As the 12th year of the 21st century draws to a close, Oil & Gas IQ takes a retrospective look at the big

issues that have shaped the industry we work in 2012

Libya holds the largest proven oil reserves in Africa and fifth largest in the world with some 77 billion barrels.6 million barrels a day equalled 2 per cent of worldwide production and with 70 per cent of Libya's crude oil exported. Learn More: Political Volatility: A Risky Business For Contracts www. Pre-war pump rates of 1. Production has only just reached pre-conflict levels and unencumbered progress may allow daily production of up to 2 million barrels by 2015.Oil&GasIQ. eight months of conflict was a significant stumbling block for the North African nation’s export partners. most notably with the assassination of US Ambassador Chris Stevens in Benghazi. in 2012 sporadic and extreme violence has flared up on several occasions.Although the official end to hostilities is cited as 23rd October 2011.com .

In March 2012. According to Total. In monetary terms. or about 9% of the UK’s natural gas production. this unplanned shutdown equated to a $1.000 barrels of oil equivalent per day.Oil&GasIQ. Total UK shut down oil and gas production at its Elgin/Franklin platform in the North Sea due to a sour gas leak.5 million loss for Total every 24 hours. the Elgin/Franklin field was outputting up to 280. With the spectre of Macondo looming large. all 238 personnel on the platform were evacuated with Shell’s neighbouring Shearwater platform and Noble Hans Deul drilling rig also down-manned as a precautionary measure.com . Learn More: Elgin Gas Leak – Oil & Gas IQ Talks to BBC News www.

costing the country an estimated $100 million per day in lost revenue. In November this year. Iran has is the fourth largest worldwide producer of both crude oil and natural gas and is the major hydrocarbon export partner for both India and China. top OPEC producer Saudi Arabia ramped up its per diem oil output past the 10 million bpd mark. Learn More: Iran Embargo Slips Under The Radar Flying A False Flag www. the European Union imposed a blanket ban on Iranian imports from July 1st 2012. International Energy Agency figures showed that oil exports from the Islamic Republic had plunged by 43% from 2011 levels.Oil&GasIQ.In a move calculated to bring Iran back to the negotiating table over its nuclear programme.com . To fill the daily deficit of one million barrels of Iranian crude in the world market.

damage to pipeline facilities in the Niger River Delta prompted Shell. Shell Petroleum Development Company of Nigeria declared force majeure on Forcados and Bonny Light crude for the month of July.Oil&GasIQ. had made the situation untenable for the Dutch supermajor. Multiple fires and thefts of hydrocarbon on the Trans Niger pipeline. to declare force majeure on the delivery of liquefied natural gas (LNG) to Nigeria LNG Ltd.com . In October. Nigeria is the world’s 14th largest oil producing nation and the largest producer on the African continent. operator of the largest liquefied natural gas plant in Africa. Total and Eni SpA.After an upsurge in violence and third party interference in the Niger Delta. Royal Dutch Shell’s Nigerian joint venture. Learn More: Six Clauses Every Oil & Gas Professional Should Know www.

3 billion people is an intensifying headache for the Middle Kingdom. 60 per cent of which is imported from the increasingly unstable MENA region. with total oil consumption in 2013 expected to top 10 million barrels per day. and Sinopec’s $1.Energy provision for 1. the Communist Party of China’s Twelfth Five-Year Guideline (2011-2015) committed the nation to securing energy resources “wherever and whenever they become available”: this was bourn out to dramatic effect in M&A in 2012. To address burgeoning energy demands.5 billion pact to buy a 49% stake in Talisman Energy’s North Sea business firmly planted the red flag into Western territory.1 billion deal to acquire Canadian independent Nexen. CNOOC’s $15.com . Learn More: China’s Energy Future: LNG www.Oil&GasIQ. Expect 2013 to bring more of the same as the Chinese dragon sharpens its claws.

The onslaught started with the Flame virus in April . rigs and the hub for nearly all the country's crude exports.Defeating The Cyber Onslaught www.S. Defence Secretary. the Shamoon virus that ravaged 30.com .a computer bug that cut off internet links to Iran's Oil Ministry. Leon Panetta. 2012 may have been a wakeup call not only for the oil and gas sector. but for world business as a whole. Learn More: Information Sharing .2012 saw the oil industry besieged by a melee of cyber-attacks.Oil&GasIQ. In an age where “the next 9-11” is touted to happen in cyberspace. malware and hactivism like never before. Later on. as the most destructive to have ever hit the business sector.000 workstations at Saudi Aramco in August was referred to by U.

To compound BP’s misery. the following month the US Environmental Protection Agency imposed a temporary ban on BP from acquiring new federal government contracts due to its “lack of business integrity” in the aftermath of the Macondo incident. with US courts slapping a $4.Never Say Never Again www.Oil&GasIQ. In business terms.com . Will BP’s treatment be an example of the shape of things to come when it all goes wrong offshore? Learn More: Macondo .5 billion criminal fine on the supermajor in October – the largest in US history.2010 was a terrible year for BP with the tragic explosion at the Deepwater Horizon rig and the blowout and oil spill at the Macondo 252 well in the Gulf of Mexico. 2012 has turned out to be even worse for the British energy giant.

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