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BAPETCO Reports Western Desert Gas/Condensate Discovery
...d developed 22 wells that produce 14,000 b/d of crude oil and 160mn cfd of gas. This has brought the company’s output to more than 40,000 b/d of crude and 435mn cfd of gas, he said. During 2011-12, BAPETCO plans to drill 44 exploration and development wells....
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Iran’s Inflation Rate Rises To 16.3% In July
...ded that the rate would rise in 2011-12, but will come down in 2012-13 if the authorities implement tight credit and fiscal policies (MEES, 15 August). But analysts familiar with Iran are not convinced of this latest upbeat assessment of the economy by the IMF. The announcement of the July in...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Jordan’s Subsidies For 2011 Estimated At $2Bn
...Middle East Economic Survey VOL. LIV No 34 22-Aug-2011 Jordan Jordan’s Subsidies For 2011 Estimated At $2Bn The cost of subsidizing a number of products in Jordan this current year is...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Kuwaiti Amir Says Misuse Of Surplus Has Led To Imbalances
...equent political disputes in parliament. Kuwait in June approved a 2011-12 budget projecting a 38.3% increase in revenue to KD13.445bn ($49.343bn) and a 19.2% hike in expenditure to KD19.435bn ($71.326bn), with a resulting deficit of KD7.334bn ($26.916bn). In 2010-11 Kuwait realized a surplus of KD...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Syria Announces New Gas Discovery At Qara
...7,250 b/d in the first half of 2011, as well as more gas reserves. Its gas output in the same period stood at 30.29mn cmd, but the country needs more gas for domestic consumption....
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Dubai’s ICD To Repay $4Bn Facility On Maturity
...bai, planned to repay in full the $4bn, three-year tranche of the $6bn conventional and Islamic facilities signed on 21 August 2008, when it fell due on 21 August 2011, according to an 8 August statement by the Dubai Government Media Office. The three-year tranche, to be settled on 21 August 2011, co...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Political Comment (22 August 2011)
...Middle East Economic Survey VOL. LIV No 34 22-Aug-2011 Political Comment (22 August 2011) The US has finally called openly for Syrian President Bashar al-Asad to go and the Europeans ha...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Iraq Energy Institute Report On The South Gas Project
...ficially was asked by Iraq’s Parliamentary Oil and Energy Committee to assess the South Gas Project, for which an agreement is expected to be signed between the Iraqi Government and the consortium of Shell and Mitsubishi. The report is dated 31 July 2011 and is based on the summary document submitted by...
Volume: 54Issue: 34Published at Mon, 22 Aug 2011 -
Shell Offers LNG To Bahrain At Near Oil Price Parity
...anned regasification plant and import terminal. NOGA was also expected to take the FID for Sitra refinery at the end of 2011, but this may be delayed to the first quarter of 2012 so it can be taken at the same time as the LNG project’s FID – and those for the industrial projects would follow. Si...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Kuwait Approves Record Budget For 2011-12
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Kuwait Approves Record Budget For 2011-12 The Kuwaiti parliament on 29 June approved a record budget for fiscal 2011-12 and after reaping successive surpluses the government is well placed to fund its growing expenditure. Ho...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Oil Producers See Budgets Pressured By Social Unrest, Crude Dip
...pacting crude demand outlook and adding to the concerns. At the beginning of this year, the climb in oil prices allowed many MENA countries to post a budget surplus for 2010 and encouraged them to hike the price forecast they would use in their 2011 budgets (MEES, 17 January). Of the 18 countries su...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
OPEC Reduces Demand Growth Forecast On Economic Worries
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 OPEC Reduces Demand Growth Forecast On Economic Worries OPEC has revised down its forecast for 2011 global oil demand growth by 150,000 b/d to 1.2mn b/d. In its latest Monthly Oil Market Report, published on 9 August, OPEC sa...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
IEA Lowers Growth Forecast Amid Slackening Demand And High Prices
...A) said in its latest Oil Market Report (OMR), released on 10 August. The forecast by the Paris-based agency trimmed global oil demand by 60,000 b/d for 2011 and raised demand by 70,000 b/d for 2012. “Adjustments to this year’s forecast stem largely from lower-than-expected 2Q11 and 3Q11 demand re...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
EIA Holds Demand Growth Forecast Steady
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 EIA Holds Demand Growth Forecast Steady The Energy Information Administration (EIA) of the US Department of Energy has left its projection for world oil demand growth for 2011 and 2012 unchanged from its previous month’s fo...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
DME Sets New Oil Trading Records
...abled a record total of 88,539 contracts traded in the month and represents a 35% year-on-year increase in trading levels on the exchange. July also saw DME Oman achieve a new record for physical delivery, with 15.4mn barrels to be delivered in September 2011 through the exchange, surpassing the pr...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Sep Aug Jul Jun May Apr Mar Fe...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Apache Announces Two Discoveries In Egypt’s Faghur Basin
...rassic Safa formation. “The latest discoveries were developed through evaluation of modern 3D seismic surveys acquired over the southwestern part of the Khalda Offset Concession and the southern part of the West Kalabsha Concession,” Apache said in a statement, adding: “In 2011, Apache has dr...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
IMF Sees Positive Growth Outlook For Iranian Economy
....4% in 2009-09 to 12.4% in 2010-11 and has managed to contain inflation in the aftermath of the subsidy reform. It added that the consumer price inflation had increased from 10.1% in December 2010 to 14.2% in May 2011. [However this rate has since risen to 15.4% in the month ending on 21 June 2011...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Israel Raises Electricity Consumer Costs As A Result Of Egyptian Gas Supply Cuts
...low it to save NIS1bn ($283mn) through the end of 2011. The directive calls for the tax cut to be implemented retroactively to February of this year. The ministry said it was not possible to prevent the hike in electricity rates due to the rising price of fuel on the international markets, in...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Jordan Announces Price Increases For Some Petroleum Products
...st will apply until 6 September. Product Prices Effective 3 August 2011 (Fils/Liter, Unless Otherwise Stated) 2011 2010 Product 3 Aug 1 Jun 2 May 1 Apr 4 Mar 28 Ja...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011