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KMG EP May Take Part of KMG Stake In Kashagan
...dical reshuffle of the leadership of Kazakhstan’s energy sector. KMG lost 11% of its revenues last year due to months of strikes (MEES, 26 December 2011). ...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Egypt Bidding Delayed By Political Upheavals
...cluding the Muslim Brotherhood’s preferred choice and former intelligence chief 'Umar Sulaiman – were last week barred from contesting the election. The country’s oil and gas sector appeared to be getting back into its stride late last year and early this year after the massive upheavals earlier in 2011 bu...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Qasemi Says Sanctions Will Change Oil Market, Criticizes Saudi Policy
...e end of 2012 adding that the country’s output could also be curtailed by a further 200,000 b/d in 2013. “Iran’s decline in output began to accelerate during the last quarter of 2011 and has continued,” the EIA said, attributing the fall to a shortage of investment “which is needed to offset natural pr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Jordan Considers Measures To Lower Its Energy Bill
...Jordan Jordan Considers Measures To Lower Its Energy Bill Burdened by a massive energy import bill of JD3.4bn ($4.8bn) in 2011, the Jordanian government is currently examining measures aimed at reducing its budget deficit. Prime Minister 'Awn al-Khasawna told visiting officials from th...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Leaked Report Alleges High-Level NOC Mismanagement
...spection and Popular Control at the end of 2010 and due to have been presented to a closed session of the Libyan People’s Congress in March 2011, highlights “murky dealings” and “systematic mismanagement” at NOC, according to Giulio Carini of London-based transparency campaign group Global Witness, who ob...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
GCC Countries To Receive Record Oil Revenues Due To High Prices
...venues by the group last year. “GCC oil producers are called upon to produce more oil to fill the shortfall in supply created by the regional political turmoil,” the institute said. “Saudi Arabia’s production has remained close to 10mn b/d since September 2011, despite the recovery in Libyan su...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
APICORP Posts Record Profit Of $105Mn For 2011
...REGIONAL APICORP Posts Record Profit Of $105Mn For 2011 The Arab Petroleum Investments Corporation (APICORP) made a record net profit of $105.4mn for 2011, an increase of 11% from 2010’s $95mn. The multilateral development bank said that its total assets rose by 7% to $4.6bn in 2011 fr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
SABIC Approves Distribution Of $4Bn In Dividends
...SAUDI ARABIA SABIC Approves Distribution Of $4Bn In Dividends At its meeting on 14 April the Saudi Basic Industries Corporation (SABIC) general assembly approved the payment of SR15bn ($4bn) in dividends to shareholders at the rate of SR5 per share for the year 2011. The corporation ha...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Bashir Issues Threats As North And South Sudan Edge Closer To War
...o decades of civil war (MEES, 11 July 2011), but has since been locked in a bitter dispute with Sudan over issues such as border demarcation and the sharing of oil revenues. On 11 April South Sudan seized Heglig, saying it would only leave if and when a neutral United Nations force is de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
French Foreign Minister Says Syria’s Forex Reserves Down By Half
...nctions resolution, including travel, financial sanctions, an arms embargo,” in order to pressure the Syrian regime to comply with Kofi Annan’s six-point plan, US Secretary of State Hillary Clinton told the meeting. Syria’s forex reserves were estimated at around $18bn at the beginning of 2011...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
IPR Continued Operations In Syria In 2011
...syria IPR Continued Operations In Syria In 2011 IPR of the US announced in its newsletter IPR Gazette for December 2011 that its wholly-owned subsidiary IPR Mediterranean Exploration Ltd (IPRMEL) continued during the year to operate in Block 24 in Syria and to develop newly-di...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Dragon On Course To Hit 100,000 B/D Output By 2015, Completes Tunisia Farm-In
...frastructure in the process. Dragon, which is majority-owned by the Emirates National Oil Company (ENOC), also announced it has received final approval from the Tunisian Hydrocarbons Consultative Committee for the farm-in agreement signed in October 2011, making it a full participating member of the Bargou jo...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Yemen Looking To China For Further Oil Sector Investment
...0,000-250,000 b/d seen in February 2011, before the political unrest sparked by the Arab Spring (MEES, 19 March). Oil Reserves Dwindling The World Bank meanwhile has warned that the Arab world’s poorest country is fast running out of proven oil reserves, saying it believes Yemen’s fields could be de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Cyprus Rebukes Turkey Over Plan To Drill In North
...ble Energy of the US started drilling in Cyprus’ Block 12 in September 2011 off the southern coast of Cyprus near Israeli offshore territory. Turkey demanded immediately that exploration work stop and sent several warships and an ageing seismic vessel into Cyprus’s exclusive economic zone (EEZ) in an ef...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Egyptian Gas Pipeline Targeted Again
...yptian Natural Gas Company (GASCO), supplies the Arab Gas Pipeline (AGP) to Jordan and the offshore al-'Arish-Ashkelon gas pipeline to Israel. This is the 14th attack on the pipeline since February 2011. The pipeline has not been operational since the last bombing in March (MEES, 12 March). Media reports sa...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Kuwait Weighing Its Options In Face Of Hormuz Threat
...nies allegations it is developing nuclear weapons. Around 20% of the world’s oil supply – 17mn b/d in 2011, according to the EIA – is estimated to pass through the strait, leading to fears a disruption in the transport of crude could potentially double the price of oil, plunging the world economy in...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Lebanon Approves Plans For North-South Gas Pipeline
...banon could also import its gas from other sources, like Russia and Azerbaijan, once AGP is linked to the Turkish network. Work on the last AGP segment between Aleppo in Syria and Kilis in Turkey was progressing, but has probably slowed down in 2011 because of the political turmoil in Syria (MEES, 5 Ju...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Mauritania Awards Upstream Licenses
...uritania offers a fair fiscal environment, fair fiscal terms and a developed, stable resource sector.” Mauritania’s only significant producing field – Chinguetti – lies offshore between the coast and the newly-awarded deepwater acreage. The Petronas-operated field produced 7,400 b/d for 2011, sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Satorp Shareholders Hike Capital 46% To $950Mn
...mpliant paper (MEES, 17 October 2011). The funding for the refinery is coming from multiple sources. Lenders signed an agreement to provide the $12.8bn project with $8.5bn on 22 June 2010. Of this, $4.01bn came from Saudi Arabia’s Public Investment Fund, and export credit agencies (ECAs) in the fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Jadwa Expects No Saudi Spending Increase Despite Record Revenues In 2012
...rkers) means it is likely that government spending will be lower this year than it was in 2011, though we have made an upward adjustment to our forecast to SR757bn [$201.9bn], in part because there look to be more recipients of unemployment benefit than we had anticipated.” Jadwa expects the bu...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012