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Neutral Zone Oil Production Capacity To Increase 180,000 B/D By 2019
...wait’s parliament and Ministry of Oil (see page 1 and MEES, 8 August 2011). Under the original plan the fields would produce 350,000 b/d and 600mn cfd in 2016, although this timeline has slipped by at least two years. KOC now includes the liquids in its 4mn b/d 2020 production target. Nawara no...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Cyprus Launches Second Offshore Licensing Round, Turkey Objects
...companied by warships, into the Cyprus EEZ (MEES, 10 October 2011, 3 October 2011). Cyprus, a member of the EU, has received the support of Brussels, Washington and Moscow for its right to explore and develop its offshore resources. The Cyprus government has stated on several occasions that any wealth at...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iranian Banks Struggling As Challenges Intensify, Says Darien Analytics
...alytics. The Darien study seeks to bring to Iranian banks the type of analysis it carried out on Gulf banks (MEES, 10 October 2011). However, the London-based consultancy acknowledges that getting to the bottom of Iranian banking is not easy given that disclosure is sometimes poor. Despite the di...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
IEA Reduces 2012 Crude Demand Growth Forecast
...mand is expected to climb to 89.9mn b/d in 2012, from 89.1mn b/d in 2011. “A two-speed outlook prevails – with robust oil demand growth envisaged in the non-OECD, while demand continues to fall across most of the OECD,” the IEA said, adding that non-OECD oil demand will rise by 1.2mn b/d (2.8%) in 20...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
China Imported 23.41Mn Tons Of Crude In January
...16mn b/d). China imported a total of 252.18mn tons (5.04mn b/d) in 2011, an increase of 5.38% from the 239.31mn tons (4.78mn b/d) imported in 2010. China Crude Oil Imports 2011-12 2012 2011 Imports Ja...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Sonatrach Looks To Move On With Spending Boost
...l prices. Sonatrach CEO ʹAbd al-Hamid Zerguine, presenting the company’s provisional 2011 results and plans for 2012-16, said the company’s total investment in the Algerian oil and gas sector will rise sharply to $15.8bn for 2012, from $12bn for 2011. Domestic production has stagnated in recent ye...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Reggane Nord Development To Cost $3Bn, Mid-2016 Start-Up Targeted
...vember 2011, following extensive delays due to turmoil in Algeria’s state oil hierarchy (MEES, 1 February 2010). The project includes the construction of a gas treatment plant, a gas accumulation system and a pipeline which would connect the development with southern extremity of Algeria’s current 48...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Talisman Sees Algeria Revenue Surge
...ALGERIA Talisman Sees Algeria Revenue Surge Canadian independent Talisman saw its 2011 Algerian revenue soar 32% to $256mn on the back of higher oil prices as well as an 8% production increase. Production of 15,100 b/d is 8.5% of the company’s total global liquids production. Pr...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Shah Deniz 2 Gas Supply Decision Likely To Be Taken In Stages
...rope beginning in late 2017 (MEES, 19 December 2011). The situation has been exacerbated by the announcements of a proposed Trans Anatolian Pipeline (TANAP) as an alternative to Nabucco’s cross-Turkey section and also a plan to expand Turkey’s Natural Gas Transmission System (NGTS). However, Socar CEO Ro...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
EU Brushes Off Iran Oil Rhetoric
...newal of last year’s contract, which called for the supply of some 220,000 b/d of crude and 60,000 b/d of condensates. These volumes represented around half of China’s total imports from Iran in 2011. Mehr News Agency reported on 15 February that a senior Iranian official had travelled to Beijing ea...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iran’s Inflation Edges Up To 21% In January
...te for December was estimated at 26% by the Statistical Center of Iran (MEES, 12 December 2011). Independent economists put the real inflation rate at much higher levels. Also, with the recent sharp fluctuations/falls in the value of the Iranian rial against the dollar and other foreign cu...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
CBK Governor Resigns Over Kuwait’s Expansionary Fiscal Policy
...rliamentary elections. Kuwait Records $40Bn Budget Surplus Till December 2011 Kuwait has in the past years projected budget deficits by understating its revenues and overstating its expenditure. But this has failed to materialize and Kuwait instead ends up with a substantial surplus. In the first ni...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Lebanese Banks Abide By US And EU Sanctions Against Syria
...nctions include a freeze on all assets of the Syrian government held in Arab countries, a halt in transactions with the Central Bank of Syria (CBS) and the Commercial Bank of Syria and an end to Arab government funding for projects in Syria (MEES, 5 December 2011). More recently, on 12 February the League re...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
APICORP Raises $667Mn From Saudi Banks
...vironment in 2012,” said Mr Nuami, noting that it will also help “withstand potential sudden shocks in the global financial system.” At 51% APICORP’s capital adequacy, after covering callable capital approved in May 2011, is one of the highest amongst MENA banks. Posting an 86% hike in 4Q11 profits to over $57...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Akenerji Awards Turbine/Generator Contract To GE
...rkey’s installed generation capacity of 53gw, the GE statement said. Turkey’s electricity demand is expected to increase at an annual rate averaging 6% between now and 2018. Demand rose by 8% in 2011 over 2010, according to GE, which added that Turkey’s generating capacity is expected to rise to more th...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
TAQA Expands Presence In North Sea As 2011 Profits Slump
...UAE TAQA Expands Presence In North Sea As 2011 Profits Slump The UK arm of state-owned Abu Dhabi National Energy Company (TAQA) has announced its purchase of a 50% stake in an oil field offshore Scotland. With the signing of two farm-in agreements on 13 February with a subsidiary of Ab...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Strike Action Halts Masila Oil Production
...fore being replaced by PetroMasila in December. In November the Yemeni authorities declined to renew Nexen’s operating license for the 35,000 b/d Masila field, handing operations from 17 December 2011 to a newly created Yemeni national operating company PetroMasila (MEES, 28 November 2011). “The wo...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
IEA’s World Energy Outlook: Review And Discussion Of MENA Deferred Investment Case
...vember 2011, the International Energy Agency (IEA) released its annual World Energy Outlook (WEO).1 This 660-page report provides analyses and insights into energy demand, production, trade and investment for the next 25 years. It further highlights the implications of a possible delay in upstream in...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iran Sanctions Crisis Deepens
...ging between Beijing and Tehran since the autumn of 2011. China, which imported last year around 555,000 b/d, has reduced its purchases by some 285,000 b/d in the first quarter of 2012. China is importing 100,000 b/d more of Saudi crude than in 2011. It also plans to increase its Iraqi imports by 50% co...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Record $85/B Budget Oil Price In Critical Year For Iran
...IR4,000 trillion from IR3,550 trillion in 2011-12, and the general state budget, for which the exact figure was not disclosed. But the president said that government spending under the general budget was projected to fall by some 5.6% from the figure of IR1,770 trillion projected for 2011-12. He ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012