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The article discusses the challenges facing oil exporters from the Middle East, North Africa, Afghanistan and Pakistan (MENAP) due to the continuing fiscal crisis in the U.S. and debt crisis in Europe. A report by the International Monetary Fund (IMF) cites the possibility of a decline in export revenues by MENAP oil producers. The report also notes a downturn in emerging markets trading partners and continuing political unrest in the region may hinder growth prospects for MENAP oil producers.

The article reports on the binding agreement signed by a unit of China National Petroleum Corp (CNPC), PetroChina, to buy 20% of shares from Royal Dutch Shell PLC's Groundbirch assets in British Columbia. It says that this is part of a global partnership whereby the two companies aims to optimize their business environment. It adds that the sale focuses more on the acquisition of technology to tap China's shale gas resources.

The article focuses on a plan by Russia to construct a natural gas pipeline in Turkish waters of the Black Sea. All necessary and unconditional permissions were granted by the Turkish government to OAO Gazprom. The South Stream project is expected to transport 63 billion cubic meters per year of gas. The agreement reached between Russia and Turkey places more pressure on Ukraine which has been seeking cheaper gas from Moscow, analysts say.

The article reports on the claim by Italy-based Eni SPA chief executive officer Paolo Scaroni that they could lost as much as two billion dollars in crude oil owed by the National Iranian Oil Co. (NIOC) due to tighter sanction being imposed in Iran as of December 2011. Centre for Global Energy Studies (CGES) analyst Manouchehr Takin said that sanctioning oil exports from Iran will adversely affect Europe. The opinion of Commerzbank analyst Eugen Weinberg on the issue is also cited.

The article reports on the plan of Russian Prime Minister Vladimir Putin to work closely with the Organization of the Petroleum Exporting Countries (OPEC). According to Putin, Russia will coordinate its work with OPEC even though the organization is sometimes irritated by the country's capacity to influence international crude oil prices. The purpose of the extensive cooperation proposed by Russian Vice-Premier Igor Sechin between OPEC and Russia is also discussed.

The article looks at the possible increase in oil price to 175 U.S. dollars per barrel (bbl) with an Israeli attack on Iran. According to Rapidan Group head Robert McNally, officials in Jerusalem and Washington are concerned with Israeli leaders who are in favor of unilateral military action for slowing down the nuclear weapon project of Iran. It also notes Rapidan Group market participants who said that a short disruption could increase oil price by 11 dollars/bbl.

The article focuses on the agreement of Libyan National Oil Corp. with Wintershall Holding GMBH, Total SA and Eni SPA E&P to resume operations and increase oil output in war-torn Libya. Prior to production stoppage due to Libya's civil war, Wintershall was producing 100,000 barrels per day (b/d) from 8 fields which is back at 20,000 b/d after the war. Eni expects 90% to 95% of its equity oil production restored by the end of June 2012. Arabian Gulf Oil Co. expects 425,000 b/d by early 2012.

The article reports that Arabian Gulf Oil Co. (Agoco), a Libyan state-owned enterprise, will resume operations at its two refineries. The resumption of operations coincides with the start-up production at the Sariri and Mesla oil fields. The combined capacity of the two refineries is 30,000 barrels per day. Meanwhile, National Oil Corp. (NOC) chairman Nuri Berruien announced that the oil production in Libya will return to its prewar levels late 2012.

Th article reports that U.S. President Barack Obama has signed an executive order (EO) that imposes additional sanctions against the Syrian government. The Obama Administration also freezes Syria's assets in the U.S. and banned the country's importation of petroleum or petroleum products from Syria. Syrian entities that are covered by the EO include the state-owned General Petroleum Corp., Syrian Petroleum Co. and Syrian Gas Co.

The article reports on the decision of Abdullah El-Badri, secretary general of the Organization of the Petroleum Exporting Countries OPEC) to ask the International Energy Agency to reverse its earlier decision to release 60 million barrels (bbl) of oil over 30 days. He stated that he is hoping that the practice will be stopped immediately. He mentioned that the agency did not give OPEC a chance to increase its output before deciding to draw from the strategic reserves of its members.

The article reports on the goal of the forces who opposed to the rule of Libya's leader Moammar Gadhafi to restart oil production from the North African nation to increase revenues. Rebel Oil and Finance Minister Ali Tarhouni said the National Transitional Council (NTC) hoped to resume oil production of about 100,000 barrels/day (b/d). The article also cites a statement by Libya's defecting labor Minister Ali Al-Amin Manfur that Gadhafi's regime is selling oil on the black market to raise cash.

The article elaborates on Yemeni Oil Minister Amir Salim al-Aydarus' national television address in May 2011, about the country's imminent economic collapse due to social unrest and repeated bomb attacks on oil pipelines particularly in Wadi Ubaida in Marib Province. Al-Aydarus also expressed concern on the departure of foreign oil companies because of the prolonged political deadlock between President Ali Abdullah Saleh's regime and the opposition.

