DOCSLIB.ORG

02 Editorial Information 03 Commentary Co-Operation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
02 Editorial Information 03 Commentary Co-Operation This month’s cover ... shows scenes from the UK oil industry, where government policies have shifted taxation from upstream to downstream (see article on page 16). Vol XXXIV, No 1 ISSN 0474-6279 January/February 2003 02 Editorial Information 03 Commentary Co-operation flourishes 123rd OPEC 04 Noticeboard Conference decides to raise quotas by 1.5m b/d (p6) 05 Press Release nd Resolutions of the 122 (Extraordinary) Conference 06 Conference Notes rd 123 OPEC Conference decides to raise quotas by 1.5m b/d to ensure sufficient supplies 10 Forum OPEC policies and prospects for greater co-operation between oil producing and consuming nations IEA Executive Director, Claude Mandil, visits the OPEC Secretariat (p27) The problem of fuel subsidies in Indonesia (p12) Liberalising upstream oil and gas: the UK experience and its implications (p16) Some economic aspects of risk management in a deregulated electric market (p23) 27 Newsline Reuters/Raheb Oil and gas news from OPEC 38 Environment Notebook Iran and EU hold meetings to One hundred countries have now ratified the Kyoto Protocol improve political and economic co-operation (p63) 40 Market Review Covering November/December 63 Member Country Focus Development and economic news from OPEC OPEC Fund supports Bangladesh 68 Secretariat Notes textile factory with $2m loan (p69) Mahin Group/A Jewel 69 OPEC Fund News January/February 2003 1 COMMENTARY Publishers Editorial policy OPEC The OPEC Bulletin is published by the Pub- Organization of the Petroleum Exporting lic Relations & Information Department. Countries, Obere Donaustrasse 93, The contents do not necessarily reflect 1020 Vienna, Austria the official views of OPEC or its Member Telephone: +43 1 211 12/0 Countries. Names and boundaries on any Telefax: +43 1 216 4320 maps should not be regarded as authorita- Public Relations & Information tive. No responsibility is taken for claims Department fax: +43 1 214 9827 or contents of advertisements. Editorial E-mail: [email protected] material may be freely reproduced (unless E-mail: OPEC News Agency: [email protected] copyrighted), crediting the OPEC Bulletin Web site: http://www.opec.org as the source. A copy to the Editor-in-Chief Hard copy subscription: $70/12 issues would be appreciated. Secretariat officials Membership and aims Editorial staff Secretary General OPEC is a permanent, intergovernmental Or- Dr Alvaro Silva Calderón Editor-in-Chief ganization, established in Baghdad, September Dr Omar Farouk Ibrahim 10–14, 1960, by IR Iran, Iraq, Kuwait, Saudi Director, Research Division Editor Arabia and Venezuela. Its objective is to co-ordi- Dr Adnan Shihab-Eldin Graham Patterson nate and unify petroleum policies among Mem- Deputy Editor ber Countries, in order to secure fair and stable Head, Petroleum Market Analysis Philippa Webb-Mügge prices for petroleum producers; an efficient, Department Production economic and regular supply of petroleum to Javad Yarjani Diana Lavnick consuming nations; and a fair return on capital Design to those investing in the industry. Head, Data Services Department Elfi Plakolm The Organization comprises the five Dr Muhammad A Al Tayyeb Founding Members and six other Full Mem- Web site: www.opec.org bers: Qatar (joined in 1961); Indonesia (1962); Head, Administration & SP Libyan AJ (1962); United Arab Emirates Human Resources Department Visit the OPEC Web site for the latest news (Abu Dhabi, 1967); Algeria (1969); and Senussi J Senussi and information about the Organization and its Nigeria (1971). Ecuador joined the Organiza- Member Countries. Recent and back issues of tion in 1973 and left in 1992; Gabon joined Head, Energy Studies Department the OPEC Bulletin are available free of charge in 1975 and left in 1995. Mohamed Hamel on the site in PDF format. Contributions Head, PR & Information Department Dr Omar Farouk Ibrahim