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OPEC Countries’ Break-Even Oil Prices Expected To Continue Rising
...spond to fluctuations in prices vary greatly among the OPEC members,” PFC Energy said. The analyst estimates that the majority of OPEC members will require prices moderately higher than current levels to ensure their respective current accounts are balanced in 2011. Seeing a rising share of total ex...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
APICORP’s Net Profit Up By 62% In 2010
...ICORP’s financial strength was also evident in the first quarter of 2011, when it registered a net income of $39.3mn, while both total assets and total shareholders’ equity reached $4.42bn and $1.16bn respectively at the end of 1Q11....
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
EU Imposes Sanctions On 13 Syrian Officials
...s been under US sanctions for a while now and the latest measures are not expected to affect the country in a significant way. The US is not considering regime change in Syria and US Ambassador Robert Ford, who took up his position in Damascus in mid-January 2011, remains in the capital despite th...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Syrian Crude Production Averaged 387,000 B/D In 1Q11
...Middle East Economic Survey VOL. LIV No 20 16-May-2011 syria Syrian Crude Production Averaged 387,000 B/D In 1Q11 Syrian crude oil production in the first quarter of 2011 amounted to 34.828mn barrels (or 387,000 b/d on average), an increase of 4,700 b/d from the same quarter of 20...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Gulfsands Says Its Syrian Output Now Averaging 20,700 B/D
...oduction from these two fields will be increased to some 24,000 b/d by the end of 2011 with the drilling and tie-in of additional development and delineation wells, and via minor upgrades and debottlenecking of existing surface facilities. Gulfsands also announced that operations had recently been co...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Political Comment (16 May 2011)
...Middle East Economic Survey VOL. LIV No 20 16-May-2011 Political Comment (16 May 2011) The gloves are off in Syria as President Asad's cousin warns of "a fight until the end." Qatar has given up on the GCC's attempt to mediate in Yemen. The Palestinians are running out of money af...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
INOC Law: Shaky Premises And Doubtful Prospect
...fferent from the term “holding company”, which was used in the INOC law that was approved by the Council of Ministers on 28 July 2009 and sent to the Parliament and, thus supposed to be the one that has gone through the first reading on 31 March 2011. But the currently circulated draft for FOGL uses al...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Baghdad Eyes 600,000 B/D Of New Oil Capacity By End-2011
...e 7 March elections. The ministry has been making progress on resolving obstacles to the development of shared fields with Iran and it expects projects awarded last year to deliver around 600,000 b/d of new capacity by the end of 2011, Iraqi Deputy Minister for the Upstream ʹAbd al-Karim Laibi tells ME...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
QP Abandons Planned Al-Shaheen Refinery Project
...ipped to early 2011, MEES further learns....
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
EIA Marks Up 2010 Oil Demand Growth To 1.6Mn B/D, Based On Economic Recovery (9)
...its latest Short-Term Energy Outlook, released on 11 May. The agency forecast world oil consumption to grow by 1.6mn b/d in 2010, up from 1.5mn b/d in last month’s forecast, and by 1.6mn b/d in 2011, unchanged from the April report. “The revision for 2010 follows an update of EIA’s assumptions fr...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
Sonatrach Faces Gas Challenge Amid Leadership Transition
...untry, border areas with Mali and Niger and offshore Beja'a, Annaba and Mustaghanem. With the north and southwest, “we are hoping by 2011-12 that we should have enough data to make it very attractive for bidding,” Dr Khelil said. New Guard Dr Khelil poured cold water on suggestions made in the Algerian pr...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
Dragon Oil Awards Platform Contracts For Turkmen Offshore Cheleken Area
...g. The platform will be installed in the Lam field with the capacity to handle eight wells. It is due for completion in the fourth quarter 2011. Dragon did not report the value of the contracts but said that it expects to spend around $250mn in 2010 and around $600-700mn in total on infrastructure pr...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
Aegean Energy Farms Into West Kom Ombo Block
...E holds the remaining 10% interest in the 31,520 sq km block, which has drilling prospects that could potentially hold an estimated 570mn barrels in recoverable reserves. Aegean’s working commitment will include the drilling of two exploration wells by mid-September 2011....
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
Mirkazemi Says Iran Aims To Complete South Pars Development By 2015
...rch 2011, to raise South Pars gas output from the current 200mn cmd to 265mn cmd. NIGEC Issues “Ultimatum” To Shell And Repsol Over South Pars Phases 13-14 Reza Kasaizadeh, managing director of the National Iranian Gas Export Company (NIGEC), told Mehr News Agency on 10 May that, under instruction fr...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
IMF/World Bank Outlook Uncertain For Developing Economies
...1% in 2008, is projected to rebound in 2010 to 4.5%, and grow at an average 4.8% a year during 2011-13, compared to the global average of 4.4%. In 2009, GDP growth fell only in Turkey, Cyprus, Kuwait and the UAE (by up to 3%), with Lebanon and Qatar seeing growth of above 7%. However, the report wa...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
INA And Petro-Canada Drill New Wells In Syria
...trofac is building for Hayan Petroleum Company a gas treatment plant at the Jihar field, with a capacity of 3.7mn cmd of gas, 180 tons/day of LPG and 5,000 b/d of condensate, due for completion in the first quarter of 2011 (MEES, 23 November 2009). Meanwhile Petro-Canada is planning to start drilling in...
Volume: 53Issue: 20Published at Mon, 17 May 2010 -
Project Finance Deals Push Ahead Despite Reduced Funding
...prove and by 2011 banks’ balance sheets will be much stronger, allowing pricing to fall....
Volume: 52Issue: 20Published at Mon, 18 May 2009 -
South Stream Gas Pipeline Plans Taking Shape, Eni Seeks Counterbalance To Gazprom
..., aren’t yet finished. The project’s pre-feasibility studies are expected in September,” he noted. Gazprom is pushing for the South Stream final investment decisions to be taken by all parties by early 2011, with a view to completing construction by 2015. The Russian firm has repeatedly said th...
Volume: 52Issue: 20Published at Mon, 18 May 2009 -
Masdar To Invest In London Array Wind Farm After UK Agrees Subsidy
...chnology as we move toward a low carbon future.” The British government allocated £525mn in the 2009 budget for offshore wind subsidies between 2011 and 2014, much of them for the London Array project. Alastair Darling, Chancellor of the Exchequer, announced last month that a further £4bn in subsidies co...
Volume: 52Issue: 20Published at Mon, 18 May 2009 -
Aramco, KPC Take $30Bn Downstream Investment Plunge
...0,000 t/y of benzene and 200,000 t/y of polymer grade propylene, the partners said. Jubail start-up was initially planned for 2011. But costs soared from initial estimates of around $6.3bn, prompting a rework to the front-end design and subsequent delays. By late last year, costs indications had pushed the pr...
Volume: 51Issue: 20Published at Mon, 19 May 2008