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Jordan And Enefit Initial Deal For First Shale Oil Power Plant
...4bn ($5.6bn) last year due to the ongoing disruption of Egyptian gas supplies to Jordan since the downfall of the Mubarak regime in January 2011. According to a recent report Jordan is receiving 30mn cfd of Egyptian gas instead of the 300mn cfd needed to fuel the kingdom’s power plants. The Jordanian go...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Sonatrach To Restart Libyan Drilling This Month
...ploration site had been achieved. During previous drilling Sonatrach made two oil discoveries, most recently a May 2010 well which tested at 1,300 b/d. The company had been planning to start a further eight-well drilling campaign in early 2011, when its Libyan operations were interrupted. With no su...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Repsol Sets Out North Africa Plans
...psol plans to drill “more than 16” wells over the three Murzuq Basin blocks between now and 2016. Repsol views the securing of three large exploration blocks offshore the northern coast of Tunisia in July last year as one of its key international upstream events for 2011 (MEES, 11 July 2011...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Diesel Shortage Hits Saudi Arabia
...grades should help ease the problem as they are phased in: Ras Tanura in 2011, Riyadh in third quarter of 2012, Yanbu' by second quarter of 2013 and Jubail by the first quarter of 2013. Al Troner, President of Asia Pacific Consulting tells MEES: “All of these will clean up gasoil yield, not produce mo...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Anatomy Of Iraq’s Exploration Auction – Bid Round 4
...aqi Ministry of Oil concluded a two-day hydrocarbon exploration auction during 30-31 May 2012. Expectations following the road show in 'Amman on 11 September 2011 were that only a few companies out of the 39 (47 prequalified) that paid to bid were intending to do so. Several reasons prevented the bi...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Baghdad Awards Three Blocks In Bid Round
...ghdad assumed the right to postpone development for up to seven years, which, given an exploration period of up to seven years, might have meant companies waiting for 14 years before seeing any return on their investment (MEES, 19 September 2011). In March, the Ministry of Oil sweetened terms so...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Long Term Oil Demand To Maintain Upwards Trend Despite Eurozone Jitters
...eber. With only 1.5mn b/d of OPEC spare capacity the market has fundamental support. The average global cost of finding and developing oil also provides price uplift, and climbed to $25/B in 2011 from $20/B in 2010, with both figures sharply higher than the $5/B needed in the mid-1990s, said Mr Si...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Japan Pushes CCS To Secure Stakes In Abu Dhabi Offshore Concessions
...tural gas; now we are looking at CO2,” he said while declining to state when it would start. ADMA-OPCO aims to boost production capacity to 1mn b/d by 2019 (MEES, 2 May 2011). ADNOC aims to boost ultimate crude recovery to 70% – 20 percentage points higher than the current target – by de...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Qatar Continues To Boost Budget Expenditure In 2012-13
...206bn ($56.6bn), up 26.8% from QR162.5bn ($44.6bn) in 2011-12, and total expenditure of QR178bn ($48.9bn), up 27.2% from QR139.9bn ($38.4bn) in 2011-12. The budget released on 28 May, under Amiri Decree 38 by Crown Prince and Deputy Amir Shaikh Tamim bin Hamad Al Thani, will have a surplus of QR28bn ($7....
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Shell Pulls Plug On Libya Exploration, BP Plans Return
...mmences drilling on LNGDA acreage. February 2011 Halts drilling and closes Tripoli office due to conflict. May 2012 Announces halt to upstream work but plans to maintain in-country presence and consider future op...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Japan’s Crude Imports Decline 6.6% In April To 3.931Mn B/D
...209mn b/d and a 10.2% year-on-year increase from 3.567mn b/d in April 2011. April imports from the Middle East averaged 3.268mn b/d, down by 5.3% from 3.452mn b/d in March, but up by 8.4% from 3.013mn b/d in April 2011. Saudi Arabia remains Japan’s main crude oil supplier, delivering 1.072mn b/d in April co...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Saudi LPG Prices Cut By $130/Ton For June
...opane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 2012 1 Ja...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2012 2011 Jul Jun May Ap...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Cyprus Considering Building LNG Plant On Its Own
...place a 15mn tons/year LNG facility in Cyprus (MEES, 9 May 2011, 17 January 2011) In an interview with MEES last month, Cypriot Minister of Commerce, Industry and Tourism, Neoclis Sylikiotis, whose ministry oversees the Energy Department, said the government was in consultation with No...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Egypt Launches Offshore Bidding, Onshore Round Attracts Interest
...terest. Shell spent 10 years exploring the NEMED block but came to the conclusion that it could not develop the area commercially after failing to reach agreement with the Egyptian General Petroleum Corporation (EGPC) on its plans to exploit gas discovered using floating LNG production. EGPC 2011...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
KNOC Reports Increased Iranian Oil Imports For April
...though quarterly data suggest Korea is falling in line with the US/EU boycott on imports from Iran. During 1Q12 South Korea’s Iranian imports averaged 177,000 b/d, a reduction of 22.3% compared to 1Q11. South Korea met around 12% of its oil demand through Iranian imports in 2011. ...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Jordan’s Austerity Drive Raises Petroleum And Electricity Prices
...ether such adjustments will take place regularly (MEES, 17 October 2011). Meanwhile, the Electricity Regulatory Commission has unveiled new electricity rates carrying an average of a 12% increase on selected sectors. But the new rates exempt citizens, traders, farmers, hospitals, government in...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Saudi Aramco Steps On The Gas
...UDI ARABIA Saudi Aramco Steps On The Gas Gas production operated by Saudi Aramco increased sharply last year, and major new projects are set to come online, the Saudi state company’s 2011 Annual Review revealed. Average 2011 gas output was 9.88bn cfd, but by year-end Saudi Aramco had ma...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
IMF Estimates Saudi Real GDP Growth At 7.1% In 2011
...UDI ARABIA IMF Estimates Saudi Real GDP Growth At 7.1% In 2011 Saudi Arabia’s overall real GDP is estimated to have grown by 7.1% in 2011, with 8% growth in the non-oil sector – the highest since 1981 – and private sector growth at 8.5%, according to a statement issued on 29 May by the IM...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Sudan Looking To Scrap Fuel Subsidies
...rprise in a country which has been struggling financially since losing nearly 75% of its oil revenues to the South when it became independent from Sudan in July 2011. This is not the first time such plans have been considered however, after parliament rejected a Central Bank of Sudan plan to end fuel su...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012