- Sort by:
- Score
- Published ▼
-
South Pars Reservoir Faces Challenges
...South Pars will be completed. The experience with the first 10 phases suggests that delays are likely, especially given the escalation in sanctions.” The IEA said in late 2011 that Iran’s energy industry is “clearly under stress from further wide-ranging sanctions imposed by the international co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Producers Adopt Higher Crude Prices For 2012 Budgets
...MEES Agenda Oil Producers Adopt Higher Crude Prices For 2012 Budgets With the OPEC Basket price averaging $112.11/B last year versus 2010’s $107.46/B many MENA countries posted a surplus for 2011 and were encouraged to hike the oil price forecast they will use in their 2012 budgets. Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
OPEC Production Stays Firm Amid Market Tumult
...rk, according to the latest MEES estimates. OPEC Basket prices averaged a record $112.11/B in 2011, compared to $107.46/B the previous year. OPEC’s 2011 production was almost 400,000 b/d up on 2010 (see table). And this was despite the loss of over 1mn b/d of Libyan output from the market. As so ma...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
EIA Sees Acceleration In Crude Demand Growth During 2012-13
...EIA Sees Acceleration In Crude Demand Growth During 2012-13 The US Energy Information Administration (EIA) said in its latest Short Term Energy Outlook, released on 10 January, that world oil consumption grew by around 1.0mn b/d in 2011 to 88.1mn b/d. This compares with the EIA’s 2010 es...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 Feb Jan Dec Nov Oc...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
KMG EP Moves To Ease Zhanaozen Crisis
...CASPIAN KMG EP Moves To Ease Zhanaozen Crisis KMG EP, the upstream arm of Kazakh state oil and gas firm KazMunaiGaz (KMG), announced on 9 January that it had decided to establish two new subsidiaries that will re-employ the majority of the 2,000 oil workers laid off since June 2011, wh...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Turkmen President Again Replaces Turkmengaz Chairman
...rough BTC Almost Doubled In 2011 The Socar Trading subsidiary of the State Oil Company of Azerbaijan Republic (Socar) announced last week that Turkmen oil exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline had almost doubled in 2011 compared with 2010, to 2.24mn tons. The company added that Tu...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Cyprus And Israel Sign Defense Cooperation Agreements
...e exchange of classified information. Relations between the two countries have become steadily closer over the last year since a proposal was made a year ago by Israel’s Delek Group that a joint LNG facility be created on the island’s southern coast (MEES, 17 January 2011). The Delek proposal fo...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Tamar Partners Sign Gas Sales Contracts
...cember 2011). In its 15 December statement, the IEC said: “As long as only one gas pipeline connecting the production rig and transmission system exists, the company shall purchase only limited quantities of natural gas from the Tamar partners, in order to enable other customers to purchase gas from th...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Noble To Resume Work On Leviathan-1 Well In Search Of Crude
...ock 12 in the Cyprus exclusive economic zone (EEZ). Noble announced on 28 December the discovery of 7 trillion cu ft of natural gas at the Aphrodite field in Block 12, a year after Noble made a discovery of 16 tcf (now revised to 17 tcf) in Leviathan on the Rachel block (MEES, 3/10 January 2011). In it...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Jordan Considers More Targeted Subsidies For Basic Items
...t happen in the near future. This could force the government to lift subsidies on electricity and water for high consumers in society. He explained that the 2012 budget is projecting foreign aid of JD870mn ($1,227mn), compared to JD 1,196mn ($1,686mn) in 2011, and warned that should this aid fall be...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oman’s 2012 Budget Maintains High Level Of Social Spending
...frastructure. The budget, approved by Royal Decree 1/2012 issued by Sultan Qabus on 2 January, is based on an oil price assumption of $75/B, up 29.3% on $58/B for 2011, and average oil production of 915,000 b/d. Announcing details of the budget in a press conference, Oman’s Minister for Financial Affairs Da...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
'Abd Allah Al-'Attiyah Accorded Rank Of Prime Minister
...nuary 2011, when he was appointed Head of the Ruler’s court (Amiri Diwan), while remaining Deputy Prime Minster in Qatar (MEES, 24 January 2011). More recently, on 29 December 2011 he was also appointed Chairman of the Administrative Control and Transparency Authority, a new entity which was set up to co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Ex-Im Bank Approves $638Mn For Qurayyah IPP
...rea. This is the second IPP that Ex-Im Bank has financed in Saudi Arabia. Hajr for Electricity Production Company is 50:50 owned by the project developers and SEC. Saudi company ACWA signed an agreement on 21 September last year with SEC to develop Qurayyah (MEES, 26 September 2011). Originally co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
RAK Petroleum And DNO International Complete Merger
...troleum as consideration for the merger, increasing the Emirati firm’s shareholding in the Norwegian company from 30% to 42.8%. This merger, however, did not proceed without a share of drama. Oslo-based Petrolia made a bid on 7 November 2011 to buy up to 33.3% in DNO International’s outstanding shares at...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Attack Halts Production At Hunt-Operated Oil Field In Yemen
...thority (PEPA). This is the latest in a long line of tribal attacks on the war-torn country’s oil infrastructure this year, with one oil executive telling MEES earlier this month that “OMV’s pipeline [from its 15,000-20,000 b/d S2 block] has been attacked 13 times since October [2011].” And with Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Yemen LNG Meets Supply Targets For 2011 Despite Balhaf Attacks
...YEMEN Yemen LNG Meets Supply Targets For 2011 Despite Balhaf Attacks Yemen LNG successfully delivered all of the liquefied natural gas (LNG) it had committed to supply in 2011, despite an attack on a key gas pipeline in October last year, and is planning this year to export as much LN...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Earnings Fuel Bumper Saudi Budget
...tual figures for 2011 show that the kingdom’s revenues hit SR1,110bn ($296bn), their highest ever levels, even edging over the SR1,100bn ($293.3bn) seen in the boom year of 2008. While oil prices fell short of the $147/B peak reached in July 2008, throughout 2011 they maintained an average of over $10...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Noble Makes Major Gas Find Off Cyprus, Government Readies Licensing Round
...cember 2011). Delek first proposed building an LNG facility in Cyprus in a letter delivered to Mr Christofias in January 2011, about a month after Noble announced the discovery of 16 tcf of natural gas in the Leviathan field offshore Israel (MEES, 17 January 2011). Last April, Noble and Delek together pr...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tribal Attacks Cripple Yemeni Oil Sector
...ntinue. In November, Yemen declined to renew Canadian independent Nexen’s operatorship of the 35,000 b/d Masila field, handing operations from 17 December to a proposed new state firm PetroMasila (MEES, 28 November 2011). “But this firm has no offices yet, no managing director, no experts. I just don’t se...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012