The OPEC Bulletin welcomes original contri- butions on the technical, financial and envi- Legal Officer ronmental aspects of all stages of the energy Dolores Dobarro industry, including letters for publication, research reports and project descriptions with Head, Office of the Secretary General Indexed and abstracted in PAIS International supporting illustrations and photographs. Karin Chacin Printed in Austria by Ueberreuter Print and Digimedia Advertisements The OPEC Bulletin reaches the decision-makers in Member Countries. For details of its reasonable advertisement rates see the appropriate page at the end of the magazine. Orders from Member Countries should be sent directly to the Editor-in-Chief at the Secretariat address. Otherwise, orders should be placed through the Advertising Representatives, whose contact details are at the end of the magazine. 2 OPEC Bulletin January/February 2003 3 COMMENTARY Co-operation flourishes Co-operation, which OPEC has been promoting for years, is now spreading to all areas of the energy industry s winter gives way to a new ited the OPEC Secretariat in Vienna tion include the ongoing producer- spring, there is reason to recently. The IEA and OPEC also consumer dialogue, in which respect be cautiously optimistic. participated together with four other a permanent secretariat for the Inter- A OPEC’s market stabiliza- organizations in an exercise aimed national Energy Forum is to be set up tion measures agreed in December and at improving the transparency and in the Saudi Arabian capital Riyadh. January are having the desired effect, reliability of oil industry information, Moreover, instances of OPEC national and despite the supply disruptions in and a joint OPEC/IEA workshop oil companies (NOCs) working to- certain parts of the world, no-one on investment is to be held this gether with international oil compa- has gone short of oil. The market summer. nies (IOCs) are numerous. And one has remained sufficiently supplied at Other organizations with which should not forget the participation of all times, thanks to OPEC’s efforts. OPEC has strengthened its ties include major non-OPEC oil producers such Indeed, if there is a price risk, it is the Energy Charter and UNCTAD. as Mexico, Norway, Russia and others on the downside rather than on the These are just a few examples from in the ongoing efforts to stabilize the upside. many. market. Full confidence in the Organiza- In the past, efforts at promoting Good ideas do not need promot- tion’s ability to stabilize the market co-operation were sometimes focused ing. They seem to spread of their own has been expressed by senior energy rather narrowly on oil output. Now, volition, like spring flowers taking officials in the consuming nations, however, not only does OPEC (and, root and suddenly blossoming. All such as the new Executive Director increasingly, its non-OPEC partners) this serves to underline what OPEC of the International Energy Agency take prompt and proactive measures to has been saying for many years: that (IEA), Claude Mandil. This is hardly stabilize the oil market, but the type everyone with a stake in the global surprising, for when one looks at the of joint efforts that the Organization energy industry — producers and recent expansion of co-operation be- has been so tirelessly promoting over consumers, OPEC and non-OPEC, tween OPEC and bodies such as the the years is spreading to other areas NOCs and IOCs — can gain far more IEA, there is good cause to be optimistic too. All sides now appear genuinely by co-operating than they ever could about the future course of 2003 and committed to pursuing policies that are by opposing one another. It is this beyond. in the best interests of both producers simple realization that gives us reason Both the IEA’s Mandil and his and consumers of oil. to be optimistic that co-operation will predecessor, Robert Priddle, have vis- Other examples of such co-opera- continue to flourish. 