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Libya’s AGOCO Looks To New Ghadames Production Heartland
...velopment in October 2010, although awards were overtaken by 2011’s fighting. NC-100 contains more than a dozen oilfields discovered by Bulgarian firm Geokom in the late 1980s and early 1990s. However their relatively small size and lack of nearby infrastructure coupled with tough contractual te...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algeria’s South West Gas Project Boosted By Pipeline Award
...t the biggest share would likely come from Total’s Ahnet tight gas project, where the company plans 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up. However discussions with the Algerian authorities remain ongoing, with Total thought to be an...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IEA Sees Ethylene Market Driven By Ethane Cracker Surge
...st and the US, according to the International Energy Agency (IEA). In the 12 October Medium-Term Oil Market Report the agency predicted that global ethylene capacity will rise to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011, equivalent to yearly growth of 3.7%. In 2012, oil eq...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IMF: Hydrocarbon Dependence Leaves GCC Exposed
...OIL PRICES IMF: Hydrocarbon Dependence Leaves GCC Exposed Though overall real economic growth for the Gulf Cooperation Council (GCC) countries is projected to rise yet again this year relative to 2011, heavy dependence on their respective hydrocarbon se...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Benchmark Crude Prices & Crude Official Selling Prices
...pt Q3 2012 Q2 2012 2011 2010 WTI 87.09 86.69 91.64 89...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Unrest Threatens To Scupper Yemen Oil Sector Investment Hopes
...etings Yemen’s President ‘Abd Rabbu Mansur Hadi has urged foreign oil companies to increase their investments. Crude production in Yemen has been in steady decline over the past 10 years or so, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 30...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Cyprus Awards Four Offshore Licenses
...s Corporation (Kogas) were awarded the licenses for Blocks 2 and 3. Two of the blocks adjoin Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. Blocks 2, 3 and 9 are positioned on the eastern sides of Cyprus’ exclusive economic zone (EEZ), and Blocks 3 and 9 are ad...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Israel Gas Sector Development Faces Setbacks
...0mn outlay. The fields were considered by many to be a ‘safe bet’ – the consortium had shot detailed seismic over the offshore area in June 2011, a year before the drilling begun on the Myrah block. The results indicated a high probability (between 50-90%) of as much as 6.5 trillion cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Nakilat Profit Slips, As It Ponders Fleet Fuel Switch
...e first nine months of the year, the Qatari company reported a QR562.4mn ($154.5mn) profit, compared to QR 624.2mn ($171.5mn) in 2011. Since the results were announced on 22 October, Nakilat’s share price on the Qatar Exchange has edged down from QR15.76 ($4.3) and was at QR15.55 ($4.27) on 1 No...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
MENA Solar Power Progressing In Small Steps
...derstanding (MOU) with Morocco’s Agency for the Development of Renewable Energy and Energy Efficiency (Aderee) for the exchange of expertise in developing energy policy and regulation. DII is currently developing joint projects with Morocco, Tunisia and Algeria. In May 2011, DII and Masen signed an MOU for a re...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Dana Gas Misses Sukuk Deadline
...e down 6% compared to the same period in 2011 “mainly due to a fall in natural gas production in Egypt” the company says. The company’s overall net production fell 9% to 59,600 b/d of oil equivalent (boe/d) over the same period. Egyptian production for the first nine months of 2012 was 32,000 boe/d, do...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Syria’s Budget Deficit Set To Double For 2013
...expenditure to S£1,383bn. The budget deficit will rise more than twofold to S£749bn from S£335bn in 2012. But this comparison in budget numbers does not take into account the depreciation in the value of the Syrian pound which has lost about half its value (from $1=S£47 in March 2011 to $1=S£69.6 cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algerian Export Revenue Up, But Hydrocarbon Dependence Increases
...peats the picture for 2011 when export revenue soared by 26% from $56bn to $72bn on the back of a $32/B rise in the price Algeria realized for its oil exports. This came despite a 4% fall in domestic hydrocarbon production and rapidly rising domestic consumption. But super-reliance on hy...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Moody’s Sees Negative Outlook For Lebanese Banking
...ar-end 2011. ...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Political Comment (2 November 2012)
...March 2011 – such as the US, France and Turkey – appear to be having second thoughts. But the harsh reality is that it may already be too late, and that Syria, like the egg Humpty Dumpty in the English nursery rhyme, is already broken beyond repair. Unless Mr Asad can bomb his own ci...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Gulf Sukuk Issuers Brave Volatile Markets
...apping up an active three months which saw $17bn worth of paper hitting the market, representing almost two-thirds of the year’s total (MEES, 6 December 2010). Hopes had been high, given the large amount of refinancing needed, that market activity would spike up a notch in 2011. But as the European so...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Libya Production Boost Hands OPEC Escape From Tough Output Allocation Talks
...9mn b/d for 2011 and 1.2mn b/d next year, published in OPEC’s most recent Monthly Oil Market Report (MEES, 14 November). “We are producing about 30mn b/d. I think we are forecasting that we should keep the same production maybe for next year, unless there is some negative economic development, then we wo...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Market Remains Tight Due To ‘Old Fashioned Supply Squeeze,’ Says CGES
...2011, the sudden loss of 1.6mn b/d of light, sweet Libyan crude that could not be replaced with oil of a similar quality and, crucially, OPEC’s own failure to recognize or respond to the emerging supply shortage. Oil markets appear to be existing in a world entirely separate from concerns th...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 Crude Oil Formulas/Posted Prices ($/B) Yemen (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jan Dec Nov Oct Se...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Turkmenistan And China Expand Long Term Gas Deal
...ntral Asia-China gas export system. Turkmenistan is expected to supply up to 15 bcm of Turkmen gas to China in 2011. The agreement, one of 14 intergovernmental pacts signed during a visit by Turkmen President Gurbanguly Berdymukhamedov to Beijing, calls for Turkmengaz to increase over an unspecified ti...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011