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Bahrain Discovers New Crudes As Gas Plans Take Shape
...2014 (MEES, 10 October 2011). To date four wells have been drilled. Regardless of the quantities of gas ultimately discovered and produced from the deep gas reservoir, Dr Mirza stresses that the LNG terminal is needed. The purpose of LNG imports would be to smooth peak demand periods and allow in...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
BP In Talks For Multi-Billion Dollar Kirkuk Rescue Plan
...at 200,000 b/d from 160,000 b/d a couple of years ago. But problems installing water injection capacity will has delayed a planned push to boost Bai Hasan to 240,000 b/d. Jambur is at 55,000 b/d, slightly up on late last year (MEES, 19 September 2011). Khabbaz output of 28,0000 b/d will rise to 30...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Oman Relies On Independents To Boost Crude Output By 40,000+ B/D
...bject of intense debate. PDO announced on 20 February its crude output dropped slightly to 549,280 b/din 2011from 553,000 b/d in 2010 because of strikes triggered by political unrest and flooding caused by heavy rain. PDO Managing Director Raoul Restucci said to replace output lost to depletion, PDO is...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Qatari Petrochemical Projects Seek Financial Advisers For Deals Worth $5Bn
...efin derivative unit (MEES, 12 December 2011). Banking sources expect the QP/Shell project to replicate previous Qatari deals, which have tended to secure funding from multiple sources such as export credit agencies (ECAs), banks (both conventional and Islamic) and bonds. A useful template will be Qa...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Kuwait Appoints Oil Minister, Parliament To Vote On Oil Output, SPC Reform
...al with KPC’s Kuwait Oil Company (KOC) subsidiary. The previous parliament launched the probe into Shell’s contract to help develop northern Jurassic gas fields (MEES, 8 August 2011). The investigation covers whether Shell has operational or management control over the planned 1bn cfd sour gas pr...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Baghdad And Irbil Return To The Fray
...bil’s claims. It is noteworthy that three of the blocks awarded to ExxonMobil in October lie in such disputed areas – both al-Qush and Baeshiqa are home to sizeable non-Kurdish populations (MEES, 21 November 2011). And militant local opposition to ShaMaran’s presence in Pulkhana stopped some seismic op...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
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 -
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 -
OPEC Sees 2012 ‘Call’ Flip Into Negative Territory
...close the strategic Straits of Hormuz. Relations between Iran and OPEC lynchpin Saudi Arabia have grown increasingly frosty since the organization’s amicable December meeting (MEES, 19 December 2011). “Joint cooperation is important between all regional players,” the letter added. Mr Qasemi’s le...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
DEPA Looks To Link East Mediterranean Gas Discoveries With Greek Grid
...ime market for gas exported by Cyprus and Israel. “We [Greece] offer a market that is actually healthy and growing,” he said, pointing out that Greek demand for gas increased significantly from 3.6 bcm in 2010 to 4.5 bcm in 2011, and is expected to increase to about 7 bcm/y by 2020 according to Sa...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Qatar Takes Stake In Egypt’s Musturud Refinery Project
...10, but the deal saw delays in reaching financial close amid late changes in the equity ownership. Then, like other projects in the country, it was held up by the revolution which toppled the Husni Mubarak regime (MEES, 7 February 2011). Investment by deep-pocketed Qatar is a “game changer” and pr...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Total Eyes Misan Gas Opportunity
...st year (MEES, 4 July 2011) to over 20,000 b/d and is eyeing eventual production of 100,000 b/d, in addition to 60,000 b/d at the Amara field, MEES understands “We don’t need to reinvent the wheel,” argues Gulfsands CEO Mahdi Sajjad. “This is essentially our previous project. We have already done mo...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iran Gives Confusing And Contradictory Response To Sanctions
...E on 7-9 February. The tour, according to the president’s website, is to help “secure a stable supply of energy resources.” Turkey, however – which got 180,000 b/d, almost one-third of its oil needs, from Iran in 2011 – is publicly supporting Iran over energy issues. Minister of Energy Taner Yi...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
MENA Turmoil Continues To Batter Financial Markets
...t. After unrest in Tunisia, but prior to the Bahrain protests, King Hamad bin Isa Al Khalifa had already instructed the government to disburse BD1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in excess of its 2011 budget allocation. Moody’s also placed Ba...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B
...Middle East Economic Survey VOL. LIV No 9 28-Feb-2011 Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B Iranian President Mahmoud Ahmadinejad on 20 February presented to the Majlis (parliament) an expansionary draft budget for the Iranian year 1390 (starting on 21...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Doubts Gather Over Gulf Petrochemical Plans
...mand for ethane-based feedstock will come from QAPCO’s 700,000 t/y low density polyethylene (LDPE) plant, due to start up at the end of 2011. By 2015 Qatar expects to have on stream two new major sources of ethane. Shell’s $18-19bn, 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant will al...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Popular Uprisings Rip Through Middle East
...oid rescheduling its debt. Foreign exchange reserves of the Central Bank of Egypt (CBE) fell by $1bn in January 2011 to $35bn from $36bn at end-December. According to the CBE Vice-Governor Hisham Ramiz, the fall was attributed to the repayment of $650mn to the Paris Club and to other due obligations of...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011