Middle East Economic Survey


No 11



Economic Downturn Prompts Verenex To Reduce Its Drilling Program In 2009

Verenex Energy plans to reduce the pace of its exploration program in Libya this year because of the current business environment, and has revised its budget for 2009 down by 40% to $93mn. The Canadian company, which operates the prolific Area 47 in the Ghadames Basin and agreed late last month to a takeover bid by Chinas CNPC International pending Libyan approval...