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Successful Licensing Round Launches Cyprus Hydrocarbon Push
...ccess in the Levant Basin in recent years, including a discovery of 5-8 tcf of natural gas in Cyprus’ Block 12 in December 2011. Asked why it chose not to participate, Noble told MEES in a statement that its decision “is based on a determination to concentrate Noble’s human and financial capital on the ap...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Sadara Seeks Funding Amid Saudi Liquidity, International Lender Uncertainty
...e approach to ECAs just after the final investment decision was announced on 25 July last year (MEES, 8 August 2011). It was only once meetings were wrapped up with the ECAs – they finished in April – that banks were officially approached. Saudi institutional lenders, the Public Investment Fund (PI...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Yemen LNG Pipeline Hit Again As Hadi Steps Up AQAP Offensive
...e key pipeline, which to this day has not yet been repaired (MEES, 24 October 2011). International oil companies (IOCs) meanwhile are remaining very cautious with regard to their short term plans in Yemen, with most admitting a return of foreign staff to the Gulf state is still far off. “Th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Tunisia: Oil Production Slump Exacerbates Budget Shortfall
...TUNISIA Tunisia: Oil Production Slump Exacerbates Budget Shortfall Tunisia, the country that started 2011’s Arab Spring, was much less rocked by violence than neighboring Libya and nearby Egypt. But economic and political turbulence combined with a (largely unrelated) slide in cr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Ankara Assumes Critical Regional Energy Role
...ake in the OMV-operated Bina Bawi block for $175mn. Bina Bawi has run into problems on wells since striking oil in 2010. A second well was abandoned in late 2011, while a third found hydrocarbons, but failed to reach target depth. But partners have confidence in the block and are eyeing an, albeit de...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Baghdad Kicks Off Production Target Talks
...ghdad – the controversial al-Qush and Baeshiqa blocks that lie in disputed territory (MEES, 21 November 2011). ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Algeria Looks To New Terms To Boost Unconventionals Investment
...ree bid rounds conducted since Algeria introduced the current hydrocarbons law (in 2008, 2009 and 2011), with only nine blocks awarded out of 36 on offer (MEES, 21 March 2011). The changes will have their limits: the rule requiring state firm Sonatrach takes a 51% stake in all contracts will st...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iraq Spearheads OPEC Output Surge
...ril 2011 – April 2012 (MEES Estimates – '000 B/D) 2012 2011 Apr Mar Feb Jan Dec No...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Security Fears And Regional Tension Overshadow Libyan Progress
...Block C-137, which produces al-Jurf crude) and Eni (Melitah Oil’s Block NC-41) earlier said they had returned to offshore exploration. Meanwhile, Repsol plans to recommence exploration drilling on 1 November as part of what it calls its “2011-2013” exploration campaign on Murzuq Basin Bl...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Yemen’s 2012 Budget Raises Social Spending To Offset 2011’s Economic Decline
...MEN Yemen’s 2012 Budget Raises Social Spending To Offset 2011’s Economic Decline The Yemeni government has unveiled a record budget for 2012 aimed at stimulating the economy, which has shrunk as a result of the political turmoil in the country last year. After the Arab Spring, the political cl...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Energy Equities: Petchems Help Saudi Market Post Multi-Year High
...st of the company’s plants from 19 January to 9 February. It started commercial operations on 1 October 2011 at its $10bn-plus petrochemical plant and said that the mega-complex, which will produce 4mn tons/year of petrochemical and chemical products, is expected to take time to improve performance an...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Kuwait, Oman And Qatar Push Refinery And Condensate Splitter Projects
...nance minister what one commentator called “explosive questions” – wanting total revenue income from oil on a yearly basis from 2001 till 2011-12, and financial returns on income from 1992 until 2011-12. Political commentators are guessing at his motives and the government’s answers. Mr Sa'dun had pr...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Cyprus Targets Role As Regional Energy Center
...cused on meeting that 2015 deadline. The 793mw capacity Vasilikos power plant was wrecked by a massive explosion at a nearby military base in July 2011. Since then, the Electricity Authority of Cyprus (EAC) has been working to rebuild the facility as a gas-fired plant. Cyprus Licensing Ro...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Oil Producers Use Higher Crude Prices For 2012 Budgets
...last year, it did not report a 2011 price. Of the remaining five, two countries are leaving prices unchanged – Bahrain produces a budget every two years, and Algeria has stuck resolutely to the $37/B it has used since 2009. However, Algeria officially uses a market price of $90/B for accounting pu...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Libyan Production Tops 1.55Mn B/D
...TAL 1,485 69 1,553 +372 +26 84 1,860 *Includes Total-operated al-Jurf offshore production from Block C-137. **January 2011 production was ar...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Shahristani Eyes Extended Iraq Production Plateau Durations
...perts, realistic) revision to Iraq’s official 7-8mn b/d figure (MEES, 13 June 2011). Currently foreign operators have committed to maintaining plateau production for between seven and 13 years, with the plateau volumes to be reached by 2017. The critical Round 1 mega-developments – the 2....
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Abu Dhabi Burns More Crude And Gasoil To Meet Power Challenge
...UAE MEES Agenda Abu Dhabi Burns More Crude And Gasoil To Meet Power Challenge In 2010 Abu Dhabi, facing its growing gas squeeze, burned 3.21mn barrels of crude and 2.74mn barrels of gasoil in power stations. The amount is expected to have increased in 2011 – when peak po...
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