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Saudi Arabia And Qatar Reiterate Commitment For Jordan Aid Fund>
...cent visit to Qatar. Among these projects Qatar was keen to support an LNG storage terminal in 'Aqaba that the Jordanian government is considering to build (MEES, 23 April). The Jordanian government is eager to find alternative sources of energy, following the erratic supply of Egyptian gas in 2011 and ea...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Talks Progressing On Disputed Offshore Lebanon-Israel Territory
...ported that Lebanon had recovered a segment of the disputed offshore territory. The report said Lebanon had restored 530 sq km (62%) of the 854 sq km offshore area where Lebanese and Israeli maritime boundaries overlap (MEES, 12 March, 5 December 2011). MEES soundings suggested that the Israelis had ag...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Sirte Oil Restarts Damaged Gas Field
...10 bcm/year for 2007-10 before falling to 2.32 bcm for 2011. Eni is targeting full ramp-up of its production to the pre-crisis plateau of around 120,000 b/d liquids and almost 900mn cfd of gas in the second half of 2012 (net to Eni), about 3% up on actual 2010 volumes. Sirte Oil’s Fields (Sc...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Gazprom May Leave Elephant On The Shelf
...BYA Gazprom May Leave Elephant On The Shelf Russian state firm Gazprom may not follow through on a February 2011 deal to take a half of Italian firm Eni’s 33.3% stake in the Elephant (el Fil) field in Libya’s Murzuq Basin. The firms struck the $170mn deal on 16 February last year, just days before Be...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes
...E IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes Abu Dhabi’s International Petroleum Investment Company’s (IPIC’s) 2011 profits fell 96% to $44.69mn, the state-owned company reported on 14 June. Profits were reduced sharply by fair value accounting for its stakes in German au...
Volume: 55Issue: 25Published at Mon, 18 Jun 2012 -
Iran’s SWF Could Have $50Bn In Reserves By March 2013
...boosting production and the role of the private sector. Reserves in the fund could even rise to $55bn by March 2013 if oil prices remain robust, President Mahmoud Ahmadinejad said in April. NDF was established in 2011 under Article 84 of the fifth five-year development plan (2011-15) wi...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Maliki Comes Under Renewed Pressure
...ck of rises in southern exports. Back in 2009, northern production made up around 25% of Iraqi exports. But capacity hemorrhages on the key northern Kirkuk field pushed this down (MEES, 27 February), until Kurdish exports restarted in early 2011. These ramped up to 547,000 b/d by June that year. Then th...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Jordan And Enefit Initial Deal For First Shale Oil Power Plant
...4bn ($5.6bn) last year due to the ongoing disruption of Egyptian gas supplies to Jordan since the downfall of the Mubarak regime in January 2011. According to a recent report Jordan is receiving 30mn cfd of Egyptian gas instead of the 300mn cfd needed to fuel the kingdom’s power plants. The Jordanian go...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Sonatrach To Restart Libyan Drilling This Month
...ploration site had been achieved. During previous drilling Sonatrach made two oil discoveries, most recently a May 2010 well which tested at 1,300 b/d. The company had been planning to start a further eight-well drilling campaign in early 2011, when its Libyan operations were interrupted. With no su...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Repsol Sets Out North Africa Plans
...psol plans to drill “more than 16” wells over the three Murzuq Basin blocks between now and 2016. Repsol views the securing of three large exploration blocks offshore the northern coast of Tunisia in July last year as one of its key international upstream events for 2011 (MEES, 11 July 2011...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Diesel Shortage Hits Saudi Arabia
...grades should help ease the problem as they are phased in: Ras Tanura in 2011, Riyadh in third quarter of 2012, Yanbu' by second quarter of 2013 and Jubail by the first quarter of 2013. Al Troner, President of Asia Pacific Consulting tells MEES: “All of these will clean up gasoil yield, not produce mo...
Volume: 55Issue: 24Published at Mon, 11 Jun 2012 -
Cyprus Considering Building LNG Plant On Its Own
...place a 15mn tons/year LNG facility in Cyprus (MEES, 9 May 2011, 17 January 2011) In an interview with MEES last month, Cypriot Minister of Commerce, Industry and Tourism, Neoclis Sylikiotis, whose ministry oversees the Energy Department, said the government was in consultation with No...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Egypt Launches Offshore Bidding, Onshore Round Attracts Interest
...terest. Shell spent 10 years exploring the NEMED block but came to the conclusion that it could not develop the area commercially after failing to reach agreement with the Egyptian General Petroleum Corporation (EGPC) on its plans to exploit gas discovered using floating LNG production. EGPC 2011...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
KNOC Reports Increased Iranian Oil Imports For April
...though quarterly data suggest Korea is falling in line with the US/EU boycott on imports from Iran. During 1Q12 South Korea’s Iranian imports averaged 177,000 b/d, a reduction of 22.3% compared to 1Q11. South Korea met around 12% of its oil demand through Iranian imports in 2011. ...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Jordan’s Austerity Drive Raises Petroleum And Electricity Prices
...ether such adjustments will take place regularly (MEES, 17 October 2011). Meanwhile, the Electricity Regulatory Commission has unveiled new electricity rates carrying an average of a 12% increase on selected sectors. But the new rates exempt citizens, traders, farmers, hospitals, government in...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Saudi Aramco Steps On The Gas
...UDI ARABIA Saudi Aramco Steps On The Gas Gas production operated by Saudi Aramco increased sharply last year, and major new projects are set to come online, the Saudi state company’s 2011 Annual Review revealed. Average 2011 gas output was 9.88bn cfd, but by year-end Saudi Aramco had ma...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
IMF Estimates Saudi Real GDP Growth At 7.1% In 2011
...UDI ARABIA IMF Estimates Saudi Real GDP Growth At 7.1% In 2011 Saudi Arabia’s overall real GDP is estimated to have grown by 7.1% in 2011, with 8% growth in the non-oil sector – the highest since 1981 – and private sector growth at 8.5%, according to a statement issued on 29 May by the IM...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Sudan Looking To Scrap Fuel Subsidies
...rprise in a country which has been struggling financially since losing nearly 75% of its oil revenues to the South when it became independent from Sudan in July 2011. This is not the first time such plans have been considered however, after parliament rejected a Central Bank of Sudan plan to end fuel su...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Topaz Refinancing Paves Way For Offshore Support Vessel Investment
...arters in 2011. Its fleet has an average age of 6.5 years compared to the industry’s 13-year average. Renaissance’s Chief Financial Officer Vishal Goenka, said “we are pleased with the support our banking partners have shown in times of difficult economic conditions globally.” He is encouraged by...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Yemen In New Push To Repair Key Oil Pipeline
...men Yemen In New Push To Repair Key Oil Pipeline Yemen’s government has launched a new campaign to work together with the tribes in the volatile Marib region towards repairing the key Marib-Ras Issa pipeline that has been closed since being attacked three times in quick succession in October 2011...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012