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OPEC On Autopilot Till June
...tiyah, who served from 1992 to 2011, says there is a solution so long as non-OPEC producers do not just sit back and allow OPEC members to take on the full load of a cut. They must not only join in a production cut, but also comply with any such pledge, he adds. Mr Naimi and the UAE Energy Minister Su...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Libya: Talks Postponed As Jihadists Step Up Oil Field Attacks
...rst, in February 2011, just before the country fell into civil war, was a success. Three more wells were drilled in 2013 with one success. The October 2013 well on Block NC-115 which tested the Waha prospect encountered “very promising flow rates” of 39°API crude. Of the three 2014 wells, OMV an...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Algeria Confronts Libya Spillover Threat
...li, in 2013. For him, Algiers’ analysis of the situation in Libya has been proved right: back in 2011 it had warned leading members of the NATO-led coalition of the dire consequences of the manner in which they were intervening in Libya. Relations with Tunisia which is equally exposed to the de...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
BP Stakes Out Key Role In Egypt’s Gas Renaissance – If The Price Is Right
...rth of the city of Damietta and 45km to the north west of the Eni-operated Temsah offshore facilities. The North Damietta offshore block lies north of the BP-operated Ras El Bar and Eni operated Temsah and North Port Said blocks, which collectively produced around 1.1bn cfd for 2013. Meanwhile, BP in 2011...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
OPEC Faces $750bn Losses From Market Share Strategy
...nisters could do both simultaneously. Many outside observers and analysts (including ourselves) expected OPEC to pursue its price defense strategy by reducing its ceiling of 30mn b/d, in place since 2011. A cut to something nearer 28.4mn b/d, OPEC’s own projected global requirement for OPEC crude oil in...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
A Tale Of Two Libyas As Jihadists Step Up Oil Field Attacks
...wer – essential for water injection – has consistently been a limiting factor on production at the two fields since Libya’s 2011 revolution (MEES, 17 May 2013). The fields had only been briefly back on stream following an attack on the pipeline transporting crude to the 150,000 b/d capacity Hariga te...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Indian ‘Compliance’ Beginning To Hit Iran Oil Sales
...ta, having only recently just come out with figures for December 2014. Iran’s January deliveries figure is down 11% on the 1.27mn b/d it shipped in 2014 – which is already well down on an average of 2.53mn b/d in 2011 – before the latest round of US and EU sanctions on Iranian oil exports were im...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Rabigh Shutdown To Curb Saudi Refining Surge
...pected to take total Saudi capacity to 2.91mn b/d by the end of 2015 (MEES, 27 February). Petro Rabigh says the shutdown will allow the second periodic maintenance since 2011. Such closures are “carried out every four years as a regular practice in the refining and petrochemicals industry.” The co...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Dea Looks To Expand With $10Bn War Chest
...ainst Russia. London cited the example of the North Sea’s Rhum field – 50% owned by Iran’s NIOC – where production was halted by western sanctions on Iran in 2011. Mr Davey says that L1 will likely have to sell on the North Sea assets to a third party. The transaction had been in doubt since la...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Egypt Seeks Growth At Sharm El-Shaikh Conference
...stability following the February 2011 ouster of Husni Mubarak. Foreign direct investment has yet to recover. Egypt will use the conference to showcase its “Sustainable Development Strategy 2030” as well as its 2014-19 economic and social reform plan, which includes new legislation to attract investors to...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Jordan Slashes Spending In Bid To Halve Deficit
...l prices remain at their current level of around $60/B, Nepco’s 2015 losses would fall to around JD600mn ($846mn), he says. Jordan imports around 96% of its energy needs. Nepco has suffered cumulative losses of JD4.5bn ($6.3bn) since Egyptian gas supplies began to dwindle in 2011. To make up...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Qatar’s GTL Output To Fall As Pearl And Oryx Plants Undergo Maintenance
...of the first train in early 2011 and the first commercial cargo of gasoil in June 2011. Each shutdown will defer production of roughly 4.2mn barrels of GTL liquids and 3.6mn barrels of NGLs. Shell has not detailed the work being carried out during the shutdowns. However, any non-routine wo...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Egypt Scrambles For Gas Supplies In Run-Up To Presidential Vote
...yptians, but unless they are curbed, the future president will struggle to grow the economy and keep energy supply in line with demand. Any leader that fails to deliver on economic growth and the supply of basic services will struggle to avert the popular discontent that swept Mr Mubarak from power in 2011....
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Saudi King Springs Surprise On Eve Of Obama Visit
...fluence and is able to sway decisions on output ceilings. However, it has acted unilaterally on several occasions to balance markets, in 2011 to make up for the loss of 1.5mn b/d of Libyan crude oil and then again in 2012, to replace the 1mn b/d decline in Iranian export volumes due to sanctions. Sa...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Algeria Returns To Expansionary Budget In 2014
...ALGERIA Algeria Returns To Expansionary Budget In 2014 Algeria has adopted an expansionary budget for 2014 after cutting 2013 budgeted spending. But the projected 2014 spend is still well down on the bumper 2011 spend, when Algiers attempted to stave off calls for po...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 101.28 99.30 99.25 100.68 94.81 97.54 105.73 98...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Libya Taps ‘Emergency’ Power Units
...stalled and commissioned, six weeks after sites were confirmed in December. Two further units are expected to be operational by the end of March. All are dual fuel turbines, able to run on natural gas or diesel. Before Libya’s 2011 overthrow of former dictator Mu’ammar al-Qadhafi, the country had in...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Abu Dhabi Restructures Energy Sector
...erations (ADCO), now administered by ADNOC, following the expiry of the concessions held by foreign partners. His predecessor, Yousuf bin ‘Umair, was chairman and CEO of ADNOC and was known to be close to Shaikh Khalifa. He retired in June 2011 and Mr Suwaidi was appointed Director General and took over Mr ‘Um...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Suez Canal Traffic Data, 2013
...Suez Canal Traffic Data, 2013 2013 Change vs 2012 2012 2011 2010 2009 2008 20...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
GCC Petchems: Innovation Needed
...rth $97.3bn, 2% of the global figure, but GCC producers spent a mere $380mn on R&D, “just 0.8% of global R&D spending,” the GPCA says. However this 2012 spend was 30% up on $266mn for 2011, while global petrochemicals R&D spending increased 10% year on year. GCC petrochemicals firms have st...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014