2 OPEC Bulletin January/February 2003 3 NOTICEBOARD PRESS RELEASE Forthcoming events Moscow, Russian Federation, May 19–20, Luanda, Angola, May 20–23, 2003, 7th African 2003, Russian gas forum. Details: IBC oil & gas trade & finance conference and showcase. Energy Conferences, Informa House, 30-32 Details: ITE Group PLC, 105 Salusbury Rd, Tashkent, Uzbekistan, May 6–8, 2003, 7th Mortimer Street, London W1W 7RE, UK. London NW6 6RG, UK. Tel: +44 (0)207 Uzbekistan international oil & gas exhibition. Tel: +44 (0)207 017 4027; fax: +44 (0)207 596 5233; fax: +44 (0)207 596 5106; e-mail: Details: ITE Group PLC, 105 Salusbury Rd, 436 8377; e-mail: [email protected]; [email protected]; Web London NW6 6RG, UK. Tel: +44 (0)207 Web site: www.ibcenergy.com. site: www.ite-exhibitions.com/og. 596 5233; fax: +44 (0)207 596 5106; e-mail: [email protected]; Web Brussels, Belgium, May 19–21, 2003, World Frankfurt, Germany, May 22–23, 2003, The site: www.ite-exhibitions.com/og. fuels conference Europe: European refining and chemical and petrochemical industries of Russia, automotive issues — what’s next for refiners, the CIS and CEE. Details: Global Business London, UK, May 6–9, 2003, Energy price risk automakers and technology suppliers? Details: Forums (UK), Yulia Khoroshilova, 5/F, 63-66 management. Details: Petroleum Economist Hart World Fuels Conferences, 1201 Seven Hatton Garden, London EC1N 8LE, UK. Ltd, 15/17 St Cross Street, London EC1N Locks Rd, Suite 300, Potomac, MD 20854, Tel: +44 20 7404 2430; fax: +44 20 7405 8UW, UK. Tel: +44 (0)20 7831 5588; fax: USA. Tel: +1 301 354 2045; fax: +1 301 424 5913; e-mail: [email protected]; Web +44 (0)20 7831 4567 or 7831 5313; e-mail: 7260; e-mail: [email protected]; site: www.gbusforums.com. [email protected]; Web site: Web site: www.worldfuels.com. www.petroleum-economist.com. Seoul, South Korea, May 22–23, 2003, Marine transport logistics for oil. Details: London, UK, May 14–15, 2003, Floating Jakarta, Indonesia Conference Connection Administrators Pte production systems.
Load more

Recommended publications
  • Geopolitics, Oil Law Reform, and Commodity Market Expectations
    OKLAHOMA LAW REVIEW VOLUME 63 WINTER 2011 NUMBER 2 GEOPOLITICS, OIL LAW REFORM, AND COMMODITY MARKET EXPECTATIONS ROBERT BEJESKY * Table of Contents I. Introduction .................................... ........... 193 II. Geopolitics and Market Equilibrium . .............. 197 III. Historical U.S. Foreign Policy in the Middle East ................ 202 IV. Enter OPEC ..................................... ......... 210 V. Oil Industry Reform Planning for Iraq . ............... 215 VI. Occupation Announcements and Economics . ........... 228 VII. Iraq’s 2007 Oil and Gas Bill . .............. 237 VIII. Oil Price Surges . ............ 249 IX. Strategic Interests in Afghanistan . ................ 265 X. Conclusion ...................................... ......... 273 I. Introduction The 1973 oil supply shock elevated OPEC to world attention and ensconced it in the general consciousness as a confederacy that is potentially * M.A. Political Science (Michigan), M.A. Applied Economics (Michigan), LL.M. International Law (Georgetown). The author has taught international law courses for Cooley Law School and the Department of Political Science at the University of Michigan, American Government and Constitutional Law courses for Alma College, and business law courses at Central Michigan University and the University of Miami. 193 194 OKLAHOMA LAW REVIEW [Vol. 63:193 antithetical to global energy needs. From 1986 until mid-1999, prices generally fluctuated within a $10 to $20 per barrel band, but alarms sounded when market prices started hovering above $30. 1 In July 2001, Senator Arlen Specter addressed the Senate regarding the need to confront OPEC and urged President Bush to file an International Court of Justice case against the organization, on the basis that perceived antitrust violations were a breach of “general principles of law.” 2 Prices dipped initially, but began a precipitous rise in mid-March 2002.
