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Benchmark Crudes & US Crudes Imports
...12 2012 2011 WTI 92.05 94.67 96.94 95.37 94.88 88.25 92.21 94...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Security Vacuum Delays POGC Drilling Restart
...08 bidding with a commitment to drill eight wells. None has yet been spudded, although the company was in the process of mobilizing a rig for a 2011 drilling campaign when Libya’s revolution kicked off in February that year (MEES, 2 April, 2012). POGC lifted force majeure in November with th...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
No Fuel Supply Worries As Oman’s Sohar Complex Shuts
...ficiently and more cleanly as a result of this effort.” ORPIC was formed in June 2011 with the merger of the Oman Refineries and Petrochemicals Company, Aromatics Oman, and Oman Polypropylene (MEES, 20 June 2011). ORPIC meanwhile has said it expects to award a $1.5bn construction contract in the co...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Iran Shuts Down Bushehr Nuclear Plant, Progressing Arak
...clear firms and started up in September 2011, is expected to be off-line until at least 28 February. It was only recently restarted after a shutdown following the discovery of debris in the reactor housing (MEES, 18 January). The International Atomic Energy Agency (IAEA) noted in a report circulated am...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Iran-Syria Gas Mega-Project Discussions Roll On
...gned in July 2011, but the obstacles to realizing such a mega-project are formidable. Clearly as things stand now, the project cannot progress. There is civil war raging in Syria and both Tehran and Damascus are currently sanctioned by western countries. This in effect means that it would be ve...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
OMV On Course For 350,000 Boe/D By 2016
...intenance activities in New Zealand (see chart below). Libyan Revival Total OMV daily production of oil, NGLs and gas was 5% above its 2011 level, primarily due to the increased volume from Libya which appeared to more than compensate for lower volumes in both Romania and New Zealand. “The bi...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Calvalley Downgrades Yemen Reserves
...e continuing deferment of projects planned at the block. “Drilling activity was restricted by security and local issues,” Calvalley said, referring to the insurgent-related violence that has plagued Yemen since the outbreak of protests against former president ‘Ali ‘Abd Allah Salih in early 2011...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
GCC Aid Flows To Bahrain And Morocco
...hrain $2.5bn to finance development projects in the kingdom as part of a 10-year funding program worth $10bn from four GCC countries – Saudi Arabia, Kuwait, Qatar and the UAE – approved in March 2011 (MEES, 9 May 2011). The four GCC countries then pledged to extend $10bn apiece to Bahrain and Oman to ea...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Egypt To Resume Talks With IMF In March
...al to be finalized by the end of April. The government has said that it is also aiming to recover its foreign exchange reserves, which have fallen to a low of $13.6bn in January 2013 from around $36bn before the January 2011 revolution saw the overthrow of the Husni Mubarak regime. The go...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Algerian Gas Faces Three Challenges
...geria. The country’s gross production of natural gas in 2011 was 6.7tcf compared with 6.8tcf the year before. Of this total, 2.9tcf was marketed at home and abroad while the rest was re-injected to enhance oil recovery, flared or lost due to shrinkage. According to Paris-based gas association Cedigaz es...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Abu Dhabi To Import 1.2Bn CFD Of LNG, Shah Gas Field Slips
...G engineering firm Chiyoda (MEES, 10 October 2011) replace ADGAS’s two LNG trains that will be over 30 years old by 2019, as part of a package that would secure Japanese upstream firms’ concessions in the emirate. ADGAS’s third LNG train is more recent. However, Abu Dhabi could build an...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Regional Tensions, Oil Price Prompt Rise In MENA Defense Spending
...ew by a far lesser margin. And this trend, IISS notes, is something that has been mirrored in defense spending across the region. “Oil exporting states made up nearly 75% of total regional defence expenditure, and in 2011 their collective spending rose to $95.57bn [from $87.97bn], a no...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
OPEC Continues Bearish On Demand
...nor downgrade to projections for non-OPEC supply meant the MOMR kept its projection for the 2012 ‘call on OPEC crude’ steady at just over 30mn b/d. OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 2010 1Q...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Global Crude Oil Inventories Need To Rise, Says CGES
...B/D) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011 2012 World Oil Demand 89...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China’s Crude Oil Imports For February Reach Record 5.95Mn B/D
...nce September 2010, when Chinese crude imports averaged 5.67mn b/d. February imports are 0.98% above January and 18.49% up from February 2011. China Crude Oil Imports 2011-12 2012 2011 Im...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Crude Oil Formulas/Posted Prices
...OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Libya (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 2010 Ap...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Bahrain’s Crude Output Rises 4.6% In 2011
...Bahrain Bahrain’s Crude Output Rises 4.6% In 2011 Bahrain’s crude oil output rose by 4.6% to an average of 190,281 b/d in 2011 from 181,850 b/d in 2010, according to statistics posted on the National Oil and Gas Authority (NOGA) website. Of this total 43,510 b/d were produced from th...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Minister Responsible For Energy Replaced In Government Mini-Reshuffle
...prus Energy Department and oversees the island’s nascent energy industry. Ms Antoniadou was given the post in August 2011 following the collapse of a coalition government under President Demetris Christofias. Ms Antoniadou has created a stir amongst the island’s political parties and within the local me...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Dana Gas Secures Egypt Payment Schedule, Looks To Libya
...r 2011, filed to the Abu Dhabi Bourse on 20 March, the firm said the “trade receivables” it was owed had almost doubled to Dh1.74bn ($475mn) during 2011. This is split roughly evenly between the firm’s two key areas of operation – the Kurdistan Regional Government (KRG) area of Iraq ($240mn) and Eg...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012