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Halliburton Announces Manifa Development Acceleration
...e to come on stream in 2011, but as costs escalated and projections on the call on Saudi crude were drastically reduced in the wake of the global financial crisis, the project was delayed. Saudi Aramco’s Annual Review 2009 stated that Manifa would come on stream in 2013 at 500,000 b/d, with the fu...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
LNG-Powered Vessels – A Potential Game Changer In Shipping
...wered vessels in operation – mainly smaller vessels in Norway. By the end of 2011 the first ocean-going LNG powered chemical tanker will begin operations. Large container vessels and cruise ships are expected to follow. The growth in international gas-fuelled shipping is held up by the lack of in...
Volume: 54Issue: 14Published at Mon, 04 Apr 2011 -
KRG Oil Sector Pushes Ahead Amid Challenging Times
...ports has reignited optimism that permanent wide-ranging oil agreement can be reached despite the legacy of mistrust and the very real gulf in nationalist belief and investment philosophy between the two sides. The Kurds have slowly hemorrhaged influence since 2003, but a gap in the 2011 bu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Deadline Set For Competing Gas Corridor Projects, Nabucco Plans Extension
...vernment from an earlier schedule of June 2011, but it is still ahead of the December 2011 deadline extension originally requested by the Nabucco partners. BP Vice-President for Shah Deniz Development Alasdair Cook told a conference in Ankara the previous week that an October deadline would allow the Sh...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Bahrain Chaos Raises Specter Of Capital Flight
...vernment to disburse DB1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in its 2011 budget (MEES, 21 February), but political disenfranchisement is at the crux of the matter, rather than the abject poverty seen in countries like Egypt and Yemen. Thus, as a result th...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Qatar To Supply Extra LNG to Japan
...cording to Energy Security Analysis, Inc (ESAI), the 2011 catastrophe could result in Japan importing an extra 5mn t/y of LNG. Only one of Japan’s 23 LNG terminals were reportedly affected by the disaster, so Japan could immediately start importing 5mn t/y of LNG if needed. Suppliers are preparing to...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
OPEC Firms Up Near Term Projected Demand For Its Crude
...r OPEC’s big Middle East Gulf exporters. “World economic growth remains robust and continuing improvements have led to improved growth expectations for 2011, which have been adjusted 0.1% higher to 4.0%,” the report predicted. “The main reason for the upward revision is healthy growth in the de...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Turkey Looks To Investment And Exploration, Mulls Southern Corridor Options
...ring 2011 the company would gather a further 5,000 km of 2D seismic in addition to the large amount that it has already acquired. Mr Aydemir declined to comment on the success rate of the wells drilled so far, but added that he believed that the cost of exploration and drilling would ultimately pr...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
New Egyptian Cabinet Struggles To Stabilize Economy
...serves, also preventing fluctuations in Egypt’s net international reserve balance,” he added. The CBE January 2011 Monthly Statistical Bulletin says that this account totaled $9.0376bn in November last year, the latest month for which figures are available, which was down from October’s $9.8579bn. Fo...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
OPEC Supply Surge Fails To Dampen Prices
...r instance at OPEC’s Isfahan meeting in March 2005 and in the quelling of the 2008 price surge with the Jiddah energy summit (MEES, 16 June 2008), Saudi Arabia has steam-rollered objections from fellow members to bring down prices. OPEC Crude Oil Production February 2010 - February 2011 (ME...
Volume: 54Issue: 11Published at Mon, 14 Mar 2011 -
Mitschek: Nabucco Project’s Key Aim Is Supply Security
...ace in Baku to intensify the dialogue for the conclusion of gas supply contracts. These are expected to be finalized in the course of 2011. Q: Would the 10 bcm/y of Shah Deniz Phase 2 gas suffice to make a 31 bcm/y project financially viable? A: The 10 bcm/y from Shah Deniz 2 would be a start fo...
Volume: 54Issue: 10Published at Mon, 07 Mar 2011 -
MENA Turmoil Continues To Batter Financial Markets
...t. After unrest in Tunisia, but prior to the Bahrain protests, King Hamad bin Isa Al Khalifa had already instructed the government to disburse BD1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in excess of its 2011 budget allocation. Moody’s also placed Ba...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B
...Middle East Economic Survey VOL. LIV No 9 28-Feb-2011 Iran Announces Expansionary 2011-12 Budget With Oil Price Of $80/B Iranian President Mahmoud Ahmadinejad on 20 February presented to the Majlis (parliament) an expansionary draft budget for the Iranian year 1390 (starting on 21...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Doubts Gather Over Gulf Petrochemical Plans
...mand for ethane-based feedstock will come from QAPCO’s 700,000 t/y low density polyethylene (LDPE) plant, due to start up at the end of 2011. By 2015 Qatar expects to have on stream two new major sources of ethane. Shell’s $18-19bn, 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant will al...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Popular Uprisings Rip Through Middle East
...oid rescheduling its debt. Foreign exchange reserves of the Central Bank of Egypt (CBE) fell by $1bn in January 2011 to $35bn from $36bn at end-December. According to the CBE Vice-Governor Hisham Ramiz, the fall was attributed to the repayment of $650mn to the Paris Club and to other due obligations of...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
Noble Energy Looks To Accelerate Cyprus Offshore Program
...tober 2011 and October 2013. Furthermore, Noble’s key partner in Israel, the Delek Group, holds an option to acquire a 30% stake in Block 12 depending on Cypriot government approval. Noble’s desire to get moving in Cyprus follows a proposal made last month by the Delek Group to the government of Cy...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
Egypt Project Finance Slowed By Unrest, Concerns Grow For Region
...onomic Commentary, APICORP warns: “We should expect unfolding events to affect both the size and cost of capital inflows.” This is worrisome given that it sees the capital required for Arab energy investments climbing to $430bn for 2011-15, up from $335bn in 2010-14 (see page 18). The impact on pr...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
OPEC Ramps Up Demand Projections As Supply Surges
...gues. “Their domestic demand is growing. I think we are going to need 1mn b/d extra this year from OPEC year-on-year,” he said. OPEC’s projections for world economic growth stand at 4.5% for 2010 and 3.9% for 2011, according to the February edition of OPEC’s Monthly Oil Market Report (MOMR). This is...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Regional Tumult Centers On Inequality
...ised by the private sector through investment in human capital in the 2011 budget (MEES, 27 December 2010). Makeovers And Subsidies Some of those in power have tried to appease protestors through government makeovers and subsidies. But Syria has gone the other way and taken a hardline stance. On...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Oman Prepares To End Gas Subsidies For Future Projects
...ys. Pre-front end engineering design (FEED) work for the full field developmentis due to finish in the third quarter of 2011, then a 12-month FEED project starts, allowing the FID to be taken before the end of 2012. By then BP will know the amount of water and NGLs that need handling. Capital ex...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011