    [Show full text]
  • Fact Book Fact
    FACT BOOK FACT ConocoPhillips Fact Book About the Cover As the world’s need for energy continues to expand, ConocoPhillips is growing to meet that need with a portfolio of new investments. (On the cover, left to right) Announced in 2005, the company will begin a multi-year, domestic refining investment program designed to create an integrated advantage through its existing assets, such as the Borger, Texas, refinery. In the Timor Sea, the Bayu-Undan project was advanced with the connection of a natural gas pipeline from the offshore facilities to the liquefied natural gas facility near Darwin, Australia. The Burlington Resources acquisition, including major producing fields in Canada, has expanded ConocoPhillips’ presence in North America through high-quality, long-life reserves and assets. Through the dedication of the company’s solid work force, these and other projects will provide sustainable shareholder value well into the future. ConocoPhillips Key Assets, Operations and Locations As of March 31, 2006, unless noted otherwise. Third-largest integrated energy company in the United States. Fifth-largest proved reserves holder worldwide.* Fourth-largest refiner worldwide,* second-largest in the United States. About 38,000 employees worldwide.** 1,808 active patents in about 70 countries. *Of nongovernment-controlled companies. **Based on the Annual Reports on Form 10-K of ConocoPhillips and Burlington Resources for the year ended Dec. 31, 2005. Worldwide Locations Branded Marketing 2005 Worldwide Production Algeria Hungary Saudi Arabia
    [Show full text]
  • Oil, Business, and the Future of Iraqi Sanctions | the Washington Institute
    MENU Policy Analysis / PolicyWatch 283 Oil, Business, and the Future of Iraqi Sanctions Nov 24, 1997 Brief Analysis he most recent episode of the ongoing Iraq saga ended last week with at least one permanent member of the T UN Security Council-Russia-committing itself to work for the end of UN sanctions, especially the oil export ban. Other Council members (e.g., France, China and Egypt) have also voiced strong support for an expedited end to the sanctions regime. While there may be valid humanitarian reasons to wish to see the end of economic sanctions on Iraq, commercial interests no doubt play a central role. The following compilation of publicly reported oil deals with Iraq-both completed and contemplated-provides useful perspective on this aspect of the Iraq issue. Field Proven Reserves Projected Production Capability (barrels per day) West Quma 7-8 billion barrels 600,000 Majnoon 7 billion barrels N/A Nahr 'Umar 6 billion barrels 440,000 North Rumaila N/A 500,000 Halfaya 2-3 billion barrels 300,000 Ratawi 2 billion barrels 250,000 Nasiriyah N/A 220,000 Gharraf 1 billion barrels 100,000 Al-Ahdab 1 billion barrels 90,000 Tuba 500 million barrels N/A Russia Lukoil, Zarubezhneft, Machinoimport, and an Iraqi company signed a production sharing agreement (PSA) worth approximately $4 billion to develop the West Qurna field. Russia must spend $200 million while sanctions are still in place, and extend a $100 million loan to Iraq for equipment purchases. Machinoimport signed a protocol with Iraq to verify the state of capital at West Qurna.
