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Politics Poses Main Challenge To Lebanese Offshore Exploration
...tends to hold an offshore licensing round in 2011, yet there remain a number of important procedural steps that the government must address that could become subject to Lebanon’s unique political circumstances. Speaking at an energy conference in Nicosia on 23 June, Mr Sinoria referred to Lebanon’s hy...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Fuel Shortages Hit the UAE, Threaten Power Supplies
...soline. Last year it began to phase out gasoline subsidies. In April, ENOC said it expected to spend $735mn in 2011 on fuel subsidies – 44% more than it spent in 2010. ENOC CEO Sa'id Khouri said last year that the company needs oil prices at about $40-45/B for it to break even on gasoline sales. In Ja...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
OPEC Risks Undermining Market For OPEC Crude, Says CGES
...an half that seen in the first quarter.” CGES said it is pessimistic about the strength of global oil demand growth in the second half of 2011, but it sees the need for aggregate OPEC oil production to rise by 1mn b/d from its current level. The consultancy said it believes that OPEC’s GCC me...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
FGE Forecasts Rise In Gas Demand In Asia-Pacific
...30, largely as a result of Australia’s relatively robust production, driven by the development of multiple green-field liquefaction projects.” FGE said it sees overall Asian LNG imports rising to almost 152mn tons in 2011, from less than 132mn tons in 2010. “Looking beyond 2011, FGE projects th...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 26 27-Jun-2011 Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Jul Jun May Apr Mar Fe...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
US Treasury Imposes Sanctions On IRISL Affiliated Companies
...unty to illegally access the US financial system.” The District Attorney’s Office said that IRISL used fake companies to dupe New York based banks into processing wire payments of more than $60mn between September 2008 and January 2011. With the latest action, a total of 121 companies and in...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOC Warns CNPC Over Lack Of Progress On South Pars 11
...uth Pars Phase 11, if CNPC does not fulfill the terms of the agreement, which called for the initiation of project development within the first half of 2011, Mehr News Agency reported on 17 June. CNPC replaced Total as the developer of South Pars Phase 11, but has informed NIOC that it “has been fa...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
NIOPDC Announces Increase In Strategic Fuel Reserves
...serves by 1.5bn liters during the Iranian year ending on 20 March 2011. Iran currently has 13bn liters of various oil products in storage, Mr Salari said. He added that “before the implementation of gasoline rationing and the subsidy reform plan, Iran was forced to import 27mn liters/day of fuel,” ac...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Moody’s Downgrades NBK Ratings, Assigns Stable Outlook
...wngrades to three main factors: expectations that the bank would experience asset quality pressure in 2011, arising from its operations in countries experiencing political unrest; the latent credit risk in the Kuwaiti banking system; and expectation that the imminent government spending increases will li...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Cost Estimate For BP’s Oman Tight Gas Fields Rises 50% To $15Bn
...livered its first gas in March. Seven wells have been successfully tested, and BP Oman is planning to add two additional wells by the end of 2011. EWT allows assessment of the long term production performance – particularly important in tight gas fields to understand well decline behavior and the nu...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
DEWA Doubles Size Of Planned Coal-Fired Power Plant
...rlier forecast: “I expect 5% of growth [in 2011], but then it could be 7%. The peak demand (growth) last year we thought would be 6% and then it came to 9.6%.” Dubai expects to have nearly 10gw of power production capacity by the end of 2011. In May DEWA selected McKinsey & Company as a consultant fo...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
Political Comment (27 June 2011)
...Middle East Economic Survey VOL. LIV No 26 27-Jun-2011 Political Comment (27 June 2011) Syrian President Bashar al-Asad has again promised reforms, but has failed to appease his domestic and international critics. The head of the Arab League thinks it is time for a cease-fire in...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011 -
One Hundred Days In The Iraqi Oil Industry
...st 100 days (ending 1 June 2011) as compared to previous rates. A 19% increase in the export rates of Iraq. This article includes analysis of actual production figures from the southern fields comprising over 75% of the country’s production and export. The figures for the 100 da...
Volume: 54Issue: 26Published at Mon, 27 Jun 2011