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Bahrain In Push To Ramp Up Domestic Oil And Gas Production
...velopment of its only refinery, but is expected to do so within the next 12 months, Bapco CEO Gordon Smith said. According to the country’s National Oil and Gas Authority (NOGA) Bahrain produced an average of 42,510 b/d in 2011 from the Bahrain field, operated by Tatweer – a joint-venture between No...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Noble Discoveries In Levant Basin Total 35 TCF, CEO Tells Cyprus-US Chamber
...exported abroad.” In December 2011, Noble announced the discovery of 5-8 tcf of natural gas in the Aphrodite field in Block 12, putting a mean estimate of 7 tcf (198bn cu ms). Cyprus’ domestic demand for natural gas is estimated at 35.4bn cu ft (1bcm) in 2020. Appraisal drilling in Bl...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
UK To Push For Delay Of Iran Reinsurance Ban, Iran Eyes Private Sector Exports
...e marketing process. In related news, Turkey increased its imports of Iranian crude to 1.17mn tons in March 2012, the highest monthly total since July 2011, the Turkish Statistical Institute (TUIK) reported on 8 May. MEES understands that the increase reflects an attempt by refiner Tupras to...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iran Starts Work On First Salt Cavern Gas Storage Facility
...eld was converted for use as Iran’s first strategic gas storage facility and filling began a year ago (MEES, 23 May 2011). NGSC plans to reach its initial storage target of 1.5 bcm at Sharajeh by the end of March 2013, with capacity to withdraw up to 10mn cmd during the winter peak demand season. Sh...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iran Plans Iraqi Gas Pipeline As Extension Of IGAT-6
...pacity of 25mn cmd. The pipeline is intended to provide gas feedstock for Iraq’s two largest thermal power plants, Sadr and al-Quds. These are in the eastern suburbs of Baghdad and have a combined generating capacity of 2.5gw. Iran and Iraq signed a preliminary agreement for gas supply in May 2011. ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Israeli Finance Ministry Estimates State Entitlement For Gas Resources At $5.3Bn
...the government’s 2011 financial report, the first time that the state has included an estimate for its expected revenues for oil and gas discoveries. Israeli Business daily Globes reported on 10 May that the estimate is based on proven reserves and did not include Leviathan, which is not yet co...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Egypt Resumes Gas Exports To Jordan
...mited quantities are being exported on a trial basis to ensure the safety of the pipeline following the completion of maintenance work on the pipeline, which was recently bombed for the 14th time since February 2011. The Gasco head added that the gas flow could rise to 200mn cfd depending on operational an...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Qatar’s 2012-13 Budget Will Exceed Previous Year’s Spending
...TAR Qatar’s 2012-13 Budget Will Exceed Previous Year’s Spending Qatar’s 2012-13 budget will be larger than the 2011-12 budget, the Qatari Minister of Economy and Finance Yusu Kamal said last week. The fiscal year in Qatar normally starts at the beginning of April, but the 2012-13 budget has been de...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Petro Rabigh II Petrochemical Project Waits For Sumitomo Green Light
...oject is already behind schedule. A study on its viability was supposed to be completed towards the end of 2010 and an FID was originally meant to be made by the end of last year. This would have allowed the sponsors to start seeking financing this quarter (MEES, 31 October 2011). With the delay it se...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Syrian Pound Down 45% On Black Market, Says IMF
...ria Syrian Pound Down 45% On Black Market, Says IMF The value of the Syrian pound has slumped by 45% on the “black or parallel” market and 25% on the official market, and the stock market has fallen by 40% since the beginning of the uprising in March 2011, the Deputy Managing Director of the IMF Ne...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Socar Turkey Buys Additional 10% In Petkim
...oducts to Turkey’s domestic market and to Europe. Petkim has a 26% share of the Turkish petrochemicals market. The new plant will also generate electric power that will feed into the Turkish power grid (MEES, 11 July 2011). ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Dubai Power Plans In Flux, Abu Dhabi Approves Another IWPP
...lar (MEES, 3 October 2011). DEWA recently said it was seeking consultancy services for construction of a 10mw solar power plant. The DSCE’s policy is to cut energy use by 40% from a ‘business as usual’ scenario. But critics suggest that energy savings will be especially difficult to implement given th...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Nabucco Announces Further One-Year Delay, Construction Now To Start In 2013
...s expected in the second half of 2011, for at least one year. He said that construction of the pipeline could start in 2013 with the aim of transporting its first gas volumes in 2017. Yet this may not be the last postponement for the project since Mr Mitschek observed that “the ‘open season’ pr...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Majlis Approves 2011-12 Iranian Budget
...Middle East Economic Survey VOL. LIV No 20 16-May-2011 IRAN Majlis Approves 2011-12 Iranian Budget The Iranian parliament on 9 May approved the budget bill for the Iranian year 1390, which started on 21 March, with total expenditure of IR5,083 trillion ($484bn at $1=IR...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Government Allocates Further $600Mn To Persian Gulf Star Refinery
...mpleted in 2011, but Mr Zeighami said the company expects the first train of the plant will not be finished for a further two and a half years. He said the refinery, which will comprise three 120,000 b/d capacity trains, is only 40% complete and has been delayed by international sanctions....
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Jordan Announces Price Increases In Some Petroleum Products
...e Jordan Refinery Company (JPRC). The latest price list will apply until 31 May. Product Prices Effective 2 May 2011 (Fils/Liter, Unless Otherwise Stated) 2011 2010 Pr...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Kuwait Reports $23Bn Actual Budget Surplus In 2010-11
...l revenue also increased to KD1.466bn ($5.3bn) from the projected figure of KD1.103bn ($4.0bn). Over the past years Kuwait has consistently understated its oil revenue by assuming a low oil price in the budget ($43/B in 2010-11) and overstating its expenditure. The draft budget for 2011-12 has pr...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
OPWP Projects Oman Power Demand Will Near 3.5GW By 2017
...Middle East Economic Survey VOL. LIV No 20 16-May-2011 oman OPWP Projects Oman Power Demand Will Near 3.5GW By 2017 Average demand for electricity in Oman is projected to increase from 1.924gw in 2011 to 3.464gw by 2017, an average growth rate of about 9% per year, according to...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Qatar Banks Continue To Register Strong Growth Rate, Says QNB
...mpound annual growth rate (CAGR) of 30% between March 2007 and March 2011 to reach QR577.2bn ($158.6bn – see chart). “Total assets of the Qatari banking sector increased by 18.4% year-on-year as of March 2011, compared to March 2010 and by 21.0% as of March 2010, compared to March 2009,” said the ba...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
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