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Egypt’s New Budget Targets Reduction Of Petroleum Subsidies
...33.7bn ($88.1bn), up 8.8% on 2011-12. The resulting deficit in 2012-13 will rise by 4.5% to £140.3bn ($23.2bn) – 7.9% of GDP – from £E134.3bn ($22.2bn) in 2011-12 – 8.6% of GDP. A key feature of the new budget is the 26.3% fall in the petroleum subsidy to £E70bn ($11.6bn) from £E95bn ($15.7bn) in 2011-12. Th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Apache Takes Long Term View On Egypt
...ice ($/B) $79.45 $107.14 $123.55 Source: Apache, MEES calculations. Although Apache forecasts 1% annual average growth in its Egyptian production over 2011-16 (on a barrels of oil equivalent [boe] basis) th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
TransGlobe Completes South Alamein Purchase, Looks To Bid Round Awards
...rmer Egyptian assets of US independent El Paso, including the other 50% of South Alamein. TransGlobe expects the Cepsa deal to be finalized late this month. Both deals are somewhat convoluted. TransGlobe originally agreed to buy Cepsa’s 50% South Alamein stake for $3mn in June 2011. However, wi...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
RasGas Successfully Navigating US Gas Market Weakness, Says Fitch
...sGas’s contracts are fully divertible, allowing spot and short term sales. These reached a record level of 26% of cargoes in 2011 from 21% in 2010. High oil prices and strong global demand for natural gas currently mitigates any potential risk stemming from a weaker offtake structure, commented Fitch. Ra...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Yemen Government Accuses Military Of Marib Pipeline Sabotage
...nsecutive attacks (MEES, 24 October 2011). The country’s economy has been hit hard as a consequence, with the attacks cutting off crude supply to the 150,000 b/d refinery in Aden, forcing its closure. This in turn led to serious fuel shortages in Yemen, which has since depended on Saudi Arabia to make up fo...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Energy Perspectives From The GCC
...ntinue rising, especially within non-OECD countries. World Energy Consumption 1990-2035 (Quadrillion BTU) Source: EIA, International Energy Outlook, September 2011. The GCC national oil companies (NOCs) have developed their oil fields but have often neglected, un...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Iran Retaliates Against Tightening Sanctions By Threatening To Block Hormuz
...ude oil exports in 2011 were approximately 2.5mn b/d and have dropped to roughly 1.5mn b/d, which in real terms means almost $8bn in lost revenues every quarter. On 11 June Washington granted exemptions to India, South Korea, Turkey, Taiwan, South Africa, Sri Lanka and Malaysia for 180 days (MEES, 18 Ju...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Libya’s Exploration Record Offers Challenge For New Government
...ological and geophysical study" (2011 annual report). Pertamina's Libyan assets were evaluated as part of a 2011 company-wide audit. CNPC Area 17 (Block 4), offshore (Sabratah Basin). 28.5 6....
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
OPEC Output Remains Firm Amidst Price Turbulence
...allenge April’s highs, according to the latest data from tanker tracker Oil Movements. The UAE’s Upper Zakum field, where output fell by around 100,000 b/d in May, should come back fully in July, sources say. And Saudi Arabia continues to pump strongly. OPEC Crude Oil Production June 2011 – Ju...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Japan’s Crude Imports Fall 9.13% In May To 3.572Mn B/D
...erage of 3.930mn b/d, but year-on-year it is 16.04% above the May 2011 import figure of 3.078mn b/d. Imports from the Middle East averaged 2.929mn b/d in May, down by 10.36% from the April average of 3.268mn b/d, but 10% above the May 2011 average of 2.662mn b/d. Saudi Arabia continues to be Japan’s ma...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Saudi Crude Price Adjustments Mixed For August
..., 40 days after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Aug Ju...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Saudi LPG Prices Reduced For July Contracts
...opane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 2012 1 Ja...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2012 2011 Aug Jul Jun Ma...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Absheron Discovery Declared Commercial
...scovery, announced in September 2011, on the Absheron X-2 well. The company said the well was drilled in 474ms of water to a depth of 6,874ms. One of the hydrocarbon bearing intervals tested at 960,000 cmd of non-associated gas and 2,500 b/d of 42.5° API condensate. “The well results indicate gas resources of...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
ENAP’s Egyptian Growth Boosted By Long-Delayed Bidding Award
...r the Sudr block. The 63 sq km block, on the Sinai coast of the Gulf of Suez, was one of seven offered in the late 2010 bidding round of General Petroleum Company (GPC, the upstream arm of state firm Egyptian General Petroleum Corporation), the award of which was delayed by 2011’s political up...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Former Petroleum Minister Imprisoned For 15 Years Over Israeli Gas Deal
...about $4.50/mn BTU. Mr Fahmy served as minister under Mr Mubarak, who was recently sentenced to life in prison for his role in the deaths of protestors during the days of the revolution in January-February 2011. Mr Fahmy’s involvement in the affair remains unclear. When first arrested in...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Noble Brings Gas From Small Offshore Fields To Israeli Market
...sources will expire by the end of the year. The gas from the two fields will enable Israel to reduce its purchases of diesel and fuel oil for power generation perhaps for the rest of the year. The halt in shipments of natural gas from Egypt during lengthy periods in 2011 and 2012 resulted in Israel having to...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Kuwait Trade Surplus Jumps On Oil Price Climb
...,797 2011 26,689 158 853 302 555 1,867 28,556 6,972 21...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Oman’s Majlis Al-Shura Uses News Powers, Questions PDO
...creased since Sultan Qabus bin Sa'id gave it new powers, following the ‘Arab Spring’ protests. The popular ruler skillfully handled the first wave of unrest in early 2011. He fired corrupt and unpopular officials, promised to create 50,000 jobs and expanded the role of Oman’s elected consultative body, wh...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012 -
Qatar To Issue Sovereign Sukuk
...gion (MEES, 5 December 2011). Its last sukuk issue was 10 years ago. Bookrunners on the sukuk will comprise HSBC, Deutsche Bank, Standard Chartered, and domestic financiers Barwa Bank and QInvest. ...
Volume: 55Issue: 28Published at Mon, 09 Jul 2012