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Libya: Berruien Out?
...e post-revolutionary rebirth of Libya’s oil industry. In just seven months, August 2011 to March 2012, Libyan oil production went from practically zero to 1.4mn b/d. Progress has been harder going since then, but Mr Berruien’s departure, if confirmed, would come as a blow to many foreign in...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Iran Crude Importers Secure New US Waivers
...a mistake,” he said. The US in December 2011 passed a law cutting off access to the US financial system for foreign financial institutions involved in oil trade with Iran and its Central Bank, unless their home countries were given a waiver by considerably reducing its oil import volumes fr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
GCC Petchems Sector ‘Thriving’ With 5.5% Growth For 2012
...12, outperforming global chemical production which grew by 2.6% in 2012, lower than the 3.8% growth rate in 2011.” Saudi Arabia maintained its position as the region’s largest petrochemicals producer with 86.4mn tons of capacity – 67.6% of the regional total, the GPCA says (see gr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Saudi-Egypt Power Link Deal Signed, But GCC Grid Usage ‘Minimal’
...en Oman was connected (see map). But whilst the GCC grid has achieved its primary objective of increasing cross-border electricity supply –unscheduled power exchange doubled from 2010 to 2011 and from 2011 to 2012, according to GCCIA CEO Ahmad al-Ibrahim – traded energy fell to zero in 2012 after a fl...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Occidental Eyes Sale Of All Mideast Assets
...en more geopolitical weight in the negotiations. For 20 years until 2011 Ray Irani was Oxy’s CEO and Chairman and total shareholder return increased more than 20-fold. In the Middle East, his relationship-building skills with rulers and powerful oil figures secured Oxy many concessions. But th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Wintershall Qatar Gas Plans
...ploring Qatar. By end-2013/early 2014, Chinese state firm CNOOC and French major Total are expected to drill their first well in exploration Block BC. In Qatar, Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). A potential export option is Abu Dhabi-based Dolphin En...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
UAE’s Dana Gas Looks To Move On From Sukuk Troubles
...llapse (see graph and MEES, 6 February 2012). Drilling and production have since rebounded somewhat. For 1Q13 Dana’s Egyptian output was 33,000 barrels of oil equivalent/day (boe/d), up 3% on the previous quarter, but still well down on 2011. The firm’s overall production also rose 3% to 61,000 bo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
S&P Upgrades Saudi Sovereign Credit Ratings
...8% for 2012 and 8.5% for 2011 (see graph). Riyadh slams IMF Projections The Saudi government takes exception to these IMF growth numbers, Finance Minister Ibrahim al-‘Assaf told a Riyadh forum at the end of May. He says (unspecified) higher Saudi estimates for 2013 are more ac...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Yemen To Get $200Mn Aid
...ate energy subsidies, which are as high as 5% of GDP, the main area of concern. The IMF estimates GDP growth at a mere 0.1% in 2012 after shrinking 10.5% in 2011 as a result of the political turmoil in the country. The IMF had earlier said that the government first needs to agree on its economic pr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Bahrain Beats Budget Projection
...strengthening of the investment climate, will be the key to restoring high levels of private sector-led growth and the creation of employment for Bahrainis. Given this uncertainty, Bahrain can look forward to benefit from the $10bn aid package pledged by the GCC countries in 2011 for ec...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Benchmark Crude Prices
...12 2011 WTI 94.76 93.48 95.11 94.75 92.09 94.42 88.25 94.18 95...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Abu Dhabi Invites IOCs To Prequalify – Partex’s 2% Stake Up For Grabs
...pability to bury 1mn tons/year of CO2 through injection by 2015. KNOC’s Exploration and Production Technology Institute is researching CO2 flooding with overseas laboratories. CNPC lacks proprietary technology, but has some experience from EOR pilot projects. It says in its annual report: “In 2011...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Kuwait’s Previous Parliament Reinstated, Shell And K-Dow Probes Continue
...lp develop northern Jurassic gas fields (MEES, 8 August 2011). The investigation, which continued under the following parliament, includes whether Shell has operational or management control over the planned 1bn cfd sour gas project in Umm Niga and Sabriyah gas fields, and if KOC followed its own pr...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Oman Anticipates More LNG Exports On Back Of BP Upstream Output
...oject starts ramping up end-2016/early 2017, Nick Wilson writes. In its 2011 annual report published in May, OLNG says although its exports by volume declined 2%, its revenue rose 26.47% compared to the year before from $3.13bn to $3.96bn due to a 31% rise in prices. OLNG’s sales are in Asia-Pa...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
South Sudan Makes Progress On Proposed Kenya Pipeline
...scuss ways in which the government could repay the firm for its work in the long run. Following the South’s secession from Sudan on 9 July 2011, the two sides have been locked in a dispute over a number of issues including the sharing of oil revenues, the position of the 1,800km border and the di...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
AMF Chief Tackles MENA Financial Reform, Arab Spring Fallout
...d-2010. The AMF is participating with other international financial institutions in the Deauville Partnership with the Arab Countries In Transition, which was launched in 2011 by the G8 forum of governments. This is to support democratic transition, strengthen governance, foster economic and social in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
CGES Says Saudi Arabia Has ‘Free Hand’ Over Output After OPEC Meeting
...e 18 June Monthly Oil Report, CGES says oil prices have fallen by almost 25% from their recent mid-March peak of nearly $128/B and slipped below $100/B at the beginning of June for the first time since February 2011. “What happens to oil prices over the next six months,” says the report, “is largely in...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jul Ju...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
ERC’s Musturud Refinery Project Secures Funding Despite Political Turmoil
...nsions. The project was kept on ‘life support’ through the 2011 tumult because its economics are compelling. The Egyptian authorities have acknowledged that it will help alleviate the country’s growing products shortage. On announcing the deal’s completion, ERC parent, private equity company Citadel Ca...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Egyptian Equities Tumble To Five-Month Low On Rising Political Tensions
...nual rate to 8.3%, down from 8.78% in the previous month. Preliminary data, said the CBE, showed that real GDP climbed 5.2% in the third quarter (fiscal 2011-12 began on 1 July 2011) following “feeble” growth of 0.35% in the first two quarters. During the first three quarters GDP was up 1.8% on the ba...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012