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Domestic Upheavals Challenge Oil Industry In Iraq, Libya
...IRAQ/LIBYA Domestic Upheavals Challenge Oil Industry In Iraq, Libya Moves to less centralized structures, both planned and unplanned, in Iraq since the 2003 invasion and in Libya since Qadhafi’s 2011 ouster have left the oil industry in both countries in uncharted te...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
MEES Analysis: Gulf NOCs Go Global; Refining Leads The way
...ternational downstream, but it does not have as robust an international downstream strategy as Saudi Arabia. Abu Dhabi-owned International Petroleum Investment Company (IPIC) has long held equity in Spain’s Cepsa, and completed a takeover of the company in 2011. Cepsa has about 660,000 b/d of refining ca...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Hit By Subsidies At Home, ENOC Looks Abroad
...ofitability,” says ENOC chief executive Said Khury. “However, as a responsible government entity, we focused on optimizing resource use and maximizing productivity through strategic initiatives, which enhanced our performance.” He says revenues grew by 50% from 2011 to 2013, while profits rose by 39%, without re...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Kuwait Set To Double Budget Surplus
...riod (see table). Oil Dependence Kuwait is reliant on oil export revenue to finance 93% of the current budget, though this is down from 94.5% for 2011-12. Kuwait’s official budget for 2013-14, based on a highly conservative oil price of $70/B, contains a deficit of KD7.43bn. Kuwait budgets fo...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Iraqi Domestic Gas Pricing: Is Reform Needed?
...IRAQ Iraqi Domestic Gas Pricing: Is Reform Needed? By- Ali Merza* According to Iraq’s Integrated National Energy Strategy (INES), published last year, which projects total energy investment of $540bn (in 2011 dollars) in 2013-30, $95bn, or 18%, is earmarked for natural ga...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 98.20 102.77 102.45 100.68 94.81 97.54 105.73 98.03 94...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Oman Targeting Steady Crude Output Through 2018
...around 23,000 b/d, up from 18,700 b/d in 2011. Petrogas operates the Rima cluster of fields in the sultanate’s east, at which it has boosted output from 2,200 b/d in 2006 to 14,300 b/d in 2012. Output at Rima has since dropped to 11,000 b/d since as a result of “natural decline.” Medco’s co...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Jordan Advances Gas Strategy With Shell LNG Supply Deal
...peated attacks on the line in the restive Sinai cut exports to around 100mn cfd for 2011 and 2012 and zero since July last year. Mr Hamid says that the cost of importing fuel oil, which has supplanted gas as a fuel for power generation, is six times higher than the cost of Egyptian gas imports. For 20...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Algeria Confirms Six CCGT Awards, Plans New Solar, Mobile Units
...ntracts Sonelgaz has been charged with raising total generating capacity quickly in the short term, following riots over power outages during 2012. While 3.77GW of capacity has been added since the end of 2011, Minister of Energy and Mines Youcef Yousfi has forced the pace of development since his return to...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Saudi Arabia, UAE and Bahrain Pull Doha Ambassadors
...ani, who took over from his father last year and is still trying to find his feet on shaky Arab ground, still unsettled since the start of the wave of revolutions that swept across North Africa in 2011. Doha’s growing support for the Muslim Brotherhood since he took over as head of the leading gas pr...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Egypt’s Wheels Of Change Keep Spinning
...EGYPT Egypt’s Wheels Of Change Keep Spinning Three years after the Arab Spring, Egyptian politics remain in a state of flux. The 2011 Arab Spring introduced a new road map for Arab revolutions, as millions took to the streets calling for the overthrow of Pr...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Oman Oil Corruption: Ministry Blames Individuals, Not System
...e country’s key downstream projects – the 116,000 b/d Sohar refinery and polypropylene plant commissioned in 2006, and related aromatics plant commissioned in 2010. All are now operated by the sultanate’s state-refiner Oman Refineries and Petroleum Industries Company (ORPIC), established in 2011. Th...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Tunisia Pledges Cuts To Avoid Economic ‘Catastrophe’
...lamist party Ennahda won the elections after the overthrow of Ben Ali’s regime in January 2011, but two political assassinations of prominent opposition deputies in 2013 reminded Tunisians that they were still in transition, given the economic challenges and external shocks experienced since 2011. La...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Why Saudi Arabia Welcomes The US Shale Boom
...lps stabilize oil prices. Take the uprising in Libya in 2011, which cut Libyan production and led to a sharp rise in price. Over the last 12 months, when there has again been a crisis in the country, and falling supplies, there has been no repeat of the price increases. There is no doubt that the oil ma...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Iraq Supplants Iran As Top Crude Supplier To Turkey For 2013....
...12 2013 % of total 2012 % of total ‘000 B/D % of total 2011 2010 Iraq 121.8 32...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 101.56 102.45 102.31 100.68 94.81 97.54 105.73 98...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
UAE: Bonds Not Needed
...ending plan, first introduced in 2011 with a total outlay of Dh122bn ($33.2bn), was aimed at achieving sustained growth on a longer time horizon (MEES, 1 November 2013). Latest IMF projections expect UAE real GDP growth to remain firm at 4.5% in 2014, unchanged from 2013 (MEES, 7 February)....
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Plays Hardball On Turkey Gas Price
...rkey has since early 2012 been pushing for a revision in the price it pays for gas imports from Iran, going so far as to open an arbitration case against the Islamic Republic earlier this month. As well as the price issue, Ankara is citing unreliable gas supplies during winter 2011-12, and more re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Asian Buyers Influence Key Oil Benchmarks
...ft a glut of west African crude begging for a home, a situation which would have been exacerbated had fellow light sweet oil producer Libya been producing at normal levels. For South Korea, Forties became attractive after it concluded a Free Trade Agreement with the European Union in 2011, as the grade re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt: Motivation Behind Government Resignation Unclear
...pitalize on the popular notion that a strong leader is needed to restore order after the chaotic years following the 2011 revolution. Many Egyptians are weary of the uncertainty and economic stagnation that has been the hallmark of the aftermath of the Arab Spring. Keen to be seen as serving the county’s in...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014