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Mubadala Petroleum Profit Slips
... UAE Mubadala Petroleum Profit Slips The profit of Abu Dhabi’s state-owned Mubadala Petroleum slipped to $798mn (Dh2.93bn) in 2012 from $1.25bn (Dh4.59bn) in 2011. This was, in part, due to lower hydrocarbons revenue – which slipped to $1.76bn (Dh6.46bn) in 20...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
No Breakthrough In Egypt-IMF Loan Negotiations
...economics, but also depends on politics… You need to restore confidence.” In order to stabilize the level of the Egyptian pound, which has slid from E£5.80 to the dollar at the beginning of 2011 to E£6.90 now, as well as the country’s banking system “a set of economic policies which goes in the di...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Cyprus Bail-Out Terms Signal Huge Policy Shift For Eurozone Bank Resolution
...en bondholders sued, the courts upheld the Government’s position. Table 1: Assets Of National Banking Systems % National GDP, End 2011 Eurozone 17 Assets of All Banks % GDP Assets of Domestic Banks % GDP Austria 395 29...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Benchmark Crude Prices/Oman Oil Production
...OIL PRICES Benchmark Crude Prices* 18-Apr 08- 12 Apr 01- 05 Apr 13-Mar 13-Feb Q1 2013 Q4 2012 2012 2011 WTI 87.73 93...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Chinese Crude Imports by Country of Origin
...total Rank ‘000 b/d % 2012 2011 MIDDLE EAST 2,813 3,233 -420 3,034 53.3 162 5.7 2,700 2,607 Saudi Arabia (OPEC) 1,...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
South Sudan Turns On The Taps
...ity state. “This is a sign of peace. No way are these sisterly countries to live without peace; and [now] oil will play a great role to keep the peace in Sudan and South Sudan,” he told crowds that had gathered at the event. South Sudan seceded from Sudan in July 2011, taking with it around th...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Egypt: Fraying At The Seams
...d been founded. Shell and Statoil – both deepwater heavyweights – gave up deepwater exploration in 2011, not because there was no gas, but because rising costs left them unable to see a way of commercially exploiting any discoveries. And this is with Egypt – unlike Cyprus or Israel – al...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
OPEC And IEA Trim Demand Forecasts On Weaker Than Expected Data
...vere supply disruptions in the future. OPEC Vs IEA Supply-Demand Balances (mn b/d) 1Q12 2Q12 3Q12 4Q12 2011 20...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Benchmark Crude Prices
... OIL PRICES Benchmark Crude Prices* 11-Apr 01- 05 Apr 25- 28 Mar 13-Mar 13-Feb Q1 2013 Q4 2012 2012 2011 WTI 93...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Algeria: Repsol Find
...vember 2012); the latest hit a 50mn gas column and was drilled to a total depth of 1,510ms. The large concession, acquired via 2009 bidding contains several former oil and gas discoveries and lies between BP’s In Amenas fields and the Libyan border. Exploration began in July 2011 with the acquisition of...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Key Yemen Crude Export Infrastructure Targeted
...tbreak of protests against former president ‘Ali ‘Abd Allah Salih in 2011. Sparked by similar revolts in Tunisia and Egypt, these protests led to the ousting of the Salih regime, which in turn created a power vacuum that armed groups have looked to exploit....
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
DEWA Inaugurates UAE’s Largest Power And Desalination Plant
...onomic growth in Dubai. In 2012 electricity production capacity increased by 10.6% compared to 2011.” DEWA said the M Station incorporates six 234mw gas turbines, three 218mw steam turbines, eight 17.5MIGD multi-stage flash (MSF) distillation units, six heat recovery boilers, two 370 tons/hour du...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Comment: Domestic Problems Vex Egypt’s Regional Role
...ve been weakened, not strengthened. Egypt has traditionally played a dominant role in regional Middle Eastern politics, and in the wake of the 2011 revolution it was widely expected that Cairo would reclaim this position for the first time since the Camp David Accords in 1978. However, th...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Kufpec Looks to Asia-Pacific To Boost Output
...fpec official tells MEES. More details will be available after the decision is made. Kufpec met its 2010 production target of 80,000 barrels of oil equivalent per day (boe/d), but has since witnessed declines. While the company produced just 72,000 boe/d in 2011 and MEES estimates that it pr...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Qatar And Libya Give Egypt $5Bn Emergency Fix
...ich may be increased from the long-mooted $4.8bn. The announcement that Qatar is to purchase $3bn of Egyptian government bonds came as Egyptian Prime Minister Hisham Qandil visited Qatar. This comes on top of $5bn of assistance Qatar has already given Egypt since the February 2011 Re...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Qatar Pledges Cash Assistance To Darfur
...als. With its deep pockets, the Gulf country has busily supported various Middle East and North African governments and political movements in the wake of regional unrest that began in 2011. Most recently, Qatar announced a $3bn purchase of Egyptian bonds (see left). Qatar’s bond purchase fo...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Jordan Disburses Energy Cash Handouts
...bruary). In 2012 the subsidy for petroleum products was estimated at JD800mn ($1,128mn). Until early 2011, Jordan depended on the Egyptian gas supplied by the Arab Gas Pipeline (AGP) to generate up to 80% of its electricity needs. But since then, supplies have been erratic because of frequent sabotage of th...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Upstream Costs – Do They Justify High Oil Price?
...2007and $111.3/B in 2011 – having fallen back somewhat during the great recession of 2008-09 – has not been a consequence of the rise in production costs and these costs do not support the current oil price levels. Even if the cost of production had reached $100/B, one cannot apply to the oil ma...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Egypt Hopes Payment Deals Will Reinvigorate Upstream Investment
...atements, released last week, show Egyptian receivables rose from $131mn at the end of 2011 to $164mn at the end of 2012 despite it having been paid $135mn last year. The firm says it has now struck a monthly payments deal with EGPC and received $52mn during 1Q13. Meanwhile, cash-strapped UAE independent Da...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Yemen Hopes To Turn A Corner, Offers Yet More Blocks
...ar was a difficult year for Yemen. While the situation in its neighboring Gulf States had calmed somewhat from the most active days of the Arab Spring in 2011, Yemen was still forced to contend with a host of challenges that continuously threatened to endanger both its domestic stability and regional se...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013