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Anadarko Gets Algerian Boost, El Merk Delayed
...gerian production dipping to 50,000 b/d, from 55,000 b/d for the first quarter 2011 (see table and graph). Higher oil prices mean the firm received a lower share of production due to the terms of the company’s production sharing contract (PSC) for Block 404a, which it operates, despite gross production ri...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
IMF Says Bahrain’s Political Unrest Reduces GDP Growth To 2% In 2011
...hrain IMF Says Bahrain’s Political Unrest Reduces GDP Growth To 2% In 2011 Real GDP growth in Bahrain in 2011 is expected to reach about 2%, down from 4.1% in 2010, according to the International Monetary Fund (IMF) in its latest Article IV consultation with Bahrain. Disruptions caused by protests du...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
MOL To Sell Nabucco Shares, BEH Uncertain Over Project’s Future
...e only company that has expressed interest in joining Nabucco of late (MEES, 10 October 2011). It is unlikely that Bayerngas would join Nabucco before 16 May. In related news, Bulgaria’s BEH has also expressed doubts about the feasibility of Nabucco. At a press conference in Baku on 28 Ap...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Eni ‘In Good Shape’ For Kashagan Start-Up
...tober 2011). ...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
TPAO Begins Drilling Well In Northern Cyprus
...ptember a concession by the Turkish-Cypriot administration to explore for hydrocarbons within the 40% of the island that has been occupied by Turkish forces since 1974 and was also awarded a number of offshore concessions encompassing most of the island (MEES, 5 December 2011). The move followed the start of...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
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 -
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 -
KRG Announces First Payment For Oil Investors
...n barrels of oil from the Kurdistan region between the start of February 2011 and 27 March,” said KRG Prime Minister Barham Salih. KRG oil exports restarted in February after Irbil and Baghdad agreed a temporary solution to their four-year stand off, whereby foreign oil producers in the KRG would be...
Volume: 54Issue: 19Published at Mon, 09 May 2011