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Benchmark Crude Prices
...12 2011 WTI 106.39 108.26 108.29 106.55 104.47 94.17 94.42 94.18 95...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Libya’s NOC Tries To Look Beyond Continued Chronic Instability
...ter it followed other foreign oil companies in lifting force majeure on their operations after the end of the 2011 civil war. The PGOC-NOC joint venture said a test well drilled on its Area 113 acreage in the Murzuq Basin flowed at a rate of 4mn cfd from intervals of 2,430-2510 feet th...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Saudi To Keep Crude Output High Amid Soaring Domestic Demand
...main within range. I repeat the message that Saudi Arabia, and other producers, remain willing and capable of meeting any additional demands.” Saudi Arabia stepped in to fill the supply gap in 2011, when the Libyan rebellion wiped out oil production, and even created a new blend of crude oil cl...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Iran Revisits Hydrocarbon Contracts In Effort To Boost Output
...tting the country’s August output at 2.7mn b/d. This is broadly in line with Iran’s average production for the year so far, and constitutes a near 25% fall from the 3.6mn b/d it produced in 2011 before the latest, and toughest, rounds of EU and US sanctions came into effect. “Our position in OP...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Abu Dhabi Puts Tacaamol Back On Track With Aromatics FEED
...omatics compounds. Subsequently the Tacaamol owners – Chemaweyaat (51%) and IPIC (49%) – decided to make the plan more manageable by splitting Tacaamol into three phases. UK-based Halcrow Group, which was acquired by CH2M Hill in November 2011, was awarded a contract in December 2010 to develop th...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Bahrain Opts For 360,000 B/D Expansion
...rks a scaling back – amid financing concerns – from earlier more ambitious plans for expansion to 450,000 b/d and beyond (MEES, 19 December 2011). The $5-6bn project will be completed in steps with the first phase to come online in 2017 and the final phase in 2020. Originally Bapco hoped to se...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Obama Pursues Diplomatic Option On Syria
...wer. The Syrian regime will say, as it did after losing the Golan Heights in 1967, that it is victorious because it survives. Since it began in March 2011, Syria’s civil war has been fought at various local, regional and global levels. Domestically, over 100,000 people have been killed and mi...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
BG Takes Further Egypt Hit; BP Upbeat On Drilling Success
...scoveries for both 2011 and 2012 were on offshore east Nile Delta acreage that BP (50% and operator) shares with Eni (50%). On North El Burg, discoveries included the Satis deep Oligocene discovery (MEES, 31 October 2011), whilst on the neighboring Ras El Bar concession BP and Eni had ramped up production to...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Cutting GCC Oil And Gas Consumption: A Roadmap
...source exports. In this context, Chatham House worked with partner institutions, policy-makers and technical experts in Saudi Arabia, the UAE, Oman, Qatar and Kuwait to support practical strategies to conserve energy. Between 2011 and 2013, discussions took place at six workshops, including re...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Benchmark Crude Prices
...12 2011 WTI 108.6 108.3 108.29 106.55 104.47 94.17 94.42 94.18 95...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Libya Faces Economic Meltdown As Oil Industry Grinds To A Halt
...leaguered interim government. Having stunned the industry by restoring oil output to normal levels in record time after the end of the 2011 rebellion, the post-Qadhafi authorities are back to square one with output reported by NOC to have fallen to “its lowest level of 240,000 b/d.” This compares wi...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
ADNOC Plans Sharjah Terminal, Storage Expansion
...pulation and number of vehicles. It also took over the running of 74 filling stations operated by federal state-owned gasoline retailer Emarat in the UAE’s northern emirates: Sharjah, Ras al-Khaimah, ‘Ajman, Umm Al Quwain and Fujairah. The move results from a fuel crisis in 2011 when Sharjah shut down Du...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Iraq Grants Jordan $25M
...ab Gas Pipeline (AGP). Supplies from Egypt have been erratic since the downfall of former president Husni Mubarak in January 2011 because of frequent attacks on the pipeline. Most recently the pipeline was blown up on 6 July in al-‘Arish in the Sinai peninsula and to date no repairs have been ca...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Sinopec Sidesteps Instability To Go Big On Egypt
...cident, together with other nearby disturbances, will spook shippers. So far revenues have been fairly stable post-Revolution, although takings of $1.25bn for 2Q13, were down 3% on the second quarter in 2012 and 5% down on the same period in 2011 (see graph 2). ...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
India Turns To Iranian Oil For Economic Relief
...pay entirely in rupees. India since July 2011 had been paying for its purchases of Iranian crude in both euros and rupees. 55% of its imports were paid for in euros through Turkey’s Halkbank; while the remaining 45% was remitted in rupees through the Calcutta-based UCO bank. US sanctions in...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
South Sudan Gets Stay Of Execution
...peline to all Southern crude oil (MEES, 30 August). South Sudan broke off from Sudan in July 2011, taking with it around three quarters of the former Sudan’s 450,000 b/d oil output. But the South is dependent on Sudan for exports: the pipeline to Port Sudan is South Sudan’s only link to in...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
OPEC Holds Steady Despite Libya Nightmare
...e worst disruption to the country’s oil industry since the 2011 civil war. Libyan output continued its slide last month, as armed groups, security guards and oil workers with tribal loyalties worked together to shut down a host of key pipelines and oil ports across the country. Production av...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Egypt Draws Up IOC Payment Timetable As Debts Mount
...are of production are nothing new, but amounts owed have ballooned since Egypt’s 2011 revolution. Mr Isma’il acknowledged that the issue of arrears was a top priority for the government to ensure that IOCs would continue to invest in oil exploration and development. The minister di...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Kuwait Budget Surplus Falls As Spending Soars
...KUWAIT Kuwait Budget Surplus Falls As Spending Soars Kuwait realized a budget surplus of KD12.70bn ($44.45bn) in 2012-13, according to the finance ministry’s closed accounts. However, the net surplus falls to KD4.7bn ($16.45bn) – less than half the 2011-12 figure – after th...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Oman Cuts Deficit
...OR6.1bn ($15.9bn). The 2012 budget was based on an oil price assumption of $75/B and average production of 915,000 b/d. The actual price for Oman’s crude in 2012 was around $109/B whilst production was well up on 2011’s 885,000 b/d. Gas revenue was level with the projected OR1.5bn ($3....
Volume: 56Issue: 36Published at Fri, 06 Sep 2013