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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 -
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 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...er the next five years. According to the government, it had released a second tranche worth $1.5bn to producers at the beginning of the month. Debts to IOCs that had accumulated in the aftermath of the 2011 revolution were first addressed with a $1.5bn payment in December 2013. Apart from ch...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
The Oil Price Slide: Just How Bad Is It For Iran?
...richment. Specific restrictions targeting Iran’s oil revenues, introduced some three years ago, have only made matters worse for Tehran, effectively slashing oil exports to between 1.1mn and 1.2mn b/d so far this year, from an average of 2.5mn b/d in 2011. Pick Of The Bunch With the recent slowdown in...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Tripoli Could Face International Sanctions Over Terror Links
...the 2011 revolution that toppled the former leader Mu’ammar al-Qadhafi and plunged the country into chaos. The revival was slowed by strikes at the Intisar and Gialo fields in the eastern Sirte basin, Libya’s oil heartland. The raid on Sharara reversed the trend, and output is now estimated at ar...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Saudi Arabia Looks East
...ude exports rose slightly to 6.722mn b/d in September from 6.663mn b/d in August, they are at their lowest level since March 2011, according to the latest data from the Riyadh-based Joint Oil Data Initiative (JODI, see p20-21). And shipments to the US, where it is the second largest source of imported cr...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
IPIC Subsidiaries Team Up In Abu Dhabi Upstream
...u Dhabi’s state-owned International Petroleum Investment Company (IPIC) in 2011 and has since developed into an international investment vehicle for its parent. IPIC also directly owns a 20.8% stake in Japan’s Cosmo Oil, which – like Cepsa – is primarily a downstream firm in its home country. Bu...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Iraq Says OPEC ‘Price War’ Partly To Blame For Revenue Fall, $84Bn Deficit
...54mn b/d the previous month. The drop coincides with falling global oil prices, which have declined by 30% since June. The result was a whopping $675mn drop in revenues from oil sales in October to $6.241mn, the lowest since February 2011. Maliki Blamed For Reserve Fund Collapse All th...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
East Med Gas Development: Pipeline Politics Drive Floating Solutions
...cosia. Mindful of the geopolitics, Eni (80%) and its partner Kogas (20%) have indicated that they would favor floating LNG (FLNG) for any discovery: the same partnership is already well advanced in pushing FLNG as a solution offshore Mozambique. For Cyprus’ only existing discovery – the 5 tcf 2011 Ap...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
China Seeks Bigger Role In Oil Pricing
...formation Agency (EIA) said in a March 2014 report that China overtook the US to become the largest net importer of crude oil and other liquids in the world in September 2013. It also pointed out the 31% rise in US indigenous oil production, mainly from tight oil plays, between 2011 and 2014, compared with ex...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
US Shale A Threat To Mideast Condensate, Despite Oil Price Slide
...duce the firm’s exposure to political instability. Japan’s Gulf^ Condensate Imports (‘000 B/D) 2011 2012 2013 *2014 Qatar 15...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
UAE Sees Balanced 2015 Budget Despite Oil Price Fall
...tensifies. The budget is part of a three-year federal spending plan of Dh140bn ($38.1bn) for 2014-16. The three-year budget first introduced in 2011 intended to achieve sustained growth. Announcing the new budget, Shaikh Muhammad bin Rashid Al Maktum, UAE Prime Minister and Ruler of Dubai, said health, ed...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Egypt Enjoys Unexpected Bid Round Success
...om adapting its prices, Egypt also appears to have overcome the political volatility the aftermath of the Arab Spring in 2011. The protests following the ouster of President Muhammad Mursi and his Muslim Brotherhood government by the army last year were quickly suppressed, and this June’s election of mi...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Libya’s Fragile Oil Recovery Continues
...tuation threatens to instantly reverse Libya’s output recovery. Production dipped as low as 150,000 b/d earlier in the year, but had been at 1.5mn b/d last July prior to the shutdown of the eastern terminals, a remarkable recovery from the almost total outage during the 2011 revolution, and only just shy of...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Fresh Fighting Threatens Remaining South Sudan Oil Output
...minating relations between the two nations for the first 18-24 months of the South’s independence from Sudan in July 2011. Tensions eased towards the back end of 2013, only to resurface this year, following the rebel leader Riek Machar’s visit to Khartoum in July. Khartoum is yet to give any official re...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Bahrain Plans Advance
...at it expects to complete the FEED work by the end of next year. Yet, this is not the first FEED to be conducted for the refinery expansion. In 2011, Chevron Lummus Global completed a FEED study at the refinery when plans called for an expansion to 450,000 b/d. However, Bapco and the country’s Na...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Odds Are Stacked Against Libya’s Oil Revival
...stained recovery are coming increasingly into focus. Crude output rose to 810,000 b/d on 10 September, according to state-owned National Oil Corporation (NOC), reaching the halfway mark as production climbs further towards the 1.6mn b/d pumped prior to the 2011 revolution that toppled Mu’ammar al-Qa...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
South Sudan Oil Shutdown Leaves Indian Firm Reeling
...tronas have each lost just over half their output since 2011, with the bulk of this since the start of the current conflict, ONGC has seen its output reduced to zero (see table). For the year to 31 March 2014, ONGC’s South Sudan output was just below 6,000 b/d, according to the company’s latest annual re...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Qatar’s Barzan Gas Faces Delay
...derstand the dynamics at play in the field. Following tough negotiations in 2010, ExxonMobil was awarded a meager 7% stake in the joint venture in early 2011. With production sharing agreements (PSAs) between QP and international oil companies (IOCs) set to expire in the coming years, many analysts saw th...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014