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Baghdad Sweetens Fourth Round Terms
...ven years (MEES, 19 September 2011). These conditions remain in the new proposed contract. But Baghdad will now pay interest of London Interbank Offered Rate (Libor) plus 3% on costs incurred during any holding period. The oil ministry is also offering to cover costs and pay Libor plus 5% in...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Qatar Looks To Boost Power Capacity With $5.2Bn Investment
...ne last year with the inauguration of the QR14bn ($3.8bn) Ras Girtas power plant by Qatar’s Minister of Energy and Industry Muhammad al-Sada (MEES, 6 June 2011). “The plant will be able to meet some 30% of Qatar’s electricity needs and 20% of its water demand if required by Qatar Electricity and Wa...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Lebanon And Cyprus Discuss East Mediterranean Maritime Delimitation
...limitation line (from Point 1 to Point 23 on map – MEES, 5 December 2011). The two countries agreed on Point 1 as a coordinate in the 2007 agreement. In 2010, Cyprus subsequently reached a delimitation agreement with Israel, making the northernmost point along their common border Point 1. In November last ye...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syrian Deputy Oil Minister Joins Opposition
...ar ago. The official rate was quoted on 8 March at $1=S£59.72. The Central Bank of Syria (CBS) is slowly depleting its limited supply of foreign exchange reserves by pursuing a policy of supporting the local currency. CBS’s reserves of $18bn in March 2011 have fallen to just over $10bn reports say, wi...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Syria Still Faces 2.6GW Power Shortfall
...oducts. The sanctions were imposed last year because of the regime’s violent crackdown on demonstrations in the country since March 2011. Last week some Indian companies are reported to have given up plans to purchase Syrian crude because of the sanctions. ...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Total Expands Presence In Yemen With Farm-In To Block 3
...,000 b/d of oil equivalent in 2011, despite the ongoing political turmoil and unrest in the country that saw regular attacks in its oil producing Shabwa and Marib provinces throughout the year. To date, it holds producing assets in Yemen’s two main oil basins – as operator of the East Shabwa Block 10 in th...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Algeria Looks To Boost Foreign Investment With ‘Minimum Guaranteed Returns’
...drocarbon law to attract back foreign investment, which has largely stayed away from recent bidding rounds. In the most recent bid round only a solitary block was awarded (MEES, 21 March 2011). The first evidence that a more investment-friendly approach is bearing fruit can be seen in the go-ahead given to th...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Companies Question 90-Day Tender Period For Cyprus Licensing Round
...pular support plummeted following the events of 11 July 2011, when confiscated Iranian munitions exploded at the Mari naval base, killing 13 servicemen and firefighters and wrecking the nearby Vasilikos power station, the main power generation facility in Cyprus. Some 790mw capacity was destroyed and th...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Australia’s Beach Sees ‘Imminent’ Start to Egyptian Production
...r Beach, whose total net 2011 production was a mere 6,600 boe/d, of which 2,100 b/d was crude. However, the company’s recent focus has been on expanding its Australian interests. Beach is keeping faith with North Africa just as other Australian firms are winding down their operations. Wo...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Conflicting Messages From Tehran As Greece Seeks Alternative Oil Supply
...liveries. Grigoris Delavekouras, spokesman for the Greek Ministry of Foreign Affairs, told a press conference in Athens on 23 February that Greece is looking to Libya as an alternative source of supply to Iran. Greece covered around 16% of its oil needs from Libya before the civil war broke out in February 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Iran Now Accepts Payment In Gold For Exports
...opped doing business with Iranian banks in December. “When we became aware in December 2011 that unilateral US sanctions were to be applied against a number of Iranian banks, we took preemptive action to end our business relationships with Iranian banks licensed in the UAE,” Noor Islamic bank said. A sp...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Baghdad Eyes $500Bn Energy Spend To 2030
...ars (MEES, 21 November 2011). Iraqi gas production under the median 9mn b/d scenario is projected to be around 6bn cfd. The vast majority of Iraqi gas output is, and will remain, gas produced in association with crude output. Around 83% of Iraqi proven gas reserves of 127 trillion cu ft are as...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Jordan Inaugurates Qatraneh Power Plant
...newable energy to the total energy mix to 10% by 2020. Jordan’s energy import bill in 2011 has soared to JD3.46bn ($4.88bn) from JD2.154bn ($3.037bn) in 2010 according to the Department of Statistics (MEES, 13 February). This is mainly attributed to the fact that Jordan had to switch to the more expensive fu...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Kuwait Names GDF/IP Consortium As Preferred IWPP Bidder
...e Mitsui/Kharafi/Ahmadiah Group bid was non-compliant, MEES understands. The schedule has slipped slightly, because a preferred bidder was originally expected to be announced in November (MEES, 10 October 2011). The project, named Al-Zour North 1 (also called Az-Zour) is planned to pr...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
NOC Restarts Exploration Activity
...s 29 February results presentation Repsol also disclosed that it made a Libyan discovery, “A1-130” in early February 2011, just before its withdrawal from Libya. NOC said oil production stood around 1.4mn b/d, largely unchanged from 4 February levels. Then NOC figures showed condensate ou...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
OOC And IPIC To Jointly Develop Duqm Refinery/Petchem Project
...asibility study (MEES, 2 May 2011). Speaking to the Times of Oman late last month, head of planning and engineering at the Duqm Special Economic Zone Authority Yahya bin Khamis al-Zadjali said the project, set to be undertaken in collaboration with Abu Dhabi’s International Petroleum Investment Company (IP...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
QIA Increases Stake In Spanish Power Firm
...s become the second largest stakeholder in the firm, second only to Spanish construction company Actividades de Constriccion and Servicios, which currently holds a 19% stake. QIA purchased its initial 6.17% stake in Iberdrola in March last year for a total investment of €1.9bn (MEES, 21 March 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Wael Sawan Appointed Chairman Of Qatar Shell
...dition to the Pearl project, the largest plant of its kind in the world, Shell holds a 30% interest stake in Qatargas 4 and has signed last December a deal with Qatar Petroleum to develop a $6.5bn petrochemical complex in Ras Laffan industrial city (MEES, 12 December 2011). ...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
EU Sanctions Now Target Syrian Central Bank
...is allowed these banks to report good profits for 2011, but these profits masked lowering operating income and a fall in the value of bank assets. The Syrian currency has continued its slide against major foreign currencies and reserves, which stood at $18bn in March 2011, are gradually being eroded, fa...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
INA Suspends Operations In Syria
...cision of 23 February to implement the EU Council decision to adopt restrictive measures against the Syrian Arab Republic issued on 1 December 2011. The statement noted that INA delivered the force majeure notice to the state-owned General Petroleum Corporation (GPC) related to the production sharing ag...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012