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Abu Dhabi To Import 1.2Bn CFD Of LNG, Shah Gas Field Slips
...G engineering firm Chiyoda (MEES, 10 October 2011) replace ADGAS’s two LNG trains that will be over 30 years old by 2019, as part of a package that would secure Japanese upstream firms’ concessions in the emirate. ADGAS’s third LNG train is more recent. However, Abu Dhabi could build an...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Regional Tensions, Oil Price Prompt Rise In MENA Defense Spending
...ew by a far lesser margin. And this trend, IISS notes, is something that has been mirrored in defense spending across the region. “Oil exporting states made up nearly 75% of total regional defence expenditure, and in 2011 their collective spending rose to $95.57bn [from $87.97bn], a no...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Iran Tensions Cast Shadow Over IEF Meeting
...continued. According to MEES calculations there has been some loss of Iranian production, with estimated February output of 3.46mn b/d down on the 2011 average of 3.59mn b/d. Production losses are only part of the issue. “It is costing twice as much to get anything done. Drilling, oil services, fi...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Sonatrach In $6.6Bn Windfall Tax Resolution With Anadarko And Maersk
...8 6.6 For Comparison: 2011 TPE In...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Noble Confirms Cyprus Resource, Assessing Site For Proposed LNG Plant
...kes reports. Noble Energy has reconfirmed its resource estimate for the December 2011 discovery at Cyprus’s Block 12 A-1 well at 7 tcf (198 bcm) following the release of an independent estimate by consultants Netherland Sewell and Associates (NSAI) in early March that put reserves at 5.1 tc...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Kuwait Burns Crude, Turns To Renewables, To Meet Fuel Challenge
...ntracts are $14-14.7/mn BTU and rise with oil prices. In a research note Bloomberg New Energy Finance said that the cheapest PV power plant in 2010 could be built at $3.14/w. In its model a 1gw PV plant built in 2011 over 20 years was competitive against real oil prices rising from $80/B to $12...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Kurds Poised For Oil Boom, Amid Looming Political Turmoil
...erator 2011 Average Production Current Production March 2013 End-2013 Tawke DNO 52 50 10...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Korean Group Wins Abu Dhabi Oil Deal As ADCO Concession Nears Expiry
...elds comprise one offshore in Area 3 and two onshore in Areas 1 and 2. The UAE government had previously said it expected the deal to be closed by the end of 2011 (MEES 26 September 2011). State-owned Abu Dhabi National Oil Company (ADNOC) holds 60% in the projects, which require a total of $5bn in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Libya Crisis Hits Companies’ Bottom Lines
...LIBYA Libya Crisis Hits Companies’ Bottom Lines Libya’s 2011 political upheavals have had significant material impacts on the net profit of all of the foreign oil companies producing in the country. All eight of the top foreign producers in Libya saw their overall production fa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
ITGI Transformation Into South Stream Branch Gains Momentum
...s markedly improved since June 2011. Regardless of the “clouds” that existed over the proposed Burgas-Alexandroupolis oil pipeline, Moscow has been convinced, primarily thanks to the efforts of Junior Energy Minister Yannis Maniatis, that Greece supported the pipeline option whereas Gazprom always sp...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Bahrain Banking System Resilient To Crises, Says CBB Governor
...ntinue. Moody’s Investors Service has kept its negative outlook on the Bahraini banking system since reaffirming it in October last year, citing the unrest and its ramifications (MEES, 7 November 2011). But Mr Maraj believes that many have exaggerated the impact of the political situation on the banking se...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
APICORP Expands Energy Finance Mandate
...tivity. For example, it will provide agency services to the Socar Aurora Fujairah Terminal (SAFT) project. The bank arranged a loan facility for SAFT that will help fund construction of a 641,000 cu ms capacity oil terminal in the UAE port city of Fujairah (MEES, 26 December 2011). The total project cost is...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
KRG Oil Sector Pushes Ahead Amid Challenging Times
...ports has reignited optimism that permanent wide-ranging oil agreement can be reached despite the legacy of mistrust and the very real gulf in nationalist belief and investment philosophy between the two sides. The Kurds have slowly hemorrhaged influence since 2003, but a gap in the 2011 bu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Deadline Set For Competing Gas Corridor Projects, Nabucco Plans Extension
...vernment from an earlier schedule of June 2011, but it is still ahead of the December 2011 deadline extension originally requested by the Nabucco partners. BP Vice-President for Shah Deniz Development Alasdair Cook told a conference in Ankara the previous week that an October deadline would allow the Sh...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Bahrain Chaos Raises Specter Of Capital Flight
...vernment to disburse DB1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in its 2011 budget (MEES, 21 February), but political disenfranchisement is at the crux of the matter, rather than the abject poverty seen in countries like Egypt and Yemen. Thus, as a result th...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Qatar To Supply Extra LNG to Japan
...cording to Energy Security Analysis, Inc (ESAI), the 2011 catastrophe could result in Japan importing an extra 5mn t/y of LNG. Only one of Japan’s 23 LNG terminals were reportedly affected by the disaster, so Japan could immediately start importing 5mn t/y of LNG if needed. Suppliers are preparing to...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
OPEC Firms Up Near Term Projected Demand For Its Crude
...r OPEC’s big Middle East Gulf exporters. “World economic growth remains robust and continuing improvements have led to improved growth expectations for 2011, which have been adjusted 0.1% higher to 4.0%,” the report predicted. “The main reason for the upward revision is healthy growth in the de...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Turkey Looks To Investment And Exploration, Mulls Southern Corridor Options
...ring 2011 the company would gather a further 5,000 km of 2D seismic in addition to the large amount that it has already acquired. Mr Aydemir declined to comment on the success rate of the wells drilled so far, but added that he believed that the cost of exploration and drilling would ultimately pr...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
New Egyptian Cabinet Struggles To Stabilize Economy
...serves, also preventing fluctuations in Egypt’s net international reserve balance,” he added. The CBE January 2011 Monthly Statistical Bulletin says that this account totaled $9.0376bn in November last year, the latest month for which figures are available, which was down from October’s $9.8579bn. Fo...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011