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Oryx IPO Bid Reveals Controversial Wasit Oil Deals
...IRAQ Oryx IPO Bid Reveals Controversial Wasit Oil Deals Geneva-based independent Oryx Petroleum has signed three oil deals directly with the Wasit Provincial Government, bypassing the central Iraqi government in Baghdad. The 13deal was done back in December 2011. Rumors of the deal – an...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
‘New Eni’ Reduces North African Exposure
...versification' Having recently sold much of its downstream and services business, Eni will increase the share of its capital expenditure (capex) devoted to the upstream from 48% in 2011 and 54% for 2012 to 61% by 2016. However the North Africa share of the upstream total will fall from 23% for 2012 to 17% for 20...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Benchmark Crudes, Saudi Arabia - Economic Data & Saudi Arabia Export Revenue
...OIL PRICES Benchmark Crude Prices* 28-Mar 18- 22 Mar 11- 15 Mar 13-Feb 13-Jan Q4 2012 Q3 2012 2012 2011 WTI 97.23 93.11 92.72 95...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Sudans Readying For Southern Oil Restart
...id in Juba on 26 March. He said the producing oil companies in the South were currently in the process of resolving any remaining technical issues that could prevent the country from reclaiming its place among Africa’s key oil exporters. South Sudan seceded from Sudan in July 2011, ta...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Yemen Offers 15 More Blocks
...men’s 2011 average production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d, and off 50% from 455,000 b/d in 2001.) Sustained attacks on the country’s oil pipelines and power lines however have compromised government efforts thus far, prompting the authorities to launch a major of...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
PetroTel Expands Oman Portfolio
...nistry of Oil and Gas (MOG) on 26 March, for a 100% working interest in Blocks 39 and 67, both of which were made available as part of a bid round in August 2010. With this acquisition, PetroTel brings its number of Omani assets to four, after winning the adjoining Blocks 17 and 40 in 2009 and 2011 re...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Juba Clings To Pipeline Plan
...smissed as invalid. Juba felt it had the right to renegotiate deals signed before it gained independence in July 2011. Total has held a 32% stake in the license for more than 30 years, but has been unable to carry out any significant exploration during due to the violence that continues to grip the re...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
UAE Makes Progress On Nuclear Plant, Iran’s Bushehr Off-Line
...nce it started operation in September 2011. The latest shutdown, which began in February, is for repairs to the turbine generator. The plant had only been operating for about a month, following a protracted outage for repairs after debris was found in the reactor housing. Atomic Energy Or...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Libya To Transfer $2Bn To Egypt
...13 from over $36bn before the January 2011 revolt. ...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Algeria Looking To Generate Extra 2.8GW This Summer
...turning late from maintenance, which reduced availability to 83% of installed capacity. Mr Yousfi estimated Algeria’s total electricity generating capacity at 11.39gw at the end of 2011, of which 8.50gw was operated by state generator Sonelgaz and 2.89gw by independent generators. He did not detail th...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Syrian Pound Slides On “Malicious War”
...th Iran, which had extended a $1bn line of credit to Syria. Foreign exchange reserves, which stood at $18bn in March 2011, may have fallen to $5.6bn at the end of 2012 (MEES, 15 March). Meanwhile Syria has issued an Economic Crimes Law aimed at combating corruption and theft, preventing the de...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
IMF Sees Iraq’s Growth At 9% In 2013
...12 % Change 2011 2010 Total Revenue 119,297 102,327 16.6 80,935 61,735 Total Expenditure 138,425 117,123 18.2 96,663 84,657 Capital 55...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Sadara Gets Go Ahead To Offer Sukuk To Finance $20Bn Project
...tober 2011 (MEES, 17 October 2011). Ultimately, the two sponsors will decide on the size of the offer based on the price they pay for the debt. Typically as the offer size climbs, the pricing the issuer will pay to investors also rises, so the sponsors will need to determine whether taking more of the Su...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Oil Price Assumptions Jump In 2013 Budgets
...crease their prices by jumps in expenditure due to the stimulus programs put in place to appease Arab Spring protestors. Higher market prices are also spurring on the tendency to adopt higher budgeted prices. The OPEC basket was at a yearly average of $109.45/B last year, compared to 2011’s $107.46/B and pr...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Naimi Hails Asia Relationship
...tal exports in 2002 to 62% in 2011 (MEES, 2 November 2012). Asia’s growing oil demand was built on the foundations of sound economic policy, Mr Naimi argued. “Advanced Western economies could learn many lessons from Asia’s economic prudence and fiscal management, particularly when it comes to debt ac...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Saudi Arabia Adds Projects To ‘Difficult’ Gas Challenges
...cluding the Ministry of Petroleum and the Ministry of Industry and Trade,” Samir al-Jishi, general manager for strategy and business development at Saudi International Petrochemicals Company said on 19 March. “A decision on this was expected in 2011. This was then postponed to 2012 and then to 20...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Iraq Operators Struggle To Meet Start-Up Schedules
...ke much more oil. Two 850,000 b/d Single Point Mooring (SPM) buoys were brought into service early last year. Iraq managed to export in peak months of July and August 2012 a good 500,000 b/d above 2011’s average of 1.71mn b/d from the south. However, while loading has been taking place from bo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Attack Heightens KRG Security Fears
...an-Claude Gandur, former owner of Addax Petroleum, took over operatorship of Hawler from Russia’s Norbest in August 2011. It has a 65% stake, with Korea’s KNOC holding 15% and the KRG 20% in the block, which lies just to the west of the KRG capital of Irbil. Oryx has also been one of the firms li...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Yemen Prequalifies Nine Companies Ahead Of Block Awards
...dustry and reverse declining output – a trend seen since the early 2000s. BP estimated Yemen’s 2011 average production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d and 50% from 2001’s 455,000 b/d. However, oil sector initiatives have been repeatedly compromised by the still-vo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Moody’s: Petronas To Benefit Most From Sudan’s Oil Restart
...dan to a restart of Southern oil exports through the north, ending a near 14-month shutdown caused by a disagreement over oil transit fees (MEES, 15 March). Crude production in the two Sudans accounted for about 7% of Petronas’ total output in 2011, Mr Wong said, whereas it accounted for less than 4% of...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013