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Tripoli Touts Progress In Face Of Security Challenge
...e Mellitah gas plant which left one guard dead, Dr Berruien said security problems have been exaggerated. The drilling of 19 exploration and appraisal wells, and acquisition of “more than 2,000 sq km of (3D) seismic” since October 2011 is proof oil companies can do business in post-revolutionary Li...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Abu Dhabi Habshan Gas
...ortage. Nitrogen Injection GASCO is preparing to inject 600mn cfd of nitrogen by mid-2014 into Habshan wet gas field, and in doing so recover the same volume of gas – currently used for reinjection – for delivery to Habshan 5 (MEES, 19 September 2011). Currently, most of the heavier ‘field condensate’ is...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
ADNOC Pushes To Own Faulty Hormuz Bypass Pipeline
...ased around 1mn barrels of liquid fuel storage at Vopak Horizon’s terminal. Aramco Trading, founded at the start of 2011, is Saudi Aramco’s refined products trading arm. Saudi Aramco and Shell are likely hoping to target the Asian market and take advantage of Fujairah’s strategic po...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Libya Eyes $80bn Downstream Drive
...chnologies.” Libya’s only current foreign downstream joint venture, the 50% stake of Dubai’s Al-Ghurair group in Ras Lanuf, has not been a happy one. Under the terms of the 2009 investment, Al-Ghurair was to invest $2bn in modernizing and expanding the plant. But a combination of factors, most notably the 2011 ci...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
EU Renews Sanctions On Syria
...y that Syrian production of oil had fallen to only 20,000 b/d, that is to say a mere 5% of the 380,000 b/d Syria was producing before the start of the civil war in March 2011. In early May Mr ‘Abbas estimated Syrian crude production at 70,000 b/d (MEES, 10 May). This has forced his country to...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Saudi Aramco: 2012 Production Rises, Capacity Steady
... SAUDI ARABIA Saudi Aramco: 2012 Production Rises, Capacity Steady Saudi Aramco’s 2012 Annual Report, released on 27 May, shows crude production hitting a record 9.51mn b/d, up over 440,000 b/d on 2011’s previous record. Gas output of 10.7bn cfd, up 9% on 2011, is al...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
IMF Sees Positive Economic Developments In Iraq
...12 from $1,300 in 2004. This favorable IMF assessment comes at a time when violence in Iraq has surged to new highs and Sunni opposition to the Shi’a dominated government has become more pronounced. The IMF notes that fiscal surpluses reached almost 5% of GDP in 2011 and 4% in 2012 as a re...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Libya Faces Hurdles Despite Rebound- IMF
...12 as hydrocarbon output was rapidly restored. Inflation fell to 6%. This compares with a 62% fall in GDP in 2011. The 2012 budget recorded a surplus of almost 21% of GDP and the current account surplus widened to 36% of GDP. The fall in hydrocarbon exports in 2011 led to a budget deficit of 15.4% of GD...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Kuwait Grants Oman $2.5Bn
...rt of a $20bn GCC funding program pledged by Saudi Arabia, Qatar, the UAE and Kuwait, to extend $10bn each to Oman and Bahrain for development projects. The program was approved in March 2011 to ease tensions and promote economic development following pro-democracy uprisings (MEES, 9 May 2011...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Benchmark Crude Prices
...13 Q4 2012 2012 2011 WTI 93.61 95.11 94.97 92.09 92.98 94...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Kish Gas Startup Claims Half-Baked
...e main sticking point. MEES understands that the two sides came close to reaching an agreement in 2011, but an eleventh hour change of heart on the part of the Iranians put a halt to proceedings. “The project has been shelved, with Oman now focusing on the development of its tight gas at Khazzan and Ma...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Egypt: Leadership Changes Buffet Oil Sector
... EGYPT Egypt: Leadership Changes Buffet Oil Sector Egypt has appointed a new head of state oil firm EGPC and its fourth oil minister since the 2011 revolution. Political connections, rather than industry experience, appear key to the appointments. Eg...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Libya: New Law Divisive
...ficial posts during the Qadhafi era (1969-2011) face a 10-year bar from political office. The law will affect a number of senior politicians who were leading figures in 2011’s revolution, including Prime Minister ‘Ali Zidan, GNC President Muhammad Magraif, former prime minister Muhammad Jibril and NTC ch...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
International Expansion Leaves Turkish Firms Vulnerable To Political Instability
...e main testing ground for this Turkish corporate charge into energy. But Iraq (and the KRG in particular) is also the key area of investment concern for Turkey. Iraq has since 2011 been Turkey’s second biggest export destination, but other significant trade relationships are also with politically fr...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Lebanese Officials Upbeat Despite Warnings
...P ratio to 133% in 2014 from 130% at present. The IMF expects Lebanon’s fiscal deficit to balloon to 9.7% of GDP from 9% for 2012 and 6.1% for 2011, according to figures contained in its Regional Economic Outlook Update, released this week. Lebanon is rated B with a negative outlook by St...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Bahrain’s Economic Outlook Vulnerable To Oil Price Risk, Says IMF
...nsultation. The IMF observed that although economic activity improved following the 2011 downturn, the absence of an enduring solution to the country’s political tension means investment is expected to remain weak. This implies only moderate non-oil growth “below 4% in 2013 and over the medium te...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Yemen LNG Sees Upturn In 2013 Fortunes
...ng Kong-based Prospect Group on 13 May. He notes that Yemen managed to produce 6.9mn t/y in 2011. Repeated shutdowns during 2012 – when Yemen LNG had to contend with seven separate bombings of the gas pipeline feeding its Balhaf liquefaction plant on Yemen’s southern coast – meant the plant pr...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
US Gets Tough On Iran Sanctions-Busting
...ports have since plummeted, falling to around 1.1mn b/d in March 2013 according to the International Energy Agency (IEA), down from near 2.5mn b/d for 2011. Among Iran’s key East Asian customers US allies Japan and South Korea have cut imports the most; China – now by far the biggest buyer of Ir...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Libya’s 2013 Budget Heading To Surplus
...LIBYA Libya’s 2013 Budget Heading To Surplus The freshly-released details of Libya’s 2013 budget shed some light on how the North African state in transition will spend its money in the year ahead. Whilst the country saw a rapid rebound in oil production after 2011’s re...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
IEA: US Shale To Sideline OPEC Going Forward
...chnology improvements and the long-term behavior of oil prices. OPEC vs IEA Supply-Demand Balances (Mn B/D) 1Q12 2Q12 3Q12 4Q12 2011 20...
Volume: 56Issue: 20Published at Fri, 17 May 2013