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Total Eyes Misan Gas Opportunity
...st year (MEES, 4 July 2011) to over 20,000 b/d and is eyeing eventual production of 100,000 b/d, in addition to 60,000 b/d at the Amara field, MEES understands “We don’t need to reinvent the wheel,” argues Gulfsands CEO Mahdi Sajjad. “This is essentially our previous project. We have already done mo...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Gives Confusing And Contradictory Response To Sanctions
...E on 7-9 February. The tour, according to the president’s website, is to help “secure a stable supply of energy resources.” Turkey, however – which got 180,000 b/d, almost one-third of its oil needs, from Iran in 2011 – is publicly supporting Iran over energy issues. Minister of Energy Taner Yi...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Japan’s Crude Imports Rose In December, But Down For 2011
...SUPPLY/DEMAND Japan’s Crude Imports Rose In December, But Down For 2011 Japanese crude oil imports averaged 3.872mn b/d in December 2011, an increase of 8.9% over the November 2011 average of 3.555mn b/d, according to monthly import data released by Japan’s Ministry of Economy, Trade an...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Saudi LPG Prices Raised To Record Levels For February
...ange Propane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 20...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012
...ALGERIA IMF Sees Algeria’s GDP Growth At 2.5% In 2011 And 3.5% In 2012 Algeria’s growth in 2011 is estimated to have remained solid and higher oil prices have strengthened the country’s external balance and boosted its fiscal revenue, the International Monetary Fund (IMF) said on 27 Ja...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dana Egypt Production Slides On Non-Payment Standoff
...EGYPT Dana Egypt Production Slides On Non-Payment Standoff UAE-listed Dana Gas saw 2011 production flat-line as the company scaled back Egyptian drilling in response to non-payment of revenues from the Egyptian authorities. The company’s Egyptian production finished the year at 38...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Raises Its Budget Oil Price To $85/B For 2012-13
...slightly higher than the current year’s oil price of $80/B (MEES, 28 February 2011). Prior to the submission of the draft budget, the agency projected oil revenue in 2001-13 at $57bn based on an oil price of $85/B. Mr Ahmadinejad said that the new budget proposes a 5.6% drop in government sp...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Start Date For Phase 2 Of Subsidy Reform Plan Still Unclear
...rrent Iranian year – which began on 21 March 2011 – as a direct consequence of these subsidy cuts. Mr Farzin also added that despite fervent parliamentary opposition, some 10mn relatively well-to-do individuals would be excluded from receiving support payments in the second phase. “Speaking of the su...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Turkey Files Lawsuit Against Iran Over Gas Price
...quirement, according to a 31 January TRT Haber TV report. In 2011 Iranian exports to Turkey increased by 12% compared to 2010, although the overall supply of 24mn cmd compares with a pipeline nameplate capacity of 36-40mn cmd. Turkish Minister of Energy Taner Yildiz had announced Ankara’s intension to take Ir...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Kuwait’s Opposition Gaining Seats In Parliament
...vestigations – one each by the ministry and parliament – into an ongoing consultancy contract that Shell has in the development of northern Jurassic gas fields (MEES, 8 August 2011). The dissolution of parliament halted the enquiries, which are expected to restart once there is a new government and pa...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Qatar Earmarks $25Bn For Domestic Petrochemicals Output Expansion
...5bn petrochemical complex in Ras Laffan Industrial City (MEES, 12 December 2011). The plant will include a world-scale steam cracker, a 1.5mn t/y monoethylene glycol plant, a 300,000 t/y linear alpha olefins plant and another olefin derivative unit. The agreement gives state-owned QP an 80% stake in th...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
APICORP Puts 2012-16 MENA Energy Sector Investment Needs At $525Bn
...mmentary. Despite far-reaching implications of the ongoing upheaval stemming from the Arab Spring, the sovereign debt crisis, and imposition of sanctions by Europe on Iranian crude imports, APICORP said that its September 2011 forecast remains unchanged (MEES, 3 October 2011). However, the bank warned that ac...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Gulfsands KHE-102 Appraisal Well Encounters Gas And Oil
...eld of 49 barrels per mn cu ft. As far as concerns production and exploration activities in 2011, Gulfsands said that Khurbet East and Yousefieh fields continued to perform extremely well during the year. It noted that four new wells were drilled, raising oil production to a level in excess of 24...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dragon Oil Generates Record 2011 Revenues, Ups Production By 30%
...UAE/CASPIAN Dragon Oil Generates Record 2011 Revenues, Ups Production By 30% Dubai-based Dragon Oil has announced record revenue figures for the 2011 calendar year, during which its crude oil production increased by 30% relative to 2010. The exploration and production company ramped up...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iraq’s Power Crisis And The Need To Re-Engage The Private Sector – Smartly
...aqi household with power for only four to five hours on any given day. How Bad Is The Problem? Despite some additions to capacity over the past decade, demand for electricity in Iraq has been outstripping supply. At an extreme, in July 2011 the peak demand was reportedly over 14.0gw.2 Iraq’s in...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Cash Shortage Hits Iran’s Refineries: Tehran Mulls Bartering For Crude
...stribution Company (NIORDC) Managing Director Alireza Zeighami claiming Iran’s gasoline production was 377,400 b/d (MEES, 5 December 2011), but in December National Iranian Oil Products Distribution Company (NIOPDC) gave total consumption as 358,500 b/d with no explanation for the difference or reference to...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Saudi Arabia Takes Steps To Boost Capital Markets Trading
...vestors and small hedge funds (MEES, 26 December 2011). Rules are also likely to be strict to discourage market manipulation. The kingdom is hoping that by attracting professional foreign players with a long term outlook it will deepen the stock market, making it less volatile. If the market opens up as...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Algeria’s 2012 Budget Maintains High Level Of Social Spending
...om 2011. But compared to the 2011 supplementary budget deficit of AD5,074bn ($68.6bn) published last July, the deficit in 2012 is 21.7% lower. The budget law was published in Algeria’s Official Gazette on 29 December 2011, following the approval of the budget by parliament on 2 November 2011. The bu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Iranian Crude Output Continues To Fall, Hurt By Sanctions
...pacity three-four years ago. In 2011, before the latest wave of sanctions, the International Energy Agency (IEA) said Iran’s production capacity will drop by 810,000 b/d to 3.1mn b/d by 2016 – assuming a 3.9mn b/d figure in 2010. “Iran’s oil industry is clearly under stress from further wide-ranging sa...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
High Oil Prices Due To Tightening Market Fundamentals, Says CGES
...ep pace with demand in 2011, the report said, even though consumption increased by only 650,000 b/d (0.7%) during 2011, while data suggests that global oil consumption actually fell in the final quarter of the year, the first drop since the middle of 2009. “A faltering economic recovery in the Eu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012