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Nexen Pursues Renewal Of Masila Licenses
...ES. According to a Reuters report, under existing agreements Nexen has the right to produce oil from the Masila field until December 2011. “The company is reportedly negotiating a five-year extension because it still sees significant value in the mature field,” it added. Nexen consortia produce ab...
Volume: 54Issue: 32Published at Mon, 08 Aug 2011 -
KMG EP Warns Strikes May Force Drop In 2011 Production
...Middle East Economic Survey VOL. LIV No 31 1-Aug-2011 CASPIAN KMG EP Warns Strikes May Force Drop In 2011 Production KazMunaiGas Exploration Production (KMG EP), the London-listed subsidiary of KMG, announced on 27 July that continuing strikes by oil workers at the Uz...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
BG Chairman Says KPO Dispute to Be Resolved by 2011
...Middle East Economic Survey VOL. LIV No 31 1-Aug-2011 CASPIAN BG Chairman Says KPO Dispute to Be Resolved by 2011 BG Group Chairman Frank Chapman on 26 July said he expects to see BG’s one and a half year dispute with KazMunaiGaz over its participation in Karachaganak Pe...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
SOCAR To Discuss Oil Exports To Slovakia And Czech Republic
...r west as Poland, Germany and Central Europe to include Slovakia, the Czech Republic and Hungary. In April 2011 Sarmatia’s CEO, Sergiy Skrypka, announced that an extension of the Odessa-Brody pipeline to the Polish pipeline system in Adamowo could cost around €577mn of which €125mn would come from th...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Vasilikos Repairs Could Reach €2Bn, EU Experts Say
...tages caused by the destruction of the plant, the ratings agency reduced its forecasts for Cyprus economic growth to 0% in 2011 and 1% in 2012....
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
South Pars to Reach 285Mn CMD By March 2012
...the project’s development within the first half of 2011. NIOC’s warning followed CNPC’s decision to inform NIOC that it “has been facing financial problems to provide the $5bn required investment for the project (MEES, 27 June)....
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Hess, Petroceltic Swoop To Take KRG Blocks
...8.75mn covers the Bardarash purchase, of which $63mn cover back costs. Afren bought the 20% KRG stake in Ain Sifni for $169.5mn and it “is inclusive of approximately $18mn of back costs and $14mn of 2011 capital expenditure.” Ain Sifni lies in territory in Nineveh province, controlled by Kurdish Pe...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Baghdad Eyes Bumper 2011 Oil Revenues
...Middle East Economic Survey VOL. LIV No 31 1-Aug-2011 IRAQ Baghdad Eyes Bumper 2011 Oil Revenues Buoyant oil prices and rising crude exports from both South and North look set to deliver a much needed shot in the arm for Iraq’s economy. Revenues for the first half of th...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Kuwait’s Economy Recovers, But Further Reforms Needed, Says IMF
...still subject to both internal and external risks. Consequently, IMF directors stressed as part of their 2011 Article IV consultation the need for further institutional, fiscal and financial reforms. “Real GDP growth in 2010 is estimated at 3.3%, comprising oil growth of 3.2% and non-oil gr...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
UN Envoy Urges Lebanon, Israel To Move Ahead With Offshore Exploration
...rhaps enable them to move forward on other issues.” Meanwhile, the US stated that it will not become involved in the dispute, according to Abu Dhabi’s The National. “The US notes that Lebanon in October 2010 and Israel in July 2011 have submitted to the UN claims to their adjacent exclusive economic zo...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
Syria Spent $2.5Mn Subsidizing Petroleum Products In 1H 2011
...Middle East Economic Survey VOL. LIV No 31 1-Aug-2011 syria Syria Spent $2.5Mn Subsidizing Petroleum Products In 1H 2011 The Syrian government has spent a total of S£117bn ($2.5mn) on subsidizing petroleum products in the first half of the year, the managing director of...
Volume: 54Issue: 31Published at Mon, 01 Aug 2011 -
EIB And EBRD To Finance Phase 1 Of Ukraine’s Pipeline Modernization
...liver up to 140 bcm/year of Russian gas to Europe and Ukraine currently accounts for more than 80% of Russian gas transit to the EU. This share is expected to drop sharply once the Nord Stream pipeline becomes operational in October 2011. Kiev, following an agreement with the European Commission signed in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Investment Of $600Mn Expected In Persian Gulf Star Refinery This Year
...pacity Persian Gulf Star refinery at Bandar Abbas is 40% complete. He said that $600mn will be invested in the project over the course of the current Iranian year (21 March 2011 – 20 March 2012), following a $200mn outlay last year. He added that Naftiran Intertrade Company (NICO), the overseas in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
POGC Plans Additional South Pars Finance Through Bonds
...arting on 21 March 2011, in cooperation with the Central Bank of Iran (CBI), participation bonds worth $8bn to finance further development phases in the South Pars gas field. Mr Souri said that NIOC has already invested $3bn in South Pars since the beginning of the year. ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Salamah Reappointed As CBL Governor
...ternal division between the main political groups in Lebanon today, the country’s bank deposits exceeded $110bn in the first months of 2011 and foreign exchange reserves stood just over $30bn. /font> Commenting on the reappointment, the advisor to the chairman of Fransabank, Joe Sarrouh, told Th...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
SABIC’s 2Q11 Net Income Up 61% On 2Q10
...16.49bn ($4.4bn) compared to SR11.85bn ($3.2bn) in the corresponding period a year ago.The income from operations for 1Q11 amounted to SR13.28bn ($3.5bn) compared to SR9.14bn ($2.4bn) for the same quarter in 2010 (an increase of 45%). The net income for the first six months of 2011 amounted to SR15.79bn ($4....
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Central Bank Governor Says Syria Has $18Bn In Forex Reserves
...vernor said that deposits in the second quarter of this year, ie during the crisis, rose by 4% compared to the end of the first quarter of 2011. He also admitted that the Syrian Pound came under strong pressure at the beginning of the crisis but that its value remained stable. [Currently the of...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
AFPC Completes Pipeline Repairs
...sult of the fire, which had no effect on the company’s output. In the first quarter of 2011, AFPC produced 91,661 b/d of oil and 881 b/d of condensate (MEES, 16 May). ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
China Joins Consortium To Invest In MENA Energy, Infrastructure
...pects to develop about 10 infrastructure and energy concession opportunities in EEMEA in 2011. ...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Syria Launches Bid Round For Oil Shale Exploitation
...fer may be obtained from the ministry of petroleum’s website (www.petroleum.gov.sy) and/or from the GEGMR website (www.geology-syr.org). The closing date for the submission of bids is 30 November 2011. According to the official SANA report on 7 July, the area on offer at al-Khanasir consists of 14...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011