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Damascus Loses Control Of Last Key Oil Field
...,600 b/d of high-value light sweet crude in the first quarter of 2011 (that is to say before the current fighting broke out, 24% of Syria’s total 387,000 b/d crude production for the period: MEES, 16 May 2011). If confirmed, the capture of this field will cut off the Syrian regime’s access to almost al...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Oman Plans First Solar Unit Under Rural Plan
...pacity is linked to two grids: the Main Interconnected System (MIS) and the Salalah system. This year peak MIS demand is expected to reach 4.82GW, with 424MW in Salalah (MEES, 24 May). But off-grid rural demand is growing faster than in the main networks, having recorded an 11.6% increase from 2010 to 2011...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?
...ropean Union imposed a series of economic and oil sanctions against Tehran starting in 2011 over its controversial nuclear program. Since then Iran’s oil exports have fallen below 1mn b/d from around 2.5mn b/d before the EU ban on imports of Iranian crude came into effect in mid-2012. According to MEES es...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
The Geneva Nuclear Accord And Iranian Oil
...ude oil exports, as the US will not demand that buyers of Iranian crude reduce imports further. Sanctions have cut Iranian oil exports to an average of just 1.1mn b/d for the first nine months of 2013, down 55% on 2011. The signature of the Geneva agreement probably means that the US State Department wi...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Egypt’s Gas Crunch: Is A Quick Fix Possible?
...reements within two weeks, he added, and amend another seven. These numbers have caused some confusion in the industry. EGPC in October said it had approved the 11 licences awarded in November 2012 (MEES, 16 November 2012) following its most recent bidround, which was launched in 2011. Ganope said in...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...owth prospects, and also a key ‘wild card’ necessitating the strengthening of fiscal buffers. The region is also vulnerable to volatility in global financial markets and broader Middle East unrest, the IMF says. Real GDP growth fell to 5.2% in 2012 from an “exceptionally strong” 7.7% in 2011 wh...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
China Consolidates Its Position In The Iraqi Oil Sector
...d is now on the verge of involvement in a fourth. The Ahdab oilfield was its first success story, where in 2008 CNPC agreed to convert the production sharing contract signed in 1997 into a long-term service contract. Work on Ahdab started in March 2009, and by June 2011 its output reached 60...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 92.19 94 93.93 100.57 106.27 105.73 94.17 94.18 95...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Libya: A Glimmer Of Hope
...s toppled in 2011, instead piling into the power vacuum created by the revolution. Attempts by the government to co-opt the groups by hiring them for security have turned sour, and the militias have been key in preventing the centralization of power in Libya. Separatist movements in the east are pr...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Egypt Plans Nuclear Tender, UAE Progresses First Reactor
...June that Egypt was ready to invite bids, having enacted a nuclear law, established an independent regulatory body, selected a technology, developed a fuel strategy and prepared a bid specification in line with IAEA requirements. Earlier tender plans were postponed following the January 2011 ov...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
US Plays Hardball On Oil Sanctions As Iran Nuclear Talks Resume
...ey will actually still be losing money, even during this six-month period relative to the amount of oil sales they had back in 2011,” he said. The US would only “open up the spigot a little bit, for a very modest amount of relief that is entirely subject to reinstatement if, in fact, they vi...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Cepsa Boosts Asia Portfolio
...ployees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy." IPIC completed the takeover of Cepsa in 2011 when it acquired Total’s 49% stake (MEES, 8 August 2011)....
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Jordan Approves 2014 Budget, Spending Up 13%
...dget 2013 Budget **2013 Actual 2014 vs (%) 2012 Actual **’13 vs ‘12 (%) 2011 Actual ‘13 Bud ‘13 Ac...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Syrian Bank Recapitalization To Cost Up to $16Bn
...rising in March 2011. At the same time Mr Mayyala attributed the recent strengthening of the local currency to a surplus of foreign exchange in the free market, from which the exchange bureaus could of late secure their foreign currency needs, rather than buying it from the CBS. In October the au...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 95.44 93.93 94.32 100.57 106.27 105.73 94.17 94.18 95...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Energy Efficiency Key To Adapting To High Prices, Says IEA
...st,” says Dr Birol. “They were $544bn worldwide in 2012, a significant increase over 2011.” He adds that Mideast governments were responsible for half the total subsidies: “Fossil fuel subsidies are bad for the country’s budget, bad for the environment, bad for efficiency, and bad for the poor. Ut...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IEA Labels Mideast As Key Driver Of Electricity Demand Growth
...REGIONAL IEA Labels Mideast As Key Driver Of Electricity Demand Growth World electricity demand is set to increase by more than two-thirds over 2011-35, according to the International Energy Agency (IEA). The agency’s latest World Energy Outlook, published on 12...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Iran: Geneva Deadlock Breeds Talk Of Further US Sanctions
...tput and exports nosedive as sanctions have been ratcheted up over the past 18 months. Iranian crude oil output was just 2.68mn b/d in October (MEES, 8 November), down close to 900,000 b/d on its 2011 average of 3.59mn b/d; crude exports have averaged just over 1.1mn b/d over the first nine months of...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Saudi, UAE Close To Top Of World SWF Rankings
....5 2002 Oil 10 23 Iran National Development Fund of Iran 54 2011 Oil & Gas 5 33...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...lls for subsidy reform in the MENA region, estimates that pre-tax energy subsidies – measured as the difference between the value of consumption at world and domestic prices – amounted to about $237bn in 2011. This is equivalent to half of the world’s subsidies, 8.6% of regional GDP and 22% of go...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013