The article discusses the protest aired by Libya's National Oil Corp. (NOC) against Qatar's efforts to sell oil to Libyan rebels. It mentions that NOC Chairman Shokri Ghanem has sent a letter to the Organization of Petroleum Exporting Countries (OPEC) about the incident. The author reports that Qatar's state news agency has pointed to Qatar's ruler Emir Sheikh Hamad bin Khalifa al-Thani as having issued the directive for sale of oil to the Libyan opposition.

The article discusses the loss of nuclear power generation supply due to the damage from earthquake and tsunami that hit Japan on March 11, 2011 which has led suppliers to recognize Japan's need for alternative sources of energy. The Sakhalin-3 project of Russia, Qatargas, and Indonesia are among those ready to support Japan with its liquefied natural gas (LNG), coal, and fossil fuel oil supply. A tightening of the LNG market and a rise in coal prices are described to be a possibility.

The article discusses reports of bombing Libya's oil facilities in March 2011 as the country's leader Moammar Gadhafi accuses the rebels of paving the way for a new colonial era that is deemed to allow the U.S., Great Britain and France to control its oil wealth. Loyal Gadhafi forces allegedly struck an oil pipeline and storage facility as they fired artillery at rebel forces. It is believed that oil facility damage is imminent and that Libya has already been discounted from the global markets.

The article focuses on the two production-sharing agreements signed between Uganda's government and Anglo-Irish firm Tullow Oil PLC. It says that the agreement will enable Tullow Oil to complete a farmout deal with French oil firm Total SA and China National Offshore Oil Co. (CNOOC). It adds that the licenses involving the EA-1 and Kanywataba prospects at the Lake Albert Rift Basin require Tullow to partly divest its Ugandan assets to CNOOC and Total SA.

The article discusses Canada and Alberta's commitment to set up the most effective way of monitoring the environmental impact of oil sands. This came after the U.S. postponed legislation that will develop the Keystone XL crude oil pipeline project, one that would take oil from Alberta to the Texas Gulf Coast. It details what the two governments will set up in terms of an integrated data management system that will allow open access to credible sources of environmental information on oil sands.

The article reveals a plan by the government of South Sudan to build a refinery and pipeline in a bid to transport newly discovered crude oil to an export terminal in Kenya. Information Minister Barnaba Benjamin explains there is a need for alternative route for exporting the oil due to stalled talks with Sudan. He adds that the pipeline and refinery would be constructed by international oil firms operating in South Sudan.

The article focuses on a report from the International Monetary Fund (IMF) which predicts a rise in global oil price if Iran stops oil exports due to sanctions by the U.S. and the European Union. An initial price rise of 20-30% or 20-30 U.S. dollars per barrel is projected by the IMF. It adds that a below-average oil stocks in several countries would exacerbate the price impact caused by an end to Iranian oil exports.

The article reports on the decision of the secretary-general of the trade industry ministry to close its petroleum refinery in Djarmaya, Chad, following a dispute over price of oil with supplier China National Petroleum Corp. International (CNPCI). According to Marne Beukes, analyst at IHS Global, the refinery operated at a loss of 47-million U.S. dollar in August because of the discrepancy in retail price. A government-CNPCI agreement was signed on August 24 covering loans and exports.

The article focuses on the statement issued by Syrian Oil Minister Sufian Alao, that sanctions imposed by Western governments on the petroleum exports in the country have resulted to 2-billion U.S. dollar in lost revenues since September 2011. Alao confirms that the sanctions affected state-owned firms General Petroleum Corp., Syrian Co. for Oil Transport, Syrian gas Co., Syrian Petroleum Co. and Sytrol. Great Britain Prime Minister David Cameron also called for harsher sanctions on Syria.

The article focuses on a report released by analyst IHS CERA, which compares the environmental regulatory system for oil sands in Canada to mining and oil operations in South Australia and Alaska. According to Jackie Forest, director of IHS CERA, the report offers a case study on and discussions about the development of Canadian oil sands. Key similarities and differences in regulations in Canada, South Australia and Alaska, including project management, processes and finances, are outlined.

The article reports on the support pledged by the Japanese government to the sanctions imposed against Iranian oil and banking industries. Japan's Finance Minister Jun Azumi said that his country will launch initiatives to reduce its oil dependency on Iran. Meanwhile, a European Union (EU) diplomat said that allowing Europeans to continue accepting oil for debt repayments will reduce the crude supply of Tehran, Iran.

The article reports that PetroChina will acquire the MacKay River project of Athabasca Oil Sands Corp. (AOSC) for 2.5 billion Canadian dollars. According to AOSC, it exercised its options to sell its interest in the project to China's state-owned company which also bought a 60 percent share in 2009. The production is scheduled to start in 2014 with an initial capacity of 35,000 barrels per day (b/d).

