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KMG EP May Take Part of KMG Stake In Kashagan
...dical reshuffle of the leadership of Kazakhstan’s energy sector. KMG lost 11% of its revenues last year due to months of strikes (MEES, 26 December 2011). ...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Egypt Bidding Delayed By Political Upheavals
...cluding the Muslim Brotherhood’s preferred choice and former intelligence chief 'Umar Sulaiman – were last week barred from contesting the election. The country’s oil and gas sector appeared to be getting back into its stride late last year and early this year after the massive upheavals earlier in 2011 bu...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Qasemi Says Sanctions Will Change Oil Market, Criticizes Saudi Policy
...e end of 2012 adding that the country’s output could also be curtailed by a further 200,000 b/d in 2013. “Iran’s decline in output began to accelerate during the last quarter of 2011 and has continued,” the EIA said, attributing the fall to a shortage of investment “which is needed to offset natural pr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Jordan Considers Measures To Lower Its Energy Bill
...Jordan Jordan Considers Measures To Lower Its Energy Bill Burdened by a massive energy import bill of JD3.4bn ($4.8bn) in 2011, the Jordanian government is currently examining measures aimed at reducing its budget deficit. Prime Minister 'Awn al-Khasawna told visiting officials from th...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Leaked Report Alleges High-Level NOC Mismanagement
...spection and Popular Control at the end of 2010 and due to have been presented to a closed session of the Libyan People’s Congress in March 2011, highlights “murky dealings” and “systematic mismanagement” at NOC, according to Giulio Carini of London-based transparency campaign group Global Witness, who ob...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
GCC Countries To Receive Record Oil Revenues Due To High Prices
...venues by the group last year. “GCC oil producers are called upon to produce more oil to fill the shortfall in supply created by the regional political turmoil,” the institute said. “Saudi Arabia’s production has remained close to 10mn b/d since September 2011, despite the recovery in Libyan su...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
APICORP Posts Record Profit Of $105Mn For 2011
...REGIONAL APICORP Posts Record Profit Of $105Mn For 2011 The Arab Petroleum Investments Corporation (APICORP) made a record net profit of $105.4mn for 2011, an increase of 11% from 2010’s $95mn. The multilateral development bank said that its total assets rose by 7% to $4.6bn in 2011 fr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
SABIC Approves Distribution Of $4Bn In Dividends
...SAUDI ARABIA SABIC Approves Distribution Of $4Bn In Dividends At its meeting on 14 April the Saudi Basic Industries Corporation (SABIC) general assembly approved the payment of SR15bn ($4bn) in dividends to shareholders at the rate of SR5 per share for the year 2011. The corporation ha...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Bashir Issues Threats As North And South Sudan Edge Closer To War
...o decades of civil war (MEES, 11 July 2011), but has since been locked in a bitter dispute with Sudan over issues such as border demarcation and the sharing of oil revenues. On 11 April South Sudan seized Heglig, saying it would only leave if and when a neutral United Nations force is de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
French Foreign Minister Says Syria’s Forex Reserves Down By Half
...nctions resolution, including travel, financial sanctions, an arms embargo,” in order to pressure the Syrian regime to comply with Kofi Annan’s six-point plan, US Secretary of State Hillary Clinton told the meeting. Syria’s forex reserves were estimated at around $18bn at the beginning of 2011...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
IPR Continued Operations In Syria In 2011
...syria IPR Continued Operations In Syria In 2011 IPR of the US announced in its newsletter IPR Gazette for December 2011 that its wholly-owned subsidiary IPR Mediterranean Exploration Ltd (IPRMEL) continued during the year to operate in Block 24 in Syria and to develop newly-di...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Dragon On Course To Hit 100,000 B/D Output By 2015, Completes Tunisia Farm-In
...frastructure in the process. Dragon, which is majority-owned by the Emirates National Oil Company (ENOC), also announced it has received final approval from the Tunisian Hydrocarbons Consultative Committee for the farm-in agreement signed in October 2011, making it a full participating member of the Bargou jo...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Yemen Looking To China For Further Oil Sector Investment
...0,000-250,000 b/d seen in February 2011, before the political unrest sparked by the Arab Spring (MEES, 19 March). Oil Reserves Dwindling The World Bank meanwhile has warned that the Arab world’s poorest country is fast running out of proven oil reserves, saying it believes Yemen’s fields could be de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Oil Markets In 2012: Calm Or Turbulent Waters?
...e imposition of sanctions and embargoes may still result in a large loss of Iranian output. In December 2011, the US Congress passed a new bill that will apply sanctions to all financial institutions engaging in direct dealings with Iran’s Central Bank – the recipient of Iranian oil export pa...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
IEA Holds 2012 Demand Outlook Steady, Raises Price Assumption
...SUPPLY DEMAND IEA Holds 2012 Demand Outlook Steady, Raises Price Assumption The International Energy Agency (IEA) forecast global oil demand at 89.9mn b/d for 2012, up by 800,000 b/d (0.9%) over 2011 and little changed from the previous outlook. In its latest monthly Oil Market Re...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Arab Fund Chief Pledges Continued Support In Wake Of Arab Spring
...velopment banks. At its launch during the French presidency of the G8 in May 2011, the Arab Fund agreed to provide $3.2bn in grants and concessionary loans to finance public and private sector projects in Tunisia, Egypt, Morocco and Jordan in 2012-13. Arab countries in transition need to correct sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Libya And US Investigate Qadhafi-Era Oil Deals
...at some oil contracts “seem to have been influenced by Saif al-Islam al-Qadhafi,” referring to the former dictator’s son who is currently imprisoned awaiting trial. Eni, in its 2011 annual report (released 5 April) reveals that on 10 June 2011 it received a subpoena from the SEC for the “pr...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Oman Relies On PDO And BP To Meet Gas Challenge
...d Water Procurement Company (OPWPC) in its Seven Year Outlook published on 31 March said total peak gas demand for the main national power network will grow from 580mn cfd in 2011 to 793mn cfd in 2018. A further 78mn cfd will be needed in the city of Salalah. US independent Oxy’s demand fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Iran’s Inflation Hits 21.5% As Majlis Approves Budget Bill Outline
...te for the previous year 1389 ending on 20 March 2011 stood at 12.4%, after reaching a low of 8% in August 2010 (MEES, 11 April 2011). But the rate began to edge upward with the implementation of the economic reform bill in December 2010 and the gradual withdrawal of subsidies on goods and ut...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Crude Prices Stay Rangebound Despite Stockbuild
...obal economy falters. In its latest Oil Market Report, released on 12 April, the Paris-based International Energy Agency (EIA) said that global oil demand is expected to rise to 89.9mn b/d in 2012, a gain of 800,000 b/d on 2011. It forecast that consumption would in the second quarter of this ye...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012