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Umm Lulu Moves Forward
...the offshore site. AMEC was also awarded a contract by ADMA-OPCO in 2011 during the first phase of Umm Lulu development. This follows a $1.69bn contract awarded in September to a consortium of local contractor National Petroleum Construction Company (NPCC) and France’s Technip. Work at Umm Lu...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
SEC Awards Revised Rabigh-2 IPP Project
...rayyah was originally conceived as a 1.8GW plant, but its capacity was hiked due to cost savings on tariffs (MEES, 26 September 2011). The 1.73GW Riyadh PP11 project, led by France’s GDF Suez, reached full capacity in early 2013, having begun early power generation of 600MW in June 2012 (MEES, 19 April). Ar...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Gathering Storm For OPEC As Iran Lays Down The Gauntlet
...epticism on the part of the Saudis over the Islamic Republic’s ability to make good on its pledge. Saudi Arabia, Iran: Crude Output Change Since Jan 2011* (Mn B/d)...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
‘Every Time We Go To Quotas, Who Bears The Brunt? Us’
...how does an organization impose discipline in the absence of production quotas, previously calculated on a pro-rata basis and now replaced with informal targets that have not been made public. The only guidance issued by OPEC since December 2011 has been an overall production target of 30mn b/d th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Egyptian Military Faces Challenges
...e security forces, the police and the Ministry of Interior. The judiciary has played a prominent role since the overthrow of President Mubarak in 2011, and guards its independence jealously. And the youth movement, which feels that the revolution it led against former President Husni Mubarak has be...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Weatherford Hit By MENA Corruption Rap As Region Ranks Poorly
...change Commission (SEC) to settle corruption charges linked to a string of incidents in the Middle East and Africa. The firm “between at least 2002 and July 2011” routinely secured business through bribes and lavish corporate hospitality, according to evidence catalogued by the SEC in a 25-page do...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...ys soaring government expenditure between 2010 and 2013 became a major challenge for the state, especially given that some 75% of the total went on current expenditure, which cannot be reduced easily. In the wake of the Arab Spring, Oman in early 2011 embarked on a policy of social spending in order to...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Benchmark crude prices ($/B)
...12 2011 WTI 97.38 93.00 94.00 93.85 100.57 105.73 94.17 94.18 95...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Damascus Loses Control Of Last Key Oil Field
...,600 b/d of high-value light sweet crude in the first quarter of 2011 (that is to say before the current fighting broke out, 24% of Syria’s total 387,000 b/d crude production for the period: MEES, 16 May 2011). If confirmed, the capture of this field will cut off the Syrian regime’s access to almost al...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Oman Plans First Solar Unit Under Rural Plan
...pacity is linked to two grids: the Main Interconnected System (MIS) and the Salalah system. This year peak MIS demand is expected to reach 4.82GW, with 424MW in Salalah (MEES, 24 May). But off-grid rural demand is growing faster than in the main networks, having recorded an 11.6% increase from 2010 to 2011...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?
...ropean Union imposed a series of economic and oil sanctions against Tehran starting in 2011 over its controversial nuclear program. Since then Iran’s oil exports have fallen below 1mn b/d from around 2.5mn b/d before the EU ban on imports of Iranian crude came into effect in mid-2012. According to MEES es...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
The Geneva Nuclear Accord And Iranian Oil
...ude oil exports, as the US will not demand that buyers of Iranian crude reduce imports further. Sanctions have cut Iranian oil exports to an average of just 1.1mn b/d for the first nine months of 2013, down 55% on 2011. The signature of the Geneva agreement probably means that the US State Department wi...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Egypt’s Gas Crunch: Is A Quick Fix Possible?
...reements within two weeks, he added, and amend another seven. These numbers have caused some confusion in the industry. EGPC in October said it had approved the 11 licences awarded in November 2012 (MEES, 16 November 2012) following its most recent bidround, which was launched in 2011. Ganope said in...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...owth prospects, and also a key ‘wild card’ necessitating the strengthening of fiscal buffers. The region is also vulnerable to volatility in global financial markets and broader Middle East unrest, the IMF says. Real GDP growth fell to 5.2% in 2012 from an “exceptionally strong” 7.7% in 2011 wh...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
China Consolidates Its Position In The Iraqi Oil Sector
...d is now on the verge of involvement in a fourth. The Ahdab oilfield was its first success story, where in 2008 CNPC agreed to convert the production sharing contract signed in 1997 into a long-term service contract. Work on Ahdab started in March 2009, and by June 2011 its output reached 60...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 92.19 94 93.93 100.57 106.27 105.73 94.17 94.18 95...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Libya: A Glimmer Of Hope
...s toppled in 2011, instead piling into the power vacuum created by the revolution. Attempts by the government to co-opt the groups by hiring them for security have turned sour, and the militias have been key in preventing the centralization of power in Libya. Separatist movements in the east are pr...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Egypt Plans Nuclear Tender, UAE Progresses First Reactor
...June that Egypt was ready to invite bids, having enacted a nuclear law, established an independent regulatory body, selected a technology, developed a fuel strategy and prepared a bid specification in line with IAEA requirements. Earlier tender plans were postponed following the January 2011 ov...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
US Plays Hardball On Oil Sanctions As Iran Nuclear Talks Resume
...ey will actually still be losing money, even during this six-month period relative to the amount of oil sales they had back in 2011,” he said. The US would only “open up the spigot a little bit, for a very modest amount of relief that is entirely subject to reinstatement if, in fact, they vi...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Cepsa Boosts Asia Portfolio
...ployees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy." IPIC completed the takeover of Cepsa in 2011 when it acquired Total’s 49% stake (MEES, 8 August 2011)....
Volume: 56Issue: 47Published at Fri, 22 Nov 2013