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Global Energy Advisory – 11th September 2015

Politics, Geopolitics & Conflict

• The Islamic State is has reportedly captured the last remaining oil field that was under the control of the Syrian regime. The oil field in question is Jazal, in the Homs province, which was the flashpoint of intense clashes between IS forces and regime forces over the past weekend. Since then, reports are unclear and the battle continues, with the regime denying it has lost control but also contradicting this information with statements that parts have been ‘retaken.’ The field is located northwest of Palmyra, and is close to Syria's natural gas fields and energy facilities. IS has been closing in on this field since May, when it captured Palmyra. In June, the regime had secured the oil field’s perimeter, but it was only a matter of time before IS broke this down. The oil industry had been key to the Syrian economy, with an output of about 380,000 barrels of oil per day (bopd), until fighting began three years ago. The Jazal field produced 2,500 bopd until fighting began three years ago. As of 2008, Croatian INA was producing in this field.

• Nigeria is gearing up to deploy armed forces to guard oil and fuel pipelines to curb oil theft. The country loses an estimated $6 billion in revenue annually due to theft. According to government figures, crude oil left last year amounted to more than 250,000 barrels per day on average—or one-fifth of Nigeria’s total production. Guarding the pipelines…

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