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OPEC Output Hits Post-Oran High Amid Tepid Demand, Buoyant Prices
...stem and revenue streams. Towards the end of next year, new production from Iraq will start to come on stream. Significant increments are also due from Angola and Nigeria in 2011. OPEC will need to start working in 2010 on these issues and Luanda might prove the place to start. Should prices slip sh...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
OMV Chief Says Nabucco Timetable “Very Ambitious”
...cision by late 2010 and a start to construction work in 2011 to allow gas deliveries via Turkey by 2014, “is very ambitions and to some extent out of our control.” OMV is leading the Nabucco project, but Mr Ruttenstorfer appeared keen to tone down recent optimism about the availability of gas from Az...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Hijacked Greek Crude Tanker Arrives Off Somali Coast
...e Combined Maritime Forces (CMF) and NATO comprising 30 ships as well as a fleet of maritime patrol aircraft based in Djibouti. In November, 'Umar 'Abd al-Rashid, Prime Minister of Somalia’s Transitional Federal Government (TFG) announced a new plan to eradicate piracy by 2011 (MEES, 9 No...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
ENOC Affirms Commitment To Dragon Oil Shares Purchase Despite Dubai Debt Crisis
...ard of ENOC has undertaken to the independent committee that it will not sell, or accept any offer (including any partial offer) for, the shares ENOC holds in Dragon Oil until at least 31 December 2011.” The statement again expressed ENOC’s position that the offer of acquisition “represents a hi...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Signals Of A New Floor And Ceiling For Crude Oil Prices
...I And Brent Prices ($/B) WTI Brent 2011 2010 2009 Q409 Q309 2011 2010 2009 Q409 Q3...
Volume: 52Issue: 49Published at Mon, 07 Dec 2009 -
Bulgaria In Negotiations To Buy Egyptian Gas From 2011
...Middle East Economic Survey VOL. LI No 51-52 22/29-Dec-2008 EGYPT Bulgaria In Negotiations To Buy Egyptian Gas From 2011 Bulgaria’s Minister of Economy and Energy Petar Dimitrov was quoted by local media on 4 December as saying that Bulgaria was negotiating the supply of up to...
Volume: 51Issue: 51Published at Mon, 22 Dec 2008 -
IEA Medium-Term Outlook Trimmed To Reflect Economic Slowdown
...els and other products will rise, but the former will post a faster pace of growth (+3.1% per year) than the latter (+2.8% per year).” IEA World Oil Supply And Demand Outlook 2008-13 (Mn B/D) 2008 2009 2010 2011 2012 20...
Volume: 51Issue: 50Published at Mon, 15 Dec 2008 -
Putin Increases Pressure On Ukraine To Repay Gas Debt
...liveries if the debt dispute is not settled before the end of December. According to the October agreement, Russia would charge Ukraine less than the European-level gas price until 1 January 2011, with the two parties agreeing on a steady price for a two-year transition period in 2009-10. Ukraine says th...
Volume: 51Issue: 50Published at Mon, 15 Dec 2008 -
Twenty-One Companies Pre-Qualified For Area 47, As Verenex Mulls Its Options
...early November, $800-850mn would need to be spent on bringing the oil and gas discoveries at the ‘A’ field on-stream by 2011, at initial rates of 50,000 b/d and 50mn cfd respectively. Verenex and Medco would shoulder 25% of the costs each, with NOC funding the rest. Under the EPSA-4 contract, Ve...
Volume: 51Issue: 50Published at Mon, 15 Dec 2008 -
Iran’s Refining Expansion On Track To Meet Gasoline Deficit, Says FACTS
...adan. These three projects alone will produce enough gasoline to eliminate all imports in the short term. The Abadan upgrade will be completed in 2010, Arak in 2011-12 and Isfahan in 2012-13.” There will be crude distillation unit expansions at the Lavan, Arak, Tabriz and Isfahan refineries, which wi...