    [Show full text]
  • Week in News: June 16 – 22, 2008
    Week in News: June 16 – 22, 2008 Bush slams Dems for ‘obstructing’ new oil production The Hill, June 21, 2008; http://thehill.com/leading-the-news/bush-slams-dems-for-obstructing-new-oil- production-2008-06-21.html Miller debunks energy myths Pensacola News Journal; June 21, 2008; http://www.pnj.com/apps/pbcs.dll/article?AID=/20080621/NEWS01/80621006 As Global Warming Fuels More Extreme Weather, McCain & Bush Urge Congress to Lift Offshore Drilling Ban Democracy Now; June 20, 2008; http://i4.democracynow.org/2008/6/20/as_global_warming_fuels_more_extreme Q&A: Gulf drilling: What would it mean? Bradenton Herald, June 18, 2008; http://www.bradenton.com/local/story/685859.html Deepwater oil fields are a final frontier; see video USA Today, June 19, 2008; http://www.usatoday.com/money/industries/energy/2008-06-19-deepwater-oil- offshore-drilling_N.htm Where offshore drilling goes, beaches suffer St, Petersburg Times; June 19, 2008; http://www.tampabay.com/news/environment/water/article634009.ece Schwarzenegger says drilling ban not to blame for high gas prices LA Times, June 20, 2008; http://www.latimes.com/news/local/la-me-drill19-2008jun19,0,97631.story?track=rss Will there be drilling on Georges Bank? Cape Cod Times, June 21, 2008; http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20080621/NEWS/806210320 Shell again halts plans to drill in Beaufort Anchorage Daily News, June 21, 2008; http://www.adn.com/front/story/442703.html Offshore oil drilling opponents are rethinking LA Times, June 19, 2008; http://www.latimes.com/news/science/environment/la-na-offshore18-
    [Show full text]
  • Iraq Oil & Gas Report Q2 2011
    Q2 2011 www.businessmonitor.com IRAQ OIL & GAS REPORT INCLUDES BMI'S FORECASTS ISSN 1748-4030 Published by Business Monitor International Ltd. IRAQ OIL & GAS REPORT Q2 2011 INCLUDES 10-YEAR FORECASTS TO 2020 Part of BMI's Industry Report & Forecasts Series Published by: Business Monitor International Copy deadline: February 2011 Business Monitor International © 2011 Business Monitor International. Mermaid House, All rights reserved. 2 Puddle Dock, London, EC4V 3DS, All information contained in this publication is UK copyrighted in the name of Business Monitor Tel: +44 (0) 20 7248 0468 International, and as such no part of this publication Fax: +44 (0) 20 7248 0467 may be reproduced, repackaged, redistributed, resold in Email: [email protected] whole or in any part, or used in any form or by any Web: http://www.businessmonitor.com means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. Iraq Oil & Gas Report Q2 2011 © Business Monitor International Ltd Page 2 Iraq Oil & Gas Report Q2 2011 CONTENTS Executive Summary ........................................................................................................................................
    [Show full text]
  • Norway Invests in the Future's Biggest Climate Threats
    Brief 3-2013 Norway Invests in the Future’s Biggest Climate Threats1 By: Sigurd Jorde, Future in Our Hands, 2013 Despite the climate threat, large scale projects of extracting coal, oil and gas are realized across the planet. Fossil energy is the main cause of climate change, but there is no sign of reduction in production of . The Norwegian Government Pension Fund – Global and Statoil have invested heavily in the 14 biggest new carbon projects, which will make it impossible to reduce the climate changes in time. The world’s leaders have promised to stop climate change; nevertheless a rapid growth in the extraction of carbon resources such as coal, oil and gas is being planned all over the world. There exist no effective international climate change agreements to slow the emission of climate gases. Carbon quotas have limited effectiveness. There is nothing to prevent the world’s coal and oil companies from expanding their production. Altogether, this constitutes the world’s probably biggest climate threat. Without effective climate measures there will thus be increased production of coal, oil and gas – fossil resources that will lead to increased climate gas emissions.1 All over the world new areas are being opened for extraction, and as yet untouched coal and oil fields are being put into operation. These new extraction projects are to supply us with new fossil energy for several decades. The consequence is an extension of our dependence on fossil energy – and that we will not be able to reduce the climate changes. An investigation by The Future in Our Hands shows that the Government Pension Fund – Global and Statoil have The biggest carbon threats to the world’s climate invested in 14 of the biggest new extraction projects at 1.
    [Show full text]
  • Sustainability Report 2010.Pdf
    2010Sustainability Report Home / Sustainability / Managing our risks and impacts Managing our risks and impacts We take a risk-based approach to developing our business, making decisions based on their potential effects on the environment and society around us as well as on our business. Risk management is an integral part of our management system. We aim to minimise harmful impacts and maximise the benefits and opportunities generated by our activities throughout their life cycle, from initial project planning to operations and decommissioning. We assess risks on the basis of their likelihood and potential effects. We apply the precautionary principle in our assessment of risk. In addition to complying with national laws, our internal policies and guidelines for risk management are based on international standards. We employ the principles "as low as reasonably practicable" (ALARP) and "best available technology" (BAT). The overall management system of the Statoil group and the management systems of our operational entities are in line with the principles described in the ISO 14001 standard for Environmental Management Systems (EMS). We take a multi-disciplinary approach to risk management, drawing on tools and expertise from our HSE, social responsibility and ethics and anti-corruption disciplines to respond to the diverse challenges and opportunities that result from our activities. We assess risks systematically in countries that are relevant to our operations in order to better understand local conditions, the business culture and external factors - including political, social, environmental, security and ethical dimensions. We carry out risk and due diligence assessments - including of our business relationships - in order to make informed investment decisions.
