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Mubadala In Asia, Africa Push As Questions Mount Over Middle East Assets
...20. Oxy and Mubadala also partners at the Mukhaizna development in Oman’s Block 53. Mukhaizna has plateaued at about 120,000 b/d, and Oxy (operator) continues to struggle to maintain this level – despite a prior plan to plateau production at 150,000 b/d by 2011 (MEES, 8 March). Some of Mubadala’s pa...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Syrian Economy Incurs $103Bn Losses
...fect of sanctions.) Oil Output Plummets In September oil production under government control was estimated to have hit a low of 19,000 b/d of light crude and condensate, compared to an average of 380,000 b/d before the start of the uprising in March 2011 (MEES, 4 October). Gas production in...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
UAE Issues 2014 Budget
...proved a three-year federal spending plan of Dh140bn ($38.1bn) for 2014-16, a 15% increase on the previous plan for 2011-13 (MEES, 9 November 2012). The three-year plan, first introduced in 2011, was intended to achieve sustained growth under the state’s strategic plan. The 2014 budget just announced is...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 96.38 97.87 101.48 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Yemen Fuel Crisis Looms
...ntinues to be targeted in this way. Yemen’s oil and gas installations have been the target of choice for tribal and Islamic militants since anti-government protests created a power vacuum in early 2011. Yemen has had to contend with twelve separate attacks on its oil and gas pipelines since the st...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
South Tunisia Gas Development Pushed Back
...i a sixth. Proposed Nawara volumes were last year doubled to accommodate the feed-in of the Cherouq discovery following OMV’s February 2011 takeover of the Tunisian assets of US firm Pioneer. This deal made OMV the key operator in southern Tunisia and added 5,000 b/d to OMV’s flagging ex...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Saudi Crude Burning For Power Continues To Rise
...rget, it will struggle to keep pace with power sector demand. According to data given by Saudi Arabia to Joint Oil Data Initiative (JODI), Saudi direct crude oil burning in power stations rose 3.7% to 779,000 b/d in the peak month of August from 751,000 b/d in August 2011 – although some an...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Egypt Faces Critical Days
...E£69.614bn ($11.39bn) from E£47.218bn ($7.73bn) in the corresponding period of fiscal year 2011-12, the November issue of The Financial Monthly, published by the Egyptian Ministry of Finance said. Cairo is badly depending on a $4.8bn loan from the IMF to breathe some confidence back into the ec...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Saudi Mulls London Arbitration Center
...ternational bank creditors, have largely been fought in London, the Cayman Islands, New York, and other jurisdictions (MEES, 31 October 2011). After three years of legal wrangling with the two parties, international banks are still owed over $12bn. There is a reluctance to fight claims in Saudi courts by in...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Oman Announces Record 2013 Budget
...presenting 15% of revenue and 5% of GDP, up from the projected deficit of OR1.2bn ($3.12bn) in 2012. The budget was drawn up in line with the objectives of the eighth five-year development plan 2011-15, Mr Balushi noted. The minister explained that while the 29% increase in expenditure will be a record le...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Benchmark Crude Prices* /Official Iraqi Oil & Gas Data^ ('000 b/d) / Economic Data – MENA
...12 2011 2010 WTI 88.07 87.92 86.28 89.57 94.69 92.21 93.64 95...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Yemen Looks To Gulf For Oil, Gas Investment
...terest in its oil and gas industry. Crude production in Yemen has been in steady decline over the past decade, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 301,000 b/d, and 50% off 2001’s 455,000 b/d. The authorities have recently stressed th...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Deadlock Continues In Sudan – South Sudan Oil Row
...beration Movement (SPLM) in 2011, the SPLM-N remained in Sudan following the South’s breakaway from Sudan last July (MEES, 11 July 2011), and is currently most active in the Sudanese states of Blue Nile and South Kordofan. “This is impossible,” said President Kiir of Sudan’s demand. “We are in a di...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Edison Takes Stake in Israel’s Upstream Sector
...nsortium administering the 9 bcm/y capacity Al-‘Arish –Ashkelon gas pipeline. The contracts were estimated to be worth around $5-10bn over 20 years. They called for the 1.4 bcm/y exports to start in 2011, and volumes could later be expanded to 2.9 bcm/y (MEES, 20 December 2010). But the EMG line wa...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Jordan Opens Petroleum Distribution Market
...a substitute for Egyptian gas supply which had become unreliable since 2011. ...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Shah Deniz Partners Eye TANAP, Nabucco West Stakes
...DK also granted a gas import license to Bati Hatti Gas Company for 23 years. The combined annual volume all four traders for the duration of their permits cannot exceed 6 bcm, which is equal to approximately 15% of Turkish gas consumption. Botas decided in October 2011 (MEES, 17 October 2011...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
GPCA Sees GCC Petrochemicals Capacity Reaching 145Mn T/Y In 2016
... REGIONAL GPCA Sees GCC Petrochemicals Capacity Reaching 145Mn T/Y In 2016 By David Knott Gulf Cooperation Council (GCC) regional petrochemicals production capacity will rise to 145-146mn tons/year in 2016 from 116mn t/y in 2011, according to Gulf Pe...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
MENA Pushing Solar As Climate Change Talks Start In Doha
...a substantial fall in costs, because of widening deployment and substantial oversupply. The agency’s World Energy Outlook 2012 envisages global solar PV capacity increasing from 67gw in 2011 to 600gw in 2035. Yet in 2035 solar PV will account for only 7.5% of global renewables capacity – half will co...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Algeria Awards Ain Arnat Contract To Korean Firms
...mand growth of 12.3% a year between now and 2017. Sonelgaz noted that demand on the grid outstripped supply in August, with record demand of 10.06gw exceeding the 2011 peak by more than 14% (MEES, 27 August). Sonelgaz was forced to undertake load-shedding over the summer, particularly in the southeast, be...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Iran Still Trying To Sidestep Sanctions
...e largest buyer of Iranian crude, data published by the country’s General Administration of Customs on 21 November indicates a fall of close to 22% in Iranian imports since the beginning of the year. In October Chinese imports were 23.2% lower than the same month in 2011. South Korea’s national oil co...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012