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BP Aims For First Omani Tight Gas In September
...gas from the tests wells by the first quarter of 2011, ramping it up in phases to full scale production of 1bn cfd by 2013-14. However, BP decided that it was more economic to use an existing, smaller gas processing plant to keep within the $650mn it had budgeted for the appraisal stage of the pr...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Oxy’s Oman EOR Project Costs Soar To $9Bn
...$9bn from the $2bn it said it would cost when it wrested Block 53 from Shell-led, state-controlled Petroleum Development Oman (PDO), Oman’s biggest producer, in 2005. Oxy’s original plan was to raise oil production to 150,000 b/d in 2011 from the 10,000 b/d the field was producing when the co...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
IEA Medium Term Forecast Sees Demand Growing By 1.2Mn B/D Annually To 2015
...0,000 b/d (1%), taking global demand to 90mn b/d by 2015, with the reattainment of 2007 demand levels deferred to 2011. The report said that in both cases non-OECD countries will drive global oil demand growth, while consumption will decline in the OECD. Under the base case, the report said, non-OECD oil demand is...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
CGES Says Crude Prices Rebound Reflects New Optimism Over US Economy
...10 2011 World Oil Demand 86.3 85.8 86.4 87.4 87.7 87.7 84.9 86.5 87.9 Non-OPEC Supply 51.8 51.5 51.3 52.1 51.8 51.8 51.1 51.7 51.7 OPEC NGLs 5.1 5.3 5....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Gazprom And Eni Finalize Deal For EDF To Join South Stream, Consider Routing Options
...e final investment decision can be taken in the first quarter of 2011. Mr Miller said that the South Stream partners are confident that the full 63 bcm/year capacity of the $25bn pipeline will be taken up, since its design capacity “is based on long term contracts for gas supplies to European co...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Arab Economies To Grow By 4% This Year, AMF Chief Says
...d some exports to be affected to a small degree. The AMF forecast was very much in line with that of World Bank Finance Director Mansour Dellami, who on 21 June said the Arab world would see 4% average growth in 2010, and 4.3% growth in 2011, compared to a 6% average for developing economies and 2....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
EIB Launches Mediterranean Carbon Fund
...velopment Agency (AFD). The fund, expected to be set up in 2011, will use carbon credits generated under the Clean Development Mechanism (CDM). “Its size will be based on an evaluation of the volume of carbon credits potentially generated by projects under the CDM and could be delivered by 2020 in the re...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Trowers & Hamlins Files $720Mn Forex Claim Against AHAB
...ternational banks with debt exposures totaling $15-22bn. Trowers & Hamlins recently filed cases with Saudi Arabia’s Negotiable Instruments Committee (NIC) against Saad Trading, a division of Saad Group, for $11mn, as well as against Abdulaziz al-Sanea for $54mn, with hearing dates set for early 2011....
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
UAE Banking Sector Capitalization Makes Challenges Manageable, Says Fitch
...ported by some banks, says Fitch. As loan books stagnate in 2010 and possibly into 2011, the ratio will increase for all banks as problems assets work their way through the banking system, maintains the report. Loan loss reserve coverage also declined for the nine largest banks to 97% from 148% at en...
Volume: 53Issue: 26Published at Mon, 28 Jun 2010 -
Domestic Demand Challenge Highlighted By Saudi Aramco Report
...view noted. Saudi Aramco is not pushing ahead with any further capacity rise beyond its current 12mn b/d – total Saudi capacity, including the Neutral Zone is 12.5mn b/d. It is implementing the 900,000 b/d offshore Manifa project, albeit with a radically revised timeline. Originally scheduled for 2011...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
WTI Price Moves Into High $70/B Range
...vel of sensitivity to the sovereign debt contagion fears that have dominated price behavior in the second quarter. All 2011 WTI delivery months are now trading back above $80/B, and we would also expect the front of the curve to continue its gradual progress back above $80/B.” He added: “With economic fe...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Société Générale Oil Outlook “Progressively Bullish” For 2010-11
...ne, Société Générale has forecast a “progressively bullish outlook for the next 18 months,” but the bank has also revised downwards its previous crude oil price forecasts. The global economy is expected to grow by 4.4% in 2010 and 4.0% in 2011, translating into global oil demand growth of 1.5mn b/d an...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
KMG And CNPC To Build Intra-Kazakh Link To Central Asia Gas Pipeline
...d expected to end in April-May 2011. The Heydar Aliyev drilling rig will operate at 470-480ms and drill to a target depth of 7,100-7,200ms. Socar has estimated that the Absheron structure could contain up to 300bn cu ms of gas and 45mn tons of condensate. A production sharing agreement for Ab...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
CBI Guarantees 10% Return On Foreign Investments In Iran
...vestment. Earlier in June Mehr News Agency reported that the Ministry of Petroleum had allocated $13.6bn for oil projects and $2.4bn for refineries for the year ending on 20 March 2011 from the National Energy Fund, which was established in February with the backing of the CBI and four state-owned banks, to fi...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Kuwait Faces Power Crisis As It Prepares To Launch First IWPP
...ry alarming”, reported KUNA news agency. The Minister of Electricity and Water, Badr al-Shurai'an, said that his ministry had stepped up efforts to prevent blackouts. He said a breakthrough is unlikely before 2011, when the al-Sabiyya power station becomes operational. Kuwait is expected to launch it...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Saudi Economy Remains Sound Despite Global Uncertainties, Says BSF
...nimally compared with six months ago, Banque Saudi Fransi (BSF) said in a 14 June report. BSF maintains its GDP growth forecast at 3.9% for 2010, climbing to 4.2% in 2011. However, it cut its oil sector expansion forecast to 3.6%, while raising the projection for government sector GDP growth to 4.6%. Go...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Red Emperor Agrees Preliminary Farm-In Deal With Africa Oil For Puntland Blocks
...e PSAs on both blocks with the region’s breakaway government, extending the initial exploration phase from 36 months to 48 months to expire on 17 January 2011 (MEES, 28 December 2009)....
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
World Bank Says Sudan’s Oil Revenue Should Be Invested In Non-Oil Industries
...oduction to create more balanced and sustainable growth, according to reports on 11 June. With an independence referendum due in January 2011 in Southern Sudan, the source of most of the country’s oil, the government in Khartoum needs to invest in agriculture and other non-oil industries, and reduce the do...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Rumaila Economics And Its Implications
...oduction capacity comprises the adjusted baseline production and the incremental production. Information available indicates that the work program for 2010 has a budget of $1.7bn and will add 200,000 b/d. In 2011 a budget of $2.5bn will add some 300,000 b/d and by 2012 some 500,000 b/d will have come on st...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
IEA Sounds Alarm Over $557Bn Energy Subsidy Spend
...at lower subsidies would depress local demand growth, which would make more oil available for export, which in turn means more revenues,” Dr Birol said. Phasing out subsidies in 2011-20, as agreed last year by the G20, would cut primary global energy demand by 5.8% by 2020 and shave 6.5mn b/d off 20...
Volume: 53Issue: 24Published at Mon, 14 Jun 2010