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New Saudi Minister Faces Task Of Turning Vision Into Reality
...o was reportedly talked out of retiring as far back as 2011. The parallels between the two are evident according to Ms Nakhle: “they are both technocrats, they don’t come from the royal family, they both come from Aramco. They have experience in the industry, so it was an obvious choice.” Mr Fa...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Flaring Advances Ignite Iraq’s Gas Sector
...16 (MEES, 24 July 2015). Iraq is therefore looking beyond its borders to source additional supplies of gas. Specifically it has signed two deals with neighboring Iran to import up to 20 bcm/year of gas through two pipelines over six years. The first deal, signed in 2011, was meant to have st...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Libya Lays Out Plans For Output Hike
...ere through some maintenance. The Elephant field has capacity of 90,000-100,000 b/d.” The Sharara fields, on Blocks NC-115 and NC-186, produced up to 340,000 b/d prior to 2011, and were producing an average of 300,000 b/d in 2012, but output in 2014 averaged just 78,000 b/d, and it has been zero si...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
New Adnoc Supremo Commits To 3.5mn b/d Output Target Amid Leadership Shakeup
...d gas sector, with the first major reshuffle of Abu Dhabi’s most senior oil and gas decision making body, the Supreme Petroleum Council (SPC), since 2011. The ruler of Abu Dhabi, UAE President Khalifa bin Zayid al-Nahyan, announced the reshuffle by decree on 28 March. The shakeup brings seven new fa...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi: Key Gas Start-Ups Increase Oil Field Flexibility
...nce 2011, when the Karan field came online and reached its 1.8bn cfd production capacity in late 2012. Karan was the first non-associated gas field to be developed in Saudi Arabia (MEES, 4 June 2012). An expansion of the Hasbah field is to provide a further 2bn cfd of raw gas to the Fadhili pr...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
KRG Pipeline Politics: Ankara-Baghdad Balancing Act Looks Increasingly Perilous
...G to its Turkish political connections. Former BP chief Tony Hayward, appointed as Genel chairman in 2011 when the firm listed in London, said about plans to export Kurdish gas to Turkey in the firm’s 2015 results on 3 March, Turkey’s strategy is “to try to create some semblance of stability al...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels
...nthly drawdown since May 2011. This enabled crude exports to rise to 7.84mn b/d, the second highest level ever after the record 7.90mn b/d set last March, latest data from the Riyadh-based Joint Organizations Data Initiative (Jodi) indicate (see graph 1 and below for full data). • Not only were cr...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Japanese Condensate Imports Fall In 2015, But Iranian Volumes Up, Near 50% Of Total* (‘000 B/D)
... 2011 2012 2013 2014 2015 Qatar 154.3 151.7 188 13...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Back in Business, But Concerns Remain
...art). Japan increased imports of Iranian crude in January for the third straight month, with its 194,000 b/d, the highest since March 2015. Both countries’ imports in 2015 were about half the level in 2011 before sanctions against Iran were tightened significantly, and Iran will be seeking to increase ex...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...er 100,000 b/d, close to a quarter of the region’s total output. Genel shares tumbled by around 40% after it announced on 29 February that Taq Taq’s original 2P reserves were being cut by 48%. The original 2P reserves as calculated in 2011 were 683mn barrels, but this was revised down to 356mn ba...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...serves and infrastructure incurred when the south seceded from Sudan in July 2011 (see tables 3 & 4). This latter agreement, known as the Transitional Financial Arrangement (TFA), covered the repayment of $3.028bn over a three and a half year period, due to expire in December 2016. There is no chance of...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...oducts demand has risen by over 80,000 b/d (11%) since 2011, including a 37,000 b/d rise last year alone (see table). This saw the country’s overall oil deficit more than double to 250,000 b/d last year (see chart). Tariq ‘Amir, Governor of the Central Bank of Egypt (CBE) says that the country hopes to...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...bargo on Iranian crude came into force in 2012. In 2011, EU countries imported 598,000 b/d of Iranian crude, some 24% of Iran’s exports (see chart). Far and away the largest EU importers were Italy, Spain and Greece, which between them took 75% of Iranian crude imports to EU states (see charts). Ot...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...s fallen to less than two-thirds of this figure – just 5.9 bcm for 2015. The fact that a project intended to maintain gas output will in fact provide a sizeable boost is indicative of the delays plaguing the Algerian upstream. In Salah output averaged 8.2 bcm in 2011, the year Southern Fi...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...s and oil production capacity and the renewal of a key offshore oil concession. Mr Suwaidi had headed up Adnoc since 2011, during which time he oversaw the renewal of the Abu Dhabi Company for Onshore Petroleum Operations (Adco). Of the 40% of the Adco concession open to foreign pa...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Post-Sanctions Iran Courts Admirers
...OC) and that supply of crude oil would start immediately. No figures were provided, but prior to sanctions, Hellenic imported approximately 30% of its 310,000 b/d crude oil supply from Iran (approximately 93,000 b/d). In 2011, the last year before the EU embargo on oil purchases, Iran supplied Gr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oman’s Record Annual Output Can’t Mask Revenue Declines
...ereas in 2011 46.1% of Omani oil exports went to China, this had surged to 72.1% in 2014, before hitting 77.1% in 2015. And this is not just a percentage increase, volumes soared in the same period, nearly doubling from 336,000 b/d in 2011 to 651,000 last year. Being so reliant on a single customer is...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Korea Crude Imports Hit Record As Iraqi Volumes Double
...gime (with a waiver), South Korea has nevertheless consistently cut purchases since sanctions were ratcheted up in late 2011 and 2012. Volumes have fallen from 247,000 b/d in 2011, when Iran was Korea’s third biggest crude supplier, to just 114,000 b/d last year when it was number seven. As el...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...ve been widely domestically criticized. Independent MP Jamal Dawud said that “the decision will make the poor poorer.” Meanwhile, the main Shia political bloc Al-Wifaq, that has boycotted parliament since 2011, said the decision” reflects a futile and impromptu management of economic policies in the ki...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...national politics. The conflict in Libya’s southwest dates back to before the fall of Mu’ammar al-Qadhafi in 2011, but it has since become a proxy war for the broader confrontation between the internationally-recognized government in Baida and the unofficial National Salvation Government in Tr...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015