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Noble to Delay Aphrodite Appraisal Drilling
...mpletion of a second appraisal well on the Aphrodite field. Noble completed its exploratory drilling on Aphrodite in December 2011, when it announced that it had discovered a field with an “estimated gross resource range of 5-8 trillion cubic feet (tcf), with a gross mean of 7 tcf.” Appraisal drilling is ne...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Iran Exports To China, India and South Korea Fall In 2012
...y not however be wholly attributable to the effect of international sanctions. Although Chinese imports declined in 2012 by almost 21% to 441,000 b/d compared to 557,000 b/d in 2011, the reduction may be primarily the result of a price dispute between the National Iranian Oil Company (NI...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Suez Canal Traffic
...v-12 Oct-12 2012 Change vs 2011 2011 South-North '000t '000t % '000t '000t '00...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Petchems The Catalyst For Middle East Economic Diversification
...d services industries. In 2011, said Mr Mady, SABIC’s direct value-added contribution to national GDP was about 2%, its private sector contribution was about 9% and its contribution to the industrial non-oil sector was 34%. “SABIC takes the process of employing local talent seriously,” he sa...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
SEC Profits Up 20% In 2012
... SAUDI ARABIA SEC Profits Up 20% In 2012 Saudi Electricity Company (SEC) announced on 20 January that it made a profit of SR2.563bn ($683mn) in 2012, compared with SR2.123bn ($566mn) in 2011. Dividends for the year were SR0.62 ($0.17) per share in 2012 compared wi...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
SABIC Reports 15% Fall In Profits For 2012
...85bn) for 2011. The company attributed the 15.5% net income decline to “higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges.” Gross profit for 2012 was SR54.31bn ($14.48bn), down by 12.6% from SR62.13bn ($16...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Yemen’s 2013 Budget Aimed At Speedy Return To Stability
...en subjected to numerous sabotage attacks during 2012, disrupting production and export operations for long periods. Mr Wajih estimated the fall in crude oil output in the first nine months of 2012 at 28.2% below the corresponding period of 2011. To achieve the government’s oil and gas ta...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
IMF: Qatar’s Economic Outlook Remains Robust
... 2008 2009 2010 2011 2012 2013 Production and Pr...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
In Amenas Attack Highlights Algeria’s Vulnerability To Saharan Instability
...pressed their “full support for the government and people of Mali.” Certainly the alliance of al-Qaeda-linked Islamists and Tuareg rebels that seized control of northern Mali in early 2012 had their insurgency massively boosted by the flow of illicit arms from Libya’s 2011 conflict but this appears to be th...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Libya Attempts To Tackle Chronic Instability
...e-war levels of 1.5-1.6mn b/d (see graph). With the handful of technical problems left over from 2011’s fighting being dealt with, senior Libyan oil industry figures were confident output of 1.6-1.7mn b/d would be sustainable from the end of the first quarter this year; the key issue going forward wo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Qatar Changes PSAs to JVs, Invests In Al-Shaheen
...cidental’s (Oxy) 105,000 b/d Idd al-Shargi concession. Since taking the helm of the Energy and Industry Ministry in January 2011, and chairmanship of state-owned QP, Muhammad al-Sada has led the drive to restore Qatari crude output. Qatar had under-invested in state-owned QP-operated fields, whose ou...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Fiscal Concerns Linger, Despite Easing Demand Growth Alarm
...oduction below 3mn b/d for the first time since March. At just under 30.3mn b/d, overall OPEC output is the lowest since October 2011, according to MEES estimates. This, the fifth consecutive month of Saudi production falls, comes amid a generally firm price environment, with monthly OPEC Basket pr...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Benchmark Crude Prices & OPEC Basket Components: 2012 Average Prices
...12 Q3 2012 2012 2011 WTI 95.49 93.36 92.74 88.26 86.85 88.25 92...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Iran’s Service Sector Buckles Under Sanctions Strain
...ts on multiple fronts. US-led pressure on oil sales is impacting export levels. According to MEES calculations, output is around 800,000 b/d down on 2011’s average 3.6mn b/d. And a senior politician recently acknowledged oil revenues in the fourth quarter of the current Iranian year (corresponding to 21...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Sudan Targeting 150,000 B/D Output By Year End
... SUDAN Sudan Targeting 150,000 B/D Output By Year End Since losing around three-quarters of its near 450,000 b/d former oil output to the South in 2011, Sudan has been pushing hard to raise its oil production and refining capacity. In December last ye...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Turkish-Qatari Gas Talks Stall As Balkan LNG Terminal Discussed
...ng-term gas supply contract that would help Turkey further limit its import dependence on Iranian gas. Turkey covered around 16% of its final gas demand from Iran last year according to recently published statistics from the International Energy Agency. In 2011 Iran exported 8.4 bcm to Turkey, making it...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Qatar Claims ‘GTL World Capital’ Status
...Ls and GTL products through 3Q12 and is currently producing and selling all GTL products from its product slate,” he noted. “Just last month we celebrated the 100th GTL cargo from Pearl during 2012.” Pearl GTL was inaugurated in November 2011 after an $18.5bn development, but was not expected to re...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
SEC Lines Up ACWA-Led Consortium For Rabigh-2 IPP
...pointed in June 2011. The consortium submitted the lowest bid of 7.416 hals/kwh of electricity, with a plant capacity of 1.96gw. Qurayyah was initially intended to be a heavy oil plant, but SEC opted instead for a gas-fired unit. The project is slated for start-up in mid-2014 and is expected to cost $1....
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
New Saudi Eastern Province Governor Appointed
...ea is at the epicenter of the Saudi oil industry and home to Ghawar, the world’s biggest oil field, the kingdom’s biggest oil processing center at Abqaiq, and Ras Tanura, location of its biggest refinery and export terminal. In 2011, King ‘Abd Allah sent troops to put down a Shi’ite-led pro-democracy mo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
TAQA Shuts Down North Sea Platform
...veloping a 100mw hydroelectric plant in northern India. The joint venture partner is Jyoti Structures, an Indian power infrastructure company, which signed a Memorandum of Understanding with TAQA in July 2011 to look at investing in renewables. Carl Sheldon, TAQA’s Chief Executive Officer, said: “This in...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013