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Oxy’s Oman Field Unlikely To Hit Target
...anned to reach the target in 2011 (MEES, 15 November 2010) but has had to double the expected number of wells needed to inject steam into the reservoir, driving up the project’s cost from $2bn to $9bn. QNBC’s report says it will never reach the target due to the challenging geology. In 2010 the fi...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Oman’s Real GDP Growth Rate Projected To Ease To 3.9% By 2012
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 oman Oman’s Real GDP Growth Rate Projected To Ease To 3.9% By 2012 Oman’s real GDP growth will ease from 6.1% in 2010 to 5.2% in 2011 and then 3.9% in 2012, according to the latest QNB Capital Economic Insight report. Om...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Deloitte: Continuing Regional Tensions Could Derail Global Economy
...pected to boost revenues in the hydrocarbon sector. However, while the economy is estimated to grow by 4-4.3% in 2011, the report highlights that unemployment remains to be a very real concern in the kingdom, with unemployment levels reaching as high as 10%. In Egypt meanwhile, following the re...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Regional Turmoil Has Impacted IPO Plans, Says PwC
...fering (IPO) plans and either deferring or shelving future IPOs, PricewaterhouseCoopers (PwC) said in a recent survey. “The first quarter of 2011 has been very disappointing so far for IPOs in the region with no transactions yet to be reported on any of the GCC exchanges compared to the three of...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Jadwa: Saudi Arabia Sees First Rise In Year-On-Year Inflation For Eight Months
...fore highlighting, however, that the slight fall in commodity prices and the strengthening of the dollar seen already in May could, if sustained, weaken the inflationary pressures over the third and fourth quarters of 2011. Moreover, monthly inflation rose to a seven-month high of 0.4%, driven la...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Political Comment (23 May 2011)
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 Political Comment (23 May 2011) In what was billed as a major policy speech, President Obama has backed political reform in the region and a settlement of the conflict over Palestine "on the basis" of the 1967 lines, se...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Jordan And Morocco Are Not The Best Economic Matches For The GCC
...e estimated to have in 2011 a government budget deficit in excess of 5%, a current account deficit to GDP ratio greater than 6% and an unemployment rate of more than 10% (in fact, 14% for Jordan). To put these numbers in perspective, any of the ratios of GDP that exceed more than a 4% deficit ra...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
IEF Statement: 4th Asian Ministerial Energy Roundtable
...rly March 2011, hoping that Japan will overcome this tragedy and recover soon. To show the solidarity with Japan, the State of Kuwait upon the guidance of His Highness the Amir, Shaikh Sabah al-Ahmad al-Sabah, the Cabinet Ministers have decided to contribute 5mn barrels of crude or by-products to...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
BP Wins ‘Game-Changing’ Terms For Nile Delta Offshore Block
...cilities project, by the year-end and Phase 8, which will involve drilling 10 wells, by the end of 2011. Each phase is expected to cost $1bn. The last two will not increase production, but will maintain the output level. Mr Sufi told MEES that BG will finish two more wells on the El-Manzala and El-Burg co...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
BP And BG Ready To Declare Commerciality On Critical Omani Gas Projects
...ant. It expects to produce 200mn cfd from its Khazzan and Makarem fields in 2011. BG has a simpler project – handling only one fairly uniform reservoir – although being tight gas means it needs a lot of wells. BG will recover much less gas than BP, which is developing 20-30 tcf of gas in place. BP ex...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
CIS Development Hinges On Security And Cooperation
...tlined Phase 1 development plans. A final investment decision (FID) is due to be made on offshore and gas export facilities in March 2011, and another FID is due the following December concerning the LNG plant. The drivers in this project, Mr Madeo said, are the schedule, capital and operating ex...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
Iran Aims For Larger Role In Regional Bunkering
...OPDC), added that Iran expects to earn €1.5bn from bunkering in the current Iranian year (21 March 2010 – 20 March 2011). Mr Ameri reportedly estimated that “4mn tons of fuel oil and 200,000 tons of gasoil would be sold to ships navigating in the Persian Gulf.” He said NIOPDC fuels ships in the ports of Qe...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
Zion Granted Extensions On Two Exploration Licenses
...res, with the contract now extended to 9 June 2011. The contract for the Joseph license, which covers 83,272 acres alongside Israel’s border with the West Bank, will expire on 10 October 2011. Further seismic data acquisition will taken place on Asher-Menashe in 2010, the company said, while the Maʹan...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
ExxonMobil And QP Pushing Ahead With $8bn Ras Laffan Petrochemicals Venture
...gineering, procurement and construction (EPC) on a reimbursable costs basis is likely to be put out by mid-year, with award towards the end of the year or in early 2011, an engineering source tells MEES. The project, which aims to build the world’s largest steam cracker at 1.6mn tons/year, was only announced ea...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
Qatar Expected To Produce Surplus Electricity By 2011
...Middle East Economic Survey VOL. LIII No 21 24-May-2010 QATAR Qatar Expected To Produce Surplus Electricity By 2011 Qatar’s electric power generating projects, including Ras Qurtas and Mesaieed, will provide the country with a surplus of electricity as from next year, Qatar News Ag...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
GCC Economies May Grow At 4.4% In 2010 And 4.7% In 2011, According to IIF
...Middle East Economic Survey VOL. LIII No 21 24-May-2010 REGIONAL GCC Economies May Grow At 4.4% In 2010 And 4.7% In 2011, According to IIF The economies of themember states of the Gulf Cooperation Council (GCC) are now recovering and growth this year is likely to average 4.4% and th...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
2009 Saudi Trade Surplus Lowest Since 2004, Jadwa Confirms
...gure falling by just 6%. Jadwa Revises Current Account Surplus Forecast The new figures have resulted in Jadwa raising its 2010 and 2011 projections for the Kingdom’s current account surplus and oil revenues. Over the next two years, the current account surplus is expected to be $45.3bn (10.9% of GDP) an...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
Higher Government Outlays Help Saudi Economy But Lending Still Hindered, Says BSF
...ospects for banks until year-end and 2011,” it adds. Banks are also vetting with greater caution loan requests from longstanding family businesses as they rethink lending policies after debt troubles surfaced in two such conglomerates in 2009. The depth of the project finance pipeline over the next two ye...
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
DNO Completes Second Test On Yaalen-3 Well, Sees Increased Reserves Potential
...arter of 2011. The appraisal well, which was completed, is part of the company’s program to develop the Yaalen and Sharnah oil discoveries on the block, in which DNO holds a 40% interest....
Volume: 53Issue: 21Published at Mon, 24 May 2010 -
IMF Says Jordan’s GDP Growth Averaged 5.6% In 2008
...2011. The directors recommended attaching top priority to completing the reform of public financial management and welcomed efforts to enhance public debt management. Finally, they agreed that the exchange rate peg, which has provided stability in the challenging global environment, remains an ap...
Volume: 52Issue: 21Published at Mon, 25 May 2009