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Libyan Upstream Activity Picks Up
...latively minor work but collectively they signal that widescale maintenance is now underway. Other tenders are for exploration (see Table 2). AGOCO has been busiest of all. Although most of Libya’s oil infrastructure escaped 2011’s fighting unscathed, AGOCO’s key Sarir and Mesla fields on Block NC-65 (Area 12...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Oil Roils Kurdish Politics
...gitimate authority in Iraq.’ Ankara gets to have its cake and eat it. And the Kurds, as usual, get left with nothing.” There is little doubt the recent years of KDP rule have brought substantial economic benefit, but there are rising concerns over corruption (MEES, 21 November 2011). In the wake of...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
US Continues Iran Clamp-Down, As Standard Chartered Pays Penalty
...isse; $88.3mn by JP Morgan Chase (Iranian as well as Cuban violations) in August 2011; and $350mn by Lloyd’s. Also, $176mn from Barclays in August 2010. OFAC said on 14 June that National Bank of Abu Dhabi agreed to remit $855,000 to settle potential civil liability for 45 transactions that appear to ha...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Suez Crude Shipments Soar But Other Traffic Down
...aders over export prices (MEES, 16 July). Figures 1 And 2: Suez Canal Crude And Petroleum Shipments, January 2011 – July 2012 Fuel Oil To Japan If oil product flows are also factored in, then southbound petroleum volumes topped those in the other direction for se...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
IEA Sees Oil Demand Growth Below 1Mn B/D For 2012, 2013
...EC crude oil supply grew by 200,000 b/d during July from June and by 500,000 b/d compared to July 2011. Non-OPEC supplies are expected to grow by 400,000 b/d in 2012 and by 700,000 b/d in 2013, unchanged from previous assessment. Total OECD industry stocks fell counter-seasonally by 5.5mn ba...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Jul Jun May Ap...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Cyprus Tenders To Import Natural Gas For Domestic Power
...interest to supply gas. The move will be an interim solution until the gas resource discovered in the offshore Block 12 can be brought to shore via an underwater pipeline. US firm Noble Energy discovered 5-8 trillion cu ft of natural gas in the Aphrodite field in December 2011 and is currently in ta...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Baghdad Looks To Expand Kirkuk Field
...ES, 19 September 2011). Northern Iraq also hosts three of the field development projects awarded to foreign oil companies. There are three drilling rigs now active at the 170,000 b/d Gazprom-led Badra project. And Iraq remains optimistic that first phase production of 40,000 b/d by 2013 can be...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Arab Bank Chairman Quits After Long Running Power Struggle With CEO
...riri. He personally owns shares in Arab Bank and as of 31 December 2011, Hariri family-controlled companies Saudi Oger and Oger Middle East Holdings held 9.6% and 7.1% respectively. Over the last several years the Shoman family had sold stakes in the bank to both the Hariri family and Jordan’s Social Se...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Jordan’s Energy Ministry Shortlists Companies For AOT Project
...nsumption of crude at about 6mn tons (120,000 b/d) in 2011, of which 2.5mn barrels/month (82,000 b/d) are imported from Saudi Arabia at international prices, and 10,000 b/d is supplied from Iraq at preferential prices (reported to be at a discount of $18/B off the international price). Supplies of Iraqi cr...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Kuwait’s GDP Surges 29% In 2011, NBK Says
...WAIT Kuwait’s GDP Surges 29% In 2011, NBK Says Kuwait’s nominal GDP in 2011 rose by 29% to KD44.4bn ($157.2bn) from KD34.4bn ($121.8bn) in 2010, according to preliminary estimates by National Bank of Kuwait in its Kuwait Economic Brief of 14 August. The steep rise in GDP was attributed to a 47% su...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Libyan Producers Target Pre-War Oil Volumes By Year-End
...sin’s Akakus joint venture, where OMV is also a partner, gave the ramp-up in its Libyan production as the key factor behind its improved second quarter output of 320,000 b/d, up 8% on the same period in 2011 (when Libyan production was zero). However the company’s bottom line has been whacked by write-do...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
APICORP Announces 24% Rise In Income In First Half 2012
...GIONAL/OAPEC APICORP Announces 24% Rise In Income In First Half 2012 The Arab Petroleum Investments Corporation (APICORP) has announced a net income of $51mn in the first half of 2012, up 24% from $41mn in the corresponding period of 2011. APICORP’s assets increased 18% to $5.12bn from $4....
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF
...nisia Severe Recession Hit Tunisia After 2011 Regime Change, Says IMF Tunisia’s political transition continued to progress after the overthrow of the regime of Zein al-'Abidine bin 'Ali, in January 2011, but the country experienced a severe recession in the aftermath, the International Monetary Fu...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
TAQA Profits Rise 2.8% In Second Quarter
...arter compared to the same period in 2011 – a 2.8% rise. Total revenues dropped 14.5% in the quarter. North American gas prices have continued to fall with Henry Hub prices hitting a 10-year low in February 2012, Carl Sheldon TAQA’s CEO said. “Prices have since recovered somewhat, but overall ga...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Hisham Khatib: Letter To The Editor
...two elements. The numerator is the algebraic sum of government expenditures, minus non-hydrocarbon…. In Figure 3 ‘Total hydrocarbon demand’ should read ‘Total hydrocarbon domestic demand’. Also in Table 1 (2011 WOO) should read (2011 WEO). Sincerely, Dr Hisham Khatib Gl...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Iranian Output Buckles Under Sanctions Strain, But Iraq Takes Up Slack
...thballed fields. OPEC Crude Oil Production July 2011 – July 2012 (MEES Estimates – ‘000 B/D) 2012 2011 Jul Jun May Ap...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Egypt’s New Petroleum Minister Looks To Foreign Firms To Solve Gas Shortage
...e two preceding months. Reserves have collapsed from $36bn at the start of 2011. Strategic Reserve Egypt also plans to create a strategic petroleum reserve that will cover 7-10 days of national petroleum products demand, with the country’s cabinet set to meet to discuss this over the co...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Challenges Remain For Sudans Despite North-South Oil Deal
...ve been producing closer to 300,000 b/d at the turn of the year. South Sudan’s Unity And Upper Nile States Source: MEES. The division of oil revenues was one of the key issues left unresolved when the South broke away from Sudan in July 2011, taking with it ar...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
EIA Raises Global Demand Growth Outlook On Expectations Of Economic Stimulus
...2012 from 3.6mn b/d at the end of 2011, and by a further 200,000 b/d in 2013. Iran’s threat to block oil transit through the Strait of Hormuz is a risk to global oil supply, says EIA, but both Saudi Arabia and UAE have responded by increasing their oil pipeline capacity to circumvent Hormuz. “EI...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012