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Delek Considers Offers For 30% Of Leviathan
...rael cope with a gas shortage created by a halt in 2011 of deliveries of Egyptian natural gas. Meanwhile, Canada’s GeoGlobal Resources has reported that no hydrocarbons have been discovered at the Myra-1 well, where expectations of a new discovery had been high. GeoGlobal is partnered with Is...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Shell Starts Drilling For Shale Gas In Southeast Turkey
...trobras, but with little success. Recently there have been some important gas discoveries made offshore Bulgaria and Romania. Last November Shell signed a farm-in agreement with TPAO for three offshore blocks in the Mediterranean Sea south of the coast city of Antalya (MEES, 28 November 2011, 21 No...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
TPAO Completes Well In Turkish Cyprus, Plans Second
...d ‘Cyprus Problem’ be found. Turkey also claims that the Turkish-Cypriot administration has awarded to TPAO for exploration the offshore area south of the island that comprises that section of the Cyprus EEZ that was included in the licensing round.Noble Energy discovered in Block 12 in December 2011...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Suez Canal Traffic Close To Record Levels
...EGYPT Suez Canal Traffic Close To Record Levels • Revenues hit a bumper $447mn for August. Takings have steadily climbed since the start of 2009. Buoyant revenues for 2011 provided a fillip to Egypt’s revolution-ravaged economy as receipts from tourism nosedived. At $5.22bn, 2011 re...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Qatar Faces LNG Competition As Japan Diversifies Suppliers
...tar’s LNG producers, which have a production capacity of 77mn t/y, have been selling more gas to Japan since the Fukushima earthquake and Tsunami disaster in March 2011. This forced the closure of most of Japan’s 34gw of operating nuclear power plants, driving up LNG demand. Qatar sold LNG equivalent to 10...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Algeria Advances Refining Expansion With Start Of Biskra Construction
...om 22mn t/y at the start of 2011 (see table).The Arzew refinery was expanded from 50,000 b/d to 75,000 b/d late last year, whilst work to expand the country’s largest plant at Skikda by 10% to 330,000 b/d and boost diesel and gasoline production is ongoing and set for completion early next year. The pl...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Sudans Hopeful Of Border Dispute Resolution Ahead Of Ethiopia Summit
...aring of oil revenues, the position of the 1,800km border, and the division of national debt (MEES, 11 July 2011). News of the summit surfaced on the back of some comments by a Western official in which he suggested the two sides had made significant progress towards a more complete agreement to...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
New EU Sanctions Aimed At Iran’s Gas Industry
...ports. Washington is also set to renew (India) or grant (South Korea) waivers because these major Asian buyers have also limited their year-on-year crude imports from Iran by at least 20%. The steepest decline recorded so far is from Japan which has cut them by almost 40% from 2011 levels. Only China has so...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
India’s Caspian Move Counters Lost Iranian Crude Imports
...oduction in 2011 and would help the Indian company reach its medium-term goal to increase output from 8.75mn tons of oil equivalent (toe) in 2011 to 20mn toe in 2018. It would also expand ONGC’s reserves by 9%. Quid Pro Quo ONGC said the purchase “bears significant strategic importance to In...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Edison Secures $590mn Discount On RasGas LNG Supplies
...aly's offshore regasification terminal in Rovigo (MEES, 1 August 2011). RasGas also supplies Belgium's Distrigas (2.07mn t/y for 20 years), Spain's Endesa (0.8mn t/y for 20 years) and the trading wing of France’s EDF (up to 3.4mn t/y for 4.5 years). RasGas ‘Resilient’ In a statement re...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Kuwait To Save 25% Of Its State Revenue
...ctors, among others. According to statistics on the closed accounts from the finance ministry, Kuwait realized a budget surplus of KD10.205bn ($36.3bn) in 2011-12 instead of the projected deficit of KD7.334bn ($26.1bn). In fact these statistics also show that all Kuwaiti budgets since 2000 ha...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Egypt Puts Foreign Borrowing Needs At $10Bn
...d/or bonds, as well as sukuk (MEES, 6 August). Last week, the ministry issued treasury bills worth E£4bn ($657mn) with a 14.465% coupon to raise funds domestically. The minister noted that the preliminary closed accounts show that the 2011-12 budget had realized a deficit of E£170bn ($27...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Saudi Arabia Battles To Cut Power Sector Fuel Consumption
...cording to the Kingdom’s Electricity and Cogeneration Regulatory Authority, between 2000 and 2009 gas consumption for power generation grew by 94% to reach 22.1mn cm/d. In 2010, crude oil continued to command the largest share, at 40% of fuel consumption. In 2011, this decreased by 3%, while the share of ga...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Libyan Rebels Eye Formation Of Interim Cabinet
...tities frozen as of 16 September 2011 remain frozen, but they are no longer subject to prohibitions and can therefore conduct new transactions. Resolution 2009 (2011) directs the UN Sanctions Committee, in consultation with the Libyan authorities, to review continuously the remaining sanctions for the CB...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Turkey Reacts As Noble Starts Drilling Offshore Cyprus
...art of drilling has no connection with the long running talks between the two sides. It instead marks the next phase of the Cyprus/Noble PSA, which stipulated that a well be drilled by October 2011. The latest phase of the contract was signed in Nicosia prior to the start of drilling. In New York Mr...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
CGES Says Short Supply And Stockcover Keeping Crude Prices High
...ventories fell at an average rate of over 1.2mn b/d during the second half of 2010 and continued to fall in the first quarter of 2011,” it reported, adding that commercial inventories outside China, the FSU and Eastern Europe could before winter stand at less than 45 days worth of forward demand – “back at...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 39 26-Sep-2011 Crude Oil Formulas/Posted Prices ($/B) Nigeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Oct Sep Aug Jul Jun Ma...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Egypt Reconsiders Borrowing From The IMF
...ssibility in June (MEES, 4 July). Reports from Egypt quote well informed sources that the government, together with the Supreme Council of the Armed Forces are looking into borrowing some $3bn from the IMF to finance the E£134bn ($22.5bn) deficit for fiscal 2011-12. A final decision on this issue is ex...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
Apache Announces Discovery And Production Well Test Results In Western Desert
...quired the Abu Gharadig field in 2010. The Tayim South 1-X well is the highest oil rate completion Apache has tested since it began operating in the Western Desert in 1996 and is the latest in a series of discoveries in the Faghur Basin. Apache has drilled 13 exploratory wells in the area during 2011...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011 -
GE Signs Agreement To Build 2.25GW Power Plants
...owth in electricity demand from 2009 to 2010, and this is expected to continue at a rate of approximately 11% a year over the next five years. In April, Egypt allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 (MEES, 18 April). In order to meet the projected demand for el...
Volume: 54Issue: 39Published at Mon, 26 Sep 2011