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Qatar To Keep Crude Production Capacity At 1Mn B/D
...nsultants in the way that Saudi Aramco has, nor has it developed its own workforce,” he says. Qatar’s average output in November is about 830,000 b/d due to OPEC quotas and field shutdowns. QP will partially shut in Dukhan production in the fourth quarter of 2011 for three weeks, during maintenance of...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Turkmenistan Tilts Towards West, Considers Rapprochement With Azerbaijan
...PC and Turkmengaz, once the 1,000km, 30 bcm/year capacity East-West pipeline is com-pleted in 2014. On top of that, the former head of Turkmengaz noted, “as early as 2011, Turkmenistan needs a market for gas produced by the Malaysian Petronas company on an offshore block at a rate of 5 bcm/y.” Me...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
IEA Forecasts Significant Rise In Renewable Energy During Next 25 Years
...pects a credit shortfall in the euro area of some $150bn in 2010, with marginal improvements in 2011. In the US, the credit shortfall is expected to be of the order of $280bn in 2010, but the situation is expected to improve substantially in 2011, with the shortfall being reduced to $50bn, the WEO re...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
CGES Reports Demand Boost In Third Quarter, But Expects Decline In Future
...main stable around their current level in 2011,” the MOR said. The surge in oil demand, which followed an increase in the second quarter, brought to an end 10 consecutive quarters of global stockbuilds, the report said, adding that the last quarter in which global inventories fell was the first qu...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
EIB Grants €500Mn Loan For Algeria-Spain Gas Pipeline
...nancing amounting to €3.7bn in the Mediterranean between 2002 and 2009, the EIB described Medgaz as “an operational priority.” Having been delayed several times thus far, the Medgaz pipeline – costing an estimated €1.009bn – is scheduled to come on stream in early 2011....
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
EC Introduces Third Party Access Changes to Russia-Bulgaria South Stream JVC
...mponents of the planned 63 bcm/year pipeline system, in line with EU legislation that is expected to come into full force by March 2011. Ms Holzner said that the commission was invited by the Bulgarian government to consult with it during the negotiations with Gazprom. This would be considered un...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
GCA To Assess Turkmen Upgrade Of South Yolotan Reserves
...ted. He said it was necessary to “shoot as much seismic as possible both on the onshore and offshore sections of the block.” 3D seismic data will be acquired throughout 2011....
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Belarusian Imports Of Venezuelan Crude May Impact Russian Oil Exports to Europe
...ude to Belarus. Some 4mn tons would be delivered in 2010 and 10mn t/y during 2011-2012. Belarusian state firm Belarustransneft and Ukrainian transportation company UkrTransNafta later signed a 5mn t/y transit contract. This could impact supply to Europe, since Ukraine and Belarus have decided to re...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Vegas To Lower NW Gemsa Production For Water Injection Preparations
...ovide significant reserve and production additions in 2011,” partner Sea Dragon Energy said. Gross production from the 264 sq km concession was 9,500 b/d in September (MEES, 20 September). Vegas is operator on the acreage and holds a 50% interest, with partners Circle Oil (40%) and Sea Dragon (10...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
IMF Sees Volatile Oil Prices As Risk For Economic Growth In Iraq
...a modest increase in export volumes for the rest of the year, reducing the projected fiscal deficit to 14.2% from an initially anticipated 19.1%. Iraq: Selected Economic and Financial Indicators, 2007–12 2007 2008 2009 2010 2010 2011...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Gazprom In Talks With ACC International To Buy Into Med Ashdod Block
...ploration and drilling in 2011. Meetings between the two sides have taken place in both Israel and Moscow. The licenses that Gazprom are said to be interested in are estimated to hold gas reserves of 100 bcm....
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
New Jordanian Government To Pursue More Reforms
...mmur is part of the economic and financial team that overseas the IMF reforms. The new government is expected to continue with its drive to cut the budget deficit, estimated at JD1,060mn ($1,495mn) in 2011 (MEES, 15 November). ...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Lebanon Expects First Offshore Licensing Round Next October
...Middle East Economic Survey VOL. LIII No 48 29-Nov-2010 LEBANON/EAST MEDITERRANEAN Lebanon Expects First Offshore Licensing Round Next October Lebanon expects to launch its first round of offshore licensing bids in October 2011, the Lebanese Minister of Energy and Wa...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Gazprom And E.ON Score Exploration Successes With Sonatrach
...ock 19 drilling scheduled to start in February 2011. With both Algeria and Libya, Gazprom has signed memorandas of understanding regarding swaps (in Algeria’s case) and investment in third countries. Gazprom Libya has agreements with the Libyan Investment Authority (LIA) and also the Libyan Af...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Saudi Inflationary Pressures Expected To Ease in 4Q10, Says SAMA
...e situation will only deteriorate once Saudi banks return to higher levels of lending. “If Saudi lending goes back to normal, the inflationary pressures will become even worse” he added. With the weak dollar adding pressure, economists expect inflation in the kingdom to climb going into 2011, an...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Think-Tanks Say Intensified Violence In Sudan Could Cost Region Over $100Bn
...a high-conflict outcome, a scenario that would see growth remain 2.2% below IMF forecast levels from 2011 to 2024. Over a 25-year period, the projected loss in GDP would meanwhile range from between $118.4bn and $362.9bn. Such anticipated shortfalls would be mostly catalyzed by heavy damage to th...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Iraq And The Security Of Energy Supplies For Europe
...rridor and Iraq could become an energy bridge between the Middle East, the East Mediterranean and the EU. Finally, the first ever Joint Strategy Paper (JSP) for Iraq is a medium term plan covering 2011-13. The ‘Concept Note’ presents an outline of the JSP main guidelines, and the general focus of EU su...
Volume: 53Issue: 48Published at Mon, 29 Nov 2010 -
Qatar Starts Up Latest LNG Mega-Train
...targas 7 starting up next year, the two 7.8mn tons/year LNG trains will help lift Qatar’s condensate output to 720,000 b/d in 2011. Their LNG output will further weaken prices and may help disconnect gas prices from oil in Asia-Pacific. Qatargas Train 6, (state-owned Qatar Petroleum 68.5%, Co...
Volume: 53Issue: 47Published at Tue, 23 Nov 2010 -
Saudi Aramco Set To Implement Flagship Saudization Initiative
...astomers project decided to locate the venture entirely at Jubail (MEES, 19 October 2009). Meanwhile, construction tenders for the expansion of the Saudi Aramco/Sumitomo PETRORabigh petrochemical complex are expected to be launched in mid‐2011, with work to begin shortly afterwards. PETRORabigh Phase II...
Volume: 53Issue: 47Published at Tue, 23 Nov 2010 -
G20 Calls For Crackdown On $312Bn Energy Subsidy Bill
...ing experienced in the transport sector. Moreover, further analysis carried out by the IEA has shown that the phasing out of fossil fuel consumption subsidies over 2011-20 would be expected to reduce global energy related CO₂ emissions by 5.8% – equivalent to the current combined emissions of Ge...
Volume: 53Issue: 47Published at Tue, 23 Nov 2010