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Total Drilling Plans Fail To Disguise Egypt Deepwater Exploration Stalemate
...ch well since Shell relinquished its giant 42,000 sq km Northeast Mediterranean Deepwater (NEMED) concession in early 2011. The latest well, in 1,500ms of water, will target deep Nile Basin deposits and is expected to cost at least $100mn. East El Burullus, also known as Block 4, was one of fo...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
UAE NGL Projects To Boost Exports, Borouge Capacity
...s field, and in doing so recover the same volume of gas – currently used for reinjection – for delivery to Habshan 5 (MEES 19, September 2011). Currently, most of the heavier ‘field condensate’ is collected at the wellhead – through active stripping at the gas gathering platform, or natural pr...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Syrian Revolt Mars Oil Sector
...e infrastructure has suffered its share of destruction. Meanwhile, Israel has taken advantage of the chaos to open the Golan Heights to oil exploration and awarded the first drilling contract last month. Syria’s oil problems started some time before the March 2011 revolt. Crude oil re...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Benchmark Crudes & US Crudes Imports
...12 2012 2011 WTI 92.05 94.67 96.94 95.37 94.88 88.25 92.21 94...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Security Vacuum Delays POGC Drilling Restart
...08 bidding with a commitment to drill eight wells. None has yet been spudded, although the company was in the process of mobilizing a rig for a 2011 drilling campaign when Libya’s revolution kicked off in February that year (MEES, 2 April, 2012). POGC lifted force majeure in November with th...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
No Fuel Supply Worries As Oman’s Sohar Complex Shuts
...ficiently and more cleanly as a result of this effort.” ORPIC was formed in June 2011 with the merger of the Oman Refineries and Petrochemicals Company, Aromatics Oman, and Oman Polypropylene (MEES, 20 June 2011). ORPIC meanwhile has said it expects to award a $1.5bn construction contract in the co...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Iran Shuts Down Bushehr Nuclear Plant, Progressing Arak
...clear firms and started up in September 2011, is expected to be off-line until at least 28 February. It was only recently restarted after a shutdown following the discovery of debris in the reactor housing (MEES, 18 January). The International Atomic Energy Agency (IAEA) noted in a report circulated am...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Iran-Syria Gas Mega-Project Discussions Roll On
...gned in July 2011, but the obstacles to realizing such a mega-project are formidable. Clearly as things stand now, the project cannot progress. There is civil war raging in Syria and both Tehran and Damascus are currently sanctioned by western countries. This in effect means that it would be ve...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
OMV On Course For 350,000 Boe/D By 2016
...intenance activities in New Zealand (see chart below). Libyan Revival Total OMV daily production of oil, NGLs and gas was 5% above its 2011 level, primarily due to the increased volume from Libya which appeared to more than compensate for lower volumes in both Romania and New Zealand. “The bi...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Calvalley Downgrades Yemen Reserves
...e continuing deferment of projects planned at the block. “Drilling activity was restricted by security and local issues,” Calvalley said, referring to the insurgent-related violence that has plagued Yemen since the outbreak of protests against former president ‘Ali ‘Abd Allah Salih in early 2011...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
GCC Aid Flows To Bahrain And Morocco
...hrain $2.5bn to finance development projects in the kingdom as part of a 10-year funding program worth $10bn from four GCC countries – Saudi Arabia, Kuwait, Qatar and the UAE – approved in March 2011 (MEES, 9 May 2011). The four GCC countries then pledged to extend $10bn apiece to Bahrain and Oman to ea...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Egypt To Resume Talks With IMF In March
...al to be finalized by the end of April. The government has said that it is also aiming to recover its foreign exchange reserves, which have fallen to a low of $13.6bn in January 2013 from around $36bn before the January 2011 revolution saw the overthrow of the Husni Mubarak regime. The go...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Algerian Gas Faces Three Challenges
...geria. The country’s gross production of natural gas in 2011 was 6.7tcf compared with 6.8tcf the year before. Of this total, 2.9tcf was marketed at home and abroad while the rest was re-injected to enhance oil recovery, flared or lost due to shrinkage. According to Paris-based gas association Cedigaz es...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
World Bank Makes Good On Yemen Support Pledge
...vernment has managed to stem the economic contraction caused by the 2011 Arab Spring-related crisis; overseeing a near doubling of Central Bank reserves to $6.2bn, from around $3.7bn posted at the height of the troubles. Source: World Bank....
Volume: 56Issue: 08Published at Tue, 26 Feb 2013 -
Majors Caught In Gulf Investment Dilemma
...5,000 b/d Halfaya project, in which it has an 18.75% stake. The oil majors’ relatively recent engagement with the KRG – Exxon only signed for its six blocks in October 2011 – mean they are yet to make any commercial discoveries. KRG oil investments come with a very large health warning – the re...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Gas, Infrastructure Challenges Loom Larger For Baghdad
...otests against widespread blackouts in summer forced the sacking of electricity ministers in both 2010 and 2011. BGC, while still not formally created, has managed to boost gas processing from 250mn cfd to 400mn cfd since the contract was signed in late 2011. It has implemented major training pr...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
UAE Gas Projects Advancing Towards Completion
...ring peak summer demand. Subsidized gas prices drive high demand levels: according to the same report, gas demand in the UAE increased by around 45% in the five-year period between 2006 and 2011. Since Mr Hamili has ruled out the possibility of raising gas tariffs in the UAE, conservative estimates su...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Tullow Consolidates Mauritanian Position Ahead Of Key Drilling Campaign
...Petronas 13.5%, Kufpec 11.1%, Premier 6.2%, SMH 10% Remainder of former PSC A&B after discoveries hived off in Oct 2011. 3Q13 well targets ‘Tapendar’ C-18 90%op SMH 10...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
South Sudan Plots New Oil Concession Sales
...nth, representing 98% of government revenues. The country’s output was halted after it accused Khartoum of confiscating around $815mn worth of its crude as it flowed through Sudan to the Red Sea for export. Despite breaking away from Sudan in July 2011, South Sudan is still dependent on Sudan fo...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Vive La Difference! IEA, OPEC Split On Supply, Price Views
...d oil price assumptions, as a recent study comparing their respective scenarios reveals. Differences become more acute through to 2035. Medium-term, 2011-16, the IEA sees oil demand growth as 400,000 b/d higher than OPEC. Given 2016 demand will be 93mn-94.5mn b/d, this reflects “roughly th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013