Adopt Higher Oil Price Assumptions For 2013 Budgets
...ograms put in place by a number of the regional governments, to appease the lingering unrest sparked by the Arab Spring more than two years ago. Higher oil prices too have also played their part, with the OPEC basket climbing to a yearly average of $109.45/B in 2012, relative to $107.46/B for 2011. Pr...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Syria: $12Bn Oil Losses
...ditionally lost S£86.6bn ($878mn) from the damage of infrastructure and equipment, raising total direct losses to S£156bn ($1.58bn). According to the ministry, indirect losses between the March 2011 start of the uprising and end-June 2013 were around S£1,000bn ($10.1bn). This is based on lost re...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Kuwait’s 2013-14 Budget Eyes Surplus
...dget Based On $70/B Oil Price The Kuwait budget is based on a conservative oil price of $70/B, Khalifa Hamad, Ministry of Finance Undersecretary, said on 17 July, when he unveiled the budget details. The new oil price is higher than the $65/B in 2012-13 and $60/B in 2011-12, although even th...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Benchmark crude prices
...12 2011 WTI 105.49 106.64 104.81 95.79 94.75 94.17 94.42 94.18 95...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Oryx Aims For 200KBD
...e KRG capital of Irbil, brings together Oryx (65%), the KRG (20%) and Korea’s state-owned KNOC (15%). Oryx was undeterred by what KRG oil sources describe as a very high signature bonus, when it fought off stiff competition to take over Hawler operatorship from Norbest in August 2011. Development ha...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Desperate Iran Scrambles For Oil Revenues
...ter discussions between Delhi and Tehran to find an alternative means proved fruitless. India had, since July 2011, been paying in euros to clear around 55% of its purchases of Iranian oil through Turkish Halkbank, while the remaining 45% was remitted in rupees through the Calcutta-based UCO ba...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Lebanon Faces Obstacles To LNG Imports
...ation in 2011, all of Lebanon’s plants have relied on more expensive diesel and fuel oil for power generation. The Ministry of Energy claims that, at a conservative gasoil price of $90/B, switching its power generation plants to gas would save the country $1.9bn on its annual fuel bill. FSRU sh...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Baghdad And Kurds Choose Different Power Paths
...ntract structure. A 500mw phase 1 for Irbil power plant, came on stream in November 2008, with expansion to 1,000mw achieved in November 2011. Sulaimaniyah power plant was brought on stream at the end of 2009 at 500mw, with a phase 2 to 750mw implemented in April 2011, and expansion to 1,000mw in August 20...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Riyadh, Baghdad Benefit As Turkey Weans Itself Off Iranian Crude
...15 July shows Iran slipped to third place in the line of countries supplying crude to Turkey in May, behind Iraq and Saudi Arabia. This comes just one month after losing its spot at the top of the pile to Iraq in April. Iran supplied over 50% of Turkey’s crude imports as recently as 2011...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
New Egyptian Government Faces Daunting Economic Challenges
...w Cabinet Interim Prime Minister Hazim al-Biblawi is a well-known economist who served as a finance minister and deputy prime minister in one of the first cabinets formed after the 2011 uprising which deposed Husni Mubarak. He also headed the UN’s Beirut-based Economic and Social Commission for We...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Saudi Economic Growth Set To Slow: IMF
...e 2011 pre-tax subsidies for petroleum products accounted for 7.46% of GDP, while that for electricity was 2.48% of GDP. Private sector growth is expected to be robust, while government spending growth may slow. With falling international food prices, inflation is expected to ease toward th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
China Crisis Would Threaten Saudi Economy
...uld such a shock to the Saudi economy already be in the works? Chinese economic growth dipped to 7.5% for the second quarter 2013, the lowest rate in more than a decade down from 9.3% as recently as 2011. An indication of how far consensus expectations of Chinese growth have dipped is provided by...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Export Of Shale Gas: Perspective From Japan
... GLOBAL Export Of Shale Gas: Perspective From Japan By - James T Jensen* Since the 2009 recession, Japan has increasingly been forced to face severe challenges to its energy and environmental policies. The Fukushima disaster in March 2011 placed the future of...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 108.04 104.81 100.64 95.79 94.75 94.17 94.42 94.18 95...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Blast Shuts Egypt-Jordan Pipeline
...oups. It was not clear who was responsible for the sixteenth attack on the pipeline since the overthrow of Mubarak in January 2011, albeit the first since last July. Sinai Islamist groups have recently targeted the Egyptian army, raising speculation that the attacks were a reaction to the ou...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013