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Cook: Shah Deniz 2 Consortium Looking For Scalability In Pipeline Proposals
...with their offers for pipeline transportation by 1 October 2011. Beyond that we have to take our final investment decision in 2013 and after that we expect to start gas production by 2017. The rights to the Shah Deniz field in Azerbaijan end in 2036. That may look quite far away but actually to...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Billions Of Dollars Pledged To MENA Region After ‘Arab Spring’
...e IMF has a macro-economic approach whereas the EBRD looks at private sector operations. The G8 declaration stated that multilateral development banks could provide over $20bn, including €3.5bn from the EIB, for Egypt and Tunisia for 2011-2013 in support of suitable reform efforts and noted th...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Chevron Faces Difficulties In Neutral Zone Steam Injection
...says. PDO is implementing miscible gas injection at the Harweel cluster, and started polymer injection at Marmul in January 2011. Bahrain Targeting 100,000 b/d From Awali Oxy also teamed up with Abu Dhabi’s state-owned Mubadala Development Company and the National Oil and Gas Authority of...
Volume: 54Issue: 23Published at Mon, 06 Jun 2011 -
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 -
OPEC Holds Outlook Steady In A Volatile Market
...r 2011 oil demand growth are broadly unchanged at around 1.4mn b/d. A minor downgrade to projected OPEC NGL supply growth largely cancelled out a 65,000 b/d upgrade to non-OPEC supply trajectory to leave estimates for growth in the demand for OPEC crude in 2011 fairly steady from last month’s re...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Ma'aden Seeks Financing As Saudi Petchem Giants Plan Market Approach
...llion dollar integrated aluminum project. Others will follow suit this year, hoping to take advantage of considerable domestic bank liquidity. But the $20bn Saudi Aramco/Dow petrochemical complex at Jubail II is not expected to make a move until end 2011/early 2012, and the Saudi Aramco/Sumitomo PE...
Volume: 54Issue: 20Published at Mon, 16 May 2011 -
Bahrain Suffers Capital Flight, Official Figures Show
...s forecast growth of 2.9% for 2011 (see table) is the lowest since the mid 1990s, it noted. However, the increased spending due to a hike in allocations to social benefits and low cost housing, which the government has implemented to try and diffuse the crisis, will be more than offset by a sh...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
OPEC Output Revives After Slides Of March
...rtain that the 1.4mn b/d of incremental demand growth the IEA is predicting for 2011 will materialize. We are projecting 1.25mn b/d growth and I am toying with adjusting this downwards,” Dr Drollas said. All analysts sounded out by MEES testified to unprecedented opaqueness in the market. Kuwait, UA...
Volume: 54Issue: 19Published at Mon, 09 May 2011 -
Iraq Launches Exploration Round
...158 5.551 1.616 7.167 107.13 Q1 2011 Avg. 1.712 0.461 2.173 5.044 1.394 6....
Volume: 54Issue: 18Published at Mon, 02 May 2011 -
Gulf Producers Tackling ‘Difficult Gas’ Challenges
...eld development is due to finish in the third quarter of 2011, then a 12-month FEED program starts, allowing the final investment decision to be taken at the end of 2012. By then BP will know the amount of water and NGLs that need handling. Technically it is a tough job – as the reservoirs are in ol...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
OPEC Report Points To Tightening Fundamentals
...pan, OPEC revised its growth expectations for the world economy down by 0.1% to 3.9% in 2011. That said, while secondary effects of the Japanese crisis are yet to be incorporated due to a “lack of visibility,” the MOMR said that its forecasts for other economies worldwide remain largely unchanged fr...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Kuwait Eyes Permanent LNG Facilities As Politics Holds Up $90Bn Energy Plan
...boost the recovery rate of heavy oil to 40% from the current 5%, which would involve thousands of wells. Tests are underway and “we will have answers by the end of 2011,” Mr Khashti said. A further $100mn is being invested in onshore exploration, with the focus on gas, expected to be completed in 20...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Qatar’s 2011-12 Budget Continues To Focus On Infrastructure Growth
...Middle East Economic Survey VOL. LIV No 15 8-Apr-2011 Qatar’s 2011-12 Budget Continues To Focus On Infrastructure Growth Qatar has unveiled a record budget for fiscal year 2011-12, which starts on 1 April, with total revenue of QR162.5bn ($44.6bn), up 27.4% from QR127.5bn ($35...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Oil Industry Leaders Wrestle With ‘Perfect Storm’
...e choosing to ignore market fundamentals, preferring to bet on worst-case scenarios,” Mr Hamili said. “There is little we can do in terms of price control,” he complained. Noe Van Hulst, Secretary General of the International Energy Forum (IEF) argued: “2011 is not 2008 [when prices surged to $14...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
MENA Revolt ‘Less Radical Than Claimed’
...ew a parallel between current market conditions and those in 2008, when prices reached an all-time peak at around $145/B for Brent. “Prices are high, and they started 2011 at almost the same level as at the beginning of 2008,” he said. “There is a suggestion that a repeat of the 2008 situation is wh...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
MENA Defense Spending As Percentage Of GDP Sees First Upturn In Six Years
...e previous year’s figure of 4.71%, according to the 2011 edition of the Military Balance, compiled by the London-based International Institute for Strategic Studies (IISS). With this, the MENA region has once again reclaimed its position as the biggest global spender on defense as a percentage of...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Egypt’s Ghurab Prepares For Oil Industry Restart
...e becoming an ever more critical issue. “This financial year [1 July 2010-30 June 2011] we estimate we will spend £E82bn ($13.6bn) in subsidies,” the senior Egyptian oil source says. “We can’t afford that. We can deal with £E50bn…no more,” he adds. The finance ministry “just says ‘you sort it ou...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011