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Baghdad Shrugs Off Political Turmoil To Proclaim Imminent Output Surge
...05 to 2.358mn b/d in 2010 and 2.653mn b/d in 2011, Mr Laibi’s presentation showed. MEES estimates (the ministry does not appear to account for KRG production consumed within the region or smuggled oil) are actually higher at 2.441mn b/d and 2.754mn b/d for 2010 and 2011 respectively. Crude revenues ha...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
EU Considers Iran Petchems And Gold Bans To Offset Oil Embargo Delay
...er the course of 2011 by buying heavy sour Middle East grades, much of it Iranian. If they push that back out, it will be replaced by Saudi, Iraqi, Kuwaiti and some Qatari output.” But this may cost Korean refiners money, according to Korean media. Iranian crude imports last year amounted to 82...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Egypt Negotiates IMF Lifeline As Economy Deteriorates
...urces. Egyptian Minister of Planning and International Cooperation Fayza Abu al-Naja said that finalizing the loan with the IMF had become a priority with the rise of the balance of payments deficit to $16bn from about $6bn in July 2011, when the terms of the loan were rejected, and the bulging budget de...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Abu Dhabi Continues Uncertainty Over 1.4Mn B/D Concession
...ld its ADCO partners that it expected the Supreme Petroleum Council (SPC) to make a decision in 2011 on extending the concession – first saying it would be made in the summer and then by the year end. The uncertainty has dampened the consortium’s enthusiasm for investing in fields that it may soon no lo...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Israel And Cyprus Face Decisions As Gas Reserves Expand
...jections and the subsequent presence of its warships. Closer Ties Since January 2011 when Israel’s Delek Group proposed to the Cypriot government joint cooperation for the creation of a LNG plant on the island’s southern coast (only weeks after the announcement of the Leviathan discovery and the si...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Cyprus Government Sees Delek LNG Proposal As Positive Development
...fshore territories, providing each with a legal boundary in which to conduct offshore exploration (MEES, 27 December 2010). The first phase of Noble Energy’s license for Block 12 is due to expire in October 2011 under the terms of its production sharing contract with Cyprus. Before then it must pr...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Question Marks Surround KRG Oil Export Breakthrough Claim
...e meeting, it was also agreed that oil export from the Kurdistan region will resume by February 2011 and that the Kurdistan region will have its share from crude oil to supply the needs of the local refineries and plants,” it added. According to federal oil ministry spokesman Asim Jihad, Ba...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Oman’s 2011 Budget Targets Social Development And Growth
...Middle East Economic Survey VOL. LIV No 4 24-Jan-2011 OMAN Oman’s 2011 Budget Targets Social Development And Growth Oman’s record budget for 2011 will continue the gearing of public expenditure towards social spending on health, education, housing and infrastructure, as well as...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Badri Hits Back After IEA Labels Oil Prices ‘Alarming’
...global demand for the coming year at 89.1mn b/d of crude, some 1.8mn b/d more than the latest OPEC projection of 87.3mn b/d as published in its latest Monthly Oil Market Report (MOMR) released on 17 January. The MOMR estimates global appetite for OPEC crude in 2011 at 29.4mn b/d, again some 50...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
OAPEC Refining Capacity Boosted By 455,000 B/D In 2009
...e first half of 2011 is expected to be a watershed period for the Saudi refining and petrochemical sector (MEES, 3/10 January, 16 August 2010). Last year a $2.6bn debt package was signed for the Musturud refinery, becoming the largest project financing not only in Egypt, but in Africa. Its su...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Saudi Aramco Takes Central Role Downstream
...oject, which will cost around $25bn and comprise 34-35 units (and being advised by RBS and Riyad Bank) could seek funding at the end of 2010, but some see 2011 as more likely. It is unclear at this stage how the financing for PETRORabigh II, which is expected to cost around $10bn, will be slotted in...
Volume: 53Issue: 04Published at Mon, 25 Jan 2010 -
Saudi Arabia Further Revises Project Schedule
...nifa project has been more substantially delayed, with contractors asked to go away and come back with better offers. A 2011 start-up for this is now out of the question. Similarily Saudi Aramco has held up the award of some of the construction contracts for the 1.5bn cfd Karan offshore gas development in...
Volume: 52Issue: 04Published at Mon, 26 Jan 2009 -
Construction Of Citadel’s Egypt Refinery Delayed By Financial Crisis
...ecifications. Previously, this residue had been sold as heavy fuel oil for use in Egypt’s power stations, but these have been converted to gas. With capacity to produce 2.2mn tons/year of diesel and 700,000 t/y of other products, the refinery was originally expected to start up in 2011 (MEES, 29 October 20...
Volume: 52Issue: 04Published at Mon, 26 Jan 2009 -
Oman Faces Further Crude Oil Production Woes
...op crude production slippage turning into a rout. Shell-led Petroleum Development Oman (PDO) has dropped its target announced last year to raise crude production to 600,000 b/d by 2011. Oman’s Oil Ministry, while not happy, has accepted the downgrade, MEES learns. PDO will announce at its an...
Volume: 51Issue: 04Published at Mon, 28 Jan 2008 -
Saudi Aramco Prioritizes Karan Gas Field Development, Output Hikes Planned
...t be forging ahead with its first major non-associated offshore gas project. Karan is also, by some distance, Aramco’s largest non-associated gas project. The company is working hard to avoidan anticipated shortfall of gas in 2011-12, which will be especially evident in the summer months when po...
Volume: 51Issue: 04Published at Mon, 28 Jan 2008 -
Middle East Oil Production Held Back In 2007, North African And Caspian Output Increased
...adline for bids for the main construction packages on Saudi Aramco’s 900,000 b/d Manifa heavy oil increment, due on-stream in 2011. These are not now expected to be in until June. And the 500,000 b/d Khursaniyah project, the kingdom’s only scheduled 2007 crude increment, missed its year-end start-up ta...
Volume: 51Issue: 04Published at Mon, 28 Jan 2008 -
Impact Of Caspian Shelf Crude Production On World A Decade Away
...heduled to begin in late 2006 and Phase 1 development is to reach a level of 8.4bcm/y by 2011. Subsequent development will increase production to 16bcm/y. Gas will be exported and delivered to Turkey and Georgia via the South Caucasus Pipeline (SCP) beginning late 2006. Later gas deliveries will ex...
Volume: 49Issue: 04Published at Mon, 23 Jan 2006