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Shale Revolution, Slowing Demand Growth Cut Into Call On OPEC
...0bn for required additions and around $750bn for maintenance and replacement. Taking into account estimated midstream investments of “close to $1 trillion” the WOO sees global oil-related investment requirements 2011-35 “somewhere in the range of $6 to $7 trillion”.While precise growth in North Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Benchmark Crude Prices
...12 2011 2010 WTI 85.09 85.88 86.69 89.57 94.69 92.21 93.64 95...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Agrees To Raise Gas Exports To Jordan
...2011 (MEES, 9 September). Prior to the downfall of the Mubarak regime in January 2011, Jordan’s electricity generation was 80% fuelled by Egyptian gas, sold at concessionary prices. But since then Egyptian gas exports to Jordan were severely disrupted because of the frequent acts of...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Oman Tenders Seven Exploration Blocks
...rious Potential? Of the three offshore licenses, Block 59 is the only virgin block. Blocks 18 and 41 were both awarded to India’s Reliance Industries on the basis of exploration and production sharing agreements (EPSAs) in 2005 and 2007 respectively, before the company relinquished them in 2011 af...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Jordan Continuing Power Capacity Push With Alstom Awards
...contracted gas supplies from Egypt since the overthrow of the Husni Mubarak regime in January 2011. Alstom said the first contract involves the delivery of a GT13E2 gas turbine and associated spares for a new fast-track simple-cycle gas-fired plant being built by Metka at Zarqa, near ‘Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Dana Gas Moves Forward On Sukuk Restructuring
...are. However, on 17 January the company stressed it planned to honor its obligations and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which was due to concern about its ability to repay debt, amid problems receiving payment for projects in Egypt. The KRG problems subsequently added to its wo...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
EBRD: SME Growth Crucial For New Arab Democracies
...tential of SMEs,” he continued. The Deauville partnership was established at the G8 meeting in May 2011 under the French Presidency, as a response by the international community to political changes in some countries of the Middle East and North Africa (MENA) region. It comprises the G8 co...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
UAE Allocates 51% Of 2013 Budget To Social Spending
...ble). Announcing the new budget UAE Prime Minister and Ruler of Dubai Shaikh Muhammad bin Rashid Al Maktum said that the 2013 budget is the last part of a three-year financial plan of Dh133bn ($36.2bn) covering the period 2011-13. The three-year budget, announced in November 2010, was intended to ac...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Sanctions Raise Questions About Iran’s Export Capacity
...d by 2015. According to the BP Statistical Review of the World Energy (June 2012), Iran consumed 153.3 bcm of natural gas in 2011, while its production was 151.8 bcm, meaning that at the moment it has no extra capacity for export. Nonetheless, it has continued to try to implement its ag...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
November Political Changes Unlikely To Impact Energy Macro-Trends
...ian purchases as a proportion of total Gulf crude exports will rise to some 12.7mn b/d out of 15.9mn b/d, or 79.9%, up from around 73% in 2011. Saudi reliance on Asia-Pacific is slightly less marked (see table) but the same trend still holds – in 2002 Asia-Pacific took less than 50% of Saudi exports. It...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Iraqi Oil Sector Set For Major Change
...ocks last year (MEES, 21 November 2011). One source notes: “You know a Rosneft entry as ‘nominal’ operator could give Baghdad a fig leaf that it got rid of Exxon for the KRG investment, and you know they could have worked out an arrangement with Rosneft whereby they stayed in effective control.” Ho...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Libya’s AGOCO Looks To New Ghadames Production Heartland
...velopment in October 2010, although awards were overtaken by 2011’s fighting. NC-100 contains more than a dozen oilfields discovered by Bulgarian firm Geokom in the late 1980s and early 1990s. However their relatively small size and lack of nearby infrastructure coupled with tough contractual te...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algeria’s South West Gas Project Boosted By Pipeline Award
...t the biggest share would likely come from Total’s Ahnet tight gas project, where the company plans 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up. However discussions with the Algerian authorities remain ongoing, with Total thought to be an...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IEA Sees Ethylene Market Driven By Ethane Cracker Surge
...st and the US, according to the International Energy Agency (IEA). In the 12 October Medium-Term Oil Market Report the agency predicted that global ethylene capacity will rise to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011, equivalent to yearly growth of 3.7%. In 2012, oil eq...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IMF: Hydrocarbon Dependence Leaves GCC Exposed
...OIL PRICES IMF: Hydrocarbon Dependence Leaves GCC Exposed Though overall real economic growth for the Gulf Cooperation Council (GCC) countries is projected to rise yet again this year relative to 2011, heavy dependence on their respective hydrocarbon se...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Benchmark Crude Prices & Crude Official Selling Prices
...pt Q3 2012 Q2 2012 2011 2010 WTI 87.09 86.69 91.64 89...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Unrest Threatens To Scupper Yemen Oil Sector Investment Hopes
...etings Yemen’s President ‘Abd Rabbu Mansur Hadi has urged foreign oil companies to increase their investments. Crude production in Yemen has been in steady decline over the past 10 years or so, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 30...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Cyprus Awards Four Offshore Licenses
...s Corporation (Kogas) were awarded the licenses for Blocks 2 and 3. Two of the blocks adjoin Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. Blocks 2, 3 and 9 are positioned on the eastern sides of Cyprus’ exclusive economic zone (EEZ), and Blocks 3 and 9 are ad...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Israel Gas Sector Development Faces Setbacks
...0mn outlay. The fields were considered by many to be a ‘safe bet’ – the consortium had shot detailed seismic over the offshore area in June 2011, a year before the drilling begun on the Myrah block. The results indicated a high probability (between 50-90%) of as much as 6.5 trillion cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Nakilat Profit Slips, As It Ponders Fleet Fuel Switch
...e first nine months of the year, the Qatari company reported a QR562.4mn ($154.5mn) profit, compared to QR 624.2mn ($171.5mn) in 2011. Since the results were announced on 22 October, Nakilat’s share price on the Qatar Exchange has edged down from QR15.76 ($4.3) and was at QR15.55 ($4.27) on 1 No...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012