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Iran Nuclear Talks Resume In Shadow Of Rising Crude Exports
...d condensate have been on a downward trajectory since early 2012. US sanctions targeting third-party imports of Iranian crude came into effect in late 2011 and EU sanctions from July 2012. For 2013, sales of Iranian crude oil and condensate averaged 1.12mn b/d, down 30% from 1.59mn b/d in 2012; and 56...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
RWE-Dea Sold To Russian Investor Group
...ncessions in Libya, which remain undeveloped (see table). Dea’s regional portfolio would have meshed well with Wintershall’s Libyan assets, which yielded 100,000 b/d before the 2011 civil war plunged the country’s oil sector into disarray. Wintershall, a subsidiary of German chemicals company BASF, is al...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 98.90 99.25 102.77 100.68 94.81 97.54 105.73 98...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Kurdish Oil Output Set To Rise But Exports Elusive
...tended well test in 2011-12, already has production facilities in place. Additional development wells at Sarqala, including the Hasira-1 well currently being tested, are expected to deliver additional volumes through planned expansions to initial production facilities that have a design capacity of up...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Cyprus Looks To Drilling Uptick To Boost LNG Plans
...public of Cyprus since Turkey’s 1974 invasion. Cyprus completed a first licensing round for exploration rights in August 2007 with one block – Block 12, at the far south of Cyprus’ Exclusive Economic Zone (EEZ) – awarded to Texas-based Noble Energy. The first exploratory well was drilled in September 2011...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Yemen: In With The Old, Out With The New
...leged to have been behind several attempts to bribe Yemeni officials to help it secure an extension to its contract on the prolific 35,000-40,000 b/d Block 14 license. Nexen denied the allegations and was ultimately unable to hold on to the block, losing operatorship to state-company PetroMasila in 2011 wh...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Iran, Oman Edge Closer To Gas Supply Deal
...ying: “contrary to other contracts, we have not agreed on a price.” History shows – especially in the case of Oman and Iran – that price can prove the thorniest of issues when negotiating such deals. The two sides came agonizingly close to striking a similar gas export agreement in 2011, only for ta...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Mideast Gas May Move To Europe If Russia Cuts Supply
...ti-government protesters have shut in oil and gas fields, resulting in the loss of Libyan gas flows through the subsea Greenstream pipeline, which have not been up to full volumes since the start of the uprising against Qadhafi in early 2011 (see graph 2). Turkey, particularly the western part of...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Qatar Faces Threat From US Shale – IMF
...ture fields, expected lower hydrocarbon prices, and growing nominal expenditures.” An easing of growth to around 6% for 2012 and 2013 from the stellar 13% increase posted in 2011 is largely the result of the long-standing and self-imposed moratorium on additional hydrocarbon production from the No...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Israel Attacks Gaza
...ccession as unrest spreads across the region in 2011. Parliament says that it will not hold the vote if the government expels Israel’s ambassador. ...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Domestic Upheavals Challenge Oil Industry In Iraq, Libya
...IRAQ/LIBYA Domestic Upheavals Challenge Oil Industry In Iraq, Libya Moves to less centralized structures, both planned and unplanned, in Iraq since the 2003 invasion and in Libya since Qadhafi’s 2011 ouster have left the oil industry in both countries in uncharted te...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
MEES Analysis: Gulf NOCs Go Global; Refining Leads The way
...ternational downstream, but it does not have as robust an international downstream strategy as Saudi Arabia. Abu Dhabi-owned International Petroleum Investment Company (IPIC) has long held equity in Spain’s Cepsa, and completed a takeover of the company in 2011. Cepsa has about 660,000 b/d of refining ca...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Hit By Subsidies At Home, ENOC Looks Abroad
...ofitability,” says ENOC chief executive Said Khury. “However, as a responsible government entity, we focused on optimizing resource use and maximizing productivity through strategic initiatives, which enhanced our performance.” He says revenues grew by 50% from 2011 to 2013, while profits rose by 39%, without re...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Kuwait Set To Double Budget Surplus
...riod (see table). Oil Dependence Kuwait is reliant on oil export revenue to finance 93% of the current budget, though this is down from 94.5% for 2011-12. Kuwait’s official budget for 2013-14, based on a highly conservative oil price of $70/B, contains a deficit of KD7.43bn. Kuwait budgets fo...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Iraqi Domestic Gas Pricing: Is Reform Needed?
...IRAQ Iraqi Domestic Gas Pricing: Is Reform Needed? By- Ali Merza* According to Iraq’s Integrated National Energy Strategy (INES), published last year, which projects total energy investment of $540bn (in 2011 dollars) in 2013-30, $95bn, or 18%, is earmarked for natural ga...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 98.20 102.77 102.45 100.68 94.81 97.54 105.73 98.03 94...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Oman Targeting Steady Crude Output Through 2018
...around 23,000 b/d, up from 18,700 b/d in 2011. Petrogas operates the Rima cluster of fields in the sultanate’s east, at which it has boosted output from 2,200 b/d in 2006 to 14,300 b/d in 2012. Output at Rima has since dropped to 11,000 b/d since as a result of “natural decline.” Medco’s co...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Jordan Advances Gas Strategy With Shell LNG Supply Deal
...peated attacks on the line in the restive Sinai cut exports to around 100mn cfd for 2011 and 2012 and zero since July last year. Mr Hamid says that the cost of importing fuel oil, which has supplanted gas as a fuel for power generation, is six times higher than the cost of Egyptian gas imports. For 20...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Algeria Confirms Six CCGT Awards, Plans New Solar, Mobile Units
...ntracts Sonelgaz has been charged with raising total generating capacity quickly in the short term, following riots over power outages during 2012. While 3.77GW of capacity has been added since the end of 2011, Minister of Energy and Mines Youcef Yousfi has forced the pace of development since his return to...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Saudi Arabia, UAE and Bahrain Pull Doha Ambassadors
...ani, who took over from his father last year and is still trying to find his feet on shaky Arab ground, still unsettled since the start of the wave of revolutions that swept across North Africa in 2011. Doha’s growing support for the Muslim Brotherhood since he took over as head of the leading gas pr...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014