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Dragon On Course To Hit 100,000 B/D Output By 2015, Completes Tunisia Farm-In
...frastructure in the process. Dragon, which is majority-owned by the Emirates National Oil Company (ENOC), also announced it has received final approval from the Tunisian Hydrocarbons Consultative Committee for the farm-in agreement signed in October 2011, making it a full participating member of the Bargou jo...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Yemen Looking To China For Further Oil Sector Investment
...0,000-250,000 b/d seen in February 2011, before the political unrest sparked by the Arab Spring (MEES, 19 March). Oil Reserves Dwindling The World Bank meanwhile has warned that the Arab world’s poorest country is fast running out of proven oil reserves, saying it believes Yemen’s fields could be de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Oil Markets In 2012: Calm Or Turbulent Waters?
...e imposition of sanctions and embargoes may still result in a large loss of Iranian output. In December 2011, the US Congress passed a new bill that will apply sanctions to all financial institutions engaging in direct dealings with Iran’s Central Bank – the recipient of Iranian oil export pa...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
IEA Holds 2012 Demand Outlook Steady, Raises Price Assumption
...SUPPLY DEMAND IEA Holds 2012 Demand Outlook Steady, Raises Price Assumption The International Energy Agency (IEA) forecast global oil demand at 89.9mn b/d for 2012, up by 800,000 b/d (0.9%) over 2011 and little changed from the previous outlook. In its latest monthly Oil Market Re...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Gulf Producers Tackling ‘Difficult Gas’ Challenges
...eld development is due to finish in the third quarter of 2011, then a 12-month FEED program starts, allowing the final investment decision to be taken at the end of 2012. By then BP will know the amount of water and NGLs that need handling. Technically it is a tough job – as the reservoirs are in ol...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
WTI Price Moves Back Above $110/B As US Inventories Slide, Market Seen Out Of Balance
...at current prices are not sustainable and called for OPEC to be prepared to increase output in June when a rise in demand is anticipated. He said that if crude continues at a price of more than $100/B for the remainder of 2011, it is very likely that demand destruction would ensue, similar to th...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
CGES Says High Crude Prices Risk Destroying Demand
...lance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil Demand 88.7 89.5 88.7 88.4 89.7 89.9 84.9 87.9 89...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
China’s Crude Oil Imports Rose 8.6% In March
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 China’s Crude Oil Imports Rose 8.6% In March China’s crude oil imports totaled 21.67mn tons during March 2011, according to data released by China’s General Administration for Customs. The March volume is a rise of 8.6% over Fe...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Demand For Bahrain Sovereign Debt Remains Strong, Says CBB
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Bahrain Demand For Bahrain Sovereign Debt Remains Strong, Says CBB Demand for Bahrain sovereign debt remained strong during the first quarter of 2011, the Central Bank of Bahrain (CBB) announced on 19 April. The domestic is...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Socar Offers BP Option To Explore For Further Gas In Shah Deniz And ACG Fields
...peline project for exporting Shah Deniz 2 gas (MEES, 4 April). Mr Usifzade also told reporters that Socar was looking to sign an agreement with BP by the end of 2011 for the production of gas from reservoirs below those already being produced in the ACG complex. BP is operator and 34.14% interest ho...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Moody’s Sees Negative Outlook For Egyptian Banking System
...quidity is by no means assured, especially if Egypt does not elect an effective government in a timely manner, it said. Moody’s expects profitability to come under pressure in 2011-12, driven by increasing loan loss provisioning due to the uncertain environment and also by higher expenses that could re...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
NIOC Raises Iran Oil Reserves Estimate To 155Bn Barrels
...tput was 20,000 b/d per well compared with 26,000 b/d before the 1979 Iranian revolution. Mr Qalebani said that new methods of enhanced oil recovery were being deployed under Iran’s fifth five-year development plan [2011-2015] to boost oil recovery rates. NIORDC Announces Gasoline and Gasoil Pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 IRAQ Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says Helped by a nation-wide food rationing program that has absorbed a portion of the increases in global food prices, Iraq’s annual inflation rate is fo...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Oman Allocates $2.6Bn In Social Spending To Quell Unrest
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 oman Oman Allocates $2.6Bn In Social Spending To Quell Unrest The Omani government on 17 April unveiled revised numbers in its 2011 state budget to incorporate the promised social expenditure of an additional OR1mn ($2.6bn) in...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Cyprus Warns Investors Against TPAO East Mediterranean Block Offer
...fshore blocks and has awarded an exploration license to Noble Energy of Houston for Block 12, which lies along the maritime delimitation line with Israel. Noble intends to drill in Block 12 before the end of 2011. Furthermore, Noble’s partner in Israel, the Delek Group, has approached Nicosia with a pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
UAE Pledges $1.4Mn To International Counter-Piracy Fund
...obal commercial maritime routes, and the safety of seafarers and other persons.” The escalation of pirate attacks in 2011 has hurt global trade and commerce, and has a damaging impact on peace, security and stability throughout the world, it adds. A UAE‐flagged, Kuwaiti‐owned oil tanker was hi...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Political Comment (25 April 2011)
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Political Comment (25 April 2011) The UK, France and Italy are leading Western efforts to see how military pressure can be increased on the Tripoli government with the aim of ending the current stalemate in Libya. Syria’s st...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Saudi Arabia Pursues Energy Diversification Via Nuclear/Renewable City
...newable field. Saudi Aramco and Japanese refining company Showa Shell agreed in mid-2009 to build a 10mw solar pilot project in the Kingdom. If this is successful when completed in 2011, it could be expanded into a much larger project, especially given that development of solar technology has support from ke...
Volume: 53Issue: 17Published at Mon, 26 Apr 2010 -
IMF Projects Positive But Uneven MENA Growth In 2010-11
...pected, with emerging economies taking the lead, the International Monetary Fund (IMF) has said in its latest World Economic Outlook, published on 21 April. World output is expected to rise by 4.2% in 2010 and by 4.3% in 2011, following a decline by 0.6% last year. Policy intervention has improved fi...
Volume: 53Issue: 17Published at Mon, 26 Apr 2010 -
Overseas Operations Push SABIC Into The Red
...clical chemicals a smaller part of its portfolio longer term. SIP will also help on the marketing side when SABIC launches the polycarbonate resin produced by the Kayan venture in 2011. SABIC did buy at the top of the market and things started going south very quickly, but the problems are not sp...
Volume: 52Issue: 17Published at Mon, 27 Apr 2009