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Turkey And Azerbaijan Sign MOU For TANAP Pipeline
...atolian Pipeline (TANAP). The latter could carry at least 16 bcm/year of natural gas from Azerbaijan’s Shah Deniz Stage 2 development. The MOU follows intergovernmental agreements between Turkey and Azerbaijan signed in October 2010 (MEES, 31 October 2011). TANAP is being considered as an alternative to th...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Plans No New Gas Exports, Domestic Prices To Go Up, Says Petroleum Minister
...crease, following the conclusion of a new agreement between Egypt and Jordan, signed on 21 December (MEES, 26 December 2011). Egyptian officials reported last year that a new price of around $5/mn BTU had been agreed with Jordan (MEES, 26 December 2011)....
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
IMF Said To Set Conditions For Loan Negotiations With Egypt
...d the country’s foreign exchange reserves have plunged from some $36bn at the end of 2010 to about $20bn in November 2011. Egyptian Prime Minister Kamal al-Janzuri complained last month that Egypt had not received the aid pledged by donor countries since the revolution, and warned of a grave ec...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Egypt Signs For Loans/Grants Worth $533Mn
...e fund agreed to provide to Egypt for budgetary support. The agreement for the first tranche of $200mn was signed in November 2011 (MEES, 28 November 2011). Egyptian Minister of Planning and International Cooperation Fayiza Abu al-Naja said that the AMF loan will be used to finance structural re...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tehran Defiant As EU Agrees ‘In Principle’ To Iranian Oil Embargo
...l imports. Of this, Italy bought on average 249,000 b/d of Iranian crude in 2011, while Greece imported some 35% of its oil from there. In Washington, reports of the move were welcomed by the Obama Administration, with US State Department spokesman Victoria Nuland saying the decision was “very go...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Baghdad Postpones Fourth Bidding Round
...ntroversial one, introducing a number of unusual contractual clauses such as a right to postpone development of any oil discoveries for seven years and a proposed Infrastructure Fund for regional development (MEES, 19 September 2011). At a second road show for the bidding round held in 'Amman, Jordan, mi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Jordan Discusses Prospects Of Importing Qatari LNG
...rdan was relying on Egyptian gas to generate about 80% of the kingdom’s electricity. But with the interruption of gas supplies since February 2011, Jordan was forced to rely on imported diesel and heavy fuel oil to generate its electricity, which is more expensive than Egyptian gas. The national energy bi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Terminal Restarts Pave Way For Fresh Libya Output Surge
...r November and December. The figures essentially back up MEES estimates of overall Libyan crude production for December, but there are some noteworthy discrepancies (MEES, 26 December 2011). While MEES (largely on the basis of information given by operators in late November) estimated Bouri 23 De...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
IMF Says Oman’s Economy Grew By 5.5% In 2011
...OMAN IMF Says Oman’s Economy Grew By 5.5% In 2011 Oman’s Real GDP growth was projected to reach 5.5% in 2011, with 6.4% growth in the non-hydrocarbon sector, and average CPI inflation projected at 4.1%, according to the IMF in the latest Article IV consultation with Oman, released on 19...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Qatari Economic Growth To Slow In 2012, IMF Warns
...s recorded considerably high growth rates over the last 10 years – grew by some 17% in 2010 before accelerating to around 19% in 2011. Of this, real hydrocarbon GDP growth is forecast to slow down to less than 3% in 2012 due to Qatar’s self-imposed moratorium on the development of new North Fi...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
EBRD Accepts Jordan And Tunisia As Members
...mbership of the EBRD in 2011, saying that they believed its support would play an important role in helping them to implement their economic and political reform programs. The countries join Egypt and Morocco as EBRD shareholders in the southern and eastern Mediterranean (SEMED) region. Egypt and Morocco we...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Khartoum To Impose Fees On Oil Flowing From South Sudan
...is is our right.” Since the South’s secession from the North on 9 July last year, the two nations have been locked in a dispute over the sharing of oil revenues (MEES, 11 July 2011). And while South Sudan provided around 75% of Sudan’s pre-independence 470,000 b/d output, it is still highly de...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Attack On Gas Pipeline Disrupts Power Supply In Syria
...ria, the last being on 27 December 2011 on a gasline linking 'Abd Kafar and Rastan, close to the city of Homs which has seen some of the more violent protests since the eruption of the Syrian uprising in March. The Syrian government announced at the end of December an increase in the price of ga...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Dubai Halves Budget Deficit In 2012
...Bn) 2012 2011 % Change 2010 2009 2008 Revenue 30.43 29.9 +1.8 29...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
DEWA IPP Bidders See Good Support From Regional Banks
...ke the two banks up on their offer (MEES, 10 October 2011). First Of A Possible Six Projects As Dubai’s first IPP and its first public-private partnership (PPP), Hassyan 1 was expected to attract considerable interest. Developers are looking to get a foothold in what is expected to be an on...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Gazprom Considers Role Of Gas Sales Intermediaries
...tween Moscow and Sofia over the South Stream gas pipeline project. However, in November Russia’s Prime Minister Vladimir Putin agreed during a visit to Sofia to phase out all intermediaries during 2011-12, with a view to establishing from 2013 direct sales contracts between Gazpromexport and Bulgargaz....
Volume: 54Issue: 01/02Published at Mon, 10 Jan 2011 -
Cyprus Agrees Details Of $6Bn LNG Supply Deal With Shell
...ich happens to lie some 60km away from Israel’s latest gas discovery – the 16 tcf Leviathan field. Noble Energy is obliged to drill a well in Block 12 between October 2011 and October 2013 (MEES, 13 December 2010)....
Volume: 54Issue: 01/02Published at Mon, 10 Jan 2011 -
Dana Gas Egyptian Production Averaged 42,000 BOED During 2010
...d-2012. Dana will conduct a 14 well exploration program during 2011. It added that crude oil production at the Komombo concession, which it shares 50:50 with Sea Dragon Energy, averaged 620 b/d and is now producing 800 b/d....
Volume: 54Issue: 01/02Published at Mon, 10 Jan 2011 -
POGC Plans Euro And Rial Bond Issues To Finance South Pars Work
...uth Pars gas field in the next Iranian year (21 March 2011 – 20 March 2012) is expected to exceed $12bn. Dr Vakili said that the company plans to issue, in the Iranian month of Bahman (January 21 – 20 February), in cooperation with the National Iranian Oil Company (NIOC) and the Central Bank of Ir...
Volume: 54Issue: 01/02Published at Mon, 10 Jan 2011 -
Noble Energy Makes Major Gas Discovery Offshore Israel With Leviathan Well
...cosia, the US firm is obliged to drill an exploration well in Block 12 between October 2011 and October 2013 (MEES, 13 December 2010), and Delek holds an option to acquire 30% of Block 12. In December Israel and Cyprus signed an agreement for the delimitation of their respective EEZs (MEES, 27 De...
Volume: 54Issue: 01/02Published at Mon, 10 Jan 2011