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Baghdad-Ankara Relationship At Crossroads
...rkey in 2011. Turkey is aiming to break into the list of the world’s top ten economies by 2023, and Ankara is targeting Iraq in general and the KRG in particular, as strategic fuel sources for this planned economic expansion (MEES, 28 May). Turkey’s economic boom since the late-1990s has be...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Kuwait Political Stalemate Seen Continuing After Electoral Law Upheld
...e parliamentary finance committee and the oil ministry started probes into Shell’s Enhanced Technical Services Agreement (ETSA). Being conducted for state-owned upstream firm Kuwait Oil Company (KOC), the ETSA is to help develop northern Jurassic gas projects (MEES, 8 August 2011). The enquiry looks at...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Iraq Proposes 2013 Budget Oil Price Increase
...gust, which was up from July’s 3.231mn b/d and August 2011’s 2.854mn b/d. Iraqi officials said that $13bn deficit projected for the 2012 budget is unlikely to materialize, because like previous years the government was unable to spend full allocations. Nevertheless, in July the Iraqi ca...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Qasemi Reverses Decision on NIGEC’s Dissolution
...iginally taken by Mr Qasemi’s predecessor, Massoud Mirkazemi, in 2011. A former senior NIOC executive told MEES that Mr Qasemi has accepted – despite NIOC protests – the committee’s recommendation “because the effects of Mirkazemi’s decision were not thoroughly studied.” The executive added th...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Jordan Signs MOU With Canadian Firm For Shale Oil Project
...to 15,000 b/d of crude from shale. KIO is a wholly-owned subsidiary of Jordan Energy and Mining of the UK (MEES, 28 March 2011). Lastly Shell has plans to produce crude from the eastern desert in Jordan within the next two decades (MEES, 27 July 2009). Jordan currently imports about 98% of its en...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Libyan Output At 1.6Mn B/D But Gas Stuck At Two-Thirds Capacity
...oduction (mn b/d) Source: NOC from Jan 2012, MEES assessments Oct-Dec 2011. September production is unlikely to top August volumes given a 4 September fire at the Harouge-operated Amal field. This shut in up to 100,000 b/d of Sirte Basin production early in the month. Pr...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
QPI Says Musturud First Step In $8Bn Egypt Energy Investment
...int venture with Egypt’s Orient Company – a specially constructed investment vehicle operated by ERC parent company Citadel Capital – and EGPC. ERC finalized the funding for Musturud in June, after a process that was complicated by the 2011 overthrow of Husni Mubarak. Financing includes $2.6bn in debt an...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
AES Jordan Secures OPIC Funding For New Power Plant
...gime in early 2011. OPIC said that electricity generated by the new ‘peaker plant’ – it will provide electricity during periods of peak usage, such as evenings and summer months – will be taken by Jordan’s National Electric Power Company (Nepco) under a power purchase agreement with AES Jo...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
NIOC Hit With US Sanctions As EU Looks At Further Measures
...th Islamic Revolutionary Guard Corps (IRGC) was a basis for the decision. The US drew attention to the appointment in July 2011 of Rostam Qasemi as Iran’s Petroleum Minister – he was a former IRGC Brigadier General. The US Treasury also said that evidence of the NIOC-IRGC link was an in...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Jordan Mandates Three Banks For Its $1Bn Eurobond
...sbursed by the Kuwait Fund for Arab Economic Development (KFAED). Last week Qatar also signed a memorandum of understanding with Jordan to regulate the disbursement of the Qatari grant of $1.25bn under the GCC pledge. He revealed that in 2011 Jordan had received $1.4bn in aid from the Gulf countries, ma...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
Iraqi Electricity Industry Poised For 20,000MW Lift-Off
...nisters (MEES, 3 October 2011). Generation has risen this year slightly to 8,450mw, but high loss rates erode effectiveness to around 7,000mw. This is not much higher than the woeful levels Iraq has been stuck at for several years, and it includes around 1,600mw of imports. However, now re...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Egypt: Billion-Dollar Exploration ‘Commitments’ Fail To Disguise Delays
...2015 as the start of construction of the onshore gas treatment plant – which had been slated to begin in 2011 – was delayed as residents in the coastal town of Idku protested the plant’s proposed location. Construction is only now starting to move ahead. The WND project involves the development of di...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Chevron Neutral Zone Delay Jeopardizes Kuwait 2020 Crude Target
...sting $330mn in the first two years. The original projections were: a production capacity boost to 300,000 b/d; capital expenditure to start the project put at $10bn; and the FID in 2011. After more delays it is now planned for 2016. Full field development will include 10,800 wells, a 1.5mn b/d water tr...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Yemen Seeks Proposals For Offshore, Onshore Blocks
...l exploration had thus far been kept to a minimum, he told Yemen’s SABA news agency. Yemen has proven oil reserves of around 2.7bn barrels as of end-2011, according to BP’s 2012 Statistical Review of World Energy. Production in 2011 was estimated at only 228,000 b/d, down 24% from the previous ye...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
High Prices Alarm Gulf Members
...pply. In fact, Riyadh reported its production as falling from July’s 9.8mn b/d to a 9.75mn b/d in August, – MEES and tanker tracker assessments broadly back this trajectory. The August production level is the lowest reported since October 2011, and a Saudi uptick in September would be entirely expected gi...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Benchmark Crude Prices
...OIL PRICES Benchmark Crude Prices 20 Sep 10-14 Sep 3-7 Sep Aug July Q2 2012 Q1 2012 2011...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Cyprus Nears Exploration License Awards, Says Minister
...ture. The new awards are expected to invigorate the island’s nascent hydrocarbon sector, which got its start with Houston-based Noble Energy’s winning of Block 12 in 2008. It subsequently discovered 5-8 tcf (141-226 bcm) of natural gas in December 2011. New EU Gas Source According to Mr Sy...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Delek Considers Offers For 30% Of Leviathan
...rael cope with a gas shortage created by a halt in 2011 of deliveries of Egyptian natural gas. Meanwhile, Canada’s GeoGlobal Resources has reported that no hydrocarbons have been discovered at the Myra-1 well, where expectations of a new discovery had been high. GeoGlobal is partnered with Is...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
Shell Starts Drilling For Shale Gas In Southeast Turkey
...trobras, but with little success. Recently there have been some important gas discoveries made offshore Bulgaria and Romania. Last November Shell signed a farm-in agreement with TPAO for three offshore blocks in the Mediterranean Sea south of the coast city of Antalya (MEES, 28 November 2011, 21 No...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
TPAO Completes Well In Turkish Cyprus, Plans Second
...d ‘Cyprus Problem’ be found. Turkey also claims that the Turkish-Cypriot administration has awarded to TPAO for exploration the offshore area south of the island that comprises that section of the Cyprus EEZ that was included in the licensing round.Noble Energy discovered in Block 12 in December 2011...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012