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Socar And PetroVietnam Sign Agreement To Redevelop Onshore Oil Fields
...eri state firm Socar noted in a statement, adding that combined oil production from the three fields in 2011 was 26,000 tons. To date the fields have produced 3.4mn tons of oil and 100mn cu ms of gas. This is the first investment by the Vietnamese state firm in Azerbaijan. BP Completes Sh...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Eni Digs Deep For Egyptian Production Boost
...ate firm EGPC (50%). Agiba produces a total of 36,000 b/d – with Melehia accounting for around half of this. Eni has 56% share of Melehia on a working interest basis, Lukoil 24% and Mitsui 20%. Eni is Egypt’s largest producer, with net output of 240,000 b/d of oil equivalent for 2011, up 8,000 boe/d on...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
US Senate Pushes For Harsher Sanctions, Asian Buyers Cut Iranian Oil Imports
...11, India, South Korea and Japan have already conformed with the US request for a 15-20% reduction in their annual intake of Iranian oil from 2011 levels. On 23 May India’s Mangalore Refinery and Petrochemicals Ltd announced that it would drop its imports from Iran by about 19% in the fi...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qasemi Says Caspian Gas Field Also Holds Light Oil
...e field was discovered by Iran’s Khazar Exploration and Production Company (Kepco), and was said earlier by Mr Qasatemi to have estimated gas in place of 50 trillion cu ft (MEES 19 December 2011). While the minister gave no further details of the oil layer appraisal results, a former Iranian deputy pe...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
ILDC Energy Anticipates Offshore Drilling In Early June
...rporation (MEES, 11 July 2011). The company is facing a 15 June deadline for the start of drilling, set by Israel’s Petroleum Supervisor (MEES, 2 April). The Myra and Sarah Blocks have the potential to hold up to 6.5 trillion cu ft (184bn cu ms) of natural gas and 150.7mn barrels of crude oil based on a 3D an...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
AGOCO Claims Libyan Production At Pre-Revolution Levels
...nge before the February [2011] revolution”, adding that Libya’s overall production “exceeded 1.6mn b/d.” This “completely contradicts the expectations of international experts who said it would take Libya two years from last October’s victory for the country to return to full production,” AGOCO sa...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Tunisian Oil Workers Strike Amid Economic Gloom
...ivers or unqualified workers”, TAP quoted Winstar’s Tunisian general director Rafiq Hamza as saying. The company says that an increase in its staff from 80 to 100 during 2011 was partly “to help spur the local economy” hit by high unemployment. Winstar says the latest unrest marks an “un...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
IMF Estimates UAE Real GDP Growth In 2011 At 4.9%
...E IMF Estimates UAE Real GDP Growth In 2011 At 4.9% UAE real GDP in 2011 is estimated to have risen by 4.9%, according to the IMF Article IV consultation with the UAE, published on 16 May. “High oil prices and increased production, strong growth in Asia, and the UAE’s perceived safe haven status in...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
TAQA Considering Energy Investment In Turkey, Posts Strong 1Q12 Figures
...rth – a Calgary-based subsidiary of the state-controlled company – completed the sale of its oil and gas assets in southeast Saskatchewan earlier this year in a move the company said was “part of the ongoing management” of its global portfolio (MEES, 26 December 2011). TAQA 1Q12 Financial Re...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
South Stream Receives Qualified Support From EC
...reement, which will formally incorporate France’s EDF and Germany’s BASF into the consortium, should be completed by the end of 2011. By that time German utility E.ON, which already controls 15% of the Trans-Adriatic Pipeline, could also join in the project, Gazprom CEO Alexei Miller told a press co...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
TBL Submits New Pipeline Study To Bulgarian Authorities
...sessment study to the Bulgarian environment ministry. This incorporates the ministry’s corrections and “reservations” that resulted in the rejection of the original study by Sofia (MEES, 15 November 2011). In a 23 May statement, TBL said: “After a series of consultations with the Bulgarian environmental an...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Oman’s PDO Launches Five-Year Plan
...port for 2010 PDO said it would “invest heavily”, but did not give figures. “The company’s ambitious oil exploration plans for 2011-15 call for extensive 3D seismic data acquisition, continued search for completely new geological opportunities, as well as the drilling and testing of approximately 14...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Qatar’s 2011 Growth Driven By LNG Production, Says NBK
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 QATAR Qatar’s 2011 Growth Driven By LNG Production, Says NBK Qatar’s real GDP is expected to expand by 15% in 2011 and 6% in 2012, following estimated growth of 17% in 2010, according to the National Bank of Kuwait’s (NB...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
EIB Allocates Up To €6Bn For Mediterranean Region Transition
...e €600mn worth of new EIB loans announced earlier for 2011. The funds will be deployed from July 2011 onwards. In Egypt, the EIB and the authorities have also identified priority projects in infrastructure development, transport, energy and water. Since 2002 it has mobilized investment of more th...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
UAE Real Non-Hydrocarbon GDP Growth Forecast To Hit 3.3% In 2011, IMF Says
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 UAE UAE Real Non-Hydrocarbon GDP Growth Forecast To Hit 3.3% In 2011, IMF Says Supported by an encouraging global environment, the economic recovery in the United Arab Emirates is gathering pace, with non-hydrocarbon gr...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
DEWA Selects McKinsey For Study On Clean Coal-Based Power Generation
...will add 2gw of generating capacity in 2011 by the completion of the Substation M Project at Jebel Ali (MEES, 31 January). Dubai’s peak demand increased last year by 9.6% compared with 2009....
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Turkmenistan To Build East-West Gas Pipeline Without Outside Help
...leged overstating of production costs by the consortium, which could have led to a $1.3bn fine. ChevronTexaco Vice-President Ian MacDonald told a conference on 20 May that a decision to expand the production of Kazakhstan’s Tengiz oil field could be taken in 2011. A proposed $3bn expansion would ad...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
Maan Solar Power Project Launched By Jordanian/Italian Consortium
...alian firm Solar Ventures on 19 May unveiled plans for a solar power plant to produce 100mw by about 2012, capable of expansion to more than 200mw. The Shams Maan project will cost up to $400mn, and its construction is slated to begin in 2011. The consortium is currently examining the photovoltaic te...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
IMF Says Regional Oil Exporters’ Growth Remains Below Pre-Crisis Levels
...ck up in 2010 and 2011, amid strengthening oil demand and production increases, though not to pre-crisis levels, the IMF has said in its Regional Economic Outlook for May 2010. Such positive factors, the report says, are expected to be slightly offset by pressures in the banking system and low credit gr...
Volume: 53Issue: 22Published at Mon, 31 May 2010 -
EFG-Hermes Pledges €15mn To InfraMed Infrastructure Fund
...€100mn or 20% of the fund’s total commitment to investments in each of Egypt and Morocco alongside InfraEgypte and InfraMaroc. InfraMed’s sponsors will target a first close for InfraEgypte and InfraMaroc in the first quarter of 2011....
Volume: 53Issue: 22Published at Mon, 31 May 2010