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Socar And PetroVietnam Sign Agreement To Redevelop Onshore Oil Fields
...eri state firm Socar noted in a statement, adding that combined oil production from the three fields in 2011 was 26,000 tons. To date the fields have produced 3.4mn tons of oil and 100mn cu ms of gas. This is the first investment by the Vietnamese state firm in Azerbaijan. BP Completes Sh...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Eni Digs Deep For Egyptian Production Boost
...ate firm EGPC (50%). Agiba produces a total of 36,000 b/d – with Melehia accounting for around half of this. Eni has 56% share of Melehia on a working interest basis, Lukoil 24% and Mitsui 20%. Eni is Egypt’s largest producer, with net output of 240,000 b/d of oil equivalent for 2011, up 8,000 boe/d on...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
US Senate Pushes For Harsher Sanctions, Asian Buyers Cut Iranian Oil Imports
...11, India, South Korea and Japan have already conformed with the US request for a 15-20% reduction in their annual intake of Iranian oil from 2011 levels. On 23 May India’s Mangalore Refinery and Petrochemicals Ltd announced that it would drop its imports from Iran by about 19% in the fi...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qasemi Says Caspian Gas Field Also Holds Light Oil
...e field was discovered by Iran’s Khazar Exploration and Production Company (Kepco), and was said earlier by Mr Qasatemi to have estimated gas in place of 50 trillion cu ft (MEES 19 December 2011). While the minister gave no further details of the oil layer appraisal results, a former Iranian deputy pe...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
ILDC Energy Anticipates Offshore Drilling In Early June
...rporation (MEES, 11 July 2011). The company is facing a 15 June deadline for the start of drilling, set by Israel’s Petroleum Supervisor (MEES, 2 April). The Myra and Sarah Blocks have the potential to hold up to 6.5 trillion cu ft (184bn cu ms) of natural gas and 150.7mn barrels of crude oil based on a 3D an...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
AGOCO Claims Libyan Production At Pre-Revolution Levels
...nge before the February [2011] revolution”, adding that Libya’s overall production “exceeded 1.6mn b/d.” This “completely contradicts the expectations of international experts who said it would take Libya two years from last October’s victory for the country to return to full production,” AGOCO sa...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Tunisian Oil Workers Strike Amid Economic Gloom
...ivers or unqualified workers”, TAP quoted Winstar’s Tunisian general director Rafiq Hamza as saying. The company says that an increase in its staff from 80 to 100 during 2011 was partly “to help spur the local economy” hit by high unemployment. Winstar says the latest unrest marks an “un...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
IMF Estimates UAE Real GDP Growth In 2011 At 4.9%
...E IMF Estimates UAE Real GDP Growth In 2011 At 4.9% UAE real GDP in 2011 is estimated to have risen by 4.9%, according to the IMF Article IV consultation with the UAE, published on 16 May. “High oil prices and increased production, strong growth in Asia, and the UAE’s perceived safe haven status in...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
TAQA Considering Energy Investment In Turkey, Posts Strong 1Q12 Figures
...rth – a Calgary-based subsidiary of the state-controlled company – completed the sale of its oil and gas assets in southeast Saskatchewan earlier this year in a move the company said was “part of the ongoing management” of its global portfolio (MEES, 26 December 2011). TAQA 1Q12 Financial Re...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Egypt Refining And Petrochemical Projects Make Progress On Financing
...s able to press ahead when new investors agreed to participate in July. They comprise Egypt Kuwait Holdings, Yemen’s Hayel Saeed Anam Group, the Saudi Economic Development Company and Cairo-based Tri Ocean Energy (MEES, 12 September 2011). EHC announced last year it has started developing a second pr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Saudi Aid Starts Heading To Egypt
...reign exchange reserves, which have fallen by almost half since the overthrow of the Mubarak regime in January 2011. It also includes $500mn to finance priority development projects currently under implementation by the Egyptian government, as well as $250mn for the Egyptian General Petroleum Co...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Iran Denies IEA Oil Storage Estimate
...provide alternative insurance coverage to European P&I.” Meanwhile, on 15 May India approved a decision to limit imports from Iran by 11% during the current fiscal year. This is expected to reduce India’s imports of Iranian crude from 127.8mn barrels in fiscal year 2011-12 to 113.6mn ba...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
POGC Announces Plan To Revive North Pars/LNG Development
...OC) signed a contract with China’s CNOOC in 2006 for a $16bn development of the field and associated LNG project (MEES, 25 December 2006). Mr Souri’s announcement comes some 18 months after CNOOC reportedly removed its engineers from the project. Mr Souri said that in 2011 CNOOC had “withdrawn from th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IOTC To Increase Oil Storage Capacity At Neka
...2011-12 averaged only 20,000 b/d. Iran halted Caspian swaps in 2010 (MEES, 21 June 2010), when the volume was estimated at 90,000 b/d, and restarted them in August 2011 (MEES, 15 August 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IMF Joins Chorus Calling Kuwait’s Spending Unsustainable
...ile the fiscal year 2011-12 breakeven crude oil price of $44/B is much higher than the $17/B needed just before the global financial crisis of 2007-08, Kuwait’s ratio of breakeven prices to current market prices remains similar, the IMF said. ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Kuwait’s LNG Project In Australia Makes Progress
...mn t/y (MEES 5 September 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Pirates Capture Tanker Offshore Oman, EU Fires Warning Shot
...mp near a stronghold at Harardhere, in the Mudug province of central Somalia. According to Oceans Beyond Piracy, a project of the non-profit One Earth Future Foundation in Colorado, Somali piracy cost the global economy $6.6-6.9bn in 2011, with the industry being forced to cover over 80.5% of this to...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Syrian Oil Minister Admits Shortage Of LPG And Gasoil
...ked By 25% With the current shortage of gasoil, the Ministry of Economy and Trade has announced a 25% increase in the price of gasoil from S£15/liter to S£20/liter with effect from 15 May. The price of gasoil was reduced on 24 May 2011 to S£15/liter from S£20/liter in a bid to lower the cost of li...
Volume: 55Issue: 21Published at Mon, 21 May 2012