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Baghdad Awards Three Blocks In Bid Round
...ghdad assumed the right to postpone development for up to seven years, which, given an exploration period of up to seven years, might have meant companies waiting for 14 years before seeing any return on their investment (MEES, 19 September 2011). In March, the Ministry of Oil sweetened terms so...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Long Term Oil Demand To Maintain Upwards Trend Despite Eurozone Jitters
...eber. With only 1.5mn b/d of OPEC spare capacity the market has fundamental support. The average global cost of finding and developing oil also provides price uplift, and climbed to $25/B in 2011 from $20/B in 2010, with both figures sharply higher than the $5/B needed in the mid-1990s, said Mr Si...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Japan Pushes CCS To Secure Stakes In Abu Dhabi Offshore Concessions
...tural gas; now we are looking at CO2,” he said while declining to state when it would start. ADMA-OPCO aims to boost production capacity to 1mn b/d by 2019 (MEES, 2 May 2011). ADNOC aims to boost ultimate crude recovery to 70% – 20 percentage points higher than the current target – by de...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Qatar Continues To Boost Budget Expenditure In 2012-13
...206bn ($56.6bn), up 26.8% from QR162.5bn ($44.6bn) in 2011-12, and total expenditure of QR178bn ($48.9bn), up 27.2% from QR139.9bn ($38.4bn) in 2011-12. The budget released on 28 May, under Amiri Decree 38 by Crown Prince and Deputy Amir Shaikh Tamim bin Hamad Al Thani, will have a surplus of QR28bn ($7....
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Shell Pulls Plug On Libya Exploration, BP Plans Return
...mmences drilling on LNGDA acreage. February 2011 Halts drilling and closes Tripoli office due to conflict. May 2012 Announces halt to upstream work but plans to maintain in-country presence and consider future op...
Volume: 55Issue: 23Published at Mon, 04 Jun 2012 -
Chevron Faces Difficulties In Neutral Zone Steam Injection
...says. PDO is implementing miscible gas injection at the Harweel cluster, and started polymer injection at Marmul in January 2011. Bahrain Targeting 100,000 b/d From Awali Oxy also teamed up with Abu Dhabi’s state-owned Mubadala Development Company and the National Oil and Gas Authority of...
Volume: 54Issue: 23Published at Mon, 06 Jun 2011 -
Middle East Poised For Multi-Billion Barrel Heavy Oil Expansion
...gent basis. And through this mechanism, which we started in 2006, we got an extraordinary budget of $200mn; we were able to add 500mn cfd to the gas availability in Bahrain, which should come on stream in 2011,” he said. But this 500mn cfd will largely be used to offset declines, until the Awali as...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Cash Shortage Delays Iran Gas Pipeline, Pakistan Pursuing LNG Imports
...going ahead with liquefied natural gas (LNG) imports and is in talks with Qatar, which is diverting LNG into the Asia-Pacific market during the global gas glut. However, Pakistan’s first planned LNG terminal, which was due to open in Karachi by the end of 2011, has been delayed by the Supreme Co...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Active MENA Project Finance Sector Grapples With Funding Challenges
...rel Breda, GDF Suez’s Head of Acquisitions, Investments and Financial Advisory, MENA and India. “They do not reflect the cost of funding, but instead the limited number of banks in the market,” he said. While he sees some improvement, he predicts that in 2011 market conditions will be similar. “On th...
Volume: 53Issue: 23Published at Mon, 07 Jun 2010 -
Kayan Signs Loan Agreement, Breaks Islamic Project Finance Records
...tane from Saudi Aramco, with ethane provided at $0.75/mn BTU and the butane price based on an international benchmark, less a discount which has been fixed at 30% until 2011. “The Saudi Arabian government’s policy is to promote development of a primary and secondary domestic petrochemicals in...
Volume: 51Issue: 23Published at Mon, 09 Jun 2008 -
Adco, ADMA-Opco Concessions To Be Renewed On Similar Terms
...arns. Shareholders want to at least start discussions on renewing concessions before committing to ADNOC’s capital intensive upstream expansion plans, which envisage production capacity rising from 2.7mn b/d at the end of this year to 3.5mn b/d in 2011 (MEES, 8 May). Moreover, recent comments by Abu Dh...
Volume: 49Issue: 23Published at Mon, 05 Jun 2006