The article discusses a Centre for Global Energy Studies (CGES) report which showed that the 2011 oil production of Russia reached a record high for the post-Soviet period. According to CGES, the average oil production of Russia was 10.28 million barrels per day (b/d) in 2011, over 1.2 percent in 2010. Data from the Russian Ministry of Energy showed that Russia's December 2011 output reached 43.65 million tonnes.

The article discusses an independent review of the British offshore oil and gas safety and environmental protection regime commissioned by government ministers. The review recognized the strengths of the regime in assessing environmental impacts, identifying hazards, assessing the risks and following best practice to manage them. It also offers ways to improve the regime.

The article reports on the decision of Royal Dutch Shell PLC to exit Syria as of December 2011 as the European Union (EU) imposed tighter sanctions against the administration of embattled Syrian president Bashar Al-Assad. It presents the call by United Nations High Commissioner for Human Rights Navi Pillay for increased international action to protect the country's civilian population. The EU sanctions were supported by U.S. president Barack Obama.

The article reports on the decision by the ministers of the Organization of Petroleum Exporting Countries (OPEC) on December 14, 2011 to sustain the current oil output level at 30 million barrels per day (b/d). It presents the report by the International Energy Agency, which showed that the OPEC churned out 30.68 million b/d in November 2011 due to overproduction by Saudi Arabia and Kuwait. The opinion of Venezuelan oil minister Rafael Ramirez on the developments is also cited.

The article reports on a forecast by the Petroleum Services Association of Canada (PSAC) that 15,100 wells will be drilled in Canada in 2012. Provinces that will see the most number of well drillings are Saskatchewan, Alberta and British Columbia. PSAC also noted that oil prices will be enough to fund oil drilling while gas prices will remain low.

The article reports on the decision of Turkey to end its joint oil exploration in Syria due to attacks on Turkish diplomatic missions in Damascus and other Syrian cities. The decision was confirmed by Turkish Energy Minister Taner Yildiz, who also stated that his country is reconsidering its exports of electric power to Syria. Syrian President Bashar al-Assad was also criticized by Turkish Prime Minister Recep Tayyip Erdogan over its handling of the Syrian revolution.

The article focuses on proposed new rules of European Union (EU) officials for a unified offshore drilling policy for safer offshore activities. It mentions several key requirements in the proposed legislation including having EU licensing authorities, independent verifiers and obligatory emergency plans of drilling companies. It also notes inspection of safety installations, emergency response, transparency, liability and work with international partners on global safety standards.

The article focuses on the opening of the 1,200-kilometer (km) Nord Stream natural gas pipe line by German Chancellor Angela Merkel and Russian president Dmitry Medvedev. The Nord Stream gas pipe line, it says, will be supplying 27.5 billion cubic meters (cu m) per year of Siberian gas to the European Union (EU) on the initial stage. It also notes the dispute of Ukraine with Russia on gas prices and the analysis that Gazprom will be the main beneficiary of the Nord Stream pipe line.

The article focuses on Syrian Oil Minister Sufian Allaw who said that the imposed U.S. and European Union (EU) sanctions led to the reduction in Syrian oil production from 380,000 barrels per day (b/d) to 270,000 b/d. It mentions that 28% of annual Syrian revenue is from sales of their oil output, 95% of which is bought by Europe. It also notes the delegation sent by Syria to companies in Indonesia, India and Malaysia for the marketing of their oil products.

The article reports on the threat of Statoil of Norway to sell its North Sea natural gas to other markets if Chris Huhne, Great Britain's Energy Secretary, push through his efforts to expand the use of renewable energy in the country. Huhne is also aiming to curb the growth of fossil fuel power plants. Statoil vice-president, natural gas, Rune Bjornson comments on Great Britain as a challenging market when it comes to determining the future energy policy.

The article discusses the 2011 report "Russia Comes of Age," which predicts that changes in taxation policies of Russia will have a positive effect on the upstream development of the country to enable a high level of exports in the future. The ESAI Energy LLC report claims that tax policies will benefit the refining sector and eliminate competing objectives that hinder the role of Russia as global crude supplier. It attributes the sustainable role of Russia to its oil export restructuring.

The article presents a forecast from Mexico's state-owned Petroleos Mexicanos (Pemex) that its crude oil output will increase to over 2.6 million barrels per day (b/d) by the end of 2011 and by three million b/d by 2016-17. According to Pemex Chief Executive Officer (CEO) Juan Jose Suarez Coppel, these output targets indicate that the production shortfall that started in 2005 has finally stopped. He points out a need for Pemex to invest in improved recovery technologies in mature fields.

