120
39
th
Annual Report
how the impact of Force Majeure will be mitigated in BP’s existing
contract terms
i
.
Some reports imply that the partially affected infrastructures could
form an opportunity for international oil companies to participate
in the reconstruction of damaged facilities, a step that would boost
Libya
’
s position as an important supplier of light crude
ii
.
On the other hand, Syrian Arab Republic was severely affected by
the international sanctions on Syrian oil sector, which have cost the
country about $3 billion in losses until May 2012. Syrian output was
cut by more than 35 million barrels since the sanctions were imposed
on the country in April 2011. Oil production before the sanctions
averaged 350 thousand barrels per day, of which 150 thousand barrels
per day were exported. Many companies have suspended its operations
in Syria, like Shell, Total, INA and Petro Canada
iii
.
In general, regional and international exploration and
production activities were at reasonable levels driven by both
confidence in oil markets (supply and demand), and by the importance
of pumping more investments to maintain the stability of the markets.
This actually corresponds to the result of a survey run by EIU
iv
and
GLNoble Delton in early 2012 about the expected investment trends,
nearly 200 leaders and policy makers were surveyed, they forecasted
higher levels of capital expenditure with clear focus on exploration
sector.
In this regard, Bahraini Energy Minister said “although being one
of the small countries in the Middle East, Bahrain will attract about
i
Oil Voice, 31/5/2012
ii
Libya Oil and Gas Report, Business Monitor International, Q4, 2012.
iii
Syrian Oil and Gas, 13/5/2012.
iv
Economist Intelligence Unit.
