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Iran Mulls Offering South Pars To IOCs As Opening Delayed
...ll behind schedule, whilst oil production and exports are now running at just two-thirds, and one half of 2011 levels respectively. But, as Iran continues its diplomatic push towards an agreement with the P5+1 (the five permanent members of the UN Security Council – the US, UK, France, China and Ru...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
South Sudan Oil Sector Takes Hit With Exxon Exit
...stopped operations at the block in 1985, after the resumption of the former Sudan’s decades-long civil war, which ultimately ended with a 2005 peace deal that paved the way for the South’s secession in 2011. And despite regularly talking up its plans to resume exploration at the block, it is yet to...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Kurdistan Grapples With ISIS Threat; Oil Output Steady For Now
...reign oil companies, including ExxonMobil, whose entry into Iraqi Kurdistan in 2011 gave the KRG a claim of legitimacy that the smaller independents could not provide. Evacuations Continue But with evacuations of foreign staff underway by several of the more than 50 operators in the Kurdish oil se...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Egypt Receivables Hit Record $7.5bn
...riod. ^Petronas Numbers Are Estimated Based On Those For Partner BG. Source: Company Reports And Filings, MEES Calculations. ENI Egypt Production (Net) 2010 2011 2012 20...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Oman Retenders Five Exploration Blocks
...ly virgin block. Block 18, located in the North Sohar basin, was previously awarded to India’s Reliance Industries in a 2005 exploration and production sharing agreement. The Indian company relinquished the block in 2011 when its contract expired after failing to discover what it termed significant pr...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Iran Oil Sales Slide In June, But Still In The ‘Red’
...eir implementation some two years ago, slashing the country’s main source of revenue. Latest OPEC estimates put the value of Iranian oil exports in 2013 at just $61.9bn, down a huge 39% on $101.5bn in 2012, which itself was well down on $114.8bn in 2011 (MEES, 25 July). Iran and the P5+1 group of wo...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Algeria Sacks Sonatrach CEO Zerguine
...mpany.” Mr Zerguine took charge of Sonatrach in September 2011, and presided at a turbulent time over the Algerian energy sector. Falling oil and gas output was compounded in January last year by the terrorist attack on the In Amenas gas plant, during which 40 workers lost their lives and production at th...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Abu Tabul Commissioning To Kick Start Oman Gas Boost
...isting Omani gas pipeline grid at Saih Nihayda. From there, the gas can be sent directly to Sur, the location of Oman’s three gas liquefaction trains. At the signing of the original gas sales agreement in October 2011, OOCEP pledged to invest in excess of $1bn for the first phase development of the fi...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Libyan Oil Output Edges Up As Fighting Threatens Recovery
...rsa el-Hariga, according to traders. Political Compromise Possible? If the ports remain open, the exports routes can accommodate a revival of oil output. Libya produced 1.6mn b/d prior to the 2011 revolution, and only just fell short of these volumes in 2013 before strikes and blockades in...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Syria: Output At 17KB/D
...atistics, is down 11,000 b/d on output in the corresponding period last year. Syrian gas production has also shrunk by half to 16.36mn cmd (578mn cfd) in 1H14 from about 30mn cmd (1,059mn cfd) in March 2011, when the upheaval started. Mr ‘Abbas explained that the Syrian authorities had lost to the Ji...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Falling Oil & Gas Exports Hit Algeria’s Trade Surplus
...s regularly voiced its concern about the rise in imports and the fall in hydrocarbons exports. This has been the trend since 2011, when the trade surplus fell from $26.24bn to $21.49bn in 2012 (down 18.1%) and to $11.07bn in 2013 (down 48.5% from 2012). Algeria’s Trade Statistics ($Bn...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Libya: Stability Under Threat As Oil Output Recovers
...low a return to full capacity. Prior to the civil war that dislodged Mu’ammar Qadhafi in 2011, Libya was producing 1.6mn b/d. After the fighting, during which operations ceased, output rebounded beyond initial expectations, and was back at around 1.5mn b/d when the PBC and western protestors again fo...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Shell Calls Time On Saudi Gas Project
...udi Aramco’s upstream monopoly. Dangerous Times Given the collective political trauma that has descended on the Middle East since 2011’s ‘Arab Spring’ revolutions, domestic security concerns have taken priority over economics and Riyadh has made it clear that it has no intention of raising en...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Iran To Sideline Sinopec At Yadavaran
...arded the $2.5bn contract in March 2011 to develop the field in two phases: Phase-1 targeted 320,000 b/d and 197mn cfd by mid-2014 and Phase-2, 600,000 b/d by 2017. But in February, Iran said CNPC had only drilled seven of the 185 wells it had planned at the field. Current production at South Az...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Libya On The Cusp Of Oil Revival
...sumed both from eastern and western oil ports, and currently stands at around 320,000 b/d, according to National Oil Corporation (NOC) spokesman Muhammad al-Harari. Prior to the crisis, output stood at 1.5mn b/d, just shy of volumes pumped before the outbreak of the 2011 revolution that toppled Mu’ammar al...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Iran’s Upstream Opening: The Foreign Firms That Stand To Lose
...is fact, in 2011 the former president even went so far as to say: “Thank God the enemies put sanctions on us… As soon as they told us ‘We won’t sell gasoline to you,’ we started producing gasoline inside the country, and in fact moved towards utmost self-sufficiency.” But this notion of self-su...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Saudi Arabia Drafts Energy Efficiency Law In Bid To Curb Runaway Demand
...at has grown more distant as a result of the Arab revolutions that have shaken the Middle East since 2011. It has instead focused heavily on energy conservation and efficiency under a program coordinated and led by Prince ‘Abdulaziz, who has more than two decades of experience as deputy oil mi...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Saudi Arabia: Rigcount Hits Record 101 For May 2014
...s wells and 50 water wells. The rise in drilling activity since early 2011 coincides with relatively stable oil prices that have remained largely above $100/B. Oil Vs Gas Split Onshore Vs Offshore Split MENA Active Drilling Rigs, May 20...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
IOC Cost-Cutting May Limit GTL Prospects
...the end of April that the lead time for Pearl to reach cost recovery was reduced by a couple of years “almost by definition,” since the firm used an oil price of $70/B in its calculations. After coming online in 2011 and facing some hiccups, Pearl produced at a record level during 1Q14 (MEES, 11 Ap...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Jihadist Advance Threatens Key Iraq Oil Facilities
...rmalized an already existing sectarian division in the country following the departure of US troops in 2011. Mr Maliki failed to obtain a parliamentary vote that would have allowed the cabinet to declared a state of emergency in Mosul and other areas overrun by Sunni militants, apparently without re...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014