The article reports on the continued decline in drilling activity in the British North Sea in spite of a buoyant oil price. According to Graham Sadler of Deloitte's petroleum services group, there are high levels of drilling activity in other parts of Europe. He points out that business confidence in Great Britain has been affected by changes made to its fiscal regime in early 2011. He also notes the potential impact of the tax hike on smaller exploration firms.

The article reports that Norway's Statoil has raised its estimate for the newly discovered Aldous Major South field in the North Sea. Tim Dodson of Statoil describes Aldous-Avaldsnes as one of the largest discoveries ever on the Norwegian continental shelf. He also points out the possibility of a 70-75% recovery rate because of the high quality of the reservoir. He says the Aldous-Avaldsnes discovery features a variety of reservoir thickness and oil column height.

The article reports on the agreement reached among TNK-BP stakeholders Alfa, Access, Renova (AAR) and BP PLC for the establishment of a new management committee that will run the firm on a daily basis. According to BP, the new committee will include four executive directors, as well as a chief executive officer and a chief financial officer. Meanwhile, there is a plan by BP to abolish the deputy CEO post following the resignation of Maxim Barsky on November 1, 2011.

The article reports on the resumption of crude oil production in Libya by Total SA and Eni SPA in October 2011. Output was also restarted by state-owned Sirte Oil from its eastern gas fields, according to a company spokesman. Eni's production is predicted to reach 140,000 barrels per day (b/d), but the absence of foreign oil contractors is negatively affecting the recovery of the Libyan oil and gas industry, according to Mellitah Oil & Gas Chairman Najmi Karim.

The article reports that Turkish Prime Minister Recep Tayyip Erdogan and Turkish Republic of Northern Cyprus (TRNC) President Dervis Eroglu have signed an agreement for oil and natural gas offshore exploration in the eastern Mediterranean. Eroglu explains that the agreement is a precautionary measure to make the Greek-speaking Republic of Cyprus desist. The agreement allows Turkey to explore energy resources in the southern coast of the island.

This article reports on the plan of Vallares to acquire Iraqi oil producer Genel Energy International in 2011. Vallares founders Tony Hayward, Nathaniel Rothschild and Julian Metherell raised 2.2 billion U.S. dollars from investors to finance the acquisition. Hayward will be the firm's chief executive officer (CEO) while Metherell will serve as chief financial officer (CFO).

This article reports on the plan of Noble Energy Inc. to begin the drilling of the offshore Cyprus Block 12 gas field in 2011. The company aims to assess the extent of natural gas resources in the field. Cypriot Energy Service director Solon Kassinis noted possible joint ventures with Israel for the production of gas from the field.

The article reports that the Council of the European Union has banned imports of Syrian crude oil as part of the existing sanctions against President Bashar al-Assad and his regime for repression of protesters in Syria.

The article reports on the potential increase in crude oil production to prewar levels from 2011 to 2012. According to National Oil Corp. chairman Nouri Berouin, the country needs to secure its oil fields by clearing nearby minefields. He adds that the gas and oil industry in the country requires logistical support to increase their output in the mentioned time frame.

The article reports that Saudi Aramco will start sending shipments of oil stored in Okinawa, Japan to the U.S. West Coast. Saudi Aramco has increased its official light crude prices in the U.S. starting the September 2011 shipments as it raised also the prices of Arab Super Light and Arab Extra Light in the Asian market. The company sold its first crude from the Okinawa storage tanks to GS Caltex.

The article reports on the announcement by energy company Statoil Petroleum AS that communication has been established between the Aldous and Avaldsnes oil discoveries in the North Sea. The find is noted to represent a single oil structure with potentially 0.5-1.2 billion barrels of recovery oil equivalent. The company states that the discovery will be one of the 10 largest oil finds ever on the Norwegian continental shelf. The timeliness of the link is also highlighted.

This article reports on a study on the competition between Iraq and Saudi Arabia on becoming the biggest oil producer. Released by the Baker Institute for Public Policy at Rice University, the study recognized the potential of Iraq to vie for leadership with Saudi Arabia in the world oil industry. However, the study pointed out the difficulty facing the two countries in meeting increasing demand for oil.

The article reports on the possible decline in oil exports of Saudi Arabia over the long term as the Middle Eastern country's own domestic demand is expected to consume more of its production. A report by "Jadwa Investment" noted that the country's domestic consumption of energy is likely to rise rapidly. The report added that the pace of consumption growth has increased from an annual average of 4.8 percent between 2000-2004 to 5.9 percent between 2005-2009.

The article reports on the joint venture between Nilepet, South Sudan's state-owned enterprise, and Glencore International PLC to market the oil produced by the Republic of South Sudan under the company, PetroNile. Information Minister Barnaba Marial Benjamin describes the benefits of the joint venture to the country. Sudan markets 375,000 barrels daily of oil produced by China National Petroleum Corp., Petronas and Oil & Natural Gas Corp.