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Libya Crisis Hits Companies’ Bottom Lines
...LIBYA Libya Crisis Hits Companies’ Bottom Lines Libya’s 2011 political upheavals have had significant material impacts on the net profit of all of the foreign oil companies producing in the country. All eight of the top foreign producers in Libya saw their overall production fa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
ITGI Transformation Into South Stream Branch Gains Momentum
...s markedly improved since June 2011. Regardless of the “clouds” that existed over the proposed Burgas-Alexandroupolis oil pipeline, Moscow has been convinced, primarily thanks to the efforts of Junior Energy Minister Yannis Maniatis, that Greece supported the pipeline option whereas Gazprom always sp...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Bahrain Banking System Resilient To Crises, Says CBB Governor
...ntinue. Moody’s Investors Service has kept its negative outlook on the Bahraini banking system since reaffirming it in October last year, citing the unrest and its ramifications (MEES, 7 November 2011). But Mr Maraj believes that many have exaggerated the impact of the political situation on the banking se...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
APICORP Expands Energy Finance Mandate
...tivity. For example, it will provide agency services to the Socar Aurora Fujairah Terminal (SAFT) project. The bank arranged a loan facility for SAFT that will help fund construction of a 641,000 cu ms capacity oil terminal in the UAE port city of Fujairah (MEES, 26 December 2011). The total project cost is...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Bahrain Discovers New Crudes As Gas Plans Take Shape
...2014 (MEES, 10 October 2011). To date four wells have been drilled. Regardless of the quantities of gas ultimately discovered and produced from the deep gas reservoir, Dr Mirza stresses that the LNG terminal is needed. The purpose of LNG imports would be to smooth peak demand periods and allow in...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
BP In Talks For Multi-Billion Dollar Kirkuk Rescue Plan
...at 200,000 b/d from 160,000 b/d a couple of years ago. But problems installing water injection capacity will has delayed a planned push to boost Bai Hasan to 240,000 b/d. Jambur is at 55,000 b/d, slightly up on late last year (MEES, 19 September 2011). Khabbaz output of 28,0000 b/d will rise to 30...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Oman Relies On Independents To Boost Crude Output By 40,000+ B/D
...bject of intense debate. PDO announced on 20 February its crude output dropped slightly to 549,280 b/din 2011from 553,000 b/d in 2010 because of strikes triggered by political unrest and flooding caused by heavy rain. PDO Managing Director Raoul Restucci said to replace output lost to depletion, PDO is...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Qatari Petrochemical Projects Seek Financial Advisers For Deals Worth $5Bn
...efin derivative unit (MEES, 12 December 2011). Banking sources expect the QP/Shell project to replicate previous Qatari deals, which have tended to secure funding from multiple sources such as export credit agencies (ECAs), banks (both conventional and Islamic) and bonds. A useful template will be Qa...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Kuwait Appoints Oil Minister, Parliament To Vote On Oil Output, SPC Reform
...al with KPC’s Kuwait Oil Company (KOC) subsidiary. The previous parliament launched the probe into Shell’s contract to help develop northern Jurassic gas fields (MEES, 8 August 2011). The investigation covers whether Shell has operational or management control over the planned 1bn cfd sour gas pr...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Baghdad And Irbil Return To The Fray
...bil’s claims. It is noteworthy that three of the blocks awarded to ExxonMobil in October lie in such disputed areas – both al-Qush and Baeshiqa are home to sizeable non-Kurdish populations (MEES, 21 November 2011). And militant local opposition to ShaMaran’s presence in Pulkhana stopped some seismic op...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Neutral Zone Oil Production Capacity To Increase 180,000 B/D By 2019
...wait’s parliament and Ministry of Oil (see page 1 and MEES, 8 August 2011). Under the original plan the fields would produce 350,000 b/d and 600mn cfd in 2016, although this timeline has slipped by at least two years. KOC now includes the liquids in its 4mn b/d 2020 production target. Nawara no...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Cyprus Launches Second Offshore Licensing Round, Turkey Objects
...companied by warships, into the Cyprus EEZ (MEES, 10 October 2011, 3 October 2011). Cyprus, a member of the EU, has received the support of Brussels, Washington and Moscow for its right to explore and develop its offshore resources. The Cyprus government has stated on several occasions that any wealth at...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iranian Banks Struggling As Challenges Intensify, Says Darien Analytics
...alytics. The Darien study seeks to bring to Iranian banks the type of analysis it carried out on Gulf banks (MEES, 10 October 2011). However, the London-based consultancy acknowledges that getting to the bottom of Iranian banking is not easy given that disclosure is sometimes poor. Despite the di...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iran Sanctions Crisis Deepens
...ging between Beijing and Tehran since the autumn of 2011. China, which imported last year around 555,000 b/d, has reduced its purchases by some 285,000 b/d in the first quarter of 2012. China is importing 100,000 b/d more of Saudi crude than in 2011. It also plans to increase its Iraqi imports by 50% co...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Record $85/B Budget Oil Price In Critical Year For Iran
...IR4,000 trillion from IR3,550 trillion in 2011-12, and the general state budget, for which the exact figure was not disclosed. But the president said that government spending under the general budget was projected to fall by some 5.6% from the figure of IR1,770 trillion projected for 2011-12. He ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
OPEC Sees 2012 ‘Call’ Flip Into Negative Territory
...close the strategic Straits of Hormuz. Relations between Iran and OPEC lynchpin Saudi Arabia have grown increasingly frosty since the organization’s amicable December meeting (MEES, 19 December 2011). “Joint cooperation is important between all regional players,” the letter added. Mr Qasemi’s le...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
DEPA Looks To Link East Mediterranean Gas Discoveries With Greek Grid
...ime market for gas exported by Cyprus and Israel. “We [Greece] offer a market that is actually healthy and growing,” he said, pointing out that Greek demand for gas increased significantly from 3.6 bcm in 2010 to 4.5 bcm in 2011, and is expected to increase to about 7 bcm/y by 2020 according to Sa...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Qatar Takes Stake In Egypt’s Musturud Refinery Project
...10, but the deal saw delays in reaching financial close amid late changes in the equity ownership. Then, like other projects in the country, it was held up by the revolution which toppled the Husni Mubarak regime (MEES, 7 February 2011). Investment by deep-pocketed Qatar is a “game changer” and pr...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Total Eyes Misan Gas Opportunity
...st year (MEES, 4 July 2011) to over 20,000 b/d and is eyeing eventual production of 100,000 b/d, in addition to 60,000 b/d at the Amara field, MEES understands “We don’t need to reinvent the wheel,” argues Gulfsands CEO Mahdi Sajjad. “This is essentially our previous project. We have already done mo...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Gives Confusing And Contradictory Response To Sanctions
...E on 7-9 February. The tour, according to the president’s website, is to help “secure a stable supply of energy resources.” Turkey, however – which got 180,000 b/d, almost one-third of its oil needs, from Iran in 2011 – is publicly supporting Iran over energy issues. Minister of Energy Taner Yi...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012