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TransGlobe Looks To Egyptian Future With Western Desert Expansion
...quisition approvals) as well as a 60% operator’s interest in the nearby South Mariut concession. TransGlobe says it expects the deal to close by early June. This follows TransGlobe’s June 2011 $3mn purchase of the 50% operator’s stake at South Alamein from Spain’s Cepsa. Final approval of this deal from the Eg...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
South Africa Increases Oil Imports From Iran
...ns in February to 505,908 tons in March, with Iranian revenues on supplies for the two months estimated at $364mn and $434mn respectively. The monthly cost of Iranian imports for South Africa was estimated at an average $280mn in 2011. Sasol normally takes around 20% of its oil imports from Iran but ha...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Noble’s Leviathan-1 Well Stopped Short Of Target Depth
...uth Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) for a feasibility study on an LNG floating production, storage and offloading (FPSO) facility (MEES, 28 November 2011). Mr Stover also said that Noble was closely managing production from the Mari-B field, Israel’s sole source of na...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Luberef $1.1Bn Financing For Yanbu Expansion Gathers Momentum
...madan, which falls in July/August this year. Halliburton subsidiary KBR won the contract to supply Luberef’s Yanbu' refinery with its solvent deasphalting technology (MEES, 14 March), while Jacobs secured the front end engineering and design contract for the expansion (MEES, 7 February 2011). Th...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
New SAMA Data Shows Jump In Saudi Arabia’s Foreign Assets
...739,197 1,404,955 Source: SAMA. Jadwa Investment said in a report on the subject that it estimates the kingdom’s net foreign assets rose to almost $600bn by the end of 2011. “This is very high and represents a core strength of the economy,” commented Jadwa. The position pr...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Production At Heglig Restarts As UN Issues Dispute Ultimatum
...e total withdrawal of all forces from disputed territories, as well as an end to air raids by the North and a solution to the oil payment dispute that has been raging between the two sides since the South’s secession from the north in July 2011. Negotiations between Sudan and South Sudan would also ne...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
TAQA Gets Green Light To Begin Work On Dutch Gas Storage Project
...use earth tremors, increase noise levels and disrupt animal habitats (MEES, 15 August 2011). These fears and objections were deemed “unfounded” by the Dutch courts, however, having found no evidence of a link between the planned work on the project and an increased risk of tremors. “Although experts co...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Bahrain Suffers Capital Flight, Official Figures Show
...s forecast growth of 2.9% for 2011 (see table) is the lowest since the mid 1990s, it noted. However, the increased spending due to a hike in allocations to social benefits and low cost housing, which the government has implemented to try and diffuse the crisis, will be more than offset by a sh...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
OPEC Output Revives After Slides Of March
...rtain that the 1.4mn b/d of incremental demand growth the IEA is predicting for 2011 will materialize. We are projecting 1.25mn b/d growth and I am toying with adjusting this downwards,” Dr Drollas said. All analysts sounded out by MEES testified to unprecedented opaqueness in the market. Kuwait, UA...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
ESAI Says Implications Of Bin Ladin’s Death Unclear
...dustry (METI) on 28 April. Year-on-year March 2011 Japanese crude imports declined by 6.28% from 4.036mn b/d in March 2010. Crude oil imports from the Middle East declined by 1.07% to 3.437mn b/d in March from 3.474mn b/d in February. Year-on-year, Japan’s imports from the Middle East declined by 4....
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi Crude Pricing Shows Mixed Changes For June Deliveries
...ile Lower Zakum sold at ADNOC plus $0.75/B. In mid-March, Oman sold at Dubai plus $0.50-0.60/B and Lower Zakum sold at ADNOC plus $0.40-0.50/B. The formulas for June 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days af...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Saudi LPG Prices Raised To Record Levels For May
...Date of Change Propane Butane Change Propane Butane Change Propane Butane 2009 1 Jan 380.00 380.00 2010 1 Jan 740.00 735.00 2011...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 Jun May Apr Mar Feb Jan Dec Nov Oct Se...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Algerian Court Jails Former Sonatrach Chiefs
...pendent on reserves discovered at Isarene on approval of the final discovery report due in early 2012. This sum is capped at $75mn. Budget Beef-Up On 2 May, Algeria announced an additional injection of cash to the 2011 budget, amounting to a 25% increase in public spending, Reuters reported. The ex...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Socar’s Fujairah Terminal To Be Operational By Late 2011
...Middle East Economic Survey VOL. LIV No 19 9-May-2011 CASPIAN Socar’s Fujairah Terminal To Be Operational By Late 2011 UAE Economy Minister Sultan bin Sa'id al-Mansuri told journalists in Baku following a meeting with Azeri Minister of Energy Natiq Aliyev last week that the So...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Cyprus Considers Interim Solution For Natural Gas Supply, Noble Energy Keen To Drill
...prus’s offshore Block 12. Earlier this year, Noble Energy informed the Cypriot government that it intended to begin drilling the Cyprus A structure in Block 12 during the fourth quarter of 2011 or early 2012. Speaking in Nicosia on 5 May, Mr Stover said: “Our objective is to drill here as soon as po...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Dana Gas Finds ‘New Pool’ In South Abu El Naga Field
...id the dry gas discovery is expected to be tied in to Dana’s South El Manzala gas processing plant before the end of 2011. The plant is nearby and holds excess capacity, the company said. The South Abu El Naga-2 well is Dana’s first 2011 discovery in Egypt and its 22nd new pool discovery. “Th...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Egyptian Economy Will Continue To Be Impacted By Political Crisis, Says Crédit Agricole
...édit Agricole’s Emerging Market Monthly Roadmap. With ample downside risks and given prevailing conditions, the bank expects GDP growth to slow sharply from 5.2% in 2010 to about 2% in 2011, before it reaccelerates to about 4% in 2012. “The political crisis has had a direct negative economic impact in...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Expansion Of CNG Consumption Key To Increased Exports, Says Mirkazemi
...velopment plan (2011-2015) is the continuous expansion of compressed natural gas (CNG) consumption as a substitute for gasoline and other fuel oil products. Mr Mirkazemi said: “By expanding natural gas consumption as the main fuel of the country, there is the possibility to export more oil products.” Th...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Iran Plans To Increase Oil Production By 100,000 B/D In 2012
...oduction by 100,000 b/d in the current Iranian year [21 March 2011 – 20 March 2012]. The company has been criticized because of a fall in Iranian oil output of 3.5% in 2010 compared to 2009, the report said. However, Mr Qalebani said that the production increase will come from the Masjed-e-Suleyman, Ya...
Volume: 54Issue: 19Published at Mon, 09 May 2011