Volume: 51Issue: 49Published at Mon, 08 Dec 2008 -
UAE Liquidity Squeeze Raises Growth Prospect Questions, Says S&P
...2011 at almost $40bn (MEES, 1 December). The average refinancing requirement during this period represents a substantial 8% of the UAE’s GDP. This is equivalent to 10% of total bank loans, on average. While this is a significant magnitude, S&P believes refinancing risks will remain manageable de...
Volume: 51Issue: 49Published at Mon, 08 Dec 2008 -
Yemen Considering Ways To Boost Exploration And Offset Declining Oil Production From Mature Fields
...udying the possibility of a pilot project using Enhanced Oil Recovery (EOR) technology next year. However, Nexen’s PSA expires in 2011 and, although the company is interested in extending the agreement, the government has not indicated yet whether it is ready to do so. Hence the likelihood of the de...
Volume: 51Issue: 48Published at Mon, 01 Dec 2008 -
Verenex Says Corporate Sale Of Libyan Assets Is ‘One Strategic Option’
...w weeks after the company submitted a final appraisal report to NOC for the first phase of the development of those discoveries (MEES, 17 November). The development plan envisages oil production of around 50,000 b/d and gas production of 50mn cfd, starting in 2011. But it is expected to cost ar...
Volume: 51Issue: 48Published at Mon, 01 Dec 2008 -
Oman Signs EPSA With Occidental And Mubadala
...mmence immediately and that production from the area in question is expected to begin in 2010 and reach plateau of about 165mn cfd (27,500 barrels of oil equivalent per day – boed) by the end of 2011. Occidental’s net share of production at plateau is expected to be approximately 10,000 boed, with Mu...
Volume: 51Issue: 48Published at Mon, 01 Dec 2008 -
Political Comment (1 December 2008)
...nflicting). So while the way is now clear for an American withdrawal from Iraq by the end of 2011 in accordance with the SOFA, it is now theoretically possible that this could take place by the middle of 2011 if the referendum gives the thumbs down, since the agreement specifies that it “can be terminated by...
Volume: 51Issue: 48Published at Mon, 01 Dec 2008 -
Condensate’s Growing Impact On Petrochemical And Transport Fuel Markets
...bstantially in expanding condensate processing capacity through 2011. While Thai imports remained steady, this market, together with China, will import increasing condensate volumes through 2016. Thailand has joined the ranks of major condensate importers and this market’s expanding condensate needs wi...
Volume: 51Issue: 48Published at Mon, 01 Dec 2008 -
BAPline Partners Form Project Company
...necessary and that negotiations should be directly with Russia and Gazprom. Kazakhstan’s Eurasian Natural Resources (ENR) on 19 December started up in Pavlodar a $900mn aluminum smelter which will reach its 250,000 tons/year capacity in 2011. Construction of the plant began in 2005. ENR is...
Volume: 50Issue: 52Published at Mon, 24 Dec 2007 -
Daelim/JGC Win EPC Contract For NCP Petchem Project
...hylene, propylene, polyethylene, polypropylene, polystyrene and 1-hexene. Construction will begin in January 2008, with project completion expected in early 2011. Commercial production is scheduled to begin in September 2011. JGC will perform the EPC services for the 1.2mn tons/year cracker, 20...
Volume: 50Issue: 52Published at Mon, 24 Dec 2007 -
UACC Orders Eight Chemical Tankers From South Korea’s SLS Shipbuilding
...ght chemical tankers, with an option for an additional two 45,000 dwt IMO II chemical tankers for delivery in 2011. UACC said it aimed to develop a fleet of medium-to-long range product tankers to serve the shipping needs of the expanding oil refining and chemical industries of its home region. UA...
Volume: 50Issue: 52Published at Mon, 24 Dec 2007 -
1Q 08 Decision On Oman’s Proposed Al-Duqm Refinery/Petrochem Project
...ld by OOC, 17% by Shell, 15% by Liwa Energy, 2% by Total, and 1% by Partex. The venture’s aim is to develop some 1bn barrels of Mukhaizna crude oil and achieve production of 150,000 b/d by 2011. The project is said to be progressing according to schedule, and, despite rising cost, is within 5% of bu...
Volume: 50Issue: 51Published at Mon, 17 Dec 2007