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Gulf Producers Tackling ‘Difficult Gas’ Challenges
...eld development is due to finish in the third quarter of 2011, then a 12-month FEED program starts, allowing the final investment decision to be taken at the end of 2012. By then BP will know the amount of water and NGLs that need handling. Technically it is a tough job – as the reservoirs are in ol...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
WTI Price Moves Back Above $110/B As US Inventories Slide, Market Seen Out Of Balance
...at current prices are not sustainable and called for OPEC to be prepared to increase output in June when a rise in demand is anticipated. He said that if crude continues at a price of more than $100/B for the remainder of 2011, it is very likely that demand destruction would ensue, similar to th...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
CGES Says High Crude Prices Risk Destroying Demand
...lance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil Demand 88.7 89.5 88.7 88.4 89.7 89.9 84.9 87.9 89...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
China’s Crude Oil Imports Rose 8.6% In March
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 China’s Crude Oil Imports Rose 8.6% In March China’s crude oil imports totaled 21.67mn tons during March 2011, according to data released by China’s General Administration for Customs. The March volume is a rise of 8.6% over Fe...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Demand For Bahrain Sovereign Debt Remains Strong, Says CBB
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Bahrain Demand For Bahrain Sovereign Debt Remains Strong, Says CBB Demand for Bahrain sovereign debt remained strong during the first quarter of 2011, the Central Bank of Bahrain (CBB) announced on 19 April. The domestic is...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Socar Offers BP Option To Explore For Further Gas In Shah Deniz And ACG Fields
...peline project for exporting Shah Deniz 2 gas (MEES, 4 April). Mr Usifzade also told reporters that Socar was looking to sign an agreement with BP by the end of 2011 for the production of gas from reservoirs below those already being produced in the ACG complex. BP is operator and 34.14% interest ho...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Moody’s Sees Negative Outlook For Egyptian Banking System
...quidity is by no means assured, especially if Egypt does not elect an effective government in a timely manner, it said. Moody’s expects profitability to come under pressure in 2011-12, driven by increasing loan loss provisioning due to the uncertain environment and also by higher expenses that could re...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
NIOC Raises Iran Oil Reserves Estimate To 155Bn Barrels
...tput was 20,000 b/d per well compared with 26,000 b/d before the 1979 Iranian revolution. Mr Qalebani said that new methods of enhanced oil recovery were being deployed under Iran’s fifth five-year development plan [2011-2015] to boost oil recovery rates. NIORDC Announces Gasoline and Gasoil Pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 IRAQ Iraqi Inflation Set To Remain In Single Digits In 2011, CBI Says Helped by a nation-wide food rationing program that has absorbed a portion of the increases in global food prices, Iraq’s annual inflation rate is fo...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Oman Allocates $2.6Bn In Social Spending To Quell Unrest
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 oman Oman Allocates $2.6Bn In Social Spending To Quell Unrest The Omani government on 17 April unveiled revised numbers in its 2011 state budget to incorporate the promised social expenditure of an additional OR1mn ($2.6bn) in...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Cyprus Warns Investors Against TPAO East Mediterranean Block Offer
...fshore blocks and has awarded an exploration license to Noble Energy of Houston for Block 12, which lies along the maritime delimitation line with Israel. Noble intends to drill in Block 12 before the end of 2011. Furthermore, Noble’s partner in Israel, the Delek Group, has approached Nicosia with a pr...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
UAE Pledges $1.4Mn To International Counter-Piracy Fund
...obal commercial maritime routes, and the safety of seafarers and other persons.” The escalation of pirate attacks in 2011 has hurt global trade and commerce, and has a damaging impact on peace, security and stability throughout the world, it adds. A UAE‐flagged, Kuwaiti‐owned oil tanker was hi...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Political Comment (25 April 2011)
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Political Comment (25 April 2011) The UK, France and Italy are leading Western efforts to see how military pressure can be increased on the Tripoli government with the aim of ending the current stalemate in Libya. Syria’s st...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
OPEC Report Points To Tightening Fundamentals
...pan, OPEC revised its growth expectations for the world economy down by 0.1% to 3.9% in 2011. That said, while secondary effects of the Japanese crisis are yet to be incorporated due to a “lack of visibility,” the MOMR said that its forecasts for other economies worldwide remain largely unchanged fr...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
WTI Price Slips Below $110/B As Questions Arise Over ‘Demand Destruction’
...by 0.1% compared to last year. The average world crude oil price on 8 April was unavailable. WTI was $112.27/B on 8 April, $4.72/B more than last week’s price and $27.67/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Br...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
IEA Sees Market Tightening On Reduced Supply, Rising Demand
...rthquake and tsunami on 11 March, renewed price strength now also acknowledges this potential for further market tightening.” The IEA left its forecast for global oil product demand largely unchanged for both 2010 and 2011 from last month. “Global oil demand, which averaged 87.9mn b/d in 2010 (+3.4% or...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
EIA Foresees Drawdown In Global Stocks, Increasing Call On OPEC Crude
...ew by 2.3mn b/d in 2010 to a record level of 86.7mn b/d, the agency said, adding that demand is expected to grow by 1.5mn b/d in 2011 and by 1.6mn b/d in 2012. Almost all growth in consumption during the next two years will come from non-OECD countries, particularly China, Brazil and the Middle Ea...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
DME Reports Average Of 3,000 Contracts/Day Traded In 1Q 2011
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 DME Reports Average Of 3,000 Contracts/Day Traded In 1Q 2011 Average daily volumes (ADV) of trading on the Dubai Mercantile Exchange (DME) for DME Oman Crude Oil Futures Contract (DME Oman) stood through the first quarter of 2011...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 Crude Oil Formulas/Posted Prices ($/B) Kuwait (+ / - Adjustment Factor; $/B) 2011 2010 May Apr Mar Feb Jan De...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Turkey Grants Final South Stream Prospecting Permit To Gazprom
...gineering and design (FEED) which should be completed in late 2011 or early 2012. The final investment decision would then be taken in late 2012 or early 2013 in order to see gas flowing via the first 15 bcm/year branch of the pipeline system by late 2015. Moscow is considering an LNG amendment or/an...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011