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Saudi Crude Prices To US And Far East Raised, Lowered For Europe
...d B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Apr Mar Feb Ja...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Feb Jan Dec Nov Oc...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
BP Exits Algeria’s Rhourde El-Baguel
...r Algerian business.” As part of the ongoing exploration program at Bourarhat, BP has been pursuing unconventional gas through a program of hydraulic fracturing (MEES, 28 February). BP’s gas production in Algeria, after royalties and other payments, eased to 1.18bn cu ms for 2011, from 1.3 bc...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Block 12 Gas Reserves Estimated At 5.1 TCF By Netherland Sewell
...ock 12 contained two reservoirs with proven reserves of 1.7 tcf and 3.4 tcf respectively, based on the results from the Cyprus A-1 well. Noble holds a 70% working interest in Block 12, which subsidiaries of Israel’s Delek Group, Delek Drilling and Avner Oil & Gas each hold 15% (MEES, 12 December 2011...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Kuwait Energy Reports Fourth Find On Western Desert Concession
...% of Kuwait Energy’s current 15,000 boe/d production (of which 10,000 b/d is in Egypt). Beach produced a mere 6,600 boe/d in 2011 and Dover, something of a silent partner on the block, has no current production. Drilling of the last two wells of the six-well campaign is underway, initial results are cu...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Edison Hit By Egyptian Debts, Struggling To Fund Spending
...EGYPT Edison Hit By Egyptian Debts, Struggling To Fund Spending Italy’s Edison is the latest company to announce that overdue Egyptian payments have hit its bottom line. The company’s working capital fell by €494mn in 2011 with the chief culprit “overdue receivables” relating to its Eg...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
CBE Reports Slower Erosion Of Reserves In February
...the end of February from $16.3bn at the end of January, the CBE said. But despite this slowing down, the situation remains fragile, and Egypt has used half its reserves since January 2011 to support the value of the Egyptian currency (MEES, 27 February). Egyptian Prime Minister Kamal al-Ga...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Egypt Gas Export Pipeline Attacked For 13th Time
...eraged about one per month since former president Husni Mubarak was forced from power in February 2011. Shipments to Jordan, which relies on Egyptian gas for about 80% of its power generation, and to Israel, have over the last year been seriously disrupted at times, to the point that neither country now re...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran Threatens To Stop Oil Supply To Belgium, Czech Republic And Netherlands
...bruary the European Commission announced that Netherlands and Belgium had terminated all crude imports from Iran “within January 2012” whereas the Czech Republic stopped buying Iranian crude in July 2011 (MEES, 27 February). /font> ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran’s 2012 Budget Allocates $5Bn To Refinery Completion
...sets of the National Development Fund, which is dedicated to the execution of the 2011-15 five-year development plan. The NIORDC investment is intended to speed the construction of the Persian Gulf Star and Anahita refineries, with throughput capacities of 360,000 b/d and 120,000 b/d, respectively. The la...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Parliament Ratifies Record 2012 Iraqi Budget
...cember figures (MEES, 12 December 2011). But, according to Inside Iraqi Politics, on 29 February, the passage of the budget by parliament “is a victory for Prime Minister Nuri al-Maliki, who made minor concessions and received a budget imprinted with strong central government views. Its very passage also ce...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Baghdad Sweetens Fourth Round Terms
...ven years (MEES, 19 September 2011). These conditions remain in the new proposed contract. But Baghdad will now pay interest of London Interbank Offered Rate (Libor) plus 3% on costs incurred during any holding period. The oil ministry is also offering to cover costs and pay Libor plus 5% in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Qatar Looks To Boost Power Capacity With $5.2Bn Investment
...ne last year with the inauguration of the QR14bn ($3.8bn) Ras Girtas power plant by Qatar’s Minister of Energy and Industry Muhammad al-Sada (MEES, 6 June 2011). “The plant will be able to meet some 30% of Qatar’s electricity needs and 20% of its water demand if required by Qatar Electricity and Wa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Lebanon And Cyprus Discuss East Mediterranean Maritime Delimitation
...limitation line (from Point 1 to Point 23 on map – MEES, 5 December 2011). The two countries agreed on Point 1 as a coordinate in the 2007 agreement. In 2010, Cyprus subsequently reached a delimitation agreement with Israel, making the northernmost point along their common border Point 1. In November last ye...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syrian Deputy Oil Minister Joins Opposition
...ar ago. The official rate was quoted on 8 March at $1=S£59.72. The Central Bank of Syria (CBS) is slowly depleting its limited supply of foreign exchange reserves by pursuing a policy of supporting the local currency. CBS’s reserves of $18bn in March 2011 have fallen to just over $10bn reports say, wi...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syria Still Faces 2.6GW Power Shortfall
...oducts. The sanctions were imposed last year because of the regime’s violent crackdown on demonstrations in the country since March 2011. Last week some Indian companies are reported to have given up plans to purchase Syrian crude because of the sanctions. ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Total Expands Presence In Yemen With Farm-In To Block 3
...,000 b/d of oil equivalent in 2011, despite the ongoing political turmoil and unrest in the country that saw regular attacks in its oil producing Shabwa and Marib provinces throughout the year. To date, it holds producing assets in Yemen’s two main oil basins – as operator of the East Shabwa Block 10 in th...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iraq’s Oil And Gas Production And Export: Politics, Security And Challenges
...IRAQ Iraq’s Oil And Gas Production And Export: Politics, Security And Challenges By Thamir Uqaili Dr Uqaili is an exploration and production consultant. This article is an update of Dr Uqaili’s ‘One Hundred Days In The Iraqi Oil Industry’ (MEES, 27 June 2011...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
APICORP Expands Energy Finance Mandate
...tivity. For example, it will provide agency services to the Socar Aurora Fujairah Terminal (SAFT) project. The bank arranged a loan facility for SAFT that will help fund construction of a 641,000 cu ms capacity oil terminal in the UAE port city of Fujairah (MEES, 26 December 2011). The total project cost is...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Japan’s Crude Imports Up Slightly In January, Saudi Deliveries Up Sharply
...er December 2011 imports and a decrease of 1.9% from January 2011. Imports from the Middle East averaged 3.254mn b/d, up by 1.1% from December 2011 but down by 6.9% from January 2011. As usual Saudi Arabia was Japan’s largest supplier, with January deliveries of 1.322mn b/d up by 21.6% from December 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012