    [Show full text]
  • Iraq 2018 EITI Report
    ANNUAL REPORT 2018 OIL, GAS AND MINING SECTORS WWW.IEITI.ORG.IQ 2 Table of Contents Terms and Abbriviations 3 Executive Summary 5 1 Exploration and Production 9 2 Revenue Collection 33 3 Revenue Allocations 65 4 Social Expenditures 74 5 Legal and Fiscal Framwork 84 6 Further Transparency 107 1 7 Indicators and Recommendations 124 3 List of Terms and Abbriviations The American Petroleum Institute gravity measure which indicates the specific API gravity of oil at 60 degree Fahrenheit. A quantity consisting of forty two (42) United States Gallons under a pressure Barrel of 14.7 pound per square inch and a temperature of sixty (60) degrees Fahrenheit. BCM Billion Cubic Meter. FBSA Federal Board of Supreme Audit. Calendar Month / In respect of any month in a calendar year, a period commencing on the first Month day of that month and ending on the last day of the same month. A period of twelve (12) consecutive months commencing with the first day of Calendar Year / January and ending with the last day of December, according to the Gregorian Year Calendar. All hydrocarbons regardless of gravity which are produced and saved from the Contract Area in the liquid state at an absolute pressure of fourteen decimal seven (14.7) pounds per square inch and a temperature of sixty (60) degrees Crude Oil Fahrenheit, including asphalt, tar and the liquid hydrocarbons known as distillates or condensates obtained from natural gas at facilities within the field other than a gas plant. CBI Central Bank of Iraq. CTI Corporate Income Tax. Destination The place to which oil is shipped or directed.
    [Show full text]
  • Eni Wins Iraq Oil Field Deal by Carola Hoyos in London Published: October 13 2009 19:22 | Last Updated: October 13 2009 19:22
    FT.com print article 11/5/09 9:28 PM Financial IN DEPTH Close Eni wins Iraq oil field deal By Carola Hoyos in London Published: October 13 2009 19:22 | Last updated: October 13 2009 19:22 Iraq has given a consortium led by Eni, the Italian oil group, the right to develop its giant Zubair field, in a deal that signals the country’s desire to attract more of the world’s biggest oil companies 40 years after nationalising its oil industry. Tuesday’s breakthrough, which needs cabinet approval, came after Iraq sweetened its terms following the failure of a June auction. It could lead to further foreign investment in a country with the world’s third- largest oil reserves. As part of the agreement, the Iraqi government told the Eni consortium to drop Sinopec, the Chinese state-owned oil company, as a partner. Baghdad has vowed to block Sinopec from its oil resources because of its entry into Kurdistan, the oil- rich semi-autonomous region in northern Iraq. In June Sinopec agreed to a C$8.3bn (US$7.2bn) takeover of Addax, which had a stake in the Kurdish Taq Taq field. Eni and its minority-share partners – Kogas of Korea and Occidental of the US – are only the second group of international oil companies to enter Iraq since it nationalised its industry four decades ago. BP and CNPC were the only companies willing to accept Iraq’s tough fiscal terms in the country’s June auction. Paolo Scaroni, Eni chief executive, told the Financial Times: “Zubair is one of the most important oil fields in the world.
