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Shah Deniz Partners To Proceed With FEED Phase For Stage 2 Development
...derstanding of projected costs, which according to Socar’s President Rovnag Abdullayev could “vary by 30% either upward or downward in the course of the project.” Last June BP estimated Shah Deniz 2 costs at $20bn (MEES, 13 June 2011). ...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
KMG EP May Take Part of KMG Stake In Kashagan
...dical reshuffle of the leadership of Kazakhstan’s energy sector. KMG lost 11% of its revenues last year due to months of strikes (MEES, 26 December 2011). ...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Egypt Bidding Delayed By Political Upheavals
...cluding the Muslim Brotherhood’s preferred choice and former intelligence chief 'Umar Sulaiman – were last week barred from contesting the election. The country’s oil and gas sector appeared to be getting back into its stride late last year and early this year after the massive upheavals earlier in 2011 bu...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Qasemi Says Sanctions Will Change Oil Market, Criticizes Saudi Policy
...e end of 2012 adding that the country’s output could also be curtailed by a further 200,000 b/d in 2013. “Iran’s decline in output began to accelerate during the last quarter of 2011 and has continued,” the EIA said, attributing the fall to a shortage of investment “which is needed to offset natural pr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Jordan Considers Measures To Lower Its Energy Bill
...Jordan Jordan Considers Measures To Lower Its Energy Bill Burdened by a massive energy import bill of JD3.4bn ($4.8bn) in 2011, the Jordanian government is currently examining measures aimed at reducing its budget deficit. Prime Minister 'Awn al-Khasawna told visiting officials from th...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Leaked Report Alleges High-Level NOC Mismanagement
...spection and Popular Control at the end of 2010 and due to have been presented to a closed session of the Libyan People’s Congress in March 2011, highlights “murky dealings” and “systematic mismanagement” at NOC, according to Giulio Carini of London-based transparency campaign group Global Witness, who ob...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
GCC Countries To Receive Record Oil Revenues Due To High Prices
...venues by the group last year. “GCC oil producers are called upon to produce more oil to fill the shortfall in supply created by the regional political turmoil,” the institute said. “Saudi Arabia’s production has remained close to 10mn b/d since September 2011, despite the recovery in Libyan su...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
APICORP Posts Record Profit Of $105Mn For 2011
...REGIONAL APICORP Posts Record Profit Of $105Mn For 2011 The Arab Petroleum Investments Corporation (APICORP) made a record net profit of $105.4mn for 2011, an increase of 11% from 2010’s $95mn. The multilateral development bank said that its total assets rose by 7% to $4.6bn in 2011 fr...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
SABIC Approves Distribution Of $4Bn In Dividends
...SAUDI ARABIA SABIC Approves Distribution Of $4Bn In Dividends At its meeting on 14 April the Saudi Basic Industries Corporation (SABIC) general assembly approved the payment of SR15bn ($4bn) in dividends to shareholders at the rate of SR5 per share for the year 2011. The corporation ha...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Bashir Issues Threats As North And South Sudan Edge Closer To War
...o decades of civil war (MEES, 11 July 2011), but has since been locked in a bitter dispute with Sudan over issues such as border demarcation and the sharing of oil revenues. On 11 April South Sudan seized Heglig, saying it would only leave if and when a neutral United Nations force is de...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
French Foreign Minister Says Syria’s Forex Reserves Down By Half
...nctions resolution, including travel, financial sanctions, an arms embargo,” in order to pressure the Syrian regime to comply with Kofi Annan’s six-point plan, US Secretary of State Hillary Clinton told the meeting. Syria’s forex reserves were estimated at around $18bn at the beginning of 2011...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
IPR Continued Operations In Syria In 2011
...syria IPR Continued Operations In Syria In 2011 IPR of the US announced in its newsletter IPR Gazette for December 2011 that its wholly-owned subsidiary IPR Mediterranean Exploration Ltd (IPRMEL) continued during the year to operate in Block 24 in Syria and to develop newly-di...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
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 -
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