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BP Starts Drilling Of First Risha Gas Well
...ccessful 5,000 sq km seismic acquisition program in 2011,” BP said adding that the survey was one of the largest ever acquired in the Middle East. The well in the Risha concession, located 360km east of 'Amman near the Jordanian-Iraqi border, is expected to take three to four months to complete and a nu...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Kuwait’s Al-Zour Refinery ‘Progressing’, Says Minister
...troleum Company (KNPC) expecting to relaunch the tender after getting the green light from both the country’s Supreme Petroleum Council (SPC) and Kuwait’s Ministry of Oil (MEES, 7 November 2011). “There were some concerns from parliament [in the past], but these concerns were not about the re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability
...WAIT IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability Kuwait’s real GDP growth in 2011 is estimated at around 8.4%, supported by a 15% increase in oil production, the IMF said in its Article IV consultation with Kuwait, published on 15 June. Higher oil revenues re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP And AGOCO Seek Contractors For Libyan Work
...lf of Sirte will follow the start of onshore drilling, likely in 2013. Offshore drilling had also been planned for the first half of 2011. AA notice posted on the website of Libya’s National Oil Corporation (NOC) on 16 June called for contractors “to register their interest for the pr...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
US Energy Strategy At A Glance
...dependence from imported foreign oil, considered a US energy policy priority, may not happen any time soon. President Obama’s own projection is a one-third reduction in crude oil imports by 2025 (Washington Post, 30 March 2011). However, due to energy savings and increases in domestic production, most in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
OPEC Rolls Over Output Target Amid Mounting Economic Gloom
...77mn b/d the last 11 months, compared to 8.8mn b/d for the previous 11-month period. OPEC Crude Oil Production May 2011 – May 2012 (MEES Estimates – '000 B/D) 2012 2011 Ma...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
‘Revolutionary’ Economies Face Financing Woes
...2011-12 have come as an additional blow — contractions in many of their key export markets (not to mention source of remittances and tourists), would have been testing even without the Arab Spring’s upheavals. The World Bank, in its latest Global Economic Prospects, predicts that Eg...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Libya Eyes Capacity Surge To Beyond 2Mn B/D
...nths of approval, one source says. Ministry Moves Prior to the outbreak of the revolution in February 2011, Libya had no oil ministry, with Shukri Ghanem, former chairman of state-owned NOC, acting as de facto minister. But Mr Ben Yezza, since his appointment in November, has built a new oi...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Iran Condensate Severely Discounted, Gulf Producers Face Changing Market
...ltiple market impacts, yet the immediate impact on condensate will be a substantial rise in export avails, with supply growing as both trains build to full commercial GTL output. Pearl condensate sales, derived from the Shell gas needed to feed the GTL complex, began in May 2011. Qatar Petroleum’s in...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
BP Sees OPEC Oil Smoothing Market In ‘Year Of Disruptions’
...PPLY DEMAND BP Sees OPEC Oil Smoothing Market In ‘Year Of Disruptions’ BP’s Statistical Review Of World Energy 2012 describes 2011 as “a year of disruptions,” in which political upheaval and natural disasters translated into huge and unpredictable disruptions in the global energy system. Ye...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
OPEC Keeps Steady Hand Despite Worsening Indicators
...rmer some 9.1mn barrels higher than at the same time last year. Demand for OPEC crude is still projected to be around 100,000 b/d down on last year at 29.94mn b/d. OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 20...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IEA Reduces 2012 Demand Estimate To 89.9Mn B/D Amid Economic Concerns
...December 2011 and 2.8mn b/d above May 2011 levels, the report said. The first quarter of 2012 “saw an implied global stock build of over 1mn b/d and supply is on track to exceed underlying global products demand by over 2mn b/d” during the second quarter of this year, it stated. With crude prices no...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Global Market Loosens With Crude Production Boost, Says EIA
...rm Energy Outlook, released on 12 June. Output is forecast to exceed consumption during the second quarter by 1.2mn b/d. Higher production and declining demand has allowed for a counter-seasonal stock build during the first quarter of 2012, compared to significant stock draws during 2011. “Industry an...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Kuwait (+ / - Adjustment Factor; $/B) 2012 2011 Jul Jun Ma...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
BP Foresees Shah Deniz 2 Costs Hike, Pipeline Groups Maneuver
...tual cost. Socar President Rovnag Abdullayev said that the final cost could “vary by 30%, either upward or downward, in the course of the project” (MEES, 23 April). As late as June 2011, BP’s estimated cost for Shah Deniz 2 was $20bn (MEES, 13 June 2011). Mr Javanshir attributed the projected cost in...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Kazakh Supply Deal With Russia To Stabilize Flow To Pavlodar Refinery
...arges on hydrocarbon sales under a customs union between Russia, Kazakhstan and Belarus, Mr Shatalov said Russia had lost around $780mn since the beginning of the year as a result of duty-free oil exports. Kazakhstan imported 7mn tons of Russian oil in 2011 to supply the Pavlodar refinery (MEES, 28 Ma...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
CNPC And Turkmenistan Sign 65 BCM/ Y Gas Deal
...s export system by 2019-20 (MEES, 28 November 2011). China expects to double its annual imports of Turkmen gas to 30 bcm by the end of 2012 compared with 15 bcm in 2011. (MEES, 11 June). ...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Egypt Unveils Plan For Petrochemical Complex
...ll be one of the largest projects to be set up after the January 2011 revolution in Egypt, was formally launched earlier in Washington at a meeting attended by a number of Egyptian and US companies. The project, with an estimated cost of $3.7bn, is to be financed by two loans totaling $2.6bn, which ar...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Saudi Arabia Gives Further Details Of Its Aid To Egypt
...YPT/SAUDI ARABIA Saudi Arabia Gives Further Details Of Its Aid To Egypt Saudi Arabia has given further details about its aid package of $3.75bn to Egypt, pledged after the fall of the Mubarak regime in January 2011. Saudi Arabia announced on 8 June that under this package it had ap...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
US Announces Further Sanctions Exemptions, Turkey Implements Boycott
...gnificantly reduced their volume of crude oil purchases from Iran.” While the Obama administration has not specified exact amounts for reduction of imports of Iranian crude, senators who have been driving the anti-Iranian legislation through Congress have stated that an 18% reduction compared to 2011 levels wo...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012