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Qatar’s Barzan Becomes World’s Largest 2011 Project Financing
...d and Phase 3 another 2.5bn cfd. Start-up is earmarked for 2014 and it is expected to ramp up to produce at least 100,000 b/d of condensate as well as 1.4bn cfd of gas. The main engineering procurement and construction (EPC) contractors are Japan’s JGC (onshore) and South Korea’s Hyundai Heavy In...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
SAFCO Awards Saipem Contract For Jubail Fertilizer Plant
...2bn ($533mn). The plant is expected to start commercial production in the third quarter of 2014. SAFCO will utilize its own resources to finance the project, according to SABIC’s Chairman and CEO and SAFCO’s Chairman, Muhammad al-Mady. The new project, he said, “will strengthen SAFCO’s operational pe...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011 -
Gulf Arab Producers: We Can Guarantee Energy Security
...tional Oil Company (ADNOC) pays ExxonMobil $1/B produced. ExxonMobil has a 9.5% stake in Abu Dhabi Company for Onshore Oil Operations (ADCO), the consortium that operates Abu Dhabi’s largest onshore fields. The concession expires in January 2014. It also has 28% of Zakum Development Company (ZADCO), wh...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Qatar Moratorium Continues As North Field Proves Challenging
...til 2014 while the reservoir’s depletion is studied. ExxonMobil, which has been doing the study for about four years by collecting the data from all projects in the field, requested a 2014 deadline to give it 10 years of data to work with since major production started. The North Field’s st...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iraqi Oil Sector Faces Year Of Challenge And Promise
...0,000 b/d in 2014. A new 255km, 400,000 b/d pipeline to tie in with the main Iraqi crude export line to Ceyhan is also planned at an estimated cost of $450mn, Mr Hayward, the former CEO of BP, said. The Shaikan Effect Gulf Keystone’s Shaikan field will be the largest single contributor to new KRG su...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Saudi Banks Show Big Appetite For Marafiq $1.2Bn Loan
...rrent 1.0gw production capacity to 2.5gw by 2014-15. The company is working on an expansion of its plant at Yanbu' that will take output from the current 1.0gw to 1.5gw by July next year. It is also adding the Yanbu' II power plant at the site, which will produce 750mw of electricity and 60,000 cmd of...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Qurayyah $2.8Bn Power Project Financing Completed
...Samsung and the MENA Fund. The project company – Hajr for Electricity Production Company – will be 50:50 owned by the developers and SEC. It will deliver electricity to SEC under a 20‐year power purchase agreement (PPA) commencing on 30 June 2014. Germany’s Siemens will provide all major eq...
Volume: 54Issue: 50Published at Mon, 12 Dec 2011 -
Iran Announces 10,000 B/D GTL Project, But Faces Hurdles
...ll start in 2012. So far, there is slow progress being made in construction of the onshore facilities and it is very unlikely that the contractor will be able to complete them before 2014-15. Offshore the project has been faster, which suggests that Phase 12 production may be ready to start before th...
Volume: 54Issue: 49Published at Mon, 05 Dec 2011 -
GTL Costs Under The Microscope As Qatar Inaugurates $18.5Bn Pearl Plant
...id in its June financial report that Oryx will debottleneck to boost capacity 10% by 2014. The increase is a scale-down from previous plans to add a further three trains, taking total capacity to 100,000 b/d. ‘Huge Capex Costs’ Furthermore, MEES learns that the costs for building such a plant ha...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Gulf Sukuk Issuers Brave Volatile Markets
...ll be much better, he warned. With the amount of debt maturing in the Gulf set to spike in 2012-14, Gulf bond issuers are facing rising refinancing risks, cautioned Standard & Poor’s Rating Services (MEES, 21 November). Bonds and sukuk worth $25bn will mature in 2012, rising to $35bn in 2014, ac...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Kuwait And China Begin Construction Of $9.3Bn Refinery/Petchem Project
...March (MEES, 21 March). KPC has since said it is still on the lookout for an international oil company with which to partner on some of its 50% stake in the project. With plans to have it online and operational by 2014-15, the project will secure a stable outlet for Kuwaiti crude oil as KPC lo...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
TPAO And Shell Sign Farm-In Accord For Offshore Antalya Blocks
...ploratory drilling in 2014 or later. Turkey has had the blocks along its southern Mediterranean coastline open for tendering for several years. Most of Turkey’s offshore activity has been concentrated in the Black Sea in recent years, but discoveries offshore Israel and the start of drilling in Se...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
LNG Producers Face Market Challenges, Qatar Mulls Russian Partnership
...til the North Field study is completed in 2014. Data from the RasGas-managed Barzan project’s production wells will help finalize QP’s study into the North Field reservoir’s structure and depletion rate. RasGas manages the 1.4bn cfd sales gas Barzan development within the North Field for the do...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
S&P Warns Of Refinancing Risks As Gulf Debt Matures
...rvices. Bonds and sukuk worth $25bn will mature in 2012, rising to $35bn in 2014, according to industry estimates, and this could prove challenging, especially given that capital market volatility and economic growth concerns are already curbing bond issuance. S&P said that potential Gulf sovereign bo...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
TPAO Plans East Mediterranean Offshore Deal With Shell
...ving our strategic weight from the Black Sea to the Mediterranean Sea,” he said. Mr Yildiz said that Shell would take over TPAO’s current Antalya operation and finalize it in two years. “In accordance with the seismic data, we plan to begin three years of drilling by the start of 2014,” the Turkish da...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
OPEC Highlights Economic Uncertainty
...ilization rates and likely lead to a period of depressed margins and relatively poor economics for the refining sector,” the WOO predicts. OPEC’s World Oil Outlook In Figures (Mn B/D) 2010 2011 2012 2013 2014 2015 2020 20...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
EBRD Joins World Bank’s Gas Flaring Program For FSU
...rget before 2014 while Gazprom Neft has estimated that it would not be able to collect more than 60% of its associated gas production. ...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
MENA Turns To Solar Power For EOR As Well As National Grids
...the Neutral Zone, whose production is shared 50:50 by Kuwait and Saudi Arabia. Chevron says it could increase production by an additional 500,000 b/d. A final investment decision on the full field steam injection program is scheduled for late 2014, with first injection scheduled for late 2017. So...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Tecnimont Wins Contract For Fertilizer Plant In Egypt
...d commissioning contract on a lump sum turnkey basis, to set up a new fertilizer complex in the industrial area of the Aswan Governorship. The overall project value is set at about $540mn and completion is expected by the end of July 2014, Tecnimont said in a company statement on 31 October. The fe...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Qatar Inaugurates Construction Of Barzan Gas Field Development
...Middle East Economic Survey VOL. LIV No 45 7-Nov-2011 QATAR Qatar Inaugurates Construction Of Barzan Gas Field Development Qatar inaugurated the construction of the $10.3bn, 1.4mn cfd Barzan gas project on 1 November. Barzan gas production is scheduled to start up in 2014, wi...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011