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KRG Nears Separate Export Decision
...rkey wants to be one of the top 10 economies in the world by 2023, and it has identified Iraq in general, and the KRG in particular, as strategic fuel sources for this planned economic expansion. “We need KRG oil and gas,” concedes a Turkish diplomat. And energy imports are only part of the story. In 2011...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Saudis Stick To Economic Expansion, Despite Crude’s Eurozone Jitters
...December 2011). During crises Saudi Arabia does not see the outflows of investments that hit other places like Dubai, but this shows its isolation and “betrays a weakness in the Saudi system,” comments Crispen Hawes, Director of the Eurasia Group. Concern over the crisis could delay the regulatory re...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qatar Joins renewables Race In Move To Conserve North Field Gas
...tar faces a 10% drop in its associated gas as crude output falls. $20Bn Power/Water Expansion In 2011, Qatar’s total installed capacity was 8.76gw, while peak demand was 5.5gw. This gives a reserve margin – the spread between power demand and production capacity – of 37%. Qatar plans to sp...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Turkey Warns Of ‘New Problems’ In Wake Of Cyprus Licensing Round
...TRNC (MEES, 5 December 2011). Any activity of international oil companies in these areas in future would bring them into confrontation with TRNC and TPAO and caused undesired tension. Turkey…acting upon its responsibilities as a motherland and a guarantor power, will give every support to TR...
Volume: 55Issue: 22Published at Mon, 28 May 2012 -
Qatar’s Energy Minister Pledges To Reverse Production Decline
...d been delayed as an overheated construction market pushed its price tag up to $6bn. But the multi-billion dollar price tag for Bul Hanine redevelopment indicates how seriously Qatar is taking the output decline. Dr Sada became minister in January 2011, when previous energy minister 'Abd Al...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Successful Licensing Round Launches Cyprus Hydrocarbon Push
...ccess in the Levant Basin in recent years, including a discovery of 5-8 tcf of natural gas in Cyprus’ Block 12 in December 2011. Asked why it chose not to participate, Noble told MEES in a statement that its decision “is based on a determination to concentrate Noble’s human and financial capital on the ap...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Sadara Seeks Funding Amid Saudi Liquidity, International Lender Uncertainty
...e approach to ECAs just after the final investment decision was announced on 25 July last year (MEES, 8 August 2011). It was only once meetings were wrapped up with the ECAs – they finished in April – that banks were officially approached. Saudi institutional lenders, the Public Investment Fund (PI...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Yemen LNG Pipeline Hit Again As Hadi Steps Up AQAP Offensive
...e key pipeline, which to this day has not yet been repaired (MEES, 24 October 2011). International oil companies (IOCs) meanwhile are remaining very cautious with regard to their short term plans in Yemen, with most admitting a return of foreign staff to the Gulf state is still far off. “Th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Tunisia: Oil Production Slump Exacerbates Budget Shortfall
...TUNISIA Tunisia: Oil Production Slump Exacerbates Budget Shortfall Tunisia, the country that started 2011’s Arab Spring, was much less rocked by violence than neighboring Libya and nearby Egypt. But economic and political turbulence combined with a (largely unrelated) slide in cr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Ankara Assumes Critical Regional Energy Role
...ake in the OMV-operated Bina Bawi block for $175mn. Bina Bawi has run into problems on wells since striking oil in 2010. A second well was abandoned in late 2011, while a third found hydrocarbons, but failed to reach target depth. But partners have confidence in the block and are eyeing an, albeit de...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Baghdad Kicks Off Production Target Talks
...ghdad – the controversial al-Qush and Baeshiqa blocks that lie in disputed territory (MEES, 21 November 2011). ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Algeria Looks To New Terms To Boost Unconventionals Investment
...ree bid rounds conducted since Algeria introduced the current hydrocarbons law (in 2008, 2009 and 2011), with only nine blocks awarded out of 36 on offer (MEES, 21 March 2011). The changes will have their limits: the rule requiring state firm Sonatrach takes a 51% stake in all contracts will st...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iraq Spearheads OPEC Output Surge
...ril 2011 – April 2012 (MEES Estimates – '000 B/D) 2012 2011 Apr Mar Feb Jan Dec No...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Security Fears And Regional Tension Overshadow Libyan Progress
...Block C-137, which produces al-Jurf crude) and Eni (Melitah Oil’s Block NC-41) earlier said they had returned to offshore exploration. Meanwhile, Repsol plans to recommence exploration drilling on 1 November as part of what it calls its “2011-2013” exploration campaign on Murzuq Basin Bl...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Yemen’s 2012 Budget Raises Social Spending To Offset 2011’s Economic Decline
...MEN Yemen’s 2012 Budget Raises Social Spending To Offset 2011’s Economic Decline The Yemeni government has unveiled a record budget for 2012 aimed at stimulating the economy, which has shrunk as a result of the political turmoil in the country last year. After the Arab Spring, the political cl...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Energy Equities: Petchems Help Saudi Market Post Multi-Year High
...st of the company’s plants from 19 January to 9 February. It started commercial operations on 1 October 2011 at its $10bn-plus petrochemical plant and said that the mega-complex, which will produce 4mn tons/year of petrochemical and chemical products, is expected to take time to improve performance an...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Iraq’s NOC Works To Reverse Capacity Slippage
...tal since June 2008. On 26 May, the finance ministry proposed a 2012 budget that foresees a 25% increase in spending to $98.45bn, based on an oil price of $85/B, Reuters reported. The 2011 budget is based on an oil price of $76.50/B and had projected a deficit. But higher prices than envisaged wi...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Qatar Sees World Cup As Catalyst For $200Bn Development Outlay
...uivalent units (TEU) of volume per year in addition to 2mn tons of general cargo. In March 2011, the first major construction contract was awarded to China Harbor Engineering Company for $880m in marine works. By 2025, when fully operational, the second to fifth phases of the new port would each in...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
High-Level Political Intervention Defuses Basra Oil Protests
...mmercial discoveries permitting, it could be in a position to start production in early 2012, MEES understands. ShaMaran is acquiring seismic data on its Arbat block, with a view to starting drilling late 2011/early 2012....
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Energy Decisions Loom For Cyprus As Island Seeks To Make Best Of All Options
...ter the results of Noble Energy’s initial drilling in Block 12 are known, but throughout the early months of 2011, a number of oil companies have visited the Ministry of Commerce, Industry and Tourism and the Department of Energy in Nicosia, to inquire about the island’s offshore prospects. Only Block 12...
Volume: 54Issue: 21Published at Mon, 23 May 2011