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BP Exits Algeria’s Rhourde El-Baguel
...r Algerian business.” As part of the ongoing exploration program at Bourarhat, BP has been pursuing unconventional gas through a program of hydraulic fracturing (MEES, 28 February). BP’s gas production in Algeria, after royalties and other payments, eased to 1.18bn cu ms for 2011, from 1.3 bc...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Block 12 Gas Reserves Estimated At 5.1 TCF By Netherland Sewell
...ock 12 contained two reservoirs with proven reserves of 1.7 tcf and 3.4 tcf respectively, based on the results from the Cyprus A-1 well. Noble holds a 70% working interest in Block 12, which subsidiaries of Israel’s Delek Group, Delek Drilling and Avner Oil & Gas each hold 15% (MEES, 12 December 2011...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Kuwait Energy Reports Fourth Find On Western Desert Concession
...% of Kuwait Energy’s current 15,000 boe/d production (of which 10,000 b/d is in Egypt). Beach produced a mere 6,600 boe/d in 2011 and Dover, something of a silent partner on the block, has no current production. Drilling of the last two wells of the six-well campaign is underway, initial results are cu...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Edison Hit By Egyptian Debts, Struggling To Fund Spending
...EGYPT Edison Hit By Egyptian Debts, Struggling To Fund Spending Italy’s Edison is the latest company to announce that overdue Egyptian payments have hit its bottom line. The company’s working capital fell by €494mn in 2011 with the chief culprit “overdue receivables” relating to its Eg...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
CBE Reports Slower Erosion Of Reserves In February
...the end of February from $16.3bn at the end of January, the CBE said. But despite this slowing down, the situation remains fragile, and Egypt has used half its reserves since January 2011 to support the value of the Egyptian currency (MEES, 27 February). Egyptian Prime Minister Kamal al-Ga...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Egypt Gas Export Pipeline Attacked For 13th Time
...eraged about one per month since former president Husni Mubarak was forced from power in February 2011. Shipments to Jordan, which relies on Egyptian gas for about 80% of its power generation, and to Israel, have over the last year been seriously disrupted at times, to the point that neither country now re...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran Threatens To Stop Oil Supply To Belgium, Czech Republic And Netherlands
...bruary the European Commission announced that Netherlands and Belgium had terminated all crude imports from Iran “within January 2012” whereas the Czech Republic stopped buying Iranian crude in July 2011 (MEES, 27 February). /font> ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Iran’s 2012 Budget Allocates $5Bn To Refinery Completion
...sets of the National Development Fund, which is dedicated to the execution of the 2011-15 five-year development plan. The NIORDC investment is intended to speed the construction of the Persian Gulf Star and Anahita refineries, with throughput capacities of 360,000 b/d and 120,000 b/d, respectively. The la...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Parliament Ratifies Record 2012 Iraqi Budget
...cember figures (MEES, 12 December 2011). But, according to Inside Iraqi Politics, on 29 February, the passage of the budget by parliament “is a victory for Prime Minister Nuri al-Maliki, who made minor concessions and received a budget imprinted with strong central government views. Its very passage also ce...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Baghdad Sweetens Fourth Round Terms
...ven years (MEES, 19 September 2011). These conditions remain in the new proposed contract. But Baghdad will now pay interest of London Interbank Offered Rate (Libor) plus 3% on costs incurred during any holding period. The oil ministry is also offering to cover costs and pay Libor plus 5% in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Qatar Looks To Boost Power Capacity With $5.2Bn Investment
...ne last year with the inauguration of the QR14bn ($3.8bn) Ras Girtas power plant by Qatar’s Minister of Energy and Industry Muhammad al-Sada (MEES, 6 June 2011). “The plant will be able to meet some 30% of Qatar’s electricity needs and 20% of its water demand if required by Qatar Electricity and Wa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Lebanon And Cyprus Discuss East Mediterranean Maritime Delimitation
...limitation line (from Point 1 to Point 23 on map – MEES, 5 December 2011). The two countries agreed on Point 1 as a coordinate in the 2007 agreement. In 2010, Cyprus subsequently reached a delimitation agreement with Israel, making the northernmost point along their common border Point 1. In November last ye...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syrian Deputy Oil Minister Joins Opposition
...ar ago. The official rate was quoted on 8 March at $1=S£59.72. The Central Bank of Syria (CBS) is slowly depleting its limited supply of foreign exchange reserves by pursuing a policy of supporting the local currency. CBS’s reserves of $18bn in March 2011 have fallen to just over $10bn reports say, wi...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syria Still Faces 2.6GW Power Shortfall
...oducts. The sanctions were imposed last year because of the regime’s violent crackdown on demonstrations in the country since March 2011. Last week some Indian companies are reported to have given up plans to purchase Syrian crude because of the sanctions. ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Total Expands Presence In Yemen With Farm-In To Block 3
...,000 b/d of oil equivalent in 2011, despite the ongoing political turmoil and unrest in the country that saw regular attacks in its oil producing Shabwa and Marib provinces throughout the year. To date, it holds producing assets in Yemen’s two main oil basins – as operator of the East Shabwa Block 10 in th...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
CBB Treasury Bills Oversubscribed Despite Bahraini Unrest
...rrying a maturity of 182 days, this quarter’s BD50mn ($133mn) issue carrying a maturity of 12 months and last week’s BD25mn ($66mn) issue carrying a maturity of 91 days – were oversubscribed by 250%, 211% and 282% respectively. The issue date of the monthly bills is 13 March 2011 and the maturity date is...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
Turkmen Energy Minister Predicts Hike In Gas Reserves
...Middle East Economic Survey VOL. LIV No 11 14-Mar-2011 CASPIAN Turkmen Energy Minister Predicts Hike In Gas Reserves Turkmenistan’s oil and gas minister Bayramgeldi Nedirov told delegates at the 2011 Turkmenistan oil and gas road show in Singapore on 4 March that the co...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
Iran Announces Plan To Issue Islamic Bonds
...e government is set to issue sukuk in the coming Iranian year (21 March 2011 – 20 March 2012) for the National Iranian Oil Refining and Distribution Company (NIORDC), the National Iranian Gas Company (NIGC), the National Iranian Oil Company (NIOC) and the National Petrochemical Company (NPC). In...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
Iran’s Inflation Rate Rises To 11.6% In February
...e reduction in subsidies of IR200 trillion ($19bn), rising to IR600 trillion ($58bn) in 2011-12. According to the draft budget bill for 2011-12, 50% of the increased revenue will be paid back in the form of cash handouts to people, 30% will go to the manufacturing industry and 20% will be kept by...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
Jordan Freezes Some Petroleum Product Prices Until End-March
...ices. Mr Malaqi added that the government has instructed the Ministry of Finance to allocate a sum of around JD30mn ($42.3mn) to cover the subsidies in March. Product Prices Effective 4 March 2011 (Fils/Liter, Unless Otherwise Stated) 2011 20...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011