    [Show full text]
  • Current MENA Energy Developments:The Trends by Sub
    CSIS_______________________________ Center for Strategic and International Studies 1800 K Street N.W. Washington, DC 20006 (202) 775-3270 Access: Web: CSIS.ORG Contact the Author: [email protected] Current MENA Energy Developments: The Trends By Sub-Region and Country DRAFT FOR COMMENT AND REVIEW Anthony H. Cordesman Arleigh A. Burke Chair in Strategy Center for Strategic and International Studies March 15, 2004 Copyright Anthony H. Cordesman, all rights reserved. May only be quoted, excerpted, or referenced with the author’s written permission. Energy Developmets in the Middle East 3/16/04 Page ii Acknowledgements The author would like to thank Jennifer Moravitz, Mehmet Emre Furtun, Stephen Lanier, Adam Whetsone, Daniel Berkowitz, Paul Famolari and Ghada Elnajjar for their help in researching and editing prior work on energy developments in the Middle East and North Africa during past years, and Jennifer Moravitz, Emre Furtun, Stephen Lanier for work drawn upon in this study. He would also like to thank his colleagues James R. Schlesinger and Robert Ebel for their advice and help over many years. This book would also have been impossible to write without the efforts of the Energy Information Agency of the US Department of Energy, and particularly of its country and area analysts. Much of the country and regional analysis is taken from this work by the EIA, and its analysts deserve great credit for consistently excellent reporting over the years. Their work can be readily access via the web at http://www.eia.doe.gov/emeu/cabs/cabsme.html. The work of the International Energy Agency was also of great value, especially in writing the sections on energy investment in Chapter V.
    [Show full text]
  • Iraq Oil & Gas Outlook
    Iraq Oil & Gas Outlook M A Y 2 0 1 5 CONFIDENTIAL Disclaimer . This Document has been prepared by Hannam & Partners (Advisory) LLP (“H&P”). It is protected by international copyright laws and is for the recipient’s use in connection with considering a potential business relationship with H&P only. This Document and any related materials are confidential and may not be distributed or reproduced (in whole or in part) in any form without H&P’s written permission. By accepting or accessing this Document or any related materials you agree to be bound by the limitations and conditions set out herein and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep information contained in this Document and any related materials confidential. The information contained herein does not constitute an offer or solicitation to sell or acquire any security or fund the acquisition of any security by anyone in any jurisdiction, nor should it be regarded as a contractual document. Under no circumstances should the information provided in this Document or any other written or oral information made available in connection with it be considered as investment advice, or as a sufficient basis on which to make investment decisions. This Document is being provided to you for information purposes only. The distribution of this Document or any information contained in it and any related materials may be restricted by law in certain jurisdictions, and any person into whose possession this Document or any part of it comes should inform themselves about, and observe, any such restrictions.
    [Show full text]
  • Oil Production in Iraq: Persisting Decline Or Upswing?
    prices rose. Real GNP increased substantially in 1999 Oil Production in Iraq: and 2000 (by 12% and 11%, respectively), but the increase was much weaker in 2001 (+3%) and GNP Persisting Decline or actually showed a slight decrease last year. Iraq's foreign debt is estimated at between at least Upswing? 65 and 83 billion US $.3 If the country's war reparation obligations are included, the debt amounts to at least 140 billion US $ _ which would make Iraq probably the Following the Gulf War in 1991, oil production declined most heavily indebted country in the world.4 The finan- drastically in Iraq as a result of war damage, while the cial obligations resulting from the 'normal' foreign debts United Nations imposed a ban on oil exports.1 The alone probably amount to between 5 and 12 billion US $ 2.8 million barrels a day (mbd) of oil produced by Iraq in per annum,5 which would correspond to between a sixth 1989 shrank to only 0.2 mbd in 1991. At the end of 1996, and over two-fifths of GNP. Iraq was granted permission to export a limited quan- tity of oil in order to pay for food and medicine imports (under the UN Oil-for-Food Programme), and this led to Oil reserves an expansion of oil production beyond domestic needs. Iraq produced 2 mbd of oil in 2002, thus contributing Because of the conflicts of the last three decades and the around 2.5% to total world oil production. The current UN sanctions in force since 1991, Iraq's oil resources war will again diminish oil production in Iraq severely.
    [Show full text]