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EIA Boosts 2010 Demand Forecast To 1.5Mn B/D On Expected Economic Growth
...is spring, rising to an average of about $82/B by the end of the year and to $85/B by the end of 2011.” The EIA said it does not expect OPEC to change its production target of 24.845mn b/d during its mid-March ministerial meeting and added that it expects to see a slight decrease in OPEC surplus cr...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
AIOC Approves Chirag Oil Project, Sees Additional 360Mn Barrels
...ucasus to the Turkish Mediterranean coast. The Azerbaijani government estimates that crude output from the ACG fields now producing will reach 44.8mn tons (896,000 b/d) in 2010, 46.8mn tons (936,000 b/d) in 2011, and 44.6mn tons (892,000 b/d) in 2012. AIOC consortium partners in ACG are: BP (operator, 34...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Iranian Parliament Approves Outlines Of 2010-11 Budget
...bt Repayment ($Bn) 1388 (2009-10) 6.189 1389 (2010-11) 5.739 1390 (2011-12) 2.333 1391 (2012-13) 2.023 1392 (2013-14) onwards 5.817...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Turkey Ratifies Nabucco Intergovernmental Agreement
...nal investment decision on the €7.9bn project, designed to carry 31 bcm/year of gas into East and Central Europe. Construction is to begin in 2011 and first gas from the Caspian region should pass through the pipeline in 2014-15. Turkey’s prolonged negotiations with Azerbaijan over the price of gas th...
Volume: 53Issue: 11Published at Mon, 15 Mar 2010 -
Libya’s Hydrocarbon Revenue Projected At $40Bn In 2010 Budget
...ar development plan for 2010-12, with a total outlay of LD84,043mn ($66,701mn). Yearly allocations under the plan, which is included in the budget law, consist of LD29,348mn ($23,292mn) for 2010, LD27,705bn ($21,988mn) for 2011 and LD26,991bn ($21,421mn) for 2012. Libya Opens Door To Foreign Banks Th...
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
MENA Defense Spending Declines As Percentage Of GDP, Says IISS
...er the previous decade, with payments increasing to $3.1bn annually by 2011. However, continuing tensions between the government and the Israeli Defense Force (IDF) in the face of the global economic crisis saw a compromise reached whereby the government’s defense expenditure was cut by 2% in 20...
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
Morocco Mildly Impacted By Global Financial Crisis, Says IMF
...ans to return to fiscal consolidation beginning in 2011. “This will be important to stabilize the public debt-to-GDP ratio, preserve low borrowing costs in the economy, and facilitate the implementation of monetary policy,” the IMF said....
Volume: 53Issue: 10Published at Mon, 08 Mar 2010 -
Petrochemicals Hub Planned For Egypt’s 'Ain Sukhna
...nancing (advised by Royal Bank of Scotland) is expected to reach financial close this year, with startup of the facility planned for 2013, while the other two (advised by HSBC) will seek financing in 2011 or 2012, and start operating three years later. While the projects will initially focus on ex...
Volume: 53Issue: 09Published at Mon, 01 Mar 2010 -
Sonatrach Plans To Expand Refining Capacity To 40Mn Tons/Year By 2016
...erations, including current projects such as LNG plants in Arzew and Skida,” the CEO said. Algeria has four refineries and is planning to build a new 300,000 b/d capacity refinery at Tiaret. This was originally intended to be brought on-stream in 2011 (MEES, 26 October 2009)....
Volume: 53Issue: 09Published at Mon, 01 Mar 2010 -
Oman Sidesteps Gas Crunch As Liquids Output Rises
...crement when it starts up in 2010. Expected start-up at Qarn Alam, one of the world’s biggest steam injection projects, has slipped into 2011. Around 40,000 b/d of new oil is targeted from the project, but phase one is likely to involve around half this amount, MEES understands. Omani firm Petrogas ha...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009 -
Saipem Extends Drilling Contract At WDDM To 2014, Targets Water Depths Of 1,100Ms
...ock. Scarabeo 6 is a third generation rig capable of drilling in water depths of up to 780ms, and to a total depth of 7,500ms. It was originally booked by Burullus in December 2006 for a two-year contract, extended to 2011 in October last year, to develop the WDDM concession and extend its pr...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009 -
Fattah Says Iranian Power Exports To Turkey Will Double In 2009
...uble to 400mw by the end of this year. He predicted that Iranian power deliveries to Turkey would continue to rise steeply, reaching 2gw by 2011. Mr Fattah said that a comprehensive agreement on electricity trading would be signed between the two countries next month. Iran’s power generating ca...
Volume: 52Issue: 13Published at Mon, 30 Mar 2009 -
Algeria To Spend $63Bn On Energy Projects Over The Next Five Years
...March at the cost of around $3bn, Dr Khelil said. Eni is developing the block, since acquiring the Canadian operator First Calgary Petroleum in September last year, and said at the time of the acquisition that production was due to begin in 2011. The contract for the Gassi Touil surface in...
Volume: 52Issue: 12Published at Mon, 23 Mar 2009 -
MENA Defense Spending Remained At High Levels In 2007, IISS Report Shows
...arches must be in coordination with the Iraqi government; US forces would withdraw from Iraqi cities and towns to specified bases by 30 June 2009; and that US forces will have to complete their final withdrawal from Iraq by 31 December 2011. Several factors contributed to the improving security co...
Volume: 52Issue: 11Published at Mon, 16 Mar 2009 -
Saudi Aramco Looks To Gulf Offshore For Gas Boost
...celerated”, allowing for some production to come on stream in October 2011, but the majority of the gas capacity is not likely to be on stream before 2012. According to last year’s Annual Review, Saudi Aramco’s total raw gas output will be boosted from 8bn cfd in 2007 to 13bn cfd by end-2011 (MEES, 2 Ju...
Volume: 52Issue: 10Published at Mon, 09 Mar 2009 -
UAE Embarks Upon Budget Reform
...Middle East Economic Survey VOL. LII No 10 9-Mar-2009 UAE UAE Embarks Upon Budget Reform The UAE has embarked upon a plan to reform its federal budget, and plans to adopt what is described as a “zero-based” regime from 2011. Currently incremental budgeting is used, where di...
Volume: 52Issue: 10Published at Mon, 09 Mar 2009 -
Political Comment (9 March 2009)
...Middle East Economic Survey VOL. LII No 10 9-Mar-2009 Political Comment (9 March 2009) The US will be out of Iraq altogether by the end of 2011, according to the timetable announced by President Barack Obama. On her first visit to the region, Secretary of State Hillary Clinton ha...
Volume: 52Issue: 10Published at Mon, 09 Mar 2009 -
Sonatrach Signs Gas Sales Agreement With Orascom, Despite Supply Concerns
...ailability of natural gas feedstock. State-owned energy firm Sonatrach last week signed a 20-year sales-purchase contract with Egypt’s Orascom Construction Industries (OCI) to supply 1.7 bcm/year of gas to the ammonia/urea plant that the two companies are developing there from 2011. The plant will have a pr...
Volume: 52Issue: 09Published at Mon, 02 Mar 2009 -
Juba Government Facing Serious Financial Difficulties As Oil Revenues Dwindle
...artoum have been too preoccupied with sharing the country’s oil rent, and are principally using the revenue to build up arms, ahead of a proposed referendum on independence for the south in 2011, and at the expense of economic development and national stability. The report estimated that as much as 60...
Volume: 52Issue: 09Published at Mon, 02 Mar 2009 -
Egypt Pursues Gas Development Plans
...output to 10bn cfd by 2011, from around 6bn cfd now. On top of this, new gas export plans, including the second 5mn tons/year LNG train at Damietta, extra volumes through the Arab Gas Pipeline to Syria and Lebanon and supplies of 1.7bcf/y to Israel, will stretch Egyptian production even fu...
Volume: 51Issue: 13Published at Mon, 31 Mar 2008