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Mubadala In Asia, Africa Push As Questions Mount Over Middle East Assets
...20. Oxy and Mubadala also partners at the Mukhaizna development in Oman’s Block 53. Mukhaizna has plateaued at about 120,000 b/d, and Oxy (operator) continues to struggle to maintain this level – despite a prior plan to plateau production at 150,000 b/d by 2011 (MEES, 8 March). Some of Mubadala’s pa...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Syrian Economy Incurs $103Bn Losses
...fect of sanctions.) Oil Output Plummets In September oil production under government control was estimated to have hit a low of 19,000 b/d of light crude and condensate, compared to an average of 380,000 b/d before the start of the uprising in March 2011 (MEES, 4 October). Gas production in...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
UAE Issues 2014 Budget
...proved a three-year federal spending plan of Dh140bn ($38.1bn) for 2014-16, a 15% increase on the previous plan for 2011-13 (MEES, 9 November 2012). The three-year plan, first introduced in 2011, was intended to achieve sustained growth under the state’s strategic plan. The 2014 budget just announced is...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 96.38 97.87 101.48 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Anarchy In Libya Keeps Production Shut In
...ttle, to no centralized power, and relies on the loyalty of the militias that were formed during or after the 2011 revolution. This power vacuum gives Tripoli almost no leverage over the armed followers of Mr Jathran, and it must hope that the continued absence of revenues will lead the secessionists to pu...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Iran: Return To Markets A Priority For Oil Ministry New Guard
...er the past three months. This represents a near 60% drop in crude oil exports since 2011, MEES estimates show. But with this month’s relative thawing of Iran-US relations bringing about a public softening of attitudes towards the Islamic Republic and its oil sector, Iranian officials ha...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Nakilat JVs Win Contracts For LNG Vessels
...ipped 1.6% to QR553.2mn ($151.8mn), from QR562.4mn ($154.3mn) for the same nine months last year. Total profit in 2012 was pegged at QR766mn ($210.4mn) compared with QR833.1mn ($228.9mn) in 2011, an 8% year-on-year reduction attributable to higher operational and administrative costs in 2012. ...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Egypt Rejects Israeli Gas
...Egyptian gas to Israel via AGP was discontinued in April 2012 in the aftermath of the January 2011 revolution in Egypt, which toppled the Husni Mubarak regime (MEES, 30 April 2012). Mr ‘Abd al-Rahim went on to say that Egypt is working with companies, such as BP, Shell and BG, and not co...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
QPI Steps Back From Tunisia Refinery Project
...newed this interest after the 2011 revolution that ousted former president Zein al-‘Abidine Ben ‘Ali. Recent political developments may have played their part in QPI's decision. The moderate Islamist Ennahda party has agreed to relinquish power to a caretaker government that is to prepare fo...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Uncertainty Reigns As Oxy Inches Closer To Asset Sell-Off
...GA). But the level of political risk in Bahrain is fairly low, despite repeated protests since 2011. Saudi Arabia and other regional countries have strongly supported the Bahraini monarchy, and the risk of chaotic political transition is negligible at this point. If Oxy were to sell its stake in...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Glimmers Of Hope As Egypt Craves Stability
...EGYPT Glimmers Of Hope As Egypt Craves Stability The prolonged period of flux that has held sway over Egyptian politics since the revolution in 2011 continues to affect oil and gas producers in the country. But there are signs that management changes at the petroleum mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Atlantic Frontier Hots Up As BP Enters Morocco
...nverting a ‘reconnaissance contract’ (an initial exploration deal not requiring a drilling commitment) held since 2011 to a full exploration agreement. Kosmos says that the three blocks together “will allow integrated exploration over a significant portion of the Agadir Basin, one of the last re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Hidden Fuel Exposes Middle East Energy Policy Flaw
...tes. While making up only around 3% of the global population, over a third of the $523bn of global energy subsidies in 2011 were dispensed in the Middle East, according to the IEA’s 2012 World Energy Outlook. Eight countries in the region feature in last year’s top 20 list of subsidisers. “Su...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraq Signs Misan Deal With Satarem As Refineries Program Gathers Pace
...r Misan refinery in 2009. These were completed in early 2011. In 2010, US firm KBR was awarded contracts by the oil ministry for licensing and basic engineering for a 47,500 b/d fluid catalytic cracking (FCC) unit and a 45,000 b/d solvent deasphalting unit to be built at the Misan refinery. The mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
IEA, OPEC See Deeper Cuts In 2014 Call On OPEC
...t average oil output for the group at 30.05mn b/d in September, down close to 400,000 b/d from August levels – leaving it just 50,000 b/d off the 30mn b/d production ceiling agreed on in December 2011. OPEC members are set to meet in Vienna in December this year. But despite crude oil pr...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
2014 Presidential Elections Dominate Algerian Politics
...unds in 2011. This prompted Mr Khalil’s successor, Mr Yousef Yousfi, to introduce an amended hydrocarbon law designed to attract investors into unconventional oil and gas fields in order to help stem declines from conventional fields. IOCs argue that the amended law still needs further re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
PDO To Invest $11bn Through 2022 To Maintain Crude Plateau
...s Mukhaizna heavy oil field in Block 53, a target it intended to achieve in 2011 (MEES, 15 November 2010). Oxy has since seen its costs soar from $2bn to about $9bn, as it has doubled the expected number of wells needed to inject steam into the reservoir. Oxy, which has a reputation for ru...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...12, the DFI had a balance of $18bn, the budget statement said. The expected budget deficits in 2011 and 2012 did not materialize, because actual oil prices exceeded the original projections, while at the same time there was underspending on investment projects. The draft budget projects an in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...REGIONAL World Bank Sees Decline In Post-Arab Spring MENA Growth The ongoing political and social upheavals which followed the Arab Spring of 2011 continue to weigh down economic activity across the MENA region, the World Bank says in its recently released ‘MENA Economic De...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 100.67 102.63 103.12 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013