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Saudi-Egypt Power Link Deal Signed, But GCC Grid Usage ‘Minimal’
...en Oman was connected (see map). But whilst the GCC grid has achieved its primary objective of increasing cross-border electricity supply –unscheduled power exchange doubled from 2010 to 2011 and from 2011 to 2012, according to GCCIA CEO Ahmad al-Ibrahim – traded energy fell to zero in 2012 after a fl...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Occidental Eyes Sale Of All Mideast Assets
...en more geopolitical weight in the negotiations. For 20 years until 2011 Ray Irani was Oxy’s CEO and Chairman and total shareholder return increased more than 20-fold. In the Middle East, his relationship-building skills with rulers and powerful oil figures secured Oxy many concessions. But th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Wintershall Qatar Gas Plans
...ploring Qatar. By end-2013/early 2014, Chinese state firm CNOOC and French major Total are expected to drill their first well in exploration Block BC. In Qatar, Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). A potential export option is Abu Dhabi-based Dolphin En...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
UAE’s Dana Gas Looks To Move On From Sukuk Troubles
...llapse (see graph and MEES, 6 February 2012). Drilling and production have since rebounded somewhat. For 1Q13 Dana’s Egyptian output was 33,000 barrels of oil equivalent/day (boe/d), up 3% on the previous quarter, but still well down on 2011. The firm’s overall production also rose 3% to 61,000 bo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
S&P Upgrades Saudi Sovereign Credit Ratings
...8% for 2012 and 8.5% for 2011 (see graph). Riyadh slams IMF Projections The Saudi government takes exception to these IMF growth numbers, Finance Minister Ibrahim al-‘Assaf told a Riyadh forum at the end of May. He says (unspecified) higher Saudi estimates for 2013 are more ac...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Yemen To Get $200Mn Aid
...ate energy subsidies, which are as high as 5% of GDP, the main area of concern. The IMF estimates GDP growth at a mere 0.1% in 2012 after shrinking 10.5% in 2011 as a result of the political turmoil in the country. The IMF had earlier said that the government first needs to agree on its economic pr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Bahrain Beats Budget Projection
...strengthening of the investment climate, will be the key to restoring high levels of private sector-led growth and the creation of employment for Bahrainis. Given this uncertainty, Bahrain can look forward to benefit from the $10bn aid package pledged by the GCC countries in 2011 for ec...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Benchmark Crude Prices
...12 2011 WTI 94.76 93.48 95.11 94.75 92.09 94.42 88.25 94.18 95...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Tripoli Touts Progress In Face Of Security Challenge
...e Mellitah gas plant which left one guard dead, Dr Berruien said security problems have been exaggerated. The drilling of 19 exploration and appraisal wells, and acquisition of “more than 2,000 sq km of (3D) seismic” since October 2011 is proof oil companies can do business in post-revolutionary Li...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Abu Dhabi Habshan Gas
...ortage. Nitrogen Injection GASCO is preparing to inject 600mn cfd of nitrogen by mid-2014 into Habshan wet gas field, and in doing so recover the same volume of gas – currently used for reinjection – for delivery to Habshan 5 (MEES, 19 September 2011). Currently, most of the heavier ‘field condensate’ is...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
ADNOC Pushes To Own Faulty Hormuz Bypass Pipeline
...ased around 1mn barrels of liquid fuel storage at Vopak Horizon’s terminal. Aramco Trading, founded at the start of 2011, is Saudi Aramco’s refined products trading arm. Saudi Aramco and Shell are likely hoping to target the Asian market and take advantage of Fujairah’s strategic po...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Libya Eyes $80bn Downstream Drive
...chnologies.” Libya’s only current foreign downstream joint venture, the 50% stake of Dubai’s Al-Ghurair group in Ras Lanuf, has not been a happy one. Under the terms of the 2009 investment, Al-Ghurair was to invest $2bn in modernizing and expanding the plant. But a combination of factors, most notably the 2011 ci...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
EU Renews Sanctions On Syria
...y that Syrian production of oil had fallen to only 20,000 b/d, that is to say a mere 5% of the 380,000 b/d Syria was producing before the start of the civil war in March 2011. In early May Mr ‘Abbas estimated Syrian crude production at 70,000 b/d (MEES, 10 May). This has forced his country to...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Saudi Aramco: 2012 Production Rises, Capacity Steady
... SAUDI ARABIA Saudi Aramco: 2012 Production Rises, Capacity Steady Saudi Aramco’s 2012 Annual Report, released on 27 May, shows crude production hitting a record 9.51mn b/d, up over 440,000 b/d on 2011’s previous record. Gas output of 10.7bn cfd, up 9% on 2011, is al...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
IMF Sees Positive Economic Developments In Iraq
...12 from $1,300 in 2004. This favorable IMF assessment comes at a time when violence in Iraq has surged to new highs and Sunni opposition to the Shi’a dominated government has become more pronounced. The IMF notes that fiscal surpluses reached almost 5% of GDP in 2011 and 4% in 2012 as a re...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Libya Faces Hurdles Despite Rebound- IMF
...12 as hydrocarbon output was rapidly restored. Inflation fell to 6%. This compares with a 62% fall in GDP in 2011. The 2012 budget recorded a surplus of almost 21% of GDP and the current account surplus widened to 36% of GDP. The fall in hydrocarbon exports in 2011 led to a budget deficit of 15.4% of GD...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Kuwait Grants Oman $2.5Bn
...rt of a $20bn GCC funding program pledged by Saudi Arabia, Qatar, the UAE and Kuwait, to extend $10bn each to Oman and Bahrain for development projects. The program was approved in March 2011 to ease tensions and promote economic development following pro-democracy uprisings (MEES, 9 May 2011...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Benchmark Crude Prices
...13 Q4 2012 2012 2011 WTI 93.61 95.11 94.97 92.09 92.98 94...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
Kish Gas Startup Claims Half-Baked
...e main sticking point. MEES understands that the two sides came close to reaching an agreement in 2011, but an eleventh hour change of heart on the part of the Iranians put a halt to proceedings. “The project has been shelved, with Oman now focusing on the development of its tight gas at Khazzan and Ma...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Egypt: Leadership Changes Buffet Oil Sector
... EGYPT Egypt: Leadership Changes Buffet Oil Sector Egypt has appointed a new head of state oil firm EGPC and its fourth oil minister since the 2011 revolution. Political connections, rather than industry experience, appear key to the appointments. Eg...
Volume: 56Issue: 21Published at Fri, 24 May 2013