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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 -
CGES Warns Of Mounting Pressure On OPEC To Raise Output
...ear whether the IEA would follow through on this implied threat.” CGES Global Supply/Demand Balance (Mn B/D) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2009 2010 2011 World Oil Demand 88.7 89...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
South Stream Receives Qualified Support From EC
...reement, which will formally incorporate France’s EDF and Germany’s BASF into the consortium, should be completed by the end of 2011. By that time German utility E.ON, which already controls 15% of the Trans-Adriatic Pipeline, could also join in the project, Gazprom CEO Alexei Miller told a press co...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
TBL Submits New Pipeline Study To Bulgarian Authorities
...sessment study to the Bulgarian environment ministry. This incorporates the ministry’s corrections and “reservations” that resulted in the rejection of the original study by Sofia (MEES, 15 November 2011). In a 23 May statement, TBL said: “After a series of consultations with the Bulgarian environmental an...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Oman’s PDO Launches Five-Year Plan
...port for 2010 PDO said it would “invest heavily”, but did not give figures. “The company’s ambitious oil exploration plans for 2011-15 call for extensive 3D seismic data acquisition, continued search for completely new geological opportunities, as well as the drilling and testing of approximately 14...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Qatar’s 2011 Growth Driven By LNG Production, Says NBK
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 QATAR Qatar’s 2011 Growth Driven By LNG Production, Says NBK Qatar’s real GDP is expected to expand by 15% in 2011 and 6% in 2012, following estimated growth of 17% in 2010, according to the National Bank of Kuwait’s (NB...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
EIB Allocates Up To €6Bn For Mediterranean Region Transition
...e €600mn worth of new EIB loans announced earlier for 2011. The funds will be deployed from July 2011 onwards. In Egypt, the EIB and the authorities have also identified priority projects in infrastructure development, transport, energy and water. Since 2002 it has mobilized investment of more th...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
UAE Real Non-Hydrocarbon GDP Growth Forecast To Hit 3.3% In 2011, IMF Says
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 UAE UAE Real Non-Hydrocarbon GDP Growth Forecast To Hit 3.3% In 2011, IMF Says Supported by an encouraging global environment, the economic recovery in the United Arab Emirates is gathering pace, with non-hydrocarbon gr...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
DEWA Selects McKinsey For Study On Clean Coal-Based Power Generation
...will add 2gw of generating capacity in 2011 by the completion of the Substation M Project at Jebel Ali (MEES, 31 January). Dubai’s peak demand increased last year by 9.6% compared with 2009....
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Political Comment (30 May 2011)
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 Political Comment (30 May 2011) Israeli Prime Minister Benjamin Netanyahu gave President Obama a public lecture in the Oval Office about what he described as regional realities and addressed a joint session of Congress wh...
Volume: 54Issue: 22Published at Mon, 30 May 2011 -
Iraq’s Upstream Oil Contracts, 2011 And Beyond
...Middle East Economic Survey VOL. LIV No 22 30-May-2011 Iraq’s Upstream Oil Contracts, 2011 And Beyond By Asri Mousa Mr Mousa is an independent expert on Iraqi oil and gas. He obtained his first and master's degrees in process en...
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 $880m in marine works. By 2025, when fully operational, the second to fifth phases of the new port would each in...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
High-Level Political Intervention Defuses Basra Oil Protests
...mmercial discoveries permitting, it could be in a position to start production in early 2012, MEES understands. ShaMaran is acquiring seismic data on its Arbat block, with a view to starting drilling late 2011/early 2012....
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Energy Decisions Loom For Cyprus As Island Seeks To Make Best Of All Options
...ter the results of Noble Energy’s initial drilling in Block 12 are known, but throughout the early months of 2011, a number of oil companies have visited the Ministry of Commerce, Industry and Tourism and the Department of Energy in Nicosia, to inquire about the island’s offshore prospects. Only Block 12...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 21 23-May-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Jun May Apr Mar Feb Jan Dec No...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Egypt Closing In On $2.2Bn Rescue Loan From World Bank
...recasts for the 2011-12 fiscal year to around 2-3% compared with earlier estimates of close to 6%, and has looked to international donors for help fund a potential recovery. Mr Radwan added that an International Monetary Fund (IMF) delegation was expected to arrive in the capital within days in order to...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
OCI Acquires Stake In US Ammonia-Methanol Plant
...monia-methanol in Beaumont, Texas. OCI acquired 50% plus 1 share in the company through a joint venture with Janus Methanol, named Pandora Methanol. The plant is currently being upgraded, with ammonia production expected to commence in the fourth quarter of 2011 and methanol production is targeted to...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
NIGC Inaugurates Gas Storage Facility in Qom
...cility, at Sarajeh gas field in Qom province. He said the facility has a maximum storage capacity of 3.3bn cu ms and that NIGC expects to build up a store of approximately 1.28 bcm of gas in the first six months of the current Iranian year (21 March 2011 – 20 March 2012). “We predict that during the fi...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Lebanon Issues New Eurobonds To Refinance Maturing Debt
...ich was three times oversubscribed. Foreign investors have reportedly acquired 26% of that issue, which was also used to refinance maturing debt. Last November the minister indicated that Lebanon would have to repay some $3.4bn of maturing debt in 2011 (MEES, 22 November 2010). Ms Hasan noted th...
Volume: 54Issue: 21Published at Mon, 23 May 2011 -
Oxy’s Oman Field Unlikely To Hit Target
...anned to reach the target in 2011 (MEES, 15 November 2010) but has had to double the expected number of wells needed to inject steam into the reservoir, driving up the project’s cost from $2bn to $9bn. QNBC’s report says it will never reach the target due to the challenging geology. In 2010 the fi...
Volume: 54Issue: 21Published at Mon, 23 May 2011