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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 -
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 -
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 -
Baghdad Awards Three Blocks In Bid Round
...ghdad assumed the right to postpone development for up to seven years, which, given an exploration period of up to seven years, might have meant companies waiting for 14 years before seeing any return on their investment (MEES, 19 September 2011). In March, the Ministry of Oil sweetened terms so...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Long Term Oil Demand To Maintain Upwards Trend Despite Eurozone Jitters
...eber. With only 1.5mn b/d of OPEC spare capacity the market has fundamental support. The average global cost of finding and developing oil also provides price uplift, and climbed to $25/B in 2011 from $20/B in 2010, with both figures sharply higher than the $5/B needed in the mid-1990s, said Mr Si...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Japan Pushes CCS To Secure Stakes In Abu Dhabi Offshore Concessions
...tural gas; now we are looking at CO2,” he said while declining to state when it would start. ADMA-OPCO aims to boost production capacity to 1mn b/d by 2019 (MEES, 2 May 2011). ADNOC aims to boost ultimate crude recovery to 70% – 20 percentage points higher than the current target – by de...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Qatar Continues To Boost Budget Expenditure In 2012-13
...206bn ($56.6bn), up 26.8% from QR162.5bn ($44.6bn) in 2011-12, and total expenditure of QR178bn ($48.9bn), up 27.2% from QR139.9bn ($38.4bn) in 2011-12. The budget released on 28 May, under Amiri Decree 38 by Crown Prince and Deputy Amir Shaikh Tamim bin Hamad Al Thani, will have a surplus of QR28bn ($7....
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Shell Pulls Plug On Libya Exploration, BP Plans Return
...mmences drilling on LNGDA acreage. February 2011 Halts drilling and closes Tripoli office due to conflict. May 2012 Announces halt to upstream work but plans to maintain in-country presence and consider future op...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Politics Poses Main Challenge To Lebanese Offshore Exploration
...tends to hold an offshore licensing round in 2011, yet there remain a number of important procedural steps that the government must address that could become subject to Lebanon’s unique political circumstances. Speaking at an energy conference in Nicosia on 23 June, Mr Sinoria referred to Lebanon’s hy...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Fuel Shortages Hit the UAE, Threaten Power Supplies
...soline. Last year it began to phase out gasoline subsidies. In April, ENOC said it expected to spend $735mn in 2011 on fuel subsidies – 44% more than it spent in 2010. ENOC CEO Sa'id Khouri said last year that the company needs oil prices at about $40-45/B for it to break even on gasoline sales. In Ja...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011