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Permit Approvals Set To Boost Apache’s Egyptian Production
...th Libya. The approvals indicate that Egypt’s oil bureaucracy, which almost ground to a halt in the second part of 2011 following last February’s ouster of former president Husni Mubarak, is getting back into gear. A senior figure at Apache in Egypt tells MEES that whilst some of the recent de...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Egypt And IMF Hold More Talks On $3.2Bn Loan
...F delegation about this the lack of transparency in the budget. Egypt’s economy has suffered from the year of turmoil since the uprising began in January 2011, which saw a fall in tourism income and decline in the foreign currency reserves of the country to $15.7bn at the end of February 2012 (MEES, 12...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Yildiz Denies Notification Of US Sanctions On Turkey Over Iran Imports
...cember 2011 (MEES, 2/9 January). The State Department official reportedly said that “the assessment of which countries could be subject to the sanctions was a dynamic process and that other countries could be added or dropped as additional information becomes available.” The list of countries to...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
ILDC Energy Plans Drilling In Myra And Sarah Blocks This Summer
...ril and mid-May. Israel’s Petroleum Supervisor has extended the consortium’s work permit to a deadline of 15 June for the start of drilling in Myra. ILDC Energy contracted the Homer Ferrington in July 2011 (MEES, 11 July 2011). Drilling targets on the two blocks are thought large enough to hold a co...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Kuwait Appoints New CBK Governor
...om Emory University, Georgia. Dr Hashil, 37, joined the CBK in 2004 and has served as Deputy Governor at the bank since his appointment in 2009. He was also a member of the Kuwait Stock Exchange Committee from 2008 to 2011, during which time the country decided to privatize the stock market. Ac...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
IMF Says Public Spending And Oil Prices Boost Oman’s Growth To 5.5% In 2011
...oman IMF Says Public Spending And Oil Prices Boost Oman’s Growth To 5.5% In 2011 Real GDP growth is estimated to have reached 5.5% in 2011, up from 4% in 2010 and 1.2% in 2009, driven by increasing government spending and higher oil prices, the IMF said on 26 March in an Article IV co...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
QP And Shell Appoint RBS To Advise On $6.5Bn Petrochemical Project
...ns/year monoethylene glycol plant, a 300,000 t/y linear alpha olefins plant and another olefin derivative unit (MEES, 12 December 2011). Qatar, the world’s biggest LNG exporter, is trying to further develop its petrochemical sector and recently announced that QP and Qatar Petrochemical Company (QA...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Mubadala Buys $2Bn Stake In Brazil’s EBX
....5bn in 2011-12 and $50bn spread over the next 10 years. Mubadala and EBX said in a joint press release that the partnership creates a platform and framework for future collaboration. “The message is that the two companies will explore opportunities together,” said the source, noting that “there’s no...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Saudi Arabia Pledges Oil Products To Yemen
...pply shortfall during the unrest that lead up to the ousting of former president 'Ali 'Abd Allah Salih (MEES, 1 August 2011). Speaking on the sidelines of the International Energy Forum in Kuwait this month, Yemen’s new Minister of Oil and Minerals Hisham Sharaf 'Abd Allah revealed crude output was cu...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Abu Dhabi To Import 1.2Bn CFD Of LNG, Shah Gas Field Slips
...G engineering firm Chiyoda (MEES, 10 October 2011) replace ADGAS’s two LNG trains that will be over 30 years old by 2019, as part of a package that would secure Japanese upstream firms’ concessions in the emirate. ADGAS’s third LNG train is more recent. However, Abu Dhabi could build an...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Regional Tensions, Oil Price Prompt Rise In MENA Defense Spending
...ew by a far lesser margin. And this trend, IISS notes, is something that has been mirrored in defense spending across the region. “Oil exporting states made up nearly 75% of total regional defence expenditure, and in 2011 their collective spending rose to $95.57bn [from $87.97bn], a no...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
OPEC Continues Bearish On Demand
...nor downgrade to projections for non-OPEC supply meant the MOMR kept its projection for the 2012 ‘call on OPEC crude’ steady at just over 30mn b/d. OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 2010 1Q...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Global Crude Oil Inventories Need To Rise, Says CGES
...B/D) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2010 2011 2012 World Oil Demand 89...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
China’s Crude Oil Imports For February Reach Record 5.95Mn B/D
...nce September 2010, when Chinese crude imports averaged 5.67mn b/d. February imports are 0.98% above January and 18.49% up from February 2011. China Crude Oil Imports 2011-12 2012 2011 Im...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Crude Oil Formulas/Posted Prices
...OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Libya (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 2010 Ap...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Bahrain’s Crude Output Rises 4.6% In 2011
...Bahrain Bahrain’s Crude Output Rises 4.6% In 2011 Bahrain’s crude oil output rose by 4.6% to an average of 190,281 b/d in 2011 from 181,850 b/d in 2010, according to statistics posted on the National Oil and Gas Authority (NOGA) website. Of this total 43,510 b/d were produced from th...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Minister Responsible For Energy Replaced In Government Mini-Reshuffle
...prus Energy Department and oversees the island’s nascent energy industry. Ms Antoniadou was given the post in August 2011 following the collapse of a coalition government under President Demetris Christofias. Ms Antoniadou has created a stir amongst the island’s political parties and within the local me...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Dana Gas Secures Egypt Payment Schedule, Looks To Libya
...r 2011, filed to the Abu Dhabi Bourse on 20 March, the firm said the “trade receivables” it was owed had almost doubled to Dh1.74bn ($475mn) during 2011. This is split roughly evenly between the firm’s two key areas of operation – the Kurdistan Regional Government (KRG) area of Iraq ($240mn) and Eg...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
S&P Maintains Egypt Banking Risk Rating, Lowers Economic Risk Score
...bruary 2011, as reflected by our successive lowering of the sovereign ratings on Egypt which now stand at B/B with a negative outlook.” S&P said that uncertainties surrounding Egypt’s political transition phase, as well as security issues, may hamper the country’s economic growth and put ad...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012