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PDO To Invest $11bn Through 2022 To Maintain Crude Plateau
...s Mukhaizna heavy oil field in Block 53, a target it intended to achieve in 2011 (MEES, 15 November 2010). Oxy has since seen its costs soar from $2bn to about $9bn, as it has doubled the expected number of wells needed to inject steam into the reservoir. Oxy, which has a reputation for ru...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...12, the DFI had a balance of $18bn, the budget statement said. The expected budget deficits in 2011 and 2012 did not materialize, because actual oil prices exceeded the original projections, while at the same time there was underspending on investment projects. The draft budget projects an in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...REGIONAL World Bank Sees Decline In Post-Arab Spring MENA Growth The ongoing political and social upheavals which followed the Arab Spring of 2011 continue to weigh down economic activity across the MENA region, the World Bank says in its recently released ‘MENA Economic De...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 100.67 102.63 103.12 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Kuwait Sticks To 4Mn B/D 2020 Target, But Questions Remain
...ve been mostly ‘off’ as of late. Kuwait will likely find it difficult to recruit IOC involvement, in large part due to political wrangling: for example, Kuwait’s public prosecutor is investigating Shell’s $800mn consultancy deal with KOC to help develop northern Jurassic gas fields (MEES, 8 August 2011...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Sonatrach Preempts Petroceltic Ain Tsila Sale
...rrels of condensate. First gas is scheduled for 2017. Petroceltic now owns 38.25% of Ain Tsila, whilst Italian power firm Enel has 18.375%. Petroceltic, following its initial 2011 farm out to Enel, has for some time sought to divest a second similar-sized stake: both to help fund development an...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Algeria Launches Biskra Amid Problems For North African Refiners
...5 Completion of 35,000 b/d expansion in May 2013 took Skikda capacity to 335,000 b/d. Egypt 726 Egypt’s net product demand nearing refining capacity before 2011 regime change. Libya 38...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Nuclear: UAE Pushes Ahead, Iran Waits On Bushehr
...e first operational nuclear power plant in the MENA region, which was shut down in February (MEES, 1 March). This is the second major shutdown since it was brought online in September 2011: two months of repairs followed the discovery of debris in the reactor housing (MEES, 18 January). Ru...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
QEWC Secures $450Mn Funding For Desalination
...December 2011. Saudi Arabia too cut back production in September, from a 33-year high of 10.2mn b/d posted for the previous month. Initial MEES estimates put total supply from the producer group at 30.04mn b/d, down significantly from an upwardly revised 30.83mn b/d in August. The 80...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Zeidan Kidnapping Highlights Oil Industry Risks In Libya
...provement on an average of just 350,000 b/d for September. Prior to the strikes, production stood at around 1.5mn b/d, only fractionally less than output before the revolution of 2011. Libya’s gas production also slumped as protestors shut down a pumping station at the Wafa gas field, reducing fl...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Sudan: Crackdown Unifies Rebels
...proving the performance” of an economy still reeling from the loss of 75% of its former oil production to South Sudan when it seceded in July 2011. Latest official figures put the number of dead at more than 70, though human rights organizations have quoted figures closer to 250. Over 600 others ar...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Egypt Subsidies
...event the emergence of a black market or the smuggling of products (MEES, 31 May). Egypt’s Finance Ministry projects the 2013-14 (July ’13 to June ’14) cost of energy subsidies at E£100bn ($14.5bn). This compares with actual figures of E£120bn for 2012-13, E£95.5bn for 2011-12, E£67.7bn for 20...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Kuwait Finance Minister Calls For Leaner Public Sector And Reforms
...rpluses, recent domestic political developments have hit the Kuwaiti economy. The implementation of the 2011-14 development plan has lagged and generous increases in the public sector wages have undermined the government’s efforts to encourage Kuwaitis to join the private sector. The long-term objective sh...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Arctic Economics In The 21st Century
...timates that traffic through the Bering Strait has nearly doubled from 245 vessels in 2008 to over 400 vessels in 2011. Finally, with tourism, the number of cruise ships venturing in Arctic water has more than doubled over the past eight years. More than 65,000 passengers departed from Svalbard, Norway, an...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Benchmark Crude Prices ($/B
...12 2011 WTI 103.01 103.12 103.06 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
OPEC Output At Near Two Year Low In September On Iraqi Outages
...OPEC OPEC Output At Near Two Year Low In September On Iraqi Outages OPEC oil production fell to its lowest level in almost two years in September, as further declines from Libya and Iraq brought the producer group close to its 30mn b/d output target, agreed in December 2011...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Egypt Looks To Turn Page On Bureaucratic Delays
...litical upheaval in the country is not causing further delays in the oil sector. The bid round, launched in 2011, was a show of confidence in Egypt’s energy sector that surprised some observers, given the turmoil of the Arab Spring and the parsimonious terms granted to oil and gas producers. The bl...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Syria Output Only 18k B/D
...rms having declared force majeure and pulled out of Syria (MEES, 14 September 2012). The minister attributed the sharp drop in production (from an average of 380,000 b/d before the start of the uprising in March 2011) to damage caused by armed rebels attacks on oilfields, pipelines and other fa...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Changing Global LNG Pricing Dynamics – MEES Analysis
...rticularly the case for Japan itself, which is paying an average of $15/mn BTU for LNG – more than $10/mn BTU over Henry Hub – that it has been importing in higher volumes since 2011’s Fukushima nuclear disaster. All of Japan’s 20 nuclear plants – which typically provide 30% of the country’s electricity – re...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013 -
Jubail Specialty Chemicals Boost
...e MMA unit is set to be the largest ever and will incorporate MRC’s proprietary Alpha technology, which uses methanol, ethylene and carbon monoxide as feedstock. At the launch of the joint venture in 2011 to build the plants, a SABIC official described Alpha as a “breakthrough technology.” Me...
Volume: 56Issue: 40Published at Fri, 04 Oct 2013