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MEES Analysis: Bid Round Offers Century Old Acreage
...illing two dry wells in 2011. Ganope’s previous bid round offered 20 exploration blocks – 11 of which were in the Western Desert – in December 2012. But, amid the then prevailing uncertain investment climate and bureaucratic delays, definitive exploration agreements have only been signed for two, bo...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ojected at OR9.16bn ($23.8bn), or 79% of total revenue, level with 2014 but well down on the 85% average for 2011-13. Thus the 2015 budget projects a record deficit of OR2.5bn ($6.5bn), equivalent to 21.6% of revenue and to 8% of GDP (see graph). OMAN’S FINANCES 2006-15 (OR BN)* OM...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D)
...D14 vs YTD13 vs YTD12 2013 2012 2011 2010 2009 Crude Production 9,690 -14 -63...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi ‘Off-Spec’ On 2016 Product Quality Target
...D13 vs YTD12 2013 2012 2011 2010 2009 Crude Production 9,690 -14 -63 9,...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ailable for exports, which fell to 6.66mn b/d earlier this year - their lowest since March 2011. Iraq too is burning record amounts of crude oil that it cannot export, while also flaring more than 2bn cfd of natural gas. LIBYA, SAUDI HAVE CHEAPEST GASOLINE The Organization of Arab Petroleum Ex...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
South Sudan Turns To China As Warring Parties Prepare To Renew Hostilities
...out 160,000 b/d, down from 200,000 b/d pre-conflict. This appears to represent the first new deal with a foreign oil firm since independence in 2011, though in 2012 Juba signed a bilateral agreement with Oslo to receive support to develop its largely underdeveloped petroleum industry. The su...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Arabia Budgets For $39Bn 2015 Deficit Despite Spending Cut
...d yearly since the 2011 Arab Spring uprisings. Commenting on the new budget, Saudi Minister of Economy and Planning, Muhammad al-Jasir said that the government is maintaining expenditure on large infrastructure projects currently under implementation, like railways, desalination and power pl...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Domestic Prices of Oil Products In MENA Countries
...31 0.22 0.10 na Algeria (Dinar) 2011 9.00 na 23.00 21.20 na 22...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Libyan Output Crashes As Fighting Escalates
...tions, production in the Sirte Basin slumped. Libyan production fell to as low as 150,000 b/d earlier this year when operations at the western fields of Sharara and El Feel where interrupted, a tenth of the 1.5mn b/d produced before the blockade. Prior to the 2011 revolution that disposed of Mu’ammar al-Qa...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Yemen On Brink Of Collapse As Crisis Threatens To Submerge Oil Sector
...adership to acquiesce to their wishes. But while the feeder gas pipeline from Marib to the plant proved to be the target of choice in 2011 and 2013 – the focus has since shifted to Balhaf itself – which has been the subject of two mortar attacks in less than a year. The latest of these came this week, wi...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Turkey Official Oil Data (‘000 B/D)
...13 2012 2011 2010 2009 Crude Production 49.9 -0.7 +3.2 50.6 47.8 47...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
EU Crude Import Evolution 2011-2014
... 2011 2012 2013 1H14 COUNTRY ‘00...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 54.11 61.11 67.18 75.48 84.33 97.25 103.00 98.03 94...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Kufpec China Blocks
...8mn, bringing its total stake to 49%. CNOOC owns the remaining 51% and operates. The field has been in decline for some time, yielding just 185mn cfd in 2012, down from 240mn cfd in 2011 and 325mn cfd in 2010 (MEES, 17 May 2013). The new blocks are adjacent to the pipeline linking Yacheng to shore. Ku...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...spectively, though the Middle East’s contribution has risen steadily and accounts for 77% of the total so far this year. South Korean imports have fallen sharply to 1.8mn b/d, of which 1.5mn b/d was supplied by Middle Eastern exporters, but it is down from a peak of 2.2mn b/d in 2011 and 2012, Mr Ketbi sa...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Israel-Cyprus-EU Gas Pipeline: Talk Hots Up, Action Unlikely
...ke it highly unlikely. A 1,500km sub-sea gas pipeline, which would link the 40 tcf-plus of gas discovered offshore Israel and Cyprus with European markets via Greece and Italy, has been mooted ever since key Israeli fields were discovered in 2010 and 2011. Plans got a boost when the 5 tcf Ap...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UK Restores Permanent Gulf Presence Amid Escalating ISIS Fight
...’s facilities after its withdrawal in 1971 – and therefore benefits from the United States’ security umbrella. Largely due to the presence of international security forces in Bahrain, including the US Navy as well as the GCC force that intervened to help quash unrest in 2011, Bahrain spent just $1....
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Libya: UN Efforts To Mediate Run Into Headwinds
...und of talks held in September did not yield any results. Libya’s latest political crisis in the aftermath of the 2011 revolution that swept Mu’ammar al-Qadhafi from power ignited when Islamist militia took control of Tripoli in July in response to parliamentary elections held a month earlier. The el...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...7mn b/d for 2013 and almost 2.5mn b/d in 2011, before sanctions started to bite (see graphs). That year Iran’s oil export earnings hit a record $255mn per day, that is to say $93bn for the year as a whole – the height of former president Ahmadinejad’s spending largesse, spending that with hindsight is se...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014