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Saudi Arabia And Qatar Reiterate Commitment For Jordan Aid Fund>
...cent visit to Qatar. Among these projects Qatar was keen to support an LNG storage terminal in 'Aqaba that the Jordanian government is considering to build (MEES, 23 April). The Jordanian government is eager to find alternative sources of energy, following the erratic supply of Egyptian gas in 2011 and ea...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Talks Progressing On Disputed Offshore Lebanon-Israel Territory
...ported that Lebanon had recovered a segment of the disputed offshore territory. The report said Lebanon had restored 530 sq km (62%) of the 854 sq km offshore area where Lebanese and Israeli maritime boundaries overlap (MEES, 12 March, 5 December 2011). MEES soundings suggested that the Israelis had ag...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Sirte Oil Restarts Damaged Gas Field
...10 bcm/year for 2007-10 before falling to 2.32 bcm for 2011. Eni is targeting full ramp-up of its production to the pre-crisis plateau of around 120,000 b/d liquids and almost 900mn cfd of gas in the second half of 2012 (net to Eni), about 3% up on actual 2010 volumes. Sirte Oil’s Fields (Sc...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Gazprom May Leave Elephant On The Shelf
...BYA Gazprom May Leave Elephant On The Shelf Russian state firm Gazprom may not follow through on a February 2011 deal to take a half of Italian firm Eni’s 33.3% stake in the Elephant (el Fil) field in Libya’s Murzuq Basin. The firms struck the $170mn deal on 16 February last year, just days before Be...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes
...E IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes Abu Dhabi’s International Petroleum Investment Company’s (IPIC’s) 2011 profits fell 96% to $44.69mn, the state-owned company reported on 14 June. Profits were reduced sharply by fair value accounting for its stakes in German au...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Iraq’s Fourth Bid Round: Assessment Of The Outcome
...e implications are obvious: the Ministry of Oil has to give the priority to gas-prone blocks in its exploration program under its current plan for 2011-14. IOC Participation IOC participation provided few indicators. Japanese firms registered the highest participation with nine co...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
OPEC Set To Meet Amid Falling Prices
...e global economy conspired to push the OPEC Basket price below the $100/B mark for the first time since October last year (the last time they were below this level for any sustained period was February 2011). Rafiq Latta writes. Rising OPEC production has been a key factor in first sm...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Bapco To Firm Up Refinery Expansion Plans By Year-End
...tap this for its expansion projects, MEES understands. Saudi banks have increasingly been lending across-border, and took big tickets on Qatar’s $10bn Barzan 1.4bn cfd gas/NGL project, which signed an agreement to receive financing in December last year (MEES, 19 December 2011). Other Ba...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
South Stream Construction To Begin By December
...May. Besides signing an agreement to establish the joint venture company, Mr Miller and Slovenia’s Prime Minister Yanez Yansa also discussed the details of the existing contract under which Gazprom supplied 530mn cmd of gas to the Central European state in 2011. Slovenia covers around 50% of its ga...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
New Algerian LNG Capacity Faces Lack Of Gas
...peline, which was expanded by 6.5 bcm/y to 33.2 bcm/y in 2009. Italian imports from Algeria rose to 27.6 bcm for 2010 but data from key importer Eni, whose 2011 imports of 13.9 bcm were down 14% on 2010, indicates that volumes have since fallen as Italy again slid into recession. Total Algerian gas export vo...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
IEA Sees Middle East Gas Expansion Serving Only Regional Needs In Medium Term
...untries actually face shortages. Growth in Middle Eastern gas production will slow considerably over the coming five years, with the build-up from an estimated 516bn cu ms in 2011 to 588 bcm in 2017 much slower in the absence of the expansion of LNG export capacity in Qatar and difficulties in developing th...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Saudi Crude Price Adjustments For July Mixed
...d B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Jul Jun May Ap...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 May Apr Mar Fe...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Iran’s SWF Could Have $50Bn In Reserves By March 2013
...boosting production and the role of the private sector. Reserves in the fund could even rise to $55bn by March 2013 if oil prices remain robust, President Mahmoud Ahmadinejad said in April. NDF was established in 2011 under Article 84 of the fifth five-year development plan (2011-15) wi...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Maliki Comes Under Renewed Pressure
...ck of rises in southern exports. Back in 2009, northern production made up around 25% of Iraqi exports. But capacity hemorrhages on the key northern Kirkuk field pushed this down (MEES, 27 February), until Kurdish exports restarted in early 2011. These ramped up to 547,000 b/d by June that year. Then th...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Jordan And Enefit Initial Deal For First Shale Oil Power Plant
...4bn ($5.6bn) last year due to the ongoing disruption of Egyptian gas supplies to Jordan since the downfall of the Mubarak regime in January 2011. According to a recent report Jordan is receiving 30mn cfd of Egyptian gas instead of the 300mn cfd needed to fuel the kingdom’s power plants. The Jordanian go...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Sonatrach To Restart Libyan Drilling This Month
...ploration site had been achieved. During previous drilling Sonatrach made two oil discoveries, most recently a May 2010 well which tested at 1,300 b/d. The company had been planning to start a further eight-well drilling campaign in early 2011, when its Libyan operations were interrupted. With no su...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Repsol Sets Out North Africa Plans
...psol plans to drill “more than 16” wells over the three Murzuq Basin blocks between now and 2016. Repsol views the securing of three large exploration blocks offshore the northern coast of Tunisia in July last year as one of its key international upstream events for 2011 (MEES, 11 July 2011...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Diesel Shortage Hits Saudi Arabia
...grades should help ease the problem as they are phased in: Ras Tanura in 2011, Riyadh in third quarter of 2012, Yanbu' by second quarter of 2013 and Jubail by the first quarter of 2013. Al Troner, President of Asia Pacific Consulting tells MEES: “All of these will clean up gasoil yield, not produce mo...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Anatomy Of Iraq’s Exploration Auction – Bid Round 4
...aqi Ministry of Oil concluded a two-day hydrocarbon exploration auction during 30-31 May 2012. Expectations following the road show in 'Amman on 11 September 2011 were that only a few companies out of the 39 (47 prequalified) that paid to bid were intending to do so. Several reasons